406 HAMMOND STREET
About This Property
Excellent opportunity to acquire a turnkey property in Salisbury, MD, located less than 3 miles from Salisbury University and TidalHealth Peninsula Regional. This 3-bedroom, 1-bath home has a proven rental history and has been recently updated to support long-term tenant retention, while also presenting a great opportunity for a first-time home buyer seeking an affordable, move-in-ready home with future investment potential.
Recent improvements include fresh paint throughout, a remodeled kitchen with stainless steel appliances, and new vinyl plank flooring that gives the home a modern, low-maintenance appeal. The home is equipped with a heat pump and central air for year-round comfort. Additional features include a large front porch ideal for summer days, an unfinished basement offering extra storage or future potential, a storage shed, and a private driveway for off-street parking.
Whether held for long-term ownership or enjoyed as a primary residence, this property offers a solid buy-and-hold opportunity with stable demand, a convenient location, and thoughtful updates. Its combination of condition, layout, and proximity to key amenities supports consistent appeal and long-term value.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017