105 Main St · Mardela Springs, MD 21837

$189,000

4 bd · 2.0 ba · 1,566 sqft · SingleFamily public records · 122 Days on market

Built 1930 0.53 ac lot $121/sqft · 10% above area Est $251k · 25% under ↓ 11% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Appreciation +10.0/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

This large home is situated on a hill in the town of Mardela Springs. The property includes two detached garages and a shed. Please note that the home is serviced by its own private well and septic system. Both the home and septic inspections have already been completed and are currently on file for your review.

Key facts

• Private well
• Detached garages
• Septic system

Tags

• DETACHED GARAGES
• PRIVATE WELL
• SEPTIC SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-20 ($-239/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (22.8% below list).
• Recommended offer: $146k (22.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#181 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment 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.
• Market conditions: 19 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% 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 $145,957 (22.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (median comp): $251,438
• List price: $189,000
• Delta: -24.83%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9830 Sharptown Rd	0.31mi	3/2.0 (-1)	1,680 (+7%)	0mo	$305,000	$182	68
24981 Delmar Rd	0.38mi	3/2.0 (-1)	1,586 (+1%)	11mo	$245,000	$154	66
309 Brown St	0.43mi	3/2.0 (-1)	1,416 (-10%)	6mo	$370,000	$261	54
305 Brown St	0.42mi	3/2.0 (-1)	1,416 (-10%)	8mo	$369,800	$261	53
207 Bridge St	0.33mi	3/2.0 (-1)	1,388 (-11%)	13mo	$97,400	$70	50
9839 Sharptown Rd	0.35mi	3/1.5 (-1)	1,769 (+13%)	7mo	$250,000	$141	49
505 Main St	0.39mi	3/1.5 (-1)	1,800 (+15%)	3mo	$228,375	$127	47

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.92×
• Total profit: $101,609
• Equity at exit: $170,266

10-year hold

• IRR: 21.2%
• Equity multiple: 6.67×
• Total profit: $300,097
• Equity at exit: $367,185

Cash invested: $52,920 (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 21837

• Home prices YoY: 23.2%
• Active inventory: 19
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$103 /mo · $1,237/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-20

Break-even live

Break-even rent $1,485

Max offer price $185,488

Occupancy floor 96%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $189,000 Active 122 DOM
2. 2026-06-17
   days on market $189,000 Active 121 DOM
3. 2026-06-16
   days on market $189,000 Active 120 DOM
4. 2026-06-15
   days on market $189,000 Active 119 DOM
5. 2026-06-14
   days on market $189,000 Active 117 DOM
6. 2026-06-13
   days on market $189,000 Active 116 DOM
7. 2026-06-10
   days on market $189,000 Active 114 DOM
8. 2026-06-09
   days on market $189,000 Active 113 DOM
9. 2026-06-08
   days on market $189,000 Active 112 DOM
10. 2026-06-07
    pricedays on market $189,000 Active 111 DOM
11. 2026-06-03
    days on market $199,900 Active 107 DOM
12. 2026-06-02
    days on market $199,900 Active 106 DOM
13. 2026-06-01
    days on market $199,900 Active 105 DOM
14. 2026-05-31
    days on market $199,900 Active 104 DOM
15. 2026-05-30
    days on market $199,900 Active 103 DOM
16. 2026-05-06
    price $199,900 313-char remark

    Show marketing remark (313 chars)

    This large home is situated on a hill in the town of Mardela Springs. The property includes two detached garages and a shed. Please note that the home is serviced by its own private well and septic system. Both the home and septic inspections have already been completed and are currently on file for your review.

17. 2026-04-24
    price $210,000 313-char remark

    Show marketing remark (313 chars)

    This large home is situated on a hill in the town of Mardela Springs. The property includes two detached garages and a shed. Please note that the home is serviced by its own private well and septic system. Both the home and septic inspections have already been completed and are currently on file for your review.

18. 2026-03-03
    price $218,000 313-char remark

    Show marketing remark (313 chars)

    This large home is situated on a hill in the town of Mardela Springs. The property includes two detached garages and a shed. Please note that the home is serviced by its own private well and septic system. Both the home and septic inspections have already been completed and are currently on file for your review.

19. 2026-02-16
    listed $225,000 Active 313-char remark

    Show marketing remark (313 chars)

    This large home is situated on a hill in the town of Mardela Springs. The property includes two detached garages and a shed. Please note that the home is serviced by its own private well and septic system. Both the home and septic inspections have already been completed and are currently on file for your review.

ⓘ 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: $1,237 · $103/mo
• Projected year-2 tax: $1,648 · $137/mo
• Expected delta: +$412/yr (+$34/mo · 33.3%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,515
• − Mortgage interest: −$10,587
• − Property taxes: −$1,237
• − Insurance: −$945
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − Depreciation: −$5,498
• Taxable loss: −$3,554
• Est. tax savings @ 24.0%: +$853
• After-tax cash flow: $614/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 — Mardela Springs

• Score: 70/100
• State rank: #181
• US rank: #8103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mardela Springs, MD
• Population (ZIP): 2,975

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: Majority White (65%)
• Race & ethnicity: White 65% Black 26% Hispanic / Latino 6% Two or more races 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Slovak 1% Serbian 0%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

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: ▲ 51.70%
• Current HPI: 274.26
• Rent YoY: —
• Metro: —
• 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

-11.2% since first listed

4 events — show timeline

• 2026-05-06 Price Changed $199,900 BRIGHT MLS
• 2026-04-24 Price Changed $210,000 BRIGHT MLS
• 2026-03-03 Price Changed $218,000 BRIGHT MLS
• 2026-02-16 Listed $225,000 BRIGHT MLS

Property tax history

+1.7%/yr

Latest (2025): $1,237 · +1.6% YoY. Source: county tax records.