2 Gandy Ln · Crisfield, MD 21817

$95,000

3 bd · 1.0 ba · 1,395 sqft · SingleFamily public records · 79 Days on market

Built 1947 0.27 ac lot $68/sqft · 42% below area Est $162k · 42% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks MLS

This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

Key facts

• 0.27 acre lot
• Built 1947
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $-47 ($-564/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (8.7% below list).
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $87k (8.7% below list) — sets the bar for cash-flow.
• Cap rate 11.1% vs local median 1.5% 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.

Location & tenants

• 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: schools F, amenities F, commute 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.
• Market conditions: 92 active listings in the ZIP; 49 units permitted in Somerset County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Somerset County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,698 (8.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.31% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.12%
• DSCR: 1.76
• GRM: 6.3

CMA / ARV

• ARV (median comp): $162,435
• List price: $95,000
• Delta: -41.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26419 Minden Ave	0.36mi	3/1.0	1,482 (+6%)	0mo	$194,500	$131	72
313 Broadway	0.57mi	3/1.0	1,400 (+0%)	2mo	$40,000	$29	71
16 E Chesapeake Ave	0.07mi	3/1.5	1,575 (+13%)	4mo	$130,000	$83	70
26404 Franklin Ln	0.33mi	3/2.5	1,284 (-8%)	0mo	$215,000	$167	65
18 Wynfall Ave	0.59mi	3/2.0	1,392 (-0%)	6mo	$196,000	$141	63
26300 Peach St	0.70mi	3/1.0	1,410 (+1%)	5mo	$187,000	$133	62
52 Maryland Ave	0.47mi	2/2.0 (-1)	1,344 (-4%)	2mo	$142,500	$106	62
208 Cove St	0.48mi	2/1.0 (-1)	1,344 (-4%)	8mo	$77,777	$58	60
277 S Somerset Ave	0.61mi	3/2.0	1,410 (+1%)	9mo	$185,000	$131	58
40 Maple St	0.32mi	2/1.0 (-1)	1,260 (-10%)	7mo	$60,000	$48	58
105 Hall Hwy	0.72mi	3/2.0	1,502 (+8%)	4mo	$301,000	$200	46
3592 Freedomtown Rd	0.62mi	3/1.0	1,232 (-12%)	7mo	$170,000	$138	46

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

Projected returns pro-forma

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

5-year hold

• IRR: 22.9%
• Equity multiple: 2.84×
• Total profit: $48,997
• Equity at exit: $85,584

10-year hold

• IRR: 20.5%
• Equity multiple: 6.53×
• Total profit: $147,140
• Equity at exit: $184,564

Cash invested: $26,600 (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 21817

• Home prices YoY: 7.3%
• Active inventory: 92
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$40
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $-47

Break-even live

Break-even rent $1,308

Max offer price $86,698

Occupancy floor 99%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $95,000 Active 79 DOM
2. 2026-06-17
   days on market $95,000 Active 78 DOM
3. 2026-06-16
   days on market $95,000 Active 77 DOM
4. 2026-06-15
   days on market $95,000 Active 76 DOM
5. 2026-06-14
   days on market $95,000 Active 74 DOM
6. 2026-06-13
   pricedays on market $95,000 Active 73 DOM
7. 2026-06-10
   days on market $105,000 Active 71 DOM
8. 2026-06-09
   days on market $105,000 Active 70 DOM
9. 2026-06-08
   days on market $105,000 Active 69 DOM
10. 2026-06-07
    days on market $105,000 Active 68 DOM
11. 2026-06-02
    days on market $105,000 Active 63 DOM
12. 2026-06-01
    days on market $105,000 Active 62 DOM
13. 2026-05-31
    days on market $105,000 Active 61 DOM
14. 2026-05-30
    days on market $105,000 Active 60 DOM
15. 2026-05-09
    price $105,000 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

16. 2026-05-09
    status Active 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

17. 2026-04-26
    historical Active Under Contract 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

18. 2026-03-27
    price $115,000 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

19. 2026-03-19
    listed $105,000 Active 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

20. 2026-03-16
    historical $105,000 217-char remark

    Show marketing remark (217 chars)

    This bungalow is ready for you to make it your own. The property sits on a nice lot with city services and is not prone to flooding. Not far from Somer's Cove Marina and conveniences like schools schools and shopping.

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $934 · $78/mo
• Expected delta: +$102/yr (+$8/mo · 12.3%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 19 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: $14,987
• − Mortgage interest: −$5,321
• − Property taxes: −$832
• − Insurance: −$5,594
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$2,764
• Taxable loss: −$1,921
• Est. tax savings @ 24.0%: +$461
• After-tax cash flow: $-103/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: Somerset County Public Schools
• NCES district ID: 2400570
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -14.00%
• Median HH income: $38,810
• Composite: 14.73/100
• National rank: #9396
• State rank: #22 of 24 in MD

Livability — Crisfield

• Score: 68/100
• State rank: #199
• US rank: #9181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crisfield, MD
• Population (ZIP): 4,102

Population outlook (Somerset County) Hauer SSP2

• Today (2025): 24,474 people
• By 2030: 23,547 · -3.8%
• By 2040: 21,498 · -12.2%
• By 2050: 20,427 · -16.5%
• By 2075: 16,594 · -32.2%
• By 2100: 12,132 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 20% Two or more races 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Italian 2% Serbian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Somerset

• 2024 margin: R (+17.4) · D 40.2% · R 57.5% · Other 2.3%
• 2008→2024 swing: -14.8pp toward R · 2008: -2.6pp · 2024: -17.4pp
• All cycles: 2024: R+17.4 2020: R+14.8 2016: R+17.9 2012: R+2.5 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.92%
• Current HPI: 292.866
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $105,000 BRIGHT MLS
• 2026-05-09 Relisted — BRIGHT MLS
• 2026-04-26 Contingent — BRIGHT MLS
• 2026-03-27 Price Changed $115,000 BRIGHT MLS
• 2026-03-19 Listed $105,000 BRIGHT MLS
• 2026-03-16 Coming Soon $105,000 BRIGHT MLS

Property tax history

-2.3%/yr

Latest (2024): $832 · +31.9% YoY. Source: county tax records.