309 S Main St · Hurlock, MD 21643

$200,000

6 bd · 2.0 ba · 6,970 sqft · SingleFamily · 110 Days on market

Built 1915 0.50 ac lot

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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 +21.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks

Welcome to 309 South Main Street, an exceptional commercial property situated in the vibrant heart of Hurlock, MD. This versatile space, offering 6,970 square feet of interior area, is set on a substantial 21,188 square foot lot, providing a prime opportunity for a variety of business ventures. The interior of this property presents a flexible layout, ideal for customization to suit your business needs. Whether you envision a retail boutique, office space, or a creative studio, the potential here is limitless. The property will need a full rehab. The prominent location on South Main Street offers excellent visibility and accessibility, making it a strategic spot for attracting foot traffic

Key facts

• Excellent visibility
• Prominent location
• Accessibility

Tags

• FLEXIBLE LAYOUT
• PROMINENT LOCATION
• EXCELLENT VISIBILITY
• ACCESSIBILITY

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.7% in Hurlock — 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 61/100 on livability (#332 in MD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, schools F, amenities 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.
• Market conditions: 35 active listings in the ZIP; 81 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $200k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 F-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. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.9%
• Equity multiple: 3.28×
• Total profit: $127,750
• Equity at exit: $180,176

10-year hold

• IRR: 25.1%
• Equity multiple: 7.46×
• Total profit: $361,488
• Equity at exit: $388,556

Cash invested: $56,000 (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: 35
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,123 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $295

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 81%

Sensitivity live

Price	-10% $433	-5% $364	+0% $295	+5% $226	+10% $157
Rent	-10% $127	-5% $211	+0% $295	+5% $379	+10% $463
Rate	-1.0pp $396	-0.5pp $346	base $295	+0.5pp $243	+1.0pp $191

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-01-06
   status Pending
2. 2025-12-03
   price $200,000
3. 2025-09-18
   listed $225,000 Active
4. 2025-06-30
   historical
5. 2025-03-27
   listed $250,000 Active
6. 1997-02-10
   soldstatus $80,000
7. 1996-11-07
   historical
8. 1996-01-05
   listed $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,477
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,038
• − Management: −$2,038
• − Depreciation: −$5,818
• Taxable income: $379
• Est. tax owed @ 24.0%: −$91
• After-tax cash flow: $3,450/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 — Hurlock

• Score: 61/100
• State rank: #332
• US rank: #17536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hurlock, MD
• 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

+150.0% since first listed

8 events — show timeline

• 2026-01-06 Pending — BRIGHT MLS
• 2025-12-03 Price Changed $200,000 BRIGHT MLS
• 2025-09-18 Listed $225,000 BRIGHT MLS
• 2025-06-30 Listing Removed — BRIGHT MLS
• 2025-03-27 Listed $250,000 BRIGHT MLS
• 1997-02-10 Sold (MLS) $80,000 MRIS
• 1996-11-07 Delisted — MRIS
• 1996-01-05 Listed $80,000 MRIS