12346 Old Bridge Rd #218 · West Ocean City, MD 21842

$119,000

2 bd · 1.0 ba · 830 sqft · Manufactured · 102 Days on market

Manufactured home Built 1990 Fair condition 4,356 sqft lot Garage $143/sqft · 52% below area ↓ 4% 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).

• Cash flow +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Manufactured-home adj. -5.1

Listing remarks

What has 2BR and 1BA, is near the beach, located in a premier community, and is priced at $135,000? No, it’s not the first line of a great joke. Although most people would think so, given how many people want this type of scenario. .and how rarely it exists. Lucky for you, it does exist. It’s Lot #218 in the Salt Life Community in West Ocean City, MD. And no, it’s not trying to compete with the polished, fully renovated homes you’ve been scrolling past. Because what it offers is something different… a real entry point into the beach market. An entry point nobody else can compete with.

Key facts

• 4,356 sq ft lot
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $119k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.8% in West Ocean City — 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 78/100 on livability (#69 in MD, #2,499 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities C-, commute F, cost of living D-.
• 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: Ocean City Elementary (math 37% / reading 47%, grade F, #84 of 860 statewide, top 10%, 521 students, 44% 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).
• Market conditions: 772 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 $823 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 102 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $245,966
• List price: $119,000
• Delta: -51.62%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9824 Salt Life Ln	0.14mi	2/2.0	1,031 (+24%)	6mo	$250,000	$242	59
9836 Salt Life Ln	0.13mi	2/2.0	1,031 (+24%)	18mo	$269,426	$261	50
9832 Salt Life Ln	0.13mi	2/2.0	1,031 (+24%)	23mo	$259,750	$252	45
9834 Salt Life Ln	0.15mi	2/2.0	1,031 (+24%)	23mo	$254,750	$247	45
12346 Old Bridge Rd #203	0.06mi	3/2.0 (+1)	1,031 (+24%)	23mo	$234,750	$228	44
9815 Stephen Decatur Hwy #17	0.53mi	2/2.5	982 (+18%)	10mo	$295,000	$300	36
12921 Carmel	1.34mi	2/2.0	1,012 (+22%)	4mo	$439,000	$434	33
9815 Stephen Decatur Hwy #3	0.53mi	2/2.5	935 (+13%)	28mo	$230,000	$246	28
9815 Stephen Decatur Hwy #2403	0.55mi	2/2.5	982 (+18%)	19mo	$310,000	$316	28
9818 Salt Life Ln	0.69mi	2/2.0	1,031 (+24%)	21mo	$297,750	$289	21
10332 Oxford Rd	1.24mi	3/1.0 (+1)	972 (+17%)	22mo	$275,000	$283	16
11731 Grays Corner Rd	1.27mi	3/2.0 (+1)	960 (+16%)	24mo	$200,000	$208	11

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

Projected returns pro-forma

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

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,019
• Equity at exit: $17,743

10-year hold

• IRR: 8.1%
• Equity multiple: 1.62×
• Total profit: $20,531
• Equity at exit: $10,289

Cash invested: $33,320 (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 21842

• Home prices YoY: -5.0%
• Active inventory: 772
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,384 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $271

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 75%

Sensitivity live

Price	-10% $353	-5% $312	+0% $271	+5% $230	+10% $189
Rent	-10% $161	-5% $216	+0% $271	+5% $325	+10% $380
Rate	-1.0pp $331	-0.5pp $301	base $271	+0.5pp $240	+1.0pp $209

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: $29,750
• Closing costs: $3,570
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• HOA & community: Monthly land lease of $740Land lease has approximately 1 year remaining

Exterior

• Parking: Gravel drivewayDriveway parkingTwo driveway spacesTwo total garage/parking spaces
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeModular/Manufactured constructionSingle-level unit (one floor)Land lease community (monthly land lease)Senior community with 50+ age requirementEstimated year built
• Construction: Architectural shingle roofAbove-grade other structures
• Exterior features: Community in-ground poolNot in a federal flood zoneOutside city limits

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main levelOne full bathroom total
• Heating & cooling: Heat pump heatingCentral air conditioningElectric heating and coolingElectric hot water
• Interior features: FurnishedNo basementEstimated living area

Listing history 50 events

1. 2026-08-08
   days on market $119,000 Active 102 DOM
2. 2026-08-07
   days on market $119,000 Active 101 DOM
3. 2026-08-06
   days on market $119,000 Active 100 DOM
4. 2026-08-05
   days on market $119,000 Active 99 DOM
5. 2026-08-04
   days on market $119,000 Active 98 DOM
6. 2026-08-03
   days on market $119,000 Active 97 DOM
7. 2026-07-31
   days on market $119,000 Active 94 DOM
8. 2026-07-30
   days on market $119,000 Active 93 DOM
9. 2026-07-29
   days on market $119,000 Active 92 DOM
10. 2026-07-27
    days on market $119,000 Active 90 DOM
11. 2026-07-25
    days on market $119,000 Active 88 DOM
12. 2026-07-24
    days on market $119,000 Active 87 DOM
13. 2026-07-23
    days on market $119,000 Active 86 DOM
14. 2026-07-22
    days on market $119,000 Active 85 DOM
15. 2026-07-21
    days on market $119,000 Active 84 DOM
16. 2026-07-18
    days on market $119,000 Active 81 DOM
17. 2026-07-16
    days on market $119,000 Active 79 DOM
18. 2026-07-16
    days on market $119,000 Active 78 DOM
19. 2026-07-14
    days on market $119,000 Active 77 DOM
20. 2026-07-13
    days on market $119,000 Active 76 DOM
21. 2026-07-12
    days on market $119,000 Active 75 DOM
22. 2026-07-11
    days on market $119,000 Active 74 DOM
23. 2026-07-10
    days on market $119,000 Active 73 DOM
24. 2026-07-09
    days on market $119,000 Active 72 DOM
25. 2026-07-08
    days on market $119,000 Active 71 DOM
26. 2026-07-07
    days on market $119,000 Active 70 DOM
27. 2026-07-07
    price $119,000 Active 69 DOM
28. 2026-07-06
    days on market $129,000 Active 69 DOM
29. 2026-07-05
    days on market $129,000 Active 68 DOM
30. 2026-07-04
    days on market $129,000 Active 67 DOM
31. 2026-07-03
    days on market $129,000 Active 66 DOM
32. 2026-07-02
    days on market $129,000 Active 65 DOM
33. 2026-07-01
    days on market $129,000 Active 64 DOM
34. 2026-06-30
    days on market $129,000 Active 63 DOM
35. 2026-06-29
    days on market $129,000 Active 62 DOM
36. 2026-06-28
    days on market $129,000 Active 61 DOM
37. 2026-06-28
    days on market $129,000 Active 60 DOM
38. 2026-06-27
    days on market $129,000 Active 59 DOM
39. 2026-06-25
    days on market $129,000 Active 57 DOM
40. 2026-06-23
    days on market $129,000 Active 55 DOM
41. 2026-06-22
    days on market $129,000 Active 54 DOM
42. 2026-06-18
    days on market $129,000 Active 51 DOM
43. 2026-06-17
    days on market $129,000 Active 50 DOM
44. 2026-06-16
    days on market $129,000 Active 49 DOM
45. 2026-06-15
    days on market $129,000 Active 48 DOM
46. 2026-06-14
    days on market $129,000 Active 46 DOM
47. 2026-06-13
    days on market $129,000 Active 45 DOM
48. 2026-06-10
    days on market $129,000 Active 43 DOM
49. 2026-06-09
    days on market $129,000 Active 42 DOM
50. 2026-06-08
    days on market $129,000 Active 41 DOM

ⓘ 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: $16,604
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − Depreciation: −$3,462
• Taxable income: $1,440
• Est. tax owed @ 24.0%: −$346
• After-tax cash flow: $2,903/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.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab Est. rehab $20,750–$37,350 screening

This single-wide home in a senior-living community requires moderate renovations to update the kitchen and bathroom, but has a good foundation and exterior. With some updates, it could be a great entry point into the beach market.

Repairs flagged

• Major kitchen cabinets — outdated and in poor condition
• Major kitchen appliances — outdated and in poor condition
• Major kitchen countertops — outdated and in poor condition
• Major bathroom fixtures — outdated and in poor condition
• Major bathroom tile — outdated and in poor condition

Value-add opportunities

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance ↑
• Resale update flooring — New flooring can improve the home's overall look and feel ↑
• Resale update kitchen cabinets and appliances — Modernizing the kitchen can attract more buyers ↑
• Resale update bathroom fixtures and tile — A fresh bathroom can make a big impact on a home's appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Ocean City Elementary F MD #84/860 Nat'l #17,861/41,679 Middle Stephen Decatur Middle F MD #53/225 Nat'l #7,937/14,009 High Stephen Decatur High B+ MD #37/222 Nat'l #2,035/17,239

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

B Composite livability gradescore 78/100

Livability — West Ocean City

• Score: 78/100
• State rank: #69
• US rank: #2499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Ocean City, MD
• County: Worcester County · 51,363 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 11,226
• Household income: $79,876
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 12% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 5% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 87% English-only · Spanish 7% Russian/Polish/Slavic 3% Other Indo-European 2%

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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: ▼ -25.65%
• Current HPI: 482.18
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

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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

Property features AI

Finance

• HOA & community: Monthly land lease of $740Land lease has approximately 1 year remaining

Exterior

• Parking: Gravel drivewayDriveway parkingTwo driveway spacesTwo total garage/parking spaces
• Utilities: Public waterPublic sewer
• Home design: Manufactured homeModular/Manufactured constructionSingle-level unit (one floor)Land lease community (monthly land lease)Senior community with 50+ age requirementEstimated year built
• Construction: Architectural shingle roofAbove-grade other structures
• Exterior features: Community in-ground poolNot in a federal flood zoneOutside city limits

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main levelOne full bathroom total
• Heating & cooling: Heat pump heatingCentral air conditioningElectric heating and coolingElectric hot water
• Interior features: FurnishedNo basementEstimated living area

Price history

-4.4% since first listed

3 events — show timeline

• 2026-05-20 Price Changed $129,000 BRIGHT MLS
• 2026-04-29 Listed $135,000 BRIGHT MLS
• 2026-04-26 Coming Soon $135,000 BRIGHT MLS