355 Carey Ave · Salisbury, MD 21804

$235,500

3 bd · 1.0 ba · 784 sqft · SingleFamily public records · 20 Days on market

Built 1939 7,841 sqft lot Est $197k · 20% over

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Why this score? — see what drove the F 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 +10.9/30.0
• Rent growth +3.4/5.0
• DSCR +3.2/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

"Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

Key facts

• 0.18-acre lot
• Tile walk-in shower
• Cozy tub shower

Tags

• MAJOR RENOVATION COMPLETED
• TILE WALK-IN SHOWER
• COZY TUB SHOWER
• LUXURY VINYL PLANK FLOORING
• FULLY FENCED BACKYARD
• 0.18-ACRE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $236k.

Deal economics

• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (29.6% below list).
• Recommended offer: $166k (29.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.8% in Salisbury — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 195 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• 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 $165,807 (29.6% 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. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.70% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $196,784
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1607 Mount Hermon Rd	0.66mi	2/1.0 (-1)	798 (+2%)	19mo	$200,000	$251	45

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: -18.7%
• Equity multiple: 0.34×
• Total profit: $-43,417
• Equity at exit: $35,114

10-year hold

• IRR: -9.9%
• Equity multiple: 0.38×
• Total profit: $-41,094
• Equity at exit: $20,362

Cash invested: $65,940 (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: 11.8×

Monthly cashflow live

• Estimated rent: $1,658 high
• Mortgage (P&I): −$1,235
• Tax from tax record: −$78 /mo · $938/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-101

Break-even live

Break-even rent $1,786

Max offer price $217,585

Occupancy floor —

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: $58,875
• Closing costs: $7,065
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
826 S Schumaker Dr Salisbury, MD	1.0–3.0	1.0–2.5	1022	$1,876	$1.84	13d	5	0.75mi
304 Glen Ave Salisbury, MD	1.0–2.0	1.0	675	$1,300	$1.93	44d	4	0.76mi
1500 Sharen Dr Salisbury, MD	1.0–3.0	1.0–2.0	946	$1,800	$1.90	13d	1	0.82mi
504 Juniper St Salisbury, MD	3.0	1.0	960	$1,595	$1.66	21d	1	1.28mi
1017 Tyler Ave Salisbury, MD	2.0	1.0	1024	$1,650	$1.61	21d	1	1.35mi
1027 Adams Ave Ste A Salisbury, MD	2.0	1.0–2.0	576	$1,425	$2.47	13d	13	1.37mi
411 Dover St Salisbury, MD	3.0	2.0	984	$1,600	$1.63	44d	1	1.38mi
529 E William St Salisbury, MD	3.0	1.0	1057	$1,495	$1.41	21d	1	1.41mi
1008 Adams Ave Unit 11D Salisbury, MD	2.0	1.0	918	$1,250	$1.36	21d	1	1.43mi
1022 Adams Ave Unit 1D Salisbury, MD	2.0	1.0	918	$1,400	$1.53	44d	1	1.50mi

Listing history 32 events

1. 2026-04-26
   status Pending
2. 2026-03-13
   historical Active Under Contract
3. 2026-02-21
   listed $235,500 Active
4. 2022-12-12
   soldstatus $219,995
5. 2022-12-08
   soldstatus $219,995 Closed 965-char remark

   Show marketing remark (965 chars)

   "Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

6. 2022-11-21
   status Pending 965-char remark

   Show marketing remark (965 chars)

   "Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

7. 2022-11-19
   status Active 965-char remark

   Show marketing remark (965 chars)

   "Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

8. 2022-11-12
   status Pending 965-char remark

   Show marketing remark (965 chars)

   "Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

9. 2022-11-03
   listed $219,995 Active 965-char remark

   Show marketing remark (965 chars)

   "Fall" in Love with this super cute and cozy FULLY renovated 3/2 located minutes from downtown SBY with No City Tax! Sip a cup of coffee on your fully covered front porch while watching the fall leaves do what they do. Enjoy your days off relaxing in your open concept living space with a custom open stairwell design. Two great sized bedrooms await you on the first floor with a stunning first floor bathroom for guest! Super modern kitchen design with gorgeous exposed brick that fulfills the vibes. Upstairs offers the 3rd bedroom with a HUGE gorgeously finished bathroom. This homes has taken full advantage of every available bit of space so that nothing goes to waste! Tons of closet space and an enormous storage area under the living room stairwell! NEW SEPTIC SYSTEM!!! Located minutes from downtown Sby, Salisbury University and easy commuting via the bypass. Be sure to "Fall" in love with this beauty and schedule your showing today!

10. 2022-10-31
    historical
11. 2022-10-19
    price $219,995
12. 2022-10-10
    price $225,995
13. 2022-10-06
    price $229,995
14. 2022-09-17
    status Active
15. 2022-09-06
    historical Active Under Contract
16. 2022-09-02
    price $235,995
17. 2022-08-17
    status Active
18. 2022-07-26
    status Pending
19. 2022-07-23
    status Active
20. 2022-07-20
    status Pending
21. 2022-07-20
    price $247,000
22. 2022-07-04
    listed $235,995 Active
23. 2021-12-06
    soldstatus $62,500
24. 2021-11-22
    soldstatus $62,500 Closed
25. 2021-11-08
    status Pending
26. 2021-10-01
    status Active
27. 2021-09-24
    status Pending
28. 2021-08-09
    price $69,999
29. 2021-05-26
    price $74,999
30. 2021-05-06
    listed $99,999 Active
31. 1978-02-09
    soldstatus $12,500
32. 1975-02-10
    soldstatus $12,500

ⓘ 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: $938 · $78/mo
• Projected year-2 tax: $1,753 · $146/mo
• Expected delta: +$814/yr (+$68/mo · 86.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°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: $19,897
• − Mortgage interest: −$13,192
• − Property taxes: −$938
• − Insurance: −$1,178
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$6,851
• Taxable loss: −$5,445
• Est. tax savings @ 24.0%: +$1,307
• After-tax cash flow: $90/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

+1784.0% since first listed

32 events — show timeline

• 2026-04-26 Pending — BRIGHT MLS
• 2026-03-13 Contingent — BRIGHT MLS
• 2026-02-21 Listed $235,500 BRIGHT MLS
• 2022-12-12 Sold (Public Records) $219,995 Public Records
• 2022-12-08 Sold (MLS) $219,995 BRIGHT MLS
• 2022-11-21 Pending — BRIGHT MLS
• 2022-11-19 Relisted — BRIGHT MLS
• 2022-11-12 Pending — BRIGHT MLS
• 2022-11-03 Listed $219,995 BRIGHT MLS
• 2022-10-31 Listing Removed — BRIGHT MLS
• 2022-10-19 Price Changed $219,995 BRIGHT MLS
• 2022-10-10 Price Changed $225,995 BRIGHT MLS
• 2022-10-06 Price Changed $229,995 BRIGHT MLS
• 2022-09-17 Relisted — BRIGHT MLS
• 2022-09-06 Contingent — BRIGHT MLS
• 2022-09-02 Price Changed $235,995 BRIGHT MLS
• 2022-08-17 Relisted — BRIGHT MLS
• 2022-07-26 Pending — BRIGHT MLS
• 2022-07-23 Relisted — BRIGHT MLS
• 2022-07-20 Pending — BRIGHT MLS
• 2022-07-20 Price Changed $247,000 BRIGHT MLS
• 2022-07-04 Listed $235,995 BRIGHT MLS
• 2021-12-06 Sold (Public Records) $62,500 Public Records
• 2021-11-22 Sold (MLS) $62,500 BRIGHT MLS
• 2021-11-08 Pending — BRIGHT MLS
• 2021-10-01 Relisted — BRIGHT MLS
• 2021-09-24 Pending — BRIGHT MLS
• 2021-08-09 Price Changed $69,999 BRIGHT MLS
• 2021-05-26 Price Changed $74,999 BRIGHT MLS
• 2021-05-06 Listed $99,999 BRIGHT MLS
• 1978-02-09 Sold (Public Records) $12,500 Public Records
• 1975-02-10 Sold (Public Records) $12,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $938 · +4.2% YoY. Source: county tax records.