172 Ocean Oval Cir · Ocean Pines, MD 21811

$148,900

1 bd · 1.0 ba · 408 sqft · Manufactured public records · 101 Days on market

Built 1989 2,614 sqft lot $365/sqft · 20% above area Est $124k · 20% over $180/mo HOA · 11% of rent

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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 +19.4/30.0
• DSCR +6.1/10.0
• 1% rule +5.7/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to White Horse Park! One of the Eastern Shore’s best-kept secrets just minutes from Ocean City, Maryland & Assateague Beaches. This updated 1-bedroom, 1-bath coastal cottage offers a rare opportunity to own an affordable beach getaway where you own both the home and the land - no ground rent. Whether you’re looking for a personal retreat, a weekend escape, or a vacation home that can help offset ownership costs through rental income, this property checks all the boxes. Inside, the home has been thoughtfully updated and is move-in ready, featuring a full kitchen, comfortable living space, and plenty of natural light. Step outside to a spacious attached deck, perfect for relaxing after a day at the beach, entertaining guests, or enjoying quiet evenings in this peaceful community. The property also includes private parking and a storage shed for bikes, beach gear, and outdoor equipment. For buyers interested in income potential, the property already holds a current county rental license, making it ready for seasonal or vacation rentals right away. White Horse Park is a private waterfront community known for its relaxed atmosphere and resort-style amenities. Residents and guests enjoy access to a large community pool, marina, boat ramp, crabbing and fishing pier, basketball courts, playground, pavilion, and quiet streets ideal for biking or evening walks. The community also offers boat storage and easy water access, making it a great choice for boating and fishing enthusiasts. Located just 12 minutes from Ocean City beaches, boardwalk attractions, restaurants, golf courses, and entertainment, this property allows you to enjoy everything the coast has to offer while returning home to a quieter, more laid-back setting. Whether you're looking for a personal beach retreat, an affordable vacation property, or an investment opportunity with rental potential, this White Horse Park home offers exceptional value near the Maryland and Delaware beaches. Come experience the coastal lifestyle that keeps owners coming back year after year.

Key facts

• 2,614 sq ft lot
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $149k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $135k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.4% in Ocean Pines — 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 70/100 on livability (#172 in MD) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• 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: Showell Elementary (math 26% / reading 30%, grade F, #220 of 860 statewide, top 26%, 621 students, 37% 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) — zoned schools at 43% FRL track the district average.
• Market conditions: 318 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 $4k 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 101 days — a 9% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $102k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 1.07% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 7.8

CMA / ARV

• ARV (median comp): $123,739
• List price: $148,900
• Delta: 20.33%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-13,463
• Equity at exit: $22,201

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $2,184
• Equity at exit: $12,874

Cash invested: $41,692 (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 21811

• Home prices YoY: -29.0%
• Active inventory: 318
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,593 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$62
• HOA: −$180
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $166

Break-even live

Break-even rent $1,383

Max offer price $148,900

Occupancy floor 85%

Sensitivity live

Price	-10% $251	-5% $209	+0% $166	+5% $124	+10% $82
Rent	-10% $41	-5% $104	+0% $166	+5% $229	+10% $292
Rate	-1.0pp $241	-0.5pp $204	base $166	+0.5pp $128	+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: $37,225
• Closing costs: $4,467
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $180 · $2,160/yr
• Likely covers: waterpool

Listing history 21 events

1. 2026-06-22
   days on market $148,900 Active 101 DOM
2. 2026-06-18
   days on market $148,900 Active 98 DOM
3. 2026-06-17
   days on market $148,900 Active 97 DOM
4. 2026-06-16
   days on market $148,900 Active 96 DOM
5. 2026-06-15
   days on market $148,900 Active 95 DOM
6. 2026-06-14
   days on market $148,900 Active 93 DOM
7. 2026-06-13
   days on market $148,900 Active 92 DOM
8. 2026-06-10
   days on market $148,900 Active 90 DOM
9. 2026-06-09
   days on market $148,900 Active 89 DOM
10. 2026-06-08
    days on market $148,900 Active 88 DOM
11. 2026-06-07
    days on market $148,900 Active 87 DOM
12. 2026-06-02
    days on market $148,900 Active 82 DOM
13. 2026-06-01
    days on market $148,900 Active 81 DOM
14. 2026-05-31
    days on market $148,900 Active 80 DOM
15. 2026-05-30
    days on market $148,900 Active 79 DOM
16. 2026-05-09
    price $148,900 2083-char remark

    Show marketing remark (2083 chars)

    Welcome to White Horse Park! One of the Eastern Shore’s best-kept secrets just minutes from Ocean City, Maryland & Assateague Beaches. This updated 1-bedroom, 1-bath coastal cottage offers a rare opportunity to own an affordable beach getaway where you own both the home and the land - no ground rent. Whether you’re looking for a personal retreat, a weekend escape, or a vacation home that can help offset ownership costs through rental income, this property checks all the boxes. Inside, the home has been thoughtfully updated and is move-in ready, featuring a full kitchen, comfortable living space, and plenty of natural light. Step outside to a spacious attached deck, perfect for relaxing after a day at the beach, entertaining guests, or enjoying quiet evenings in this peaceful community. The property also includes private parking and a storage shed for bikes, beach gear, and outdoor equipment. For buyers interested in income potential, the property already holds a current county rental license, making it ready for seasonal or vacation rentals right away. White Horse Park is a private waterfront community known for its relaxed atmosphere and resort-style amenities. Residents and guests enjoy access to a large community pool, marina, boat ramp, crabbing and fishing pier, basketball courts, playground, pavilion, and quiet streets ideal for biking or evening walks. The community also offers boat storage and easy water access, making it a great choice for boating and fishing enthusiasts. Located just 12 minutes from Ocean City beaches, boardwalk attractions, restaurants, golf courses, and entertainment, this property allows you to enjoy everything the coast has to offer while returning home to a quieter, more laid-back setting. Whether you're looking for a personal beach retreat, an affordable vacation property, or an investment opportunity with rental potential, this White Horse Park home offers exceptional value near the Maryland and Delaware beaches. Come experience the coastal lifestyle that keeps owners coming back year after year.

17. 2026-04-16
    price $149,000 2083-char remark

    Show marketing remark (2083 chars)

    Welcome to White Horse Park! One of the Eastern Shore’s best-kept secrets just minutes from Ocean City, Maryland & Assateague Beaches. This updated 1-bedroom, 1-bath coastal cottage offers a rare opportunity to own an affordable beach getaway where you own both the home and the land - no ground rent. Whether you’re looking for a personal retreat, a weekend escape, or a vacation home that can help offset ownership costs through rental income, this property checks all the boxes. Inside, the home has been thoughtfully updated and is move-in ready, featuring a full kitchen, comfortable living space, and plenty of natural light. Step outside to a spacious attached deck, perfect for relaxing after a day at the beach, entertaining guests, or enjoying quiet evenings in this peaceful community. The property also includes private parking and a storage shed for bikes, beach gear, and outdoor equipment. For buyers interested in income potential, the property already holds a current county rental license, making it ready for seasonal or vacation rentals right away. White Horse Park is a private waterfront community known for its relaxed atmosphere and resort-style amenities. Residents and guests enjoy access to a large community pool, marina, boat ramp, crabbing and fishing pier, basketball courts, playground, pavilion, and quiet streets ideal for biking or evening walks. The community also offers boat storage and easy water access, making it a great choice for boating and fishing enthusiasts. Located just 12 minutes from Ocean City beaches, boardwalk attractions, restaurants, golf courses, and entertainment, this property allows you to enjoy everything the coast has to offer while returning home to a quieter, more laid-back setting. Whether you're looking for a personal beach retreat, an affordable vacation property, or an investment opportunity with rental potential, this White Horse Park home offers exceptional value near the Maryland and Delaware beaches. Come experience the coastal lifestyle that keeps owners coming back year after year.

18. 2026-03-13
    listed $149,900 Active 2083-char remark

    Show marketing remark (2083 chars)

    Welcome to White Horse Park! One of the Eastern Shore’s best-kept secrets just minutes from Ocean City, Maryland & Assateague Beaches. This updated 1-bedroom, 1-bath coastal cottage offers a rare opportunity to own an affordable beach getaway where you own both the home and the land - no ground rent. Whether you’re looking for a personal retreat, a weekend escape, or a vacation home that can help offset ownership costs through rental income, this property checks all the boxes. Inside, the home has been thoughtfully updated and is move-in ready, featuring a full kitchen, comfortable living space, and plenty of natural light. Step outside to a spacious attached deck, perfect for relaxing after a day at the beach, entertaining guests, or enjoying quiet evenings in this peaceful community. The property also includes private parking and a storage shed for bikes, beach gear, and outdoor equipment. For buyers interested in income potential, the property already holds a current county rental license, making it ready for seasonal or vacation rentals right away. White Horse Park is a private waterfront community known for its relaxed atmosphere and resort-style amenities. Residents and guests enjoy access to a large community pool, marina, boat ramp, crabbing and fishing pier, basketball courts, playground, pavilion, and quiet streets ideal for biking or evening walks. The community also offers boat storage and easy water access, making it a great choice for boating and fishing enthusiasts. Located just 12 minutes from Ocean City beaches, boardwalk attractions, restaurants, golf courses, and entertainment, this property allows you to enjoy everything the coast has to offer while returning home to a quieter, more laid-back setting. Whether you're looking for a personal beach retreat, an affordable vacation property, or an investment opportunity with rental potential, this White Horse Park home offers exceptional value near the Maryland and Delaware beaches. Come experience the coastal lifestyle that keeps owners coming back year after year.

19. 2026-03-11
    historical $149,900 2083-char remark

    Show marketing remark (2083 chars)

    Welcome to White Horse Park! One of the Eastern Shore’s best-kept secrets just minutes from Ocean City, Maryland & Assateague Beaches. This updated 1-bedroom, 1-bath coastal cottage offers a rare opportunity to own an affordable beach getaway where you own both the home and the land - no ground rent. Whether you’re looking for a personal retreat, a weekend escape, or a vacation home that can help offset ownership costs through rental income, this property checks all the boxes. Inside, the home has been thoughtfully updated and is move-in ready, featuring a full kitchen, comfortable living space, and plenty of natural light. Step outside to a spacious attached deck, perfect for relaxing after a day at the beach, entertaining guests, or enjoying quiet evenings in this peaceful community. The property also includes private parking and a storage shed for bikes, beach gear, and outdoor equipment. For buyers interested in income potential, the property already holds a current county rental license, making it ready for seasonal or vacation rentals right away. White Horse Park is a private waterfront community known for its relaxed atmosphere and resort-style amenities. Residents and guests enjoy access to a large community pool, marina, boat ramp, crabbing and fishing pier, basketball courts, playground, pavilion, and quiet streets ideal for biking or evening walks. The community also offers boat storage and easy water access, making it a great choice for boating and fishing enthusiasts. Located just 12 minutes from Ocean City beaches, boardwalk attractions, restaurants, golf courses, and entertainment, this property allows you to enjoy everything the coast has to offer while returning home to a quieter, more laid-back setting. Whether you're looking for a personal beach retreat, an affordable vacation property, or an investment opportunity with rental potential, this White Horse Park home offers exceptional value near the Maryland and Delaware beaches. Come experience the coastal lifestyle that keeps owners coming back year after year.

20. 2024-05-22
    soldstatus $102,500
21. 1983-10-14
    soldstatus $12,900

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $1,227 · $102/mo
• Expected delta: +$396/yr (+$33/mo · 47.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,119
• − Mortgage interest: −$8,341
• − Property taxes: −$832
• − Insurance: −$744
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − HOA: −$2,160
• − Depreciation: −$4,332
• Taxable loss: −$349
• Est. tax savings @ 24.0%: +$84
• After-tax cash flow: $2,081/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: 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

Livability — Ocean Pines

• Score: 70/100
• State rank: #172
• US rank: #7691

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Pines, MD
• County: Worcester County · 35,603 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 24,377
• Household income: $90,082
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 551.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Italian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▼ -119.52%
• Current HPI: 292.9004
• Rent YoY: —
• 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

+1054.3% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $148,900 BRIGHT MLS
• 2026-04-16 Price Changed $149,000 BRIGHT MLS
• 2026-03-13 Listed $149,900 BRIGHT MLS
• 2026-03-11 Coming Soon $149,900 BRIGHT MLS
• 2024-05-22 Sold (Public Records) $102,500 Public Records
• 1983-10-14 Sold (Public Records) $12,900 Public Records

Property tax history

-0.1%/yr

Latest (2025): $832 · +12.1% YoY. Source: county tax records.