12346 Old Brg #152 · West Ocean City, MD 21842

$170,000

2 bd · 1.0 ba · 616 sqft · SingleFamily · 267 Days on market

Built 2023 Good condition $276/sqft · 24% below area Est $223k · 24% under

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Why this score? — see what drove the C+ 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live the Salt Life – Just Minutes from Ocean City! Welcome to effortless coastal living in the highly sought-after Salt Life Community, where you're just 2.4 miles from the Ocean City boardwalk, world-class amusements, and local dining hotspots. Whether you're looking for a year-round residence or a weekend escape, this 2-bedroom, 1-bath manufactured home blends modern comfort with unbeatable convenience. The real highlight is the resort-style amenities. Spend your days lounging by the community swimming pool, strolling the walking boardwalk, or relaxing in the pavilion—all just steps from your front door. Whether you're drawn by the beach, convenience, or the lifestyle, this home delivers it all. Discover what it means to live the Salt Life—schedule your private tour today.

Key facts

• Walking boardwalk
• 2 parking spots
• Community pool

Tags

• COMMUNITY SWIMMING POOL
• WALKING BOARDWALK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.8% in West Ocean City — 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 78/100 on livability (#69 in MD, #2,499 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities C-, commute F, cost of living D-.
• Worcester County Public Schools (town): math 30% / reading 44% proficiency, ranked #6 of 24 in MD (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean City Elementary (math 37% / reading 47%, grade F, #84 of 860 statewide, top 10%, 521 students, 44% FRL); Stephen Decatur Middle (math 24% / reading 43%, grade F, #53 of 225 statewide, top 24%, 697 students, 50% FRL); Stephen Decatur High (math 64% / reading 78%, grade B+, #37 of 222 statewide, top 17%, 1,431 students, 42% FRL).
• Market conditions: 772 active listings in the ZIP; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Worcester County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $29k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.49%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $223,118
• List price: $170,000
• Delta: -23.81%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Caroline St #106	2.03mi	1/1.0 (-1)	615 (-0%)	13mo	$270,000	$439	49
409 Saint Louis Ave #55	2.05mi	1/2.0 (-1)	588 (-4%)	3mo	$239,900	$408	46
207 8th St Unit 104W	2.17mi	2/1.0	568 (-8%)	15mo	$271,000	$477	40
106 Talbot St #206	2.04mi	2/1.5	728 (+18%)	2mo	$225,000	$309	37
106 Talbot St #101	2.04mi	2/1.5	728 (+18%)	3mo	$295,000	$405	36
106 Talbot St #201	2.04mi	2/1.5	728 (+18%)	3mo	$285,000	$391	36
106 Talbot St #205	2.04mi	2/1.0	786 (+28%)	6mo	$210,000	$267	35
206 8th St #33	2.19mi	1/1.0 (-1)	480 (-22%)	3mo	$263,000	$548	32
301 Atlantic Ave #206	2.21mi	1/1.0 (-1)	528 (-14%)	7mo	$385,000	$729	30
106 Talbot St #207	2.04mi	2/1.5	728 (+18%)	10mo	$245,000	$337	29
301 Atlantic Ave #306	2.21mi	1/1.0 (-1)	528 (-14%)	11mo	$385,000	$729	27
207 8th St Unit 201C	2.17mi	2/2.0	746 (+21%)	11mo	$290,000	$389	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.3%
• Equity multiple: 0.66×
• Total profit: $-16,187
• Equity at exit: $25,348

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $605
• Equity at exit: $14,698

Cash invested: $47,600 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $167,500 ($262/sqft)
• Median days on market: 205 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +38.4% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 21842

• Home prices YoY: -5.0%
• Active inventory: 772
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,712 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $178

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 85%

Sensitivity live

Price	-10% $295	-5% $237	+0% $178	+5% $119	+10% $60
Rent	-10% $43	-5% $110	+0% $178	+5% $246	+10% $313
Rate	-1.0pp $264	-0.5pp $221	base $178	+0.5pp $134	+1.0pp $89

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: $42,500
• Closing costs: $5,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $170,000 Active 267 DOM
2. 2026-08-07
   days on market $170,000 Active 266 DOM
3. 2026-08-06
   days on market $170,000 Active 265 DOM
4. 2026-08-05
   days on market $170,000 Active 264 DOM
5. 2026-08-04
   days on market $170,000 Active 263 DOM
6. 2026-08-03
   days on market $170,000 Active 262 DOM
7. 2026-07-31
   days on market $170,000 Active 259 DOM
8. 2026-07-30
   days on market $170,000 Active 258 DOM
9. 2026-07-29
   days on market $170,000 Active 257 DOM
10. 2026-07-27
    days on market $170,000 Active 255 DOM
11. 2026-07-25
    days on market $170,000 Active 253 DOM
12. 2026-07-24
    days on market $170,000 Active 252 DOM
13. 2026-07-23
    days on market $170,000 Active 251 DOM
14. 2026-07-22
    days on market $170,000 Active 250 DOM
15. 2026-07-21
    days on market $170,000 Active 249 DOM
16. 2026-07-18
    days on market $170,000 Active 246 DOM
17. 2026-07-16
    days on market $170,000 Active 244 DOM
18. 2026-07-16
    days on market $170,000 Active 243 DOM
19. 2026-07-14
    days on market $170,000 Active 242 DOM
20. 2026-07-13
    days on market $170,000 Active 241 DOM
21. 2026-07-12
    days on market $170,000 Active 240 DOM
22. 2026-07-11
    days on market $170,000 Active 239 DOM
23. 2026-07-10
    days on market $170,000 Active 238 DOM
24. 2026-07-09
    days on market $170,000 Active 237 DOM
25. 2026-07-08
    days on market $170,000 Active 236 DOM
26. 2026-07-07
    days on market $170,000 Active 235 DOM
27. 2026-07-06
    days on market $170,000 Active 234 DOM
28. 2026-07-06
    days on market $170,000 Active 233 DOM
29. 2026-07-04
    days on market $170,000 Active 232 DOM
30. 2026-07-03
    days on market $170,000 Active 231 DOM
31. 2026-07-02
    days on market $170,000 Active 230 DOM
32. 2026-07-01
    days on market $170,000 Active 229 DOM
33. 2026-06-30
    days on market $170,000 Active 228 DOM
34. 2026-06-29
    days on market $170,000 Active 227 DOM
35. 2026-06-28
    days on market $170,000 Active 226 DOM
36. 2026-06-28
    days on market $170,000 Active 225 DOM
37. 2026-06-27
    pricedays on market $170,000 Active 224 DOM
38. 2026-06-25
    days on market $186,500 Active 222 DOM
39. 2026-06-23
    days on market $186,500 Active 220 DOM
40. 2026-06-22
    days on market $186,500 Active 219 DOM
41. 2026-06-18
    days on market $186,500 Active 216 DOM
42. 2026-06-17
    days on market $186,500 Active 215 DOM
43. 2026-06-16
    days on market $186,500 Active 214 DOM
44. 2026-06-15
    days on market $186,500 Active 213 DOM
45. 2026-06-14
    days on market $186,500 Active 211 DOM
46. 2026-06-13
    days on market $186,500 Active 210 DOM
47. 2026-06-10
    days on market $186,500 Active 208 DOM
48. 2026-06-09
    days on market $186,500 Active 207 DOM
49. 2026-06-08
    days on market $186,500 Active 206 DOM
50. 2026-06-07
    days on market $186,500 Active 205 DOM

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

Taxation est. · year 1

• Rental income: $20,549
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − Depreciation: −$4,945
• Taxable loss: −$607
• Est. tax savings @ 24.0%: +$146
• After-tax cash flow: $2,281/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $3,080–$9,240 screening

This 2-bedroom, 1-bath manufactured home in a vibrant 50+ community is in good condition with minimal repairs needed. It offers a modern kitchen, a single bathroom, and a well-maintained exterior. The property is located just minutes from the Ocean City Boardwalk and Assateague Island State Park, making it an ideal year-round retreat or weekend getaway.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal and property value ↑
• Resale Replace gutters — Improves water drainage and reduces maintenance costs ↑
• Both Upgrade kitchen appliances — Modernizes kitchen and attracts more buyers ↑
• Both Install smart home features — Enhances comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Ocean City Elementary F MD #84/860 Nat'l #17,861/41,679 Middle Stephen Decatur Middle F MD #53/225 Nat'l #7,937/14,009 High Stephen Decatur High B+ MD #37/222 Nat'l #2,035/17,239

Schools (NCES district)

• District: Worcester County Public Schools
• NCES district ID: 2400720
• Math proficiency: 30% ▼ -25.00%
• Reading proficiency: 44% ▼ -20.00%
• Median HH income: $56,748
• Composite: 32.6/100
• National rank: #5672
• State rank: #6 of 24 in MD

B Composite livability gradescore 78/100

Livability — West Ocean City

• Score: 78/100
• State rank: #69
• US rank: #2499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Ocean City, MD
• County: Worcester County · 51,363 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 11,226
• Household income: $79,876
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 12% of renters

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Population outlook (Worcester County) Hauer SSP2

• Today (2025): 51,363 people
• By 2030: 51,191 · -0.3%
• By 2040: 50,459 · -1.8%
• By 2050: 49,451 · -3.7%
• By 2075: 48,533 · -5.5%
• By 2100: 44,223 · -13.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 87% English-only · Spanish 7% Russian/Polish/Slavic 3% Other Indo-European 2%

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Political lean MEDSL · Worcester

• 2024 margin: Strong R (+22.0) · D 38.0% · R 60.0% · Other 2.0%
• 2008→2024 swing: -6.5pp toward R · 2008: -15.5pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.0 2016: R+27.9 2012: R+18.3 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.65%
• Current HPI: 482.18
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

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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

+33.7% since first listed

9 events — show timeline

• 2025-12-01 Price Changed $193,750 BRIGHT MLS
• 2025-11-14 Listed $198,750 BRIGHT MLS
• 2024-08-23 Sold (MLS) $155,000 BRIGHT MLS
• 2024-07-20 Pending — BRIGHT MLS
• 2024-06-25 Listed $162,000 BRIGHT MLS
• 2024-06-21 Coming Soon $162,000 BRIGHT MLS
• 2022-01-17 Sold (MLS) $144,900 BRIGHT MLS
• 2022-01-14 Pending — BRIGHT MLS
• 2022-01-14 Listed $144,900 BRIGHT MLS