6504 Cabin Ridge Rd

Hurlock, MD 21643

$199,900A-

3 bd · 2.0 ba · 1,980 sqft · Built 2006 · Manufactured · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$525
• Net cashflow: $670/mo
• Annual: $8,041/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.37%
• DSCR: 1.64
• 1% rule: 1.25%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#332 in MD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute F.
• Dorchester County Public Schools (rural): math 10% / reading 23% proficiency, ranked #23 of 24 in MD (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Warwick Elementary School (math 17% / reading 27%, grade F, #297 of 860 statewide, top 38%, 347 students, 100% FRL); North Dorchester Middle School (math 10% / reading 30%, grade F, #147 of 225 statewide, top 68%, 415 students, 100% FRL); North Dorchester High School (math 42% / reading 62%, grade D+, #100 of 222 statewide, top 47%, 572 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 16% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Dorchester County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 34 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 81 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• Dorchester County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 28y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 67% 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.
• Cap rate 10.3% vs local median 4.7% in Hurlock — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.