120 133rd St · Ocean City, MD 21842

$199,900

3 bd · 1.0 ba · 882 sqft · Manufactured public records · 33 Days on market

Built 1978 $166/mo HOA

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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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +7.1/10.0
• Livability +3.7/5.0
• 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

BETTER MOVE FAST! Now is your chance to make everyday vacation in this 2-bedroom 1-bath beach retreat. Outstanding features outside like a 9 x 22 Elevated Sundeck and 7 x 9 Custom Built Storage Shed with Vinyl Siding. Inside you will find a huge comfortable front Living Room and formal Dining Room with Built-in Bookshelves. The kitchen is equipped with a Newer Frost-Free Refrigerator With Ice Maker, Newer Electric Radiant Range with Self-Cleaning Oven and Double Stainless Steel Sink. There is Fiberglass Combination Tub & Shower plus Two Sink Vanity and a Newer Heavy Duty Washer & Dryer in the hall bathroom. Insulated Vinyl Windows throughout plus a newer natural gas furnace and central air conditioning. This is a home you are going to love. Located in a terrific neighborhood one block from the ocean with a pool. Lowest cost of ownership in Ocean City. No condo fees or ground rent! The settlement fees are only $1,200.00. The property consists of 2,000 shares in the Sundowner Park Co-Op Community in North Ocean City. The monthly park fee is $139.00 which covers real estate taxes, cutting of the grass, city water and sewer, city trash pick-up, use of the swimming pool, maintenance, and management of the park. BETTER CALL NOW BEFORE IT’S TOO LATE!

Key facts

• Spacious deck area
• Outdoor shed
• Pool

Tags

• SPACIOUS DECK AREA
• OUTDOOR SHED
• POOL

Property features AI

Finance

• HOA & community: Monthly coop fee (approximately $166.80); Fee covers common area maintenance, pool(s), taxes, trash, water and other items; Community amenities include an outdoor pool

Exterior

• Parking: Other parking
• Utilities: Public water; Public sewer
• Home design: Manufactured property (modular/manufactured construction); Cooperative ownership; Located in a federal flood zone; Property is in city limits
• Construction: Modular/manufactured construction
• Exterior features: Community pool; Above-grade other structures

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (one full bath on main level)
• Heating & cooling: Heat pump(s) heating; Central air conditioning (electric); Electric hot water
• Interior features: Estimated living area; No basement

🏢 Co-op / cooperative unit. The $199,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $496 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 1.4% in 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 73/100 on livability (#125 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities B; Watch: cost of living C-, crime F.
• 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.
• Zoned schools: Ocean City Elementary (math 37% / reading 47%, grade F, #84 of 860 statewide, top 10%, 521 students, 44% FRL); Stephen Decatur Middle (math 24% / reading 43%, grade F, #53 of 225 statewide, top 24%, 697 students, 50% FRL); Stephen Decatur High (math 64% / reading 78%, grade B+, #37 of 222 statewide, top 17%, 1,431 students, 42% FRL).
• Market conditions: 677 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 354 units permitted in Worcester County in 2024 (6 in 5+ unit buildings).
• This rent runs 36% of the median local income ($80k/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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.
• Current owner paid $84k; list at $200k implies a 138% gain — meaningful room to come down on a strong offer.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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: 1.21% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.62%
• DSCR: 1.47
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $336,924
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
633 Gulf Stream Dr	0.50mi	3/2.0	1,008 (+14%)	20mo	$385,000	$382	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-780
• Equity at exit: $29,806

10-year hold

• IRR: 9.3%
• Equity multiple: 1.72×
• Total profit: $40,173
• Equity at exit: $17,284

Cash invested: $55,972 (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: 677
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,410 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$110 /mo · $1,326/yr
• Insurance: −$83
• HOA: −$166
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $496

Break-even live

Break-even rent $1,782

Max offer price $199,900

Occupancy floor 74%

Sensitivity live

Price	-10% $609	-5% $552	+0% $496	+5% $439	+10% $382
Rent	-10% $305	-5% $400	+0% $496	+5% $591	+10% $686
Rate	-1.0pp $596	-0.5pp $546	base $496	+0.5pp $444	+1.0pp $391

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Newport Bay Dr Unit 117C Ocean City, MD	3.0	2.0	936	$2,700	$2.88	45d	1	1.14mi

HOA detail

• Monthly dues: $166 · $1,992/yr
• Likely covers: watersewertrashgaselectricpool

Listing history 22 events

1. 2026-06-22
   days on market $199,900 Active 33 DOM
2. 2026-06-18
   days on market $199,900 Active 30 DOM
3. 2026-06-17
   days on market $199,900 Active 29 DOM
4. 2026-06-16
   days on market $199,900 Active 28 DOM
5. 2026-06-15
   days on market $199,900 Active 27 DOM
6. 2026-06-14
   days on market $199,900 Active 25 DOM
7. 2026-06-13
   days on market $199,900 Active 24 DOM
8. 2026-06-10
   days on market $199,900 Active 22 DOM
9. 2026-06-09
   days on market $199,900 Active 21 DOM
10. 2026-06-08
    days on market $199,900 Active 20 DOM
11. 2026-06-07
    days on market $199,900 Active 19 DOM
12. 2026-06-02
    days on market $199,900 Active 14 DOM
13. 2026-06-01
    days on market $199,900 Active 13 DOM
14. 2026-05-31
    days on market $199,900 Active 12 DOM
15. 2026-05-30
    days on market $199,900 Active 11 DOM
16. 2026-05-19
    listed $199,900 Active
17. 2026-04-30
    historical
18. 2025-10-31
    listed $199,900 Active
19. 2025-10-27
    historical
20. 2020-12-07
    soldstatus $84,000 Closed 1281-char remark

    Show marketing remark (1281 chars)

    BETTER MOVE FAST! Now is your chance to make everyday vacation in this 2-bedroom 1-bath beach retreat. Outstanding features outside like a 9 x 22 Elevated Sundeck and 7 x 9 Custom Built Storage Shed with Vinyl Siding. Inside you will find a huge comfortable front Living Room and formal Dining Room with Built-in Bookshelves. The kitchen is equipped with a Newer Frost-Free Refrigerator With Ice Maker, Newer Electric Radiant Range with Self-Cleaning Oven and Double Stainless Steel Sink. There is Fiberglass Combination Tub & Shower plus Two Sink Vanity and a Newer Heavy Duty Washer & Dryer in the hall bathroom. Insulated Vinyl Windows throughout plus a newer natural gas furnace and central air conditioning. This is a home you are going to love. Located in a terrific neighborhood one block from the ocean with a pool. Lowest cost of ownership in Ocean City. No condo fees or ground rent! The settlement fees are only $1,200.00. The property consists of 2,000 shares in the Sundowner Park Co-Op Community in North Ocean City. The monthly park fee is $139.00 which covers real estate taxes, cutting of the grass, city water and sewer, city trash pick-up, use of the swimming pool, maintenance, and management of the park. BETTER CALL NOW BEFORE IT’S TOO LATE!

21. 2020-11-07
    status Pending 1281-char remark

    Show marketing remark (1281 chars)

    BETTER MOVE FAST! Now is your chance to make everyday vacation in this 2-bedroom 1-bath beach retreat. Outstanding features outside like a 9 x 22 Elevated Sundeck and 7 x 9 Custom Built Storage Shed with Vinyl Siding. Inside you will find a huge comfortable front Living Room and formal Dining Room with Built-in Bookshelves. The kitchen is equipped with a Newer Frost-Free Refrigerator With Ice Maker, Newer Electric Radiant Range with Self-Cleaning Oven and Double Stainless Steel Sink. There is Fiberglass Combination Tub & Shower plus Two Sink Vanity and a Newer Heavy Duty Washer & Dryer in the hall bathroom. Insulated Vinyl Windows throughout plus a newer natural gas furnace and central air conditioning. This is a home you are going to love. Located in a terrific neighborhood one block from the ocean with a pool. Lowest cost of ownership in Ocean City. No condo fees or ground rent! The settlement fees are only $1,200.00. The property consists of 2,000 shares in the Sundowner Park Co-Op Community in North Ocean City. The monthly park fee is $139.00 which covers real estate taxes, cutting of the grass, city water and sewer, city trash pick-up, use of the swimming pool, maintenance, and management of the park. BETTER CALL NOW BEFORE IT’S TOO LATE!

22. 2020-11-05
    listed $89,500 Active 1281-char remark

    Show marketing remark (1281 chars)

    BETTER MOVE FAST! Now is your chance to make everyday vacation in this 2-bedroom 1-bath beach retreat. Outstanding features outside like a 9 x 22 Elevated Sundeck and 7 x 9 Custom Built Storage Shed with Vinyl Siding. Inside you will find a huge comfortable front Living Room and formal Dining Room with Built-in Bookshelves. The kitchen is equipped with a Newer Frost-Free Refrigerator With Ice Maker, Newer Electric Radiant Range with Self-Cleaning Oven and Double Stainless Steel Sink. There is Fiberglass Combination Tub & Shower plus Two Sink Vanity and a Newer Heavy Duty Washer & Dryer in the hall bathroom. Insulated Vinyl Windows throughout plus a newer natural gas furnace and central air conditioning. This is a home you are going to love. Located in a terrific neighborhood one block from the ocean with a pool. Lowest cost of ownership in Ocean City. No condo fees or ground rent! The settlement fees are only $1,200.00. The property consists of 2,000 shares in the Sundowner Park Co-Op Community in North Ocean City. The monthly park fee is $139.00 which covers real estate taxes, cutting of the grass, city water and sewer, city trash pick-up, use of the swimming pool, maintenance, and management of the park. BETTER CALL NOW BEFORE IT’S TOO LATE!

ⓘ 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: $1,326 · $110/mo
• Projected year-2 tax: $1,752 · $146/mo
• Expected delta: +$426/yr (+$36/mo · 32.2%)

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

Taxation est. · year 1

• Rental income: $28,915
• − Mortgage interest: −$11,198
• − Property taxes: −$1,326
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − HOA: −$1,992
• − Depreciation: −$5,815
• Taxable income: $2,959
• Est. tax owed @ 24.0%: −$710
• After-tax cash flow: $5,236/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 — Ocean City

• Score: 73/100
• State rank: #125
• US rank: #5407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, MD
• 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

+123.4% since first listed

7 events — show timeline

• 2026-05-19 Listed $199,900 BRIGHT MLS
• 2026-04-30 Listing Removed — BRIGHT MLS
• 2025-10-31 Listed $199,900 BRIGHT MLS
• 2025-10-27 Coming Soon — BRIGHT MLS
• 2020-12-07 Sold (MLS) $84,000 BRIGHT MLS
• 2020-11-07 Pending — BRIGHT MLS
• 2020-11-05 Listed $89,500 BRIGHT MLS

Property tax history

+1.9%/yr

Latest (2025): $1,326 · +4.4% YoY. Source: county tax records.