111 Shetland Cir #6

Reisterstown, MD 21136

$189,900D+

3 bd · 2.5 ba · 1,420 sqft · Built 1979 · Townhouse · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,084/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$313
• HOA: −$399
• Vac / Maint / Mgmt: −$438
• Net cashflow: $-61/mo
• Annual: $-734/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 1.10%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $190k.
• At list price, monthly cash flow is $-61 ($-734/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (5.7% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $179k (5.7% below list) — sets the bar for cash-flow.
• 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.
• Location reads 72/100 on livability (#147 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A-; Watch: crime F, amenities F, health & safety F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cedarmere Elementary (math 16% / reading 23%, grade F, #353 of 860 statewide, top 45%, 549 students, 61% FRL); Franklin Middle (math 7% / reading 36%, grade F, #132 of 225 statewide, top 59%, 1,153 students, 62% FRL); Franklin High (math 25% / reading 66%, grade D-, #121 of 222 statewide, top 55%, 1,504 students, 53% FRL) — zoned schools average 59% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 150 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 10 sale attempts since 16y 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.
• Current owner paid $162k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 5.9% vs local median 3.6% in Reisterstown — 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 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?
• Built in 1979 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.