32391 Geib Rd

Cordova, MD 21625

$95,000C+

3 bd · 1.0 ba · 924 sqft · Built 1970 · Manufactured · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,162/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$454
• Net cashflow: $1,126/mo
• Annual: $13,518/yr
• Cap rate: 20.52%
• Cash-on-cash: 50.82%
• DSCR: 3.26
• 1% rule: 2.28%
• Cash to close: $26,600

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 26 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#295 in MD) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing B; Watch: crime F, amenities F, commute F.
• Talbot County Public Schools (town): math 15% / reading 35% proficiency, ranked #12 of 24 in MD (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Chapel District Elementary (math 17% / reading 27%, grade F, #297 of 860 statewide, top 38%, 347 students, 43% FRL); Easton Middle (math 9% / reading 32%, grade F, #141 of 225 statewide, top 65%, 737 students, 62% FRL); Easton High (math 40% / reading 65%, grade C-, #98 of 222 statewide, top 44%, 1,203 students, 56% FRL) — zoned schools average 54% FRL vs 37% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 12 active listings in the ZIP; 158 units permitted in Talbot County in 2024 (0 in 5+ unit buildings).
• Talbot County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.