6953 Grenada Dr · Salisbury, MD 21804

$150,000

3 bd · 1.0 ba · 1,012 sqft · SingleFamily public records · 6 Days on market

Built 1975 0.36 ac lot Est $234k · 36% under

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Why this score? — see what drove the B 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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +6.8/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Affordable opportunity in Salisbury! This 3-bedroom, 1-bath rancher offers single-level living, an eat-in kitchen, laundry area, and spacious yard. Conveniently located near Route 50 with easy access to shopping, dining, Salisbury University, Downtown Salisbury, medical facilities, and area attractions. This estate property is being sold strictly as-is and will need TLC, but offers great potential for the right buyer.

Key facts

• Spacious yard
• Eat-in kitchen
• Single-level living

Tags

• SINGLE-LEVEL LIVING
• EAT-IN KITCHEN
• SPACIOUS YARD
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

Property features AI

Exterior

• Parking: Driveway
• Utilities: Well water; On-site septic; Electric hot water
• Home design: Detached property; Fee simple ownership
• Construction: Stick-built construction; Crawl space foundation; Built year reported by assessor
• Exterior features: Not located in a federal flood zone; Ground rent paid annually; Above-grade and below-grade other structures noted

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Baseboard electric heating; Window air conditioning units (electric)
• Interior features: No basement; Finished above-grade living area of 1,012

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.0% vs local median 4.8% in Salisbury — 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 60/100 on livability (#351 in MD) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, amenities F, commute 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: Beaver Run School (669 students, 67% FRL); Wicomico Middle (math 3% / reading 22%, grade F, #200 of 225 statewide, top 89%, 819 students, 68% FRL); Wicomico High (math 30% / reading 45%, grade F, #138 of 222 statewide, top 63%, 1,325 students, 60% FRL).
• Market conditions: Rents rising (+3.8%/yr); 195 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wicomico County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $46k; list at $150k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $150,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.18% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.36%
• DSCR: 1.59
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $233,772
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6797 Zion Church Rd	0.64mi	3/1.0	1,012 (0%)	8mo	$241,000	$238	63
31528 Old Ocean City Rd	0.45mi	3/1.0	1,100 (+9%)	2mo	$240,000	$218	63
7056 Archie Dennis Rd	0.60mi	3/1.0	1,000 (-1%)	20mo	$255,000	$255	54
6870 Zion Church Rd	0.66mi	3/1.0	1,100 (+9%)	2mo	$215,000	$195	53
7023 Archie Dennis Rd	0.62mi	2/1.0 (-1)	936 (-8%)	10mo	$250,000	$267	45
6858 Zion Church Rd	0.66mi	3/1.5	1,104 (+9%)	17mo	$255,000	$231	38
6976 Archie Dennis Rd	0.58mi	3/1.5	1,120 (+11%)	22mo	$215,000	$192	35

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $6,837
• Equity at exit: $22,365

10-year hold

• IRR: 14.3%
• Equity multiple: 2.19×
• Total profit: $49,989
• Equity at exit: $12,969

Cash invested: $42,000 (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 21804

• Home prices YoY: -26.7%
• Rents YoY: 3.8%
• Active inventory: 195
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,772 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$83 /mo · $996/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $468

Break-even live

Break-even rent $1,180

Max offer price $150,000

Occupancy floor 69%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6793 Edwards Ave Salisbury, MD	2.0	1.0	1020	$1,495	$1.47	43d	1	0.74mi

Listing history 5 events

1. 2026-06-09
   status $150,000 Pending 6 DOM
2. 2026-06-08
   days on market $150,000 Active 6 DOM
3. 2026-06-07
   days on market $150,000 Active 5 DOM
4. 2026-06-03
   remarks 421-char remark
5. 2026-06-03
   listed $150,000 Active 1 DOM

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

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $996 · $83/mo
• Projected year-2 tax: $1,316 · $110/mo
• Expected delta: +$319/yr (+$27/mo · 32.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,261
• − Mortgage interest: −$8,402
• − Property taxes: −$996
• − Insurance: −$750
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − Depreciation: −$4,364
• Taxable income: $3,347
• Est. tax owed @ 24.0%: −$803
• After-tax cash flow: $4,807/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: Wicomico County Public Schools
• NCES district ID: 2400690
• Math proficiency: 16% ▼ -18.00%
• Reading proficiency: 26% ▼ -13.00%
• Median HH income: $51,745
• Composite: 18.87/100
• National rank: #8860
• State rank: #19 of 24 in MD

Livability — Salisbury

• Score: 60/100
• State rank: #351
• US rank: #18948

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wicomico County · 75,969 people
• City population: 70,518
• Metro: Salisbury, MD-DE
• Population (ZIP): 40,430
• Household income: $73,156
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 2096.0

Population outlook (Wicomico County) Hauer SSP2

• Today (2025): 108,548 people
• By 2030: 111,783 · +3.0%
• By 2040: 118,139 · +8.8%
• By 2050: 123,641 · +13.9%
• By 2075: 139,784 · +28.8%
• By 2100: 145,334 · +33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 54% Black 30% Two or more races 9% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 3% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 83% English-only · French/Haitian/Cajun 7% Spanish 5% Other Indo-European 2%

Political lean MEDSL · Wicomico

• 2024 margin: Lean R (+5.5) · D 46.1% · R 51.5% · Other 2.4%
• 2008→2024 swing: +0.3pp no change · 2008: -5.8pp · 2024: -5.5pp
• All cycles: 2024: R+5.5 2020: R+1.9 2016: R+11.6 2012: R+6.9 2008: R+5.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.15%
• Current HPI: 230.6099
• Rent YoY: ▲ 3.78%
• Metro: Salisbury, MD-DE
• 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

+225.4% since first listed

2 events — show timeline

• 2026-06-02 Listed $150,000 BRIGHT MLS
• 1990-08-22 Sold (Public Records) $46,100 Public Records

Property tax history

+2.2%/yr

Latest (2025): $996 · +17.5% YoY. Source: county tax records.