8691 Greenbelt Rd Unit T-1

Seabrook, MD 20770

$150,000D

2 bd · 1.0 ba · 881 sqft · Built 1970 · Condo · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$585
• Vac / Maint / Mgmt: −$420
• Net cashflow: $-41/mo
• Annual: $-498/yr
• Cap rate: 5.96%
• Cash-on-cash: -1.19%
• DSCR: 0.95
• 1% rule: 1.33%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $-41 ($-498/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (4.0% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 109 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#162 in MD) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, commute B; Watch: health & safety C-, crime D-, amenities F.
• Prince George'S County Public Schools (suburban): math 8% / reading 24% proficiency, ranked #21 of 24 in MD (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents soft (-1.7%/yr); 89 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,481 units permitted in Prince George's County in 2024 (0 in 5+ unit buildings).
• Prince George's County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 4.6% in Seabrook — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: kitchen appliances — outdated and in need of replacement
• Moderate: bathroom fixtures — basic and in need of updating
• Minor: paint — neutral paint with some scuff marks