10 King Richard Dr · Elkton, MD 21921

$65,000

3 bd · 2.0 ba · 1,700 sqft · SingleFamily · 230 Days on market

Built 2007 Fair condition $38/sqft · 30% below area Est $93k · 30% under ↓ 19% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 10 King Richard Drive in Sherwood Forest! This 3-bedroom, 2-bath double-wide offers plenty of space and great potential. Features include a large primary suite, kitchen with island and skylights, laundry room, screened-in porch, and storage shed. The home does need a good amount of work, making it a perfect opportunity for investors or buyers looking to add value with renovations. Located in a convenient Elkton community close to shopping and major routes, this property is priced for those ready to make it their own. Minimum credit score is 650, must be 18 years old to apply and $40 per applicant.

Key facts

• 2 parking spots
• Built 2007
• Listed 229 days

🏷️ Possibly a rental listed for sale. The $65,000 price doesn't fit this home's estimated sale value (~$92,855) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.6% vs local median 4.1% in Elkton — 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 65/100 on livability (#261 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools F, crime F, commute F.
• Cecil County Public Schools (rural): math 15% / reading 30% proficiency, ranked #15 of 24 in MD (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.3%/yr); 204 active listings in the ZIP; solid renter incomes; 563 units permitted in Cecil County in 2024 (330 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 3.23% ✓
• Cap rate: 28.63%
• Cash-on-cash: 79.76%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

• ARV (median comp): $92,855
• List price: $65,000
• Delta: -30.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Robin Hood Dr	0.10mi	2/2.0 (-1)	1,700 (0%)	6mo	$110,000	$65	85
10 Queen Eleanor Dr	0.05mi	3/2.0	1,500 (-12%)	14mo	$105,000	$70	67
57 Queen Eleanor	0.06mi	3/2.0	1,500 (-12%)	16mo	$70,000	$47	64
15 Saint Michaels Ct	0.15mi	4/2.0 (+1)	1,872 (+10%)	15mo	$89,900	$48	58
15 Barbara Ln	0.67mi	2/2.0 (-1)	1,748 (+3%)	1mo	$266,500	$152	58
1001 Nottingham Rd	0.74mi	3/2.0	1,750 (+3%)	4mo	$354,900	$203	58
3303 Old Elk Neck Rd	0.54mi	2/1.5 (-1)	1,792 (+5%)	8mo	$405,000	$226	52
69 Hollis Cir	0.21mi	3/2.0	1,456 (-14%)	21mo	$285,000	$196	49

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: 79.1%
• Equity multiple: 4.58×
• Total profit: $65,117
• Equity at exit: $9,692

10-year hold

• IRR: 82.5%
• Equity multiple: 9.26×
• Total profit: $150,263
• Equity at exit: $5,620

Cash invested: $18,200 (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 21921

• Rents YoY: 2.3%
• Active inventory: 204
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,100 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $1,210

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 37%

Sensitivity live

Price	-10% $1,255	-5% $1,232	+0% $1,210	+5% $1,187	+10% $1,165
Rent	-10% $1,044	-5% $1,127	+0% $1,210	+5% $1,293	+10% $1,376
Rate	-1.0pp $1,242	-0.5pp $1,226	base $1,210	+0.5pp $1,193	+1.0pp $1,176

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $65,000 Active 230 DOM
2. 2026-06-17
   days on market $65,000 Active 229 DOM
3. 2026-06-16
   days on market $65,000 Active 228 DOM
4. 2026-06-15
   days on market $65,000 Active 227 DOM
5. 2026-06-13
   days on market $65,000 Active 225 DOM
6. 2026-06-09
   days on market $65,000 Active 221 DOM
7. 2026-06-08
   days on market $65,000 Active 220 DOM
8. 2026-06-07
   days on market $65,000 Active 219 DOM
9. 2026-06-04
   days on market $65,000 Active 216 DOM
10. 2026-06-03
    days on market $65,000 Active 215 DOM
11. 2026-06-02
    days on market $65,000 Active 214 DOM
12. 2026-06-01
    days on market $65,000 Active 213 DOM
13. 2026-05-31
    days on market $65,000 Active 212 DOM
14. 2026-01-29
    price $65,000 615-char remark

    Show marketing remark (615 chars)

    Welcome to 10 King Richard Drive in Sherwood Forest! This 3-bedroom, 2-bath double-wide offers plenty of space and great potential. Features include a large primary suite, kitchen with island and skylights, laundry room, screened-in porch, and storage shed. The home does need a good amount of work, making it a perfect opportunity for investors or buyers looking to add value with renovations. Located in a convenient Elkton community close to shopping and major routes, this property is priced for those ready to make it their own. Minimum credit score is 650, must be 18 years old to apply and $40 per applicant.

15. 2025-11-01
    listed $80,000 Active 615-char remark

    Show marketing remark (615 chars)

    Welcome to 10 King Richard Drive in Sherwood Forest! This 3-bedroom, 2-bath double-wide offers plenty of space and great potential. Features include a large primary suite, kitchen with island and skylights, laundry room, screened-in porch, and storage shed. The home does need a good amount of work, making it a perfect opportunity for investors or buyers looking to add value with renovations. Located in a convenient Elkton community close to shopping and major routes, this property is priced for those ready to make it their own. Minimum credit score is 650, must be 18 years old to apply and $40 per applicant.

16. 2025-10-30
    historical $80,000 615-char remark

    Show marketing remark (615 chars)

    Welcome to 10 King Richard Drive in Sherwood Forest! This 3-bedroom, 2-bath double-wide offers plenty of space and great potential. Features include a large primary suite, kitchen with island and skylights, laundry room, screened-in porch, and storage shed. The home does need a good amount of work, making it a perfect opportunity for investors or buyers looking to add value with renovations. Located in a convenient Elkton community close to shopping and major routes, this property is priced for those ready to make it their own. Minimum credit score is 650, must be 18 years old to apply and $40 per applicant.

ⓘ 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: $25,198
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$1,891
• Taxable income: $14,335
• Est. tax owed @ 24.0%: −$3,440
• After-tax cash flow: $11,076/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 · 4 photos

Fair 45/100 Moderate rehab

This 3-bedroom, 2-bath double-wide requires moderate renovations to improve its curb appeal and value. Repainting the exterior and landscaping would be the highest-ROI updates.

Repairs flagged

• Minor exterior siding — Some discoloration
• Minor landscaping — Overgrown grass

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and value
• Both repair siding — Fixes minor damage and enhances appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
landscaping · Overgrown grass	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and value ↑
• Both repair siding — Fixes minor damage and enhances appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cecil County Public Schools
• NCES district ID: 2400240
• Math proficiency: 15% ▼ -21.00%
• Reading proficiency: 30% ▼ -15.00%
• Median HH income: $66,544
• Composite: 21.51/100
• National rank: #8322
• State rank: #15 of 24 in MD

Livability — Elkton

• Score: 65/100
• State rank: #261
• US rank: #13293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cecil County · 65,041 people
• City population: 45,527
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 45,527
• Household income: $85,775
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 1438.0

Population outlook (Cecil County) Hauer SSP2

• Today (2025): 105,877 people
• By 2030: 106,905 · +1.0%
• By 2040: 107,156 · +1.2%
• By 2050: 104,170 · -1.6%
• By 2075: 95,771 · -9.5%
• By 2100: 82,381 · -22.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 9% Two or more races 8% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 6% Slovak 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Cecil

• 2024 margin: Solid R (+30.9) · D 33.5% · R 64.4% · Other 2.1%
• 2008→2024 swing: -16.3pp toward R · 2008: -14.6pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.6 2016: R+35.3 2012: R+20.4 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.67%
• Current HPI: 253.7641
• Rent YoY: ▲ 2.32%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

-18.8% since first listed

3 events — show timeline

• 2026-01-29 Price Changed $65,000 BRIGHT MLS
• 2025-11-01 Listed $80,000 BRIGHT MLS
• 2025-10-30 Coming Soon $80,000 BRIGHT MLS