4653 Airport Rd · Salisbury, MD 21804

$230,000

3 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 54 Days on market

Built 1956 0.41 ac lot $194/sqft · at area comps Est $240k · at est.

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.3/30.0
• ARV discount +9.3/15.0
• DSCR +4.7/10.0
• Rent growth +3.4/5.0
• 1% rule +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

3 bed 2 bath home that is currently rented. New owner must honor current month to month lease agreement. Property is being sold AS IS WHERE IS.

Key facts

• 0.41 acre lot
• Built 1956
• Listed 54 days

Property features AI

Finance

• Other: Ground rent paid annually
• Financial info: Total actual rent reported as $18,200

Exterior

• Parking: Driveway
• Utilities: Private water supply; On-site septic
• Home design: Detached structure; Fee simple ownership; Finished above-grade area reported as 1,184 (per assessor)
• Construction: Stick built construction; Block foundation
• Exterior features: Not located in a federal flood zone; Other structures above and below grade

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Electric baseboard heating; Electric cooling (other type); Electric hot water
• Interior features: Living area reported by assessor; No basement; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $83 ($997/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (19.1% below list).
• Recommended offer: $186k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.8% in Salisbury — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 60/100 on livability (#351 in MD) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, amenities F, commute F.
• Wicomico County Public Schools (urban): math 16% / reading 26% proficiency, ranked #19 of 24 in MD (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Glen Avenue School (math 8% / reading 6%, grade F, #726 of 860 statewide, top 86%, 379 students, 70% FRL); Bennett Middle (math 13% / reading 29%, grade F, #134 of 225 statewide, top 62%, 906 students, 48% FRL); Parkside High (math 52% / reading 59%, grade C, #85 of 222 statewide, top 39%, 1,160 students, 45% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 201 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).
• This rent runs 31% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $160k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,141 (19.1% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 10.3

CMA / ARV

• ARV (median comp): $239,512
• List price: $230,000
• Delta: -3.97%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -13.1%
• Equity multiple: 0.52×
• Total profit: $-30,605
• Equity at exit: $34,294

10-year hold

• IRR: -3.2%
• Equity multiple: 0.78×
• Total profit: $-14,092
• Equity at exit: $19,886

Cash invested: $64,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21804

• Home prices YoY: -26.7%
• Rents YoY: 3.8%
• Active inventory: 201
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,861 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$85 /mo · $1,026/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $83

Break-even live

Break-even rent $1,756

Max offer price $230,000

Occupancy floor 91%

Sensitivity live

Price	-10% $213	-5% $148	+0% $83	+5% $18	+10% $-47
Rent	-10% $-64	-5% $10	+0% $83	+5% $157	+10% $230
Rate	-1.0pp $199	-0.5pp $142	base $83	+0.5pp $23	+1.0pp $-37

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $230,000 Active 54 DOM
2. 2026-06-18
   days on market $230,000 Active 51 DOM
3. 2026-06-17
   days on market $230,000 Active 50 DOM
4. 2026-06-16
   days on market $230,000 Active 49 DOM
5. 2026-06-15
   days on market $230,000 Active 48 DOM
6. 2026-06-14
   days on market $230,000 Active 46 DOM
7. 2026-06-13
   days on market $230,000 Active 45 DOM
8. 2026-06-10
   days on market $230,000 Active 43 DOM
9. 2026-06-09
   days on market $230,000 Active 42 DOM
10. 2026-06-08
    days on market $230,000 Active 41 DOM
11. 2026-06-07
    days on market $230,000 Active 40 DOM
12. 2026-06-03
    days on market $230,000 Active 36 DOM
13. 2026-06-02
    days on market $230,000 Active 35 DOM
14. 2026-06-01
    days on market $230,000 Active 34 DOM
15. 2026-05-31
    days on market $230,000 Active 33 DOM
16. 2026-05-30
    days on market $230,000 Active 32 DOM
17. 2026-04-28
    listed $230,000 Active 143-char remark
18. 2023-02-27
    soldstatus $160,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $1,026 · $85/mo
• Projected year-2 tax: $1,766 · $147/mo
• Expected delta: +$741/yr (+$62/mo · 72.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,337
• − Mortgage interest: −$12,884
• − Property taxes: −$1,026
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$6,691
• Taxable loss: −$2,987
• Est. tax savings @ 24.0%: +$717
• After-tax cash flow: $1,714/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wicomico County Public Schools
• NCES district ID: 2400690
• Math proficiency: 16% ▼ -18.00%
• Reading proficiency: 26% ▼ -13.00%
• Median HH income: $51,745
• Composite: 18.87/100
• National rank: #8860
• State rank: #19 of 24 in MD

Livability — Salisbury

• Score: 60/100
• State rank: #351
• US rank: #18948

Category grades

Amenities F Commute F Cost of living A Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wicomico County · 75,969 people
• City population: 70,518
• Metro: Salisbury, MD-DE
• Population (ZIP): 40,430
• Household income: $73,156
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 2096.0

Population outlook (Wicomico County) Hauer SSP2

• Today (2025): 108,548 people
• By 2030: 111,783 · +3.0%
• By 2040: 118,139 · +8.8%
• By 2050: 123,641 · +13.9%
• By 2075: 139,784 · +28.8%
• By 2100: 145,334 · +33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 54% Black 30% Two or more races 9% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 3% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 83% English-only · French/Haitian/Cajun 7% Spanish 5% Other Indo-European 2%

Political lean MEDSL · Wicomico

• 2024 margin: Lean R (+5.5) · D 46.1% · R 51.5% · Other 2.4%
• 2008→2024 swing: +0.3pp no change · 2008: -5.8pp · 2024: -5.5pp
• All cycles: 2024: R+5.5 2020: R+1.9 2016: R+11.6 2012: R+6.9 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.15%
• Current HPI: 230.6099
• Rent YoY: ▲ 3.78%
• Metro: Salisbury, MD-DE
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

+43.8% since first listed

2 events — show timeline

• 2026-04-28 Listed $230,000 BRIGHT MLS
• 2023-02-27 Sold (Public Records) $160,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,026 · +1.3% YoY. Source: county tax records.