656 Otsego St · Havre de Grace, MD 21078

$399,999

8 bd · 4.0 ba · 3,768 sqft · MultiFamily public records · 9 Days on market

Built 1940 7,200 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Income producing quadplex in downtown Havre de Grace now available! All units are occupied by month to month tenants and the no units will be delivered vacant. Showings can be scheduled with at least three days advanced notice but it may be difficult due to tenant schedules. Unit 656 Apt 1 2 bed 1 bath $700 per month Unit 656 Apt 2 4 bed 1 bath $1150 per month Unit 658 Apt 1 2 bed 1 bath $850 per month Unit 658 Apt 2 4 bed 1 bath $1200 per month

Key facts

• 7,200 sq ft lot
• Parking
• Built 1940

Property features AI

Finance

• Other: Improvement and land assessed values recorded; Tax assessment and tax year information available
• Financial info: Existing leases are month-to-month

Exterior

• Parking: Driveway parking (1 space); On-street parking available; Total of 1 garage/parking space recorded
• Utilities: Public water; Public sewer; Electric hot water; Natural gas for heating; Electric for cooling
• Home design: Detached property; Single building with multiple residential units; Ownership is fee simple
• Construction: Foundation listed as other; Above-grade finished area 3,768 (assessor); Below-grade unfinished area 1,008 (assessor); Year built source: assessor
• Exterior features: Property located within city limits of Havre de Grace; No tidal water on the lot; Above-grade and below-grade other structures noted

Interior

• Bedrooms: Two 2-bedroom units; Two 3-bedroom units
• Heating & cooling: Radiator heating with natural gas; Window air conditioning units (electric)
• Interior features: Detached structure; Above-grade finished living area recorded from assessor; Below-grade unfinished area present

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $591/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $400k).
• Cap rate 13.4% vs local median 2.4% in Havre de Grace — 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 82/100 on livability (#32 in MD, #1,087 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: amenities C-, cost of living C-.
• Harford County Public Schools (suburban): math 22% / reading 39% proficiency, ranked #9 of 24 in MD (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Havre De Grace Elementary (math 15% / reading 27%, grade F, #332 of 860 statewide, top 39%, 566 students, 56% FRL); Havre De Grace Middle (math 8% / reading 41%, grade F, #108 of 225 statewide, top 50%, 626 students, 47% FRL); Havre De Grace High (math 47% / reading 62%, grade C-, #91 of 222 statewide, top 42%, 818 students, 40% FRL) — zoned schools average 47% FRL vs 24% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 178 active listings in the ZIP; solid renter incomes; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).
• At $6,120/mo this rent would consume 69% of the median local household income ($107k/yr) (locally 327% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $210k; list at $400k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $399,999

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.53% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.34%
• DSCR: 2.13
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.9%
• Equity multiple: 1.77×
• Total profit: $85,701
• Equity at exit: $59,641

10-year hold

• IRR: 27.2%
• Equity multiple: 3.39×
• Total profit: $268,198
• Equity at exit: $34,585

Cash invested: $112,000 (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 21078

• Home prices YoY: -33.4%
• Active inventory: 178
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $6,120 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$206 /mo · $2,470/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,285
• Net cashflow: $2,365

Break-even live

Break-even rent $3,127

Max offer price $399,999

Occupancy floor 56%

Sensitivity live

Price	-10% $2,591	-5% $2,478	+0% $2,365	+5% $2,251	+10% $2,138
Rent	-10% $1,881	-5% $2,123	+0% $2,365	+5% $2,606	+10% $2,848
Rate	-1.0pp $2,566	-0.5pp $2,466	base $2,365	+0.5pp $2,261	+1.0pp $2,156

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,120
Total (4 units)			$6,120

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-20
   listed $399,999 Active
2. 2022-09-19
   soldstatus $210,000
3. 2002-02-11
   soldstatus $155,000
4. 2001-11-20
   soldstatus $115,000
5. 1999-10-05
   soldstatus $120,000
6. 1992-10-07
   soldstatus $240,000

ⓘ 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: $2,470 · $206/mo
• Projected year-2 tax: $3,415 · $285/mo
• Expected delta: +$945/yr (+$79/mo · 38.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,440
• − Mortgage interest: −$22,406
• − Property taxes: −$2,470
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,875
• − Management: −$5,875
• − Depreciation: −$11,636
• Taxable income: $23,177
• Est. tax owed @ 24.0%: −$5,563
• After-tax cash flow: $22,813/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: Harford County Public Schools
• NCES district ID: 2400390
• Math proficiency: 22% ▼ -23.00%
• Reading proficiency: 39% ▼ -12.00%
• Median HH income: $79,569
• Composite: 29.38/100
• National rank: #6527
• State rank: #9 of 24 in MD

Livability — Havre de Grace

• Score: 82/100
• State rank: #32
• US rank: #1087

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Havre de Grace, MD
• County: Harford County · 198,512 people
• City population: 20,030
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 20,030
• Household income: $106,667
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 327.0

Population outlook (Harford County) Hauer SSP2

• Today (2025): 262,292 people
• By 2030: 266,437 · +1.6%
• By 2040: 269,954 · +2.9%
• By 2050: 265,659 · +1.3%
• By 2075: 252,886 · -3.6%
• By 2100: 224,014 · -14.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 12% Two or more races 7% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 6% · Canada
• Languages at home: 95% English-only · Spanish 2% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Harford

• 2024 margin: R (+13.8) · D 41.9% · R 55.7% · Other 2.4%
• 2008→2024 swing: +5.0pp toward D · 2008: -18.8pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.0 2016: R+24.5 2012: R+19.5 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.95%
• Current HPI: 239.1951
• Rent YoY: —
• 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

+66.7% since first listed

6 events — show timeline

• 2026-05-20 Listed $399,999 BRIGHT MLS
• 2022-09-19 Sold (Public Records) $210,000 Public Records
• 2002-02-11 Sold (Public Records) $155,000 Public Records
• 2001-11-20 Sold (Public Records) $115,000 Public Records
• 1999-10-05 Sold (Public Records) $120,000 Public Records
• 1992-10-07 Sold (Public Records) $240,000 Public Records

Property tax history

-2.4%/yr

Latest (2025): $2,470 · +10.1% YoY. Source: county tax records.