22139 Royal Oak Rd

Tyaskin, MD 21856

$219,000C

3 bd · 2.0 ba · 1,584 sqft · Built 2000 · Manufactured · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,391/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$502
• Net cashflow: $571/mo
• Annual: $6,850/yr
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• 1% rule: 1.09%
• Cash to close: $61,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $219k.
• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• It's been on market 89 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (6.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (5.1% local appreciation)).
• Location reads 52/100 on livability (#439 in MD) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A, cost of living B; Watch: amenities F, commute F, employment 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.
• Zoned schools: Westside Intermediate (math 18% / reading 21%, grade F, #353 of 860 statewide, top 45%, 343 students, 44% FRL); Salisbury Middle (math 13% / reading 27%, grade F, #147 of 225 statewide, top 68%, 873 students, 51% FRL); James M. Bennett High (math 55% / reading 66%, grade C+, #71 of 222 statewide, top 32%, 1,343 students, 44% FRL).
• Zoned-school proficiency averages 33% at this address vs 21% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Wicomico County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 11 active listings in the ZIP; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.