Cameron Plan

Honeygo, MD 21162

$354,990D-

4 bd · 3.5 ba · 1,900 sqft · Built — · Townhouse · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,293/mo
• Mortgage (P&I): −$2,003
• Tax + insurance: −$636
• HOA: −$65
• Vac / Maint / Mgmt: −$692
• Net cashflow: $-103/mo
• Annual: $-1,231/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• 1% rule: 0.86%
• Cash to close: $106,932

Investor read

• This is a 4-bed/3.5-bath townhouse listed at $355k. Condition is rated good.
• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $329k (7.2% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $329k (7.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Vincent Farm Elementary (math 10% / reading 24%, grade F, #408 of 860 statewide, top 50%, 735 students, 52% FRL); Perry Hall Middle (math 15% / reading 46%, grade F, #64 of 225 statewide, top 28%, 1,754 students, 40% FRL); Perry Hall High (math 19% / reading 57%, grade F, #137 of 222 statewide, top 62%, 2,029 students, 45% FRL).
• Market conditions: 39 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Cap rate 6.0% vs local median 2.7% in Honeygo — 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?
• 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.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.