Rental numbers for ZIP 21654 (Oxford, MD)
Negative cash flow at any interest rate with 25% down: the rent does not cover operating costs and principal.
- Gross yield
- 1.9%
- rent x 12 / price
- Est. cap rate
- -0.1%
- NOI / price
- Cash flow
- -$4,946/mo
- at 7.78%, 25% down
- Typical price
- $911,000
- Zillow ZHVI, Aug 2026
- HUD Fair Market Rent
- $1,420/mo
- HUD Fair Market Rent, 2 bedroom, FY2026
The pro forma
Typical home, default assumptions
| Operator | Line | Amount | Source |
|---|---|---|---|
| Gross rent | $17,040 | ||
| Vacancy | $852 | ||
| Management | $1,295 | ||
| Property tax | $4,319 | ||
| Insurance | $1,894 | ||
| Maintenance | $9,112 | ||
| Net operating income | -$433 | ||
| Loan payments | $58,924 | ||
| Cash flow | -$59,357 |
| Operator | Line | Amount | Source |
|---|---|---|---|
| Typical price | $911,238 | ||
| Down payment (25%) | $227,810 | ||
| Loan | $683,429 | ||
| Rate | 7.78% | ||
| Monthly payment | $4,910 | ||
| Cash in | $255,147 | ||
| Cash-on-cash return | -23.3% | ||
| DSCR | -0.01 | ||
| Break-even rate | none |
Assumptions
Change them in the calculator- Down payment25%
- A common minimum for investment-property and DSCR loans.
- Interest rate7.78%
- Freddie Mac 30-year 7.03% (week of 2026-09-24) + 0.75 point investor premium.
- Loan term30 years
- Fixed, fully amortising.
- Closing costs3% of price
- Added to cash invested.
- Insurance$1,894 a year
- NAIC 2023 average homeowners (HO-3) premium for Maryland, $1,578, x 1.2 for a landlord policy.
- Maintenance1% of price a year
- The 1% rule of thumb; older homes run higher.
- Vacancy5% of rent
- About 18 days empty a year.
- Management8% of collected rent
- A typical full-service fee; zero if you self-manage.
Trends
Five years to August 2026
- Price, 12 months
- +0.1%
- Rent, 12 months
- n/a
- no Zillow rent series here
- Rent minus price growth
- n/a
- positive means yields are improving
Show the numbers
| Month | Typical value |
|---|---|
| Aug 2021 | $733,324 |
| Aug 2022 | $838,964 |
| Aug 2023 | $858,163 |
| Aug 2024 | $881,264 |
| Aug 2025 | $910,574 |
| Aug 2026 | $911,238 |
Rent references
Two sources, never blended
| Source | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| HUD Small Area FMR, FY2026 | $1,210 | $1,290 | $1,420 | $1,980 | $2,390 |
| Zillow observed rent, Aug 2026 | not published for this ZIP | ||||
HUD's Fair Market Rent is the 40th percentile gross rent (rent plus utilities) for a standard unit, and it is what Section 8 vouchers pay against. Zillow's index tracks asking rents on listed homes. The two measure different things, so they are shown side by side and never averaged. HUD area: Talbot County, MD.
Property tax
- Effective rate
- 0.47%
- ZIP area, ACS
- At the typical price
- $4,319/yr
Median real estate taxes paid divided by median home value, Census ACS 2020 to 2024. Talbot County: 0.65%. Actual bills depend on the assessment, exemptions and any non-homestead rate.
Supply
- Permits per 1,000 households
- 9.8
- Talbot County, last 12 months
- National percentile
- 71th
- among US counties
161 new housing units permitted in 2025-09 to 2026-08, Census Building Permits Survey. A high figure means more new supply competing for tenants.
Nearby ZIP codes
| ZIP | Distance | Typical price | Rent | Gross yield | Cash flow /mo |
|---|---|---|---|---|---|
| 21662Royal Oak | 5.4 mi | $1,126,000 | $1,960* | 2.1% | -$5,901 |
| 21673Trappe | 5.7 mi | $415,000 | $2,600 | 7.5% | -$650 |
| 21601Easton | 6.7 mi | $445,000 | $2,089 | 5.6% | -$1,357 |
| 21663Saint Michaels | 8.6 mi | $729,000 | $1,260* | 2.1% | -$3,926 |
| 21612Bozman | 8.7 mi | $947,000 | $1,410* | 1.8% | -$5,250 |
| 21652Bozman | 8.8 mi | $592,000 | $1,410* | 2.9% | -$2,869 |
| 21647McDaniel | 11.2 mi | $514,000 | $1,410* | 3.3% | -$2,390 |
| 21664Secretary | 11.2 mi | $237,000 | $1,310* | 6.6% | -$693 |
* HUD Fair Market Rent, 2 bedroom (no Zillow rent index for that ZIP).
Run the numbers on a real listing
The calculator opens with this ZIP's figures. Swap in a listing's price and rent, your rate and your costs.
Open the calculator for 21654Questions
- Is 21654 good for rental property?
- On the typical home here, priced at $911,000 and renting for $1,420 a month (HUD Fair Market Rent, 2 bedroom, FY2026), the gross yield is 1.9% and the estimated cap rate is -0.1%. At a 7.78% investor rate with 25% down, estimated cash flow is -$4,946 a month. The median gross yield across the 8,418 ZIP codes with full Zillow data is 5.6%. These are figures for a typical property, not a judgement on any particular one.
- What is the typical rent in 21654?
- Zillow does not publish a rent index for 21654. HUD's FY2026 Small Area Fair Market Rent for a 2-bedroom here is $1,420, the 40th percentile of gross rents and the basis for Section 8 payment standards.
- What is the property tax rate in 21654?
- The effective property tax rate is about 0.47% of value (median taxes paid divided by median home value, Census ACS 2020 to 2024). On the typical $911,000 home that is about $4,319 a year. Your bill depends on the assessment and local exemptions.
- What interest rate makes a rental in 21654 break even?
- With the default assumptions, no interest rate brings cash flow to zero: rent does not cover operating costs plus principal on a 30-year loan with 25% down.
- How fast are prices and rents changing in 21654?
- Over the 12 months to August 2026, the typical home value changed +0.1%.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
- NAIC Homeowners Insurance Report, data for 2023
National Association of Insurance Commissioners. Read: 2023.
Average HO-3 homeowners premium by state, multiplied by 1.2 as a landlord-policy assumption.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.