622 W Washington St · Hagerstown, MD 21740

$195,000

3 bd · 1.0 ba · 1,536 sqft · SingleFamily public records · 2 Days on market

Built 1877 1,900 sqft lot Est $224k · 13% under

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Why this score? — see what drove the D+ 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 +16.1/30.0
• ARV discount +13.4/15.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Some renovations from when it was purchased in 2008. Large kitchen, separate dining room, fenced yard. Wells Fargo has approved $39,000. They need to net about $32,500 after closing costs. They are standing firm on this based on the appraisal.

Key facts

• 1,900 sq ft lot
• Built 1877

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas heating and hot water
• Home design: Detached single-family home; Above-grade finished space and below-grade unfinished space
• Construction: Brick construction; Foundation described as other
• Exterior features: Detached structure; Not in a federal flood zone; Pets allowed on a case-by-case basis with pet addendum/deposit and size/weight restrictions

Interior

• Bedrooms: Three bedrooms on the lower level
• Bathrooms: One full bathroom (located on the lower level)
• Heating & cooling: Forced-air heating; Natural gas hot water
• Interior features: Finished above-grade living area reported by assessor; Unfinished lower-level area with interior access and outside entrance; Basement is unfinished

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (16.1% below list).
• Recommended offer: $164k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.4% in Hagerstown — 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 77/100 on livability (#83 in MD, #3,170 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Washingtion County Public Schools (suburban): math 18% / reading 33% proficiency, ranked #13 of 24 in MD (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Western Heights Middle (math 6% / reading 30%, grade F, #165 of 225 statewide, top 75%, 903 students, 77% FRL); South Hagerstown High (math 30% / reading 63%, grade D-, #118 of 222 statewide, top 54%, 1,487 students, 78% FRL) — zoned schools average 78% FRL vs 39% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 383 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 31% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 19y ago; this cycle's ask is 171% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $39k; list at $195k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1877 — expect roof / HVAC / electrical / plumbing capex.
• 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 $163,557 (16.1% below list)

Questions for the listing agent

1. Built in 1877 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $224,256
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
807 Washington Ave	0.15mi	4/1.0 (+1)	1,544 (+0%)	8mo	$165,000	$107	80
527 W Church St	0.25mi	3/2.0	1,456 (-5%)	4mo	$200,000	$137	72
14 Avalon Ave	0.27mi	3/1.0	1,398 (-9%)	4mo	$180,000	$129	69
239 Devonshire Rd NE	0.54mi	3/1.0	1,544 (+0%)	6mo	$226,000	$146	69
116 Bethel St	0.59mi	3/2.0	1,538 (+0%)	2mo	$87,500	$57	67
217 James St	0.29mi	3/1.0	1,350 (-12%)	1mo	$100,000	$74	65
320 N Prospect St	0.56mi	4/1.5 (+1)	1,558 (+1%)	2mo	$163,000	$105	63
426 Wyoming Ave	0.59mi	3/1.0	1,612 (+5%)	8mo	$257,500	$160	58
367 Devonshire Rd	0.64mi	3/1.5	1,390 (-10%)	2mo	$328,000	$236	50
432 Gandy Dancer Ct	0.73mi	4/2.5 (+1)	1,514 (-1%)	7mo	$250,000	$165	47
70 Nottingham Rd	0.49mi	4/3.5 (+1)	1,680 (+9%)	2mo	$327,000	$195	46
1114 W Washington St	0.60mi	2/2.0 (-1)	1,762 (+15%)	2mo	$269,900	$153	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.57×
• Total profit: $-23,650
• Equity at exit: $29,075

10-year hold

• IRR: -1.5%
• Equity multiple: 0.89×
• Total profit: $-5,736
• Equity at exit: $16,860

Cash invested: $54,600 (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 21740

• Rents YoY: 4.0%
• Active inventory: 383
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$88 /mo · $1,061/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $100

Break-even live

Break-even rent $1,509

Max offer price $195,000

Occupancy floor 89%

Sensitivity live

Price	-10% $210	-5% $155	+0% $100	+5% $45	+10% $-11
Rent	-10% $-29	-5% $35	+0% $100	+5% $164	+10% $229
Rate	-1.0pp $198	-0.5pp $149	base $100	+0.5pp $49	+1.0pp $-2

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	45d	1	0.13mi
625 George St Hagerstown, MD	2.0	1.0	1856	$1,400	$0.75	15d	1	0.16mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	23d	1	0.30mi
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	45d	1	0.31mi
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	45d	1	0.43mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	45d	1	0.53mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	45d	1	0.53mi
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	15d	1	0.56mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	45d	1	0.63mi
115 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,250	$1.04	23d	1	0.67mi
409 Gandy Dancer Ct Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	23d	1	0.72mi
409 Gandy Dancer Ct Unit 409 Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	45d	1	0.72mi
440 Jonathan St Unit A Hagerstown, MD	2.0	1.0	2244	$1,000	$0.45	45d	1	0.73mi
323 N Potomac St #1 Hagerstown, MD	2.0	2.0	1800	$1,505	$0.84	23d	1	0.73mi
323 N Potomac St Unit 3 Hagerstown, MD	3.0	2.0	2200	$1,655	$0.75	23d	1	0.73mi
323 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1700	$1,380	$0.81	23d	1	0.73mi
16 East Ave Hagerstown, MD	4.0	1.0	2088	$1,425	$0.68	45d	1	0.73mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	45d	1	0.77mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	23d	1	0.79mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	15d	1	0.83mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	23d	1	0.86mi
115 East Ave Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,400	$1.17	45d	1	0.87mi
307 N Locust St Hagerstown, MD	3.0	1.0	1140	$1,490	$1.31	45d	1	0.87mi
629 Oak Hill Ave Unit 3 Hagerstown, MD	2.0	1.0	1386	$1,595	$1.15	45d	1	0.88mi
326 S Potomac St #1 Hagerstown, MD	2.0	1.0	1050	$1,400	$1.33	45d	1	0.89mi
326 S Potomac St #2 Hagerstown, MD	2.0	1.0	1350	$1,500	$1.11	45d	1	0.89mi
338 S Locust St Hagerstown, MD	3.0	1.5	1320	$1,600	$1.21	23d	1	0.93mi
235 East Ave Hagerstown, MD	2.0	1.0	1200	$1,200	$1.00	15d	1	1.00mi
715 Oak Hill Ave Unit 2N Hagerstown, MD	2.0	1.0	1500	$1,595	$1.06	45d	1	1.01mi
715 Oak Hill Ave Unit 3N Hagerstown, MD	2.0	1.0	1200	$1,395	$1.16	15d	1	1.01mi
322 N Cannon Ave Hagerstown, MD	3.0	1.5	1488	$1,800	$1.21	15d	1	1.05mi
311 Jefferson St Unit 311 Hagerstown, MD	3.0	1.5	1200	$1,550	$1.29	45d	1	1.06mi
109 Fairground Ave Hagerstown, MD	3.0	1.0	1470	$1,600	$1.09	15d	1	1.10mi
1026 Lindsay Ln Hagerstown, MD	3.0	4.0	1920	$2,200	$1.15	45d	1	1.14mi
313 Frederick St Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	45d	1	1.15mi
313 Frederick St Unit 313 Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	45d	1	1.15mi
828 Hamilton Blvd Unit B Hagerstown, MD	2.0	1.0	1512	$1,495	$0.99	45d	1	1.18mi
837 Virginia Ave Hagerstown, MD	3.0	2.0	1400	$2,000	$1.43	15d	1	1.19mi
805 Mulberry Ave Hagerstown, MD	3.0	1.5	1584	$1,830	$1.16	45d	1	1.23mi
612 Frederick St Hagerstown, MD	4.0	2.0	1422	$1,875	$1.32	23d	1	1.40mi

Listing history 3 events

1. 2026-06-10
   days on market $195,000 Coming Soon 2 DOM
2. 2026-06-09
   remarks 500-char remark
3. 2026-06-09
   listed $195,000 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: $1,061 · $88/mo
• Projected year-2 tax: $1,593 · $133/mo
• Expected delta: +$532/yr (+$44/mo · 50.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,627
• − Mortgage interest: −$10,923
• − Property taxes: −$1,061
• − Insurance: −$975
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$5,673
• Taxable loss: −$2,146
• Est. tax savings @ 24.0%: +$515
• After-tax cash flow: $1,713/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: Washingtion County Public Schools
• NCES district ID: 2400660
• Math proficiency: 18% ▼ -20.00%
• Reading proficiency: 33% ▼ -17.00%
• Median HH income: $54,784
• Composite: 22.87/100
• National rank: #8007
• State rank: #13 of 24 in MD

Livability — Hagerstown

• Score: 77/100
• State rank: #83
• US rank: #3170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hagerstown, MD
• County: Washington County · 98,861 people
• City population: 64,792
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 64,792
• Household income: $62,873
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 2832.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 151,614 people
• By 2030: 151,455 · -0.1%
• By 2040: 150,097 · -1.0%
• By 2050: 148,193 · -2.3%
• By 2075: 146,581 · -3.3%
• By 2100: 138,025 · -9.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 18% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 9% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+23.0) · D 37.3% · R 60.4% · Other 2.3%
• 2008→2024 swing: -10.2pp toward R · 2008: -12.9pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+20.9 2016: R+32.4 2012: R+18.5 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.38%
• Current HPI: 264.8018
• Rent YoY: ▲ 4.00%
• Metro: Hagerstown-Martinsburg, MD-WV
• 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

+1118.8% since first listed

45 events — show timeline

• 2026-06-08 Coming Soon $195,000 BRIGHT MLS
• 2018-06-26 Sold (MLS) $39,000 MRIS
• 2018-06-26 Sold (MLS) $39,000 BRIGHT MLS
• 2018-05-31 Contingent — BRIGHT MLS
• 2018-05-31 Pending — MRIS
• 2018-05-16 Relisted — MRIS
• 2018-05-16 Relisted — BRIGHT MLS
• 2018-05-14 Contingent — BRIGHT MLS
• 2018-05-14 Contingent — MRIS
• 2018-04-12 Price Changed $39,000 BRIGHT MLS
• 2018-04-12 Price Changed $39,000 MRIS
• 2018-04-09 Relisted — BRIGHT MLS
• 2018-04-09 Relisted — MRIS
• 2018-03-19 Pending — BRIGHT MLS
• 2018-03-02 Listed — BRIGHT MLS
• 2018-02-26 Pending — MRIS
• 2018-02-19 Price Changed $44,500 MRIS
• 2017-12-09 Price Changed $59,900 MRIS
• 2017-11-28 Listed $72,000 MRIS
• 2017-11-28 Listed $44,500 BRIGHT MLS
• 2009-11-12 Sold (Public Records) $99,900 Public Records
• 2009-01-05 Delisted — MRIS
• 2008-12-31 Price Changed — MRIS
• 2008-12-30 Price Changed — MRIS
• 2008-12-29 Price Changed — MRIS
• 2008-12-28 Price Changed — MRIS
• 2008-12-27 Price Changed — MRIS
• 2008-12-22 Price Changed — MRIS
• 2008-11-19 Price Changed — MRIS
• 2008-11-14 Price Changed — MRIS
• 2008-09-19 Price Changed — MRIS
• 2008-09-18 Price Changed — MRIS
• 2008-09-02 Price Changed — MRIS
• 2008-08-23 Price Changed — MRIS
• 2008-08-22 Delisted — MRIS
• 2008-08-22 Listed — MRIS
• 2008-08-19 Price Changed — MRIS
• 2008-08-13 Price Changed — MRIS
• 2008-07-19 Price Changed — MRIS
• 2008-06-26 Price Changed — MRIS
• 2008-02-16 Listed — MRIS
• 2007-09-01 Delisted — MRIS
• 2007-04-26 Listed — MRIS
• 2005-06-06 Sold (Public Records) $129,000 Public Records
• 1981-04-22 Sold (Public Records) $16,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $1,061 · +11.2% YoY. Source: county tax records.