23313 Sugar Maple Ct Unit 6C

Wildewood, MD 20619

$200,000C-

2 bd · 1.5 ba · 936 sqft · Built 1985 · Condo · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,091/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$225
• Vac / Maint / Mgmt: −$439
• Net cashflow: $45/mo
• Annual: $538/yr
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• 1% rule: 1.05%
• Cash to close: $56,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $200k.
• At list price, monthly cash flow is $45 ($538/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.3% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• St. Mary'S County Public Schools (rural): math 23% / reading 38% proficiency, ranked #8 of 24 in MD (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.7%/yr); 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 265 units permitted in St. Mary's County in 2024 (0 in 5+ unit buildings).
• St. Mary's County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 19y 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 (2.3% appreciation + 6.7% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.6% vs local median 3.9% in Wildewood — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.