Cedar Plan · Choptank, MD 21643

$344,990

4 bd · 2.5 ba · 1,903 sqft · SingleFamily · 155 Days on market

$40/mo HOA · 2% of rent ↓ 1% since listing

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• Schools +1.5/10.0
• DSCR +0.4/10.0

Listing remarks MLS

Welcome to Pine Top Village-where small-town charm meets modern comfort. Discover spacious single-family homes and 1+ acre homesites, all tucked in the heart of Hurlock, MD. With top-rated schools nearby and everyday conveniences just a short drive away in Easton and Cambridge, Pine Top Village offers the perfect blend of space, value, and Eastern Shore living. The Cedar single-family home blends function and elegance. Enter the foyer and head to the great room, which flows effortlessly into the gourmet kitchen with island, and the dining area. Beyond that, a hall leads to a powder room and flex space that can be converted into a home office, hobby room, or extra play space. Upstairs 3 of the 4 bedrooms boast walk-in closets. Your luxurious owner's suite features lots of living space, a huge walk-in closet, and a double vanity bath. The Cedar is must-see. When you build new with Ryan Homes, you enjoy the peace of mind of our new home warranty, the confidence of expert construction, and the benefit of flexible financing through NVR Mortgage. Combine that with the unmatched value of a brand-new home designed for the way you live today-and the choice couldn't be clearer. Don't wait-Sign up to schedule your visit and secure your first look at homesites, pricing, and exclusive offers at Pine Top Village!

Key facts

• Flex space
• Walk-in closets
• 1 acre homesites

Tags

• SPACIOUS SINGLE-FAMILY HOMES
• 1 ACRE HOMESITES
• TOP-RATED SCHOOLS NEARBY
• GOURMET KITCHEN WITH ISLAND
• FLEX SPACE
• WALK-IN CLOSETS

🏗️ New construction. The $344,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $387,248.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $345k.

Deal economics

• At list price, monthly cash flow is $-741 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (27.5% below list).
• Recommended offer: $250k (27.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 52/100 on livability (#435 in MD) — a working-class tenant base; expect higher turnover. Strengths: crime A, housing A, cost of living B; Watch: amenities F, commute F, employment F.
• Dorchester County Public Schools (rural): math 10% / reading 23% proficiency, ranked #23 of 24 in MD (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Warwick Elementary School (math 17% / reading 27%, grade F, #297 of 860 statewide, top 38%, 347 students, 100% FRL); North Dorchester Middle School (math 10% / reading 30%, grade F, #147 of 225 statewide, top 68%, 415 students, 100% FRL); North Dorchester High School (math 42% / reading 62%, grade D+, #100 of 222 statewide, top 47%, 572 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 16% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Dorchester County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 81 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Dorchester County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.

Recommended offer $250,000 (27.5% 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 155 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
7. 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?
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: 0.65% ✗
• Cap rate: 4.00%
• Cash-on-cash: -8.20%
• DSCR: 0.64
• GRM: 12.9

CMA / ARV

• ARV (median comp): $387,248
• List price: $344,990
• Delta: -10.91%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.5%
• Equity multiple: 2.51×
• Total profit: $163,761
• Equity at exit: $348,864

10-year hold

• IRR: 17.2%
• Equity multiple: 5.79×
• Total profit: $519,497
• Equity at exit: $752,338

Cash invested: $108,429 (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 21643

• Home prices YoY: 15.5%
• Active inventory: 36
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$2,031
• Tax est. 1.5%: −$484 /mo · $5,809/yr
• Insurance: −$161
• HOA: −$40
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-741

Break-even live

Break-even rent $3,438

Max offer price $279,998

Occupancy floor —

Sensitivity live

Price	-10% $-474	-5% $-607	+0% $-741	+5% $-875	+10% $-1,009
Rent	-10% $-939	-5% $-840	+0% $-741	+5% $-642	+10% $-544
Rate	-1.0pp $-546	-0.5pp $-643	base $-741	+0.5pp $-842	+1.0pp $-944

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: $96,812
• Closing costs: $11,617
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4319 Dolby Farm Rd Hurlock, MD	4.0	2.0	1960	$2,500	$1.28	45d	1	1.46mi

HOA detail

• Monthly dues: $40 · $480/yr

Listing history 22 events

1. 2026-06-22
   days on market $344,990 Active 155 DOM
2. 2026-06-21
   days on market $344,990 Active 154 DOM
3. 2026-06-21
   days on market $344,990 Active 153 DOM
4. 2026-06-18
   days on market $344,990 Active 151 DOM
5. 2026-06-17
   days on market $344,990 Active 150 DOM
6. 2026-06-16
   days on market $344,990 Active 149 DOM
7. 2026-06-15
   days on market $344,990 Active 148 DOM
8. 2026-06-13
   days on market $344,990 Active 146 DOM
9. 2026-06-12
   days on market $344,990 Active 145 DOM
10. 2026-06-09
    days on market $344,990 Active 142 DOM
11. 2026-06-08
    days on market $344,990 Active 141 DOM
12. 2026-06-07
    days on market $344,990 Active 140 DOM
13. 2026-06-07
    days on market $344,990 Active 139 DOM
14. 2026-06-04
    days on market $344,990 Active 136 DOM
15. 2026-06-02
    days on market $344,990 Active 135 DOM
16. 2026-06-01
    days on market $344,990 Active 134 DOM
17. 2026-05-31
    days on market $344,990 Active 133 DOM
18. 2026-05-31
    days on market $344,990 Active 132 DOM
19. 2026-05-10
    price $344,990 1320-char remark

    Show marketing remark (1320 chars)

    Welcome to Pine Top Village-where small-town charm meets modern comfort. Discover spacious single-family homes and 1+ acre homesites, all tucked in the heart of Hurlock, MD. With top-rated schools nearby and everyday conveniences just a short drive away in Easton and Cambridge, Pine Top Village offers the perfect blend of space, value, and Eastern Shore living. The Cedar single-family home blends function and elegance. Enter the foyer and head to the great room, which flows effortlessly into the gourmet kitchen with island, and the dining area. Beyond that, a hall leads to a powder room and flex space that can be converted into a home office, hobby room, or extra play space. Upstairs 3 of the 4 bedrooms boast walk-in closets. Your luxurious owner's suite features lots of living space, a huge walk-in closet, and a double vanity bath. The Cedar is must-see. When you build new with Ryan Homes, you enjoy the peace of mind of our new home warranty, the confidence of expert construction, and the benefit of flexible financing through NVR Mortgage. Combine that with the unmatched value of a brand-new home designed for the way you live today-and the choice couldn't be clearer. Don't wait-Sign up to schedule your visit and secure your first look at homesites, pricing, and exclusive offers at Pine Top Village!

20. 2026-03-02
    price $349,990 1320-char remark

    Show marketing remark (1320 chars)

    Welcome to Pine Top Village-where small-town charm meets modern comfort. Discover spacious single-family homes and 1+ acre homesites, all tucked in the heart of Hurlock, MD. With top-rated schools nearby and everyday conveniences just a short drive away in Easton and Cambridge, Pine Top Village offers the perfect blend of space, value, and Eastern Shore living. The Cedar single-family home blends function and elegance. Enter the foyer and head to the great room, which flows effortlessly into the gourmet kitchen with island, and the dining area. Beyond that, a hall leads to a powder room and flex space that can be converted into a home office, hobby room, or extra play space. Upstairs 3 of the 4 bedrooms boast walk-in closets. Your luxurious owner's suite features lots of living space, a huge walk-in closet, and a double vanity bath. The Cedar is must-see. When you build new with Ryan Homes, you enjoy the peace of mind of our new home warranty, the confidence of expert construction, and the benefit of flexible financing through NVR Mortgage. Combine that with the unmatched value of a brand-new home designed for the way you live today-and the choice couldn't be clearer. Don't wait-Sign up to schedule your visit and secure your first look at homesites, pricing, and exclusive offers at Pine Top Village!

21. 2026-02-03
    price $351,990 1320-char remark

    Show marketing remark (1320 chars)

    Welcome to Pine Top Village-where small-town charm meets modern comfort. Discover spacious single-family homes and 1+ acre homesites, all tucked in the heart of Hurlock, MD. With top-rated schools nearby and everyday conveniences just a short drive away in Easton and Cambridge, Pine Top Village offers the perfect blend of space, value, and Eastern Shore living. The Cedar single-family home blends function and elegance. Enter the foyer and head to the great room, which flows effortlessly into the gourmet kitchen with island, and the dining area. Beyond that, a hall leads to a powder room and flex space that can be converted into a home office, hobby room, or extra play space. Upstairs 3 of the 4 bedrooms boast walk-in closets. Your luxurious owner's suite features lots of living space, a huge walk-in closet, and a double vanity bath. The Cedar is must-see. When you build new with Ryan Homes, you enjoy the peace of mind of our new home warranty, the confidence of expert construction, and the benefit of flexible financing through NVR Mortgage. Combine that with the unmatched value of a brand-new home designed for the way you live today-and the choice couldn't be clearer. Don't wait-Sign up to schedule your visit and secure your first look at homesites, pricing, and exclusive offers at Pine Top Village!

22. 2026-01-19
    listed $349,990 Active 1320-char remark

    Show marketing remark (1320 chars)

    Welcome to Pine Top Village-where small-town charm meets modern comfort. Discover spacious single-family homes and 1+ acre homesites, all tucked in the heart of Hurlock, MD. With top-rated schools nearby and everyday conveniences just a short drive away in Easton and Cambridge, Pine Top Village offers the perfect blend of space, value, and Eastern Shore living. The Cedar single-family home blends function and elegance. Enter the foyer and head to the great room, which flows effortlessly into the gourmet kitchen with island, and the dining area. Beyond that, a hall leads to a powder room and flex space that can be converted into a home office, hobby room, or extra play space. Upstairs 3 of the 4 bedrooms boast walk-in closets. Your luxurious owner's suite features lots of living space, a huge walk-in closet, and a double vanity bath. The Cedar is must-see. When you build new with Ryan Homes, you enjoy the peace of mind of our new home warranty, the confidence of expert construction, and the benefit of flexible financing through NVR Mortgage. Combine that with the unmatched value of a brand-new home designed for the way you live today-and the choice couldn't be clearer. Don't wait-Sign up to schedule your visit and secure your first look at homesites, pricing, and exclusive offers at Pine Top Village!

ⓘ 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: $30,000
• − Mortgage interest: −$21,692
• − Property taxes: −$5,809
• − Insurance: −$1,936
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$480
• − Depreciation: −$11,265
• Taxable loss: −$15,982
• Est. tax savings @ 24.0%: +$3,836
• After-tax cash flow: $-5,058/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: Dorchester County Public Schools
• NCES district ID: 2400300
• Math proficiency: 10% ▼ -14.00%
• Reading proficiency: 23% ▼ -12.00%
• Median HH income: $46,767
• Composite: 14.65/100
• National rank: #9404
• State rank: #23 of 24 in MD

Livability — Choptank

• Score: 52/100
• State rank: #435
• US rank: #24829

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,176

Population outlook (Dorchester County) Hauer SSP2

• Today (2025): 31,699 people
• By 2030: 31,054 · -2.0%
• By 2040: 29,712 · -6.3%
• By 2050: 28,618 · -9.7%
• By 2075: 28,436 · -10.3%
• By 2100: 28,937 · -8.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 61% Black 28% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Dorchester

• 2024 margin: R (+14.6) · D 41.6% · R 56.1% · Other 2.3%
• 2008→2024 swing: -6.3pp toward R · 2008: -8.2pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+11.9 2016: R+16.0 2012: R+6.6 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.36%
• Current HPI: 390.419
• 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

-1.4% since first listed

4 events — show timeline

• 2026-05-10 Price Changed $344,990 Zillow
• 2026-03-02 Price Changed $349,990 Zillow
• 2026-02-03 Price Changed $351,990 Zillow
• 2026-01-19 Listed $349,990 Zillow