2516 Castle St · Salisbury, MD 21804

$53,000

3 bd · 1.0 ba · 1,000 sqft · SingleFamily · 24 Days on market

Built 1984 Good condition

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Affordable and conveniently located in Salisbury, this well loved manufactured home offers roughly 1,000 square feet of comfortable living space. Inside you’ll find durable LVP flooring, a full kitchen, washer/dryer, 3 bedrooms, full bathroom, and a functional layout. The oversized deck provides plenty of space for entertaining, relaxing, or enjoying the outdoors. Monthly fee of roughly $700 includes land rent ($565.00), site tax ($84.75), flat water/sewer ($22.65), and a small usage rate- helping to keep ownership simple and affordable. Conveniently located near shopping, restaurants, and major routes while still offering a quiet neighborhood setting. Don't miss out on your chance,

Key facts

• Built 1984
• Listed 23 days

Property features AI

Finance

• Other: In city limits
• Financial info: Annual ground rent noted
• HOA & community: Land lease with monthly payment ($705); Ground rent exists; 99 years of land lease remaining; Property manager present

Exterior

• Parking: Off-street parking
• Utilities: Community water; Shared sewer; Electric available; Hot water: Other
• Home design: Manufactured (modular) home; Single-story / main living on one level; Estimated year built
• Construction: Vinyl siding; Shingle roof; Manufactured structure; Above-grade construction
• Exterior features: Outbuilding(s); Not in a federal flood zone

Interior

• Kitchen: Dishwasher; Stove; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Luxury vinyl plank
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floor plan with combined kitchen and living area; Drywall walls and ceilings; Partially furnished
• Laundry & utility: Washer in unit; Dryer in unit

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $53k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $53k).
• Recommended offer: $52k (1.5% below list) — sets the bar for market timing.
• Cap rate 33.8% 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: schools D-, crime F, amenities 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.
• Market conditions: Rents rising (+3.8%/yr); 201 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 278 units permitted in Wicomico County in 2024 (44 in 5+ unit buildings).
• This rent runs 33% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $366 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Recommended offer $52,205 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 3.78% ✓
• Cap rate: 33.84%
• Cash-on-cash: 98.39%
• DSCR: 5.38
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $269,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30420 Cannon Dr	0.72mi	3/1.0	960 (-4%)	2mo	$258,000	$269	58

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: —
• Equity multiple: 5.75×
• Total profit: $70,520
• Equity at exit: $7,902

10-year hold

• IRR: —
• Equity multiple: 12.32×
• Total profit: $167,923
• Equity at exit: $4,582

Cash invested: $14,840 (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: 201
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$278
• Tax est. 1.5%: −$66 /mo · $795/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $1,217

Break-even live

Break-even rent $464

Max offer price $53,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,253	-5% $1,235	+0% $1,217	+5% $1,198	+10% $1,180
Rent	-10% $1,058	-5% $1,138	+0% $1,217	+5% $1,296	+10% $1,375
Rate	-1.0pp $1,243	-0.5pp $1,230	base $1,217	+0.5pp $1,203	+1.0pp $1,189

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: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Mill Pond Ln Salisbury, MD	2.0–3.0	2.0–3.0	1196	$1,885	$1.58	14d	6	0.32mi
416 E N Pointe Dr Salisbury, MD	1.0–3.0	1.0–2.0	999	$2,055	$2.06	14d	12	0.65mi

Listing history 17 events

1. 2026-06-21
   days on market $53,000 Active 24 DOM
2. 2026-06-18
   days on market $53,000 Active 21 DOM
3. 2026-06-17
   days on market $53,000 Active 20 DOM
4. 2026-06-16
   days on market $53,000 Active 19 DOM
5. 2026-06-15
   days on market $53,000 Active 18 DOM
6. 2026-06-14
   days on market $53,000 Active 16 DOM
7. 2026-06-13
   days on market $53,000 Active 15 DOM
8. 2026-06-10
   days on market $53,000 Active 13 DOM
9. 2026-06-09
   days on market $53,000 Active 12 DOM
10. 2026-06-08
    days on market $53,000 Active 11 DOM
11. 2026-06-07
    days on market $53,000 Active 10 DOM
12. 2026-06-03
    days on market $53,000 Active 6 DOM
13. 2026-06-02
    days on market $53,000 Active 5 DOM
14. 2026-06-01
    days on market $53,000 Active 4 DOM
15. 2026-05-31
    days on market $53,000 Active 3 DOM
16. 2026-05-30
    days on market $53,000 Active 2 DOM
17. 2026-05-26
    historical $53,000

ⓘ 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: $24,045
• − Mortgage interest: −$2,969
• − Property taxes: −$795
• − Insurance: −$265
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$1,542
• Taxable income: $14,628
• Est. tax owed @ 24.0%: −$3,511
• After-tax cash flow: $11,090/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.

Condition & rehab AI · 30 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready manufactured home offers a good balance of modern amenities and a cozy, functional layout.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace deck boards — improves safety and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace deck boards — improves safety and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-26 Coming Soon $53,000 BRIGHT MLS