12024 Ocean Gtwy Lot 20 · West Ocean City, MD 21842

$139,900

2 bd · 2.0 ba · 924 sqft · Condo · 391 Days on market

Built 1986 $151/sqft · 44% below area Est $252k · 44% under $104/mo HOA · 5% of rent

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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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

Key facts

• Close to ocean city
• Newer appliances
• $104 HOA

Tags

• HEATED BATHROOM FLOORS
• NEWER APPLIANCES
• CLOSE TO OCEAN CITY
• CLOSE TO ASSATEAGUE STATE PARK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 2.6% 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.
• Market conditions: 673 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 $967 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 391 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $50k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $140k implies a 55% gain — meaningful room to come down on a strong offer.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 391 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.0

CMA / ARV

• ARV (median comp): $251,774
• List price: $139,900
• Delta: -44.43%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $6,661
• Equity at exit: $20,860

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $43,827
• Equity at exit: $12,096

Cash invested: $39,172 (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: 673
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,937 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$104
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $459

Break-even live

Break-even rent $1,355

Max offer price $139,900

Occupancy floor 71%

Sensitivity live

Price	-10% $556	-5% $507	+0% $459	+5% $411	+10% $362
Rent	-10% $306	-5% $383	+0% $459	+5% $536	+10% $612
Rate	-1.0pp $530	-0.5pp $495	base $459	+0.5pp $423	+1.0pp $386

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $104 · $1,248/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $139,900 Active 391 DOM
2. 2026-06-17
   days on market $139,900 Active 390 DOM
3. 2026-06-16
   days on market $139,900 Active 389 DOM
4. 2026-06-15
   days on market $139,900 Active 388 DOM
5. 2026-06-14
   days on market $139,900 Active 386 DOM
6. 2026-06-13
   days on market $139,900 Active 385 DOM
7. 2026-06-10
   days on market $139,900 Active 383 DOM
8. 2026-06-09
   days on market $139,900 Active 382 DOM
9. 2026-06-08
   days on market $139,900 Active 381 DOM
10. 2026-06-07
    days on market $139,900 Active 380 DOM
11. 2026-06-02
    days on market $139,900 Active 375 DOM
12. 2026-06-01
    days on market $139,900 Active 374 DOM
13. 2026-05-31
    days on market $139,900 Active 373 DOM
14. 2026-05-30
    days on market $139,900 Active 372 DOM
15. 2026-03-20
    status Active 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

16. 2026-02-20
    status Pending 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

17. 2026-02-16
    price $139,900 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

18. 2025-11-11
    price $149,000 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

19. 2025-10-04
    price $154,900 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

20. 2025-08-29
    price $159,900 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

21. 2025-06-29
    price $175,000 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

22. 2025-04-26
    listed $189,900 Active 320-char remark

    Show marketing remark (320 chars)

    Carefree living in this two bedroom, two full baths in West Ocean City. Newer appliances. Heated bathroom floors in master bathroom. $104 monthly covers septic, water, trash and park maintenance. Close to Ocean City and Assateague State Park beaches, marina, shopping, restaurants, historic downtown Berlin & more.

23. 2018-01-05
    soldstatus $90,000 232-char remark

    Show marketing remark (232 chars)

    Very well maintained 2 bedroom home with new appliances. Heated bathroom floors in master bathroom. Hot tub and huge shed in back with generator hooked to the home. Cedar closets. Land behind can't be built. $89 water/trash monthly.

24. 2017-02-14
    listed $94,900 232-char remark

    Show marketing remark (232 chars)

    Very well maintained 2 bedroom home with new appliances. Heated bathroom floors in master bathroom. Hot tub and huge shed in back with generator hooked to the home. Cedar closets. Land behind can't be built. $89 water/trash monthly.

ⓘ 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: $23,239
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − HOA: −$1,248
• − Depreciation: −$4,070
• Taxable income: $3,568
• Est. tax owed @ 24.0%: −$856
• After-tax cash flow: $4,652/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: 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

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

• County: Worcester County · 35,603 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: 322.0

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%

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%

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

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

+47.4% since first listed

10 events — show timeline

• 2026-03-20 Relisted — BRIGHT MLS
• 2026-02-20 Pending — BRIGHT MLS
• 2026-02-16 Price Changed $139,900 BRIGHT MLS
• 2025-11-11 Price Changed $149,000 BRIGHT MLS
• 2025-10-04 Price Changed $154,900 BRIGHT MLS
• 2025-08-29 Price Changed $159,900 BRIGHT MLS
• 2025-06-29 Price Changed $175,000 BRIGHT MLS
• 2025-04-26 Listed $189,900 BRIGHT MLS
• 2018-01-05 Sold (MLS) $90,000 BRIGHT MLS
• 2017-02-14 Listed $94,900 BRIGHT MLS