5651 Harpers Farm Rd Unit F · Columbia, MD 21044

$200,000

2 bd · 2.0 ba · 1,314 sqft · Condo public records · 5 Days on market

Built 1977 $351/mo HOA · 14% of rent

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Why this score? — see what drove the C- 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 +17.6/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +5.5/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* * * Photos will be uploaded the afternoon/evening of 6/18 * * * Investor Alert! Exceptional opportunity to own a top-floor condominium in the heart of Columbia. This 2-bedroom, 2-full-bath residence offers tremendous potential for an owner-occupant or investor looking to build instant equity. Featuring a spacious layout, a private balcony with peaceful views, and a desirable top-floor location, this home is ready for your personal touches and updates. Renovated units in the community have recently sold for over $300,000, making this an excellent value-add opportunity. Enjoy all that Columbia has to offer, including nearby shopping, dining, parks, walking trails, and community amenitie

Key facts

• Private balcony
• Community amenities
• Peaceful views

Tags

• TOP-FLOOR CONDOMINIUM
• PRIVATE BALCONY
• PEACEFUL VIEWS
• COMMUNITY AMENITIES
• NEARBY SHOPPING
• NEARBY DINING

Property features AI

Finance

• Other: Finished above-grade area reported by assessor
• HOA & community: Monthly condo fee of $308.58; Annual HOA fee of $520.55; HOA covers common area maintenance, trash, lawn maintenance, and reserve funds; Pets allowed on a case-by-case basis; property manager present; Condominium ownership

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer
• Home design: Condominium penthouse; Garden-style building (1–4 floors); Combination construction
• Construction: Combination construction materials; Above grade and below grade structures; Year built (per assessor)
• Exterior features: No basement; Entry on third floor

Interior

• Kitchen: Kitchen
• Bedrooms: Two bedrooms on the main level; Master bedroom
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Living room; Dining room; Foyer
• Laundry & utility: Washer/dryer hook-up in unit; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 7.2% vs local median 3.2% in Columbia — 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 80/100 on livability (#51 in MD, #1,939 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Howard County Public Schools (suburban): math 34% / reading 49% proficiency, ranked #1 of 24 in MD (top 4%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Longfellow Elementary (math 22% / reading 22%, grade F, #297 of 860 statewide, top 38%, 478 students, 47% FRL); Harpers Choice Middle (math 12% / reading 37%, grade F, #108 of 225 statewide, top 50%, 497 students, 50% FRL); Wilde Lake High (math 36% / reading 63%, grade D, #108 of 222 statewide, top 49%, 1,341 students, 44% FRL) — zoned schools average 47% FRL vs 15% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 151 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 881 units permitted in Howard County in 2024 (285 in 5+ unit buildings).

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.
• Howard County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $74k; list at $200k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.7% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.51×
• Total profit: $-27,576
• Equity at exit: $29,821

10-year hold

• IRR: -10.6%
• Equity multiple: 0.44×
• Total profit: $-31,562
• Equity at exit: $17,292

Cash invested: $56,000 (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 21044

• Rents YoY: 0.7%
• Active inventory: 151
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,442 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$288 /mo · $3,457/yr
• Insurance: −$83
• HOA: −$351
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $158

Break-even live

Break-even rent $2,242

Max offer price $200,000

Occupancy floor 89%

Sensitivity live

Price	-10% $272	-5% $215	+0% $158	+5% $102	+10% $45
Rent	-10% $-35	-5% $62	+0% $158	+5% $255	+10% $351
Rate	-1.0pp $259	-0.5pp $209	base $158	+0.5pp $106	+1.0pp $54

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5669 Harpers Farm Rd Unit A Columbia, MD	2.0	2.0	1368	$2,600	$1.90	46d	1	0.08mi
10580 Cross Fox Ln Unit D2 Columbia, MD	2.0	1.5	976	$1,990	$2.04	24d	1	0.28mi
5980 Turnabout Ln Columbia, MD	1.0–3.0	1.0	950	$2,049	$2.16	4d	12	0.30mi
5421 Lynx Ln Unit A-317 Columbia, MD	2.0	2.0	1104	$2,657	$2.41	0d	1	0.34mi
5351 Harpers Farm Rd Columbia, MD	1.0–3.0	1.0–2.0	957	$2,234	$2.33	4d	15	0.36mi
5526 Green Dory Ln Columbia, MD	3.0	2.5	1585	$2,800	$1.77	5d	1	0.37mi
5485 Harpers Farm Rd Unit L5 (00027) Columbia, MD	1.0	1.5	900	$1,750	$1.94	46d	1	0.47mi
10780 Green Mountain Cir Columbia, MD	3.0	2.5	1505	$2,600	$1.73	17d	1	0.49mi
5484 Cedar Ln Unit B1 Columbia, MD	2.0	1.5	931	$2,000	$2.15	26d	1	0.51mi
5464 Harpers Farm Rd Columbia, MD	1.0–2.0	1.0–1.5	935	$2,230	$2.38	4d	14	0.60mi
10304 Nightmist Ct Columbia, MD	3.0	2.5	1595	$2,600	$1.63	7d	1	0.79mi
10304 Nightmist Ct Columbia, MD	3.0	2.5	1160	$2,600	$2.24	20d	1	0.79mi
11225 Avalanche Way Unit B Columbia, MD	3.0	2.0	1274	$2,600	$2.04	26d	1	0.86mi
10808 Warfield Pl #207 Columbia, MD	2.0	2.0	1758	$2,750	$1.56	26d	1	0.87mi
11273 Skilift Ct Unit A Columbia, MD	3.0	2.0	1274	$2,800	$2.20	46d	1	0.93mi
11251 Skilift Ct Columbia, MD	2.0	2.0	972	$2,100	$2.16	6d	1	0.94mi
10101 Twin Rivers Rd Columbia, MD	3.0	1.0–2.0	1017	$3,197	$3.14	0d	38	0.98mi
10601 Gramercy Pl Columbia, MD	1.0–3.0	1.0–2.0	1043	$3,176	$3.04	0d	11	0.98mi
12215 Little Patuxent Pkwy Columbia, MD	1.0–2.0	1.0–2.0	1007	$2,492	$2.47	0d	8	1.02mi
10000 Town Center Ave Columbia, MD	1.0–3.0	1.0–2.0	1014	$2,863	$2.82	0d	30	1.03mi
11311 Little Patuxent Pkwy Columbia, MD	1.0–3.0	1.0–2.0	1154	$2,198	$1.90	4d	9	1.05mi
5933 Cedar Fern Ct Columbia, MD	3.0	3.5	1426	$2,940	$2.06	7d	1	1.08mi
10300 Hickory Ridge Rd Columbia, MD	1.0–3.0	1.0–2.0	1181	$2,288	$1.94	0d	1	1.24mi
12290 Green Meadow Dr Columbia, MD	1.0–2.0	1.0–2.0	850	$2,477	$2.91	0d	3	1.26mi
10201 Wincopin Cir Columbia, MD	1.0–2.0	1.0–2.0	860	$3,556	$4.13	0d	14	1.37mi
10854 Green View Way Columbia, MD	3.0	2.5	1712	$3,200	$1.87	46d	1	1.40mi
11608 Little Patuxent Pkwy Columbia, MD	1.0–2.0	1.0–2.0	976	$2,523	$2.59	0d	11	1.42mi
5361 Brook Way Columbia, MD	1.0–5.0	1.0–2.5	1280	$2,195	$1.71	0d	32	1.44mi
5382 Smooth Meadow Way Unit B2A-12 Columbia, MD	2.0	2.0	1154	$2,300	$1.99	13d	1	1.46mi

HOA detail condo

• Monthly dues: $351 · $4,212/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-22
   statusdays on market $200,000 Pending 5 DOM
2. 2026-06-21
   days on market $200,000 Active 4 DOM
3. 2026-06-18
   status $200,000 Active 1 DOM
4. 2026-06-17
   remarks 699-char remark
5. 2026-06-17
   listed $200,000 Coming Soon 1 DOM

ⓘ 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: $3,457 · $288/mo
• Projected year-2 tax: $3,457 · $288/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,310
• − Mortgage interest: −$11,203
• − Property taxes: −$3,457
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,345
• − Management: −$2,345
• − HOA: −$4,212
• − Depreciation: −$5,818
• Taxable loss: −$1,070
• Est. tax savings @ 24.0%: +$257
• After-tax cash flow: $2,156/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: Howard County Public Schools
• NCES district ID: 2400420
• Math proficiency: 34% ▼ -22.00%
• Reading proficiency: 49% ▼ -11.00%
• Median HH income: $108,056
• Composite: 41.23/100
• National rank: #3535
• State rank: #1 of 24 in MD

Livability — Columbia

• Score: 80/100
• State rank: #51
• US rank: #1939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, MD
• County: Howard County · 282,651 people
• City population: 99,756
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 44,114
• Household income: $135,057
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 1536.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 367,857 people
• By 2030: 394,054 · +7.1%
• By 2040: 443,509 · +20.6%
• By 2050: 488,124 · +32.7%
• By 2075: 594,860 · +61.7%
• By 2100: 648,772 · +76.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 44% Black 26% Asian 12% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 2% Scotch-Irish 2%
• Foreign-born: 20% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 6% Other Indo-European 4% Chinese 4%

Political lean MEDSL · Howard

• 2024 margin: Solid D (+41.8) · D 69.1% · R 27.4% · Other 3.5%
• 2008→2024 swing: +19.9pp toward D · 2008: 21.9pp · 2024: 41.8pp
• All cycles: 2024: D+41.8 2020: D+44.3 2016: D+33.5 2012: D+21.2 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -310.77%
• Current HPI: 287.8011
• Rent YoY: ▲ 0.70%
• Metro: Baltimore-Columbia-Towson, MD
• 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

+198.5% since first listed

3 events — show timeline

• 2026-06-17 Coming Soon $200,000 BRIGHT MLS
• 1988-09-01 Sold (Public Records) $74,500 Public Records
• 1984-06-29 Sold (Public Records) $67,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $3,457 · +4.8% YoY. Source: county tax records.