26278 Peach St

Crisfield, MD 21817

$103,500B-

2 bd · 2.0 ba · 938 sqft · Built 1981 · Manufactured · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $949/mo
• Mortgage (P&I): −$543
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $-291/mo
• Annual: $-3,494/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• 1% rule: 0.92%
• Cash to close: $28,980

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $104k.
• At list price, monthly cash flow is $-291 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $52k (49.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (8.3% below list).
• It's been on market 59 days — a 3% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (49.7% below list) — sets the bar for cash-flow.
• In year one you build about $11k of equity ($716 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#199 in MD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Somerset County Public Schools (town): math 12% / reading 23% proficiency, ranked #22 of 24 in MD (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Carter G Woodson Elementary (math 12% / reading 17%, grade F, #477 of 860 statewide, top 59%, 508 students, 75% FRL); Somerset 6/7 Intermediate School (math 8% / reading 26%, grade F, #170 of 225 statewide, top 77%, 396 students, 73% FRL); Crisfield Academy And High School (math 17% / reading 42%, grade F, #154 of 222 statewide, top 70%, 350 students, 65% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 93 active listings in the ZIP; 49 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).
• Somerset County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $89k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 1.6% in Crisfield — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.