48 Mill St · Frostburg, MD 21532

$109,000

3 bd · 2.0 ba · 1,480 sqft · SingleFamily public records · 79 Days on market

Built 1920 7,405 sqft lot $74/sqft · 21% below area Est $138k · 21% under

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.9/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BLANK CANVAS - new windows, insulation, drywall, wiring, plumbing, and furnace. This home is ready for you to finish to your expectations. The big items are done. Large rooms, full bath on each level, and off-street parking. Your only limit is your imagination! Home being sold as-is (no repairs will be made). Second lot included - Tax ID 0112002947

Key facts

• 7,405 sq ft lot
• Built 1920
• Listed 78 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/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 $108k (0.9% below list).
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.2% in Frostburg — 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 87/100 on livability (#7 in MD, #287 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment F.
• Allegany County Public Schools (other): math 15% / reading 30% proficiency, ranked #18 of 24 in MD (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 102 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 24 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.99% ✗
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

• ARV (median comp): $137,518
• List price: $109,000
• Delta: -20.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Center St	0.20mi	3/1.5	1,560 (+5%)	1mo	$177,250	$114	79
84 Hill St	0.19mi	4/2.0 (+1)	1,428 (-4%)	9mo	$150,000	$105	72
180 E Mechanic St	0.23mi	3/2.0	1,604 (+8%)	9mo	$163,000	$102	68
142 Hill St	0.32mi	3/1.0	1,603 (+8%)	8mo	$180,000	$112	60
43 Green St	0.15mi	3/1.0	1,288 (-13%)	9mo	$140,000	$109	60
279 E Main St NE	0.37mi	3/3.0	1,620 (+10%)	6mo	$199,900	$123	58
179 Mount Pleasant St	0.69mi	3/1.0	1,476 (-0%)	11mo	$133,000	$90	54
116 Armstrong St	0.55mi	3/2.0	1,660 (+12%)	1mo	$275,000	$166	53
135 Hill St	0.30mi	4/2.0 (+1)	1,306 (-12%)	10mo	$120,500	$92	53
138 Mount Pleasant St	0.53mi	2/1.0 (-1)	1,332 (-10%)	10mo	$165,000	$124	41
115 Armstrong St	0.53mi	3/2.0	1,690 (+14%)	14mo	$190,000	$112	40
16 Greenbriar Ct	0.70mi	3/1.0	1,264 (-15%)	10mo	$209,900	$166	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.79×
• Total profit: $-6,259
• Equity at exit: $16,252

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $9,143
• Equity at exit: $9,424

Cash invested: $30,520 (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 21532

• Home prices YoY: -24.2%
• Active inventory: 102
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,081 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $180

Break-even live

Break-even rent $853

Max offer price $109,000

Occupancy floor 78%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Main St Frostburg, MD	2.0	1.5	1100	$1,100	$1.00	43d	1	0.37mi
55 S Broadway Frostburg, MD	3.0	1.0	1020	$1,100	$1.08	43d	1	0.49mi
2 Bob Cat Ct Frostburg, MD	2.0–4.0	1.0–2.0	965	$1,000	$1.04	43d	6	0.80mi

Listing history 32 events

1. 2026-06-19
   days on market $109,000 Active 79 DOM
2. 2026-06-18
   days on market $109,000 Active 78 DOM
3. 2026-06-17
   days on market $109,000 Active 77 DOM
4. 2026-06-16
   days on market $109,000 Active 76 DOM
5. 2026-06-15
   days on market $109,000 Active 75 DOM
6. 2026-06-14
   days on market $109,000 Active 73 DOM
7. 2026-06-12
   days on market $109,000 Active 72 DOM
8. 2026-06-09
   days on market $109,000 Active 69 DOM
9. 2026-06-08
   days on market $109,000 Active 68 DOM
10. 2026-06-07
    days on market $109,000 Active 67 DOM
11. 2026-06-02
    days on market $109,000 Active 62 DOM
12. 2026-06-01
    days on market $109,000 Active 61 DOM
13. 2026-05-31
    days on market $109,000 Active 60 DOM
14. 2026-05-30
    days on market $109,000 Active 59 DOM
15. 2026-05-18
    price $109,000 352-char remark

    Show marketing remark (352 chars)

    BLANK CANVAS - new windows, insulation, drywall, wiring, plumbing, and furnace. This home is ready for you to finish to your expectations. The big items are done. Large rooms, full bath on each level, and off-street parking. Your only limit is your imagination! Home being sold as-is (no repairs will be made). Second lot included - Tax ID 0112002947

16. 2026-04-01
    listed $119,000 Active 352-char remark

    Show marketing remark (352 chars)

    BLANK CANVAS - new windows, insulation, drywall, wiring, plumbing, and furnace. This home is ready for you to finish to your expectations. The big items are done. Large rooms, full bath on each level, and off-street parking. Your only limit is your imagination! Home being sold as-is (no repairs will be made). Second lot included - Tax ID 0112002947

17. 2026-03-31
    historical $119,000 352-char remark

    Show marketing remark (352 chars)

    BLANK CANVAS - new windows, insulation, drywall, wiring, plumbing, and furnace. This home is ready for you to finish to your expectations. The big items are done. Large rooms, full bath on each level, and off-street parking. Your only limit is your imagination! Home being sold as-is (no repairs will be made). Second lot included - Tax ID 0112002947

18. 2009-05-26
    soldstatus $75,000 47-char remark

    Show marketing remark (47 chars)

    Great location in center of town on double lot.

19. 2009-05-26
    soldstatus $75,000 Sold

    Show marketing remark (47 chars)

    Great location in center of town on double lot.

20. 2009-05-14
    soldstatus $72,500
21. 2009-04-20
    historical
22. 2009-04-16
    historical 47-char remark

    Show marketing remark (47 chars)

    Great location in center of town on double lot.

23. 2009-02-19
    listed $79,900

    Show marketing remark (47 chars)

    Great location in center of town on double lot.

24. 2009-02-19
    listed $79,900 47-char remark

    Show marketing remark (47 chars)

    Great location in center of town on double lot.

25. 2008-02-27
    historical
26. 2007-05-01
    listed
27. 2007-01-09
    historical
28. 2006-07-19
    listed
29. 2001-07-20
    soldstatus $59,900
30. 2001-07-10
    soldstatus $59,900
31. 2001-05-23
    historical
32. 2000-11-02
    listed $59,900

ⓘ 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: $686 · $57/mo
• Projected year-2 tax: $937 · $78/mo
• Expected delta: +$251/yr (+$21/mo · 36.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,969
• − Mortgage interest: −$6,106
• − Property taxes: −$686
• − Insurance: −$545
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$3,171
• Taxable income: $386
• Est. tax owed @ 24.0%: −$93
• After-tax cash flow: $2,062/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: Allegany County Public Schools
• NCES district ID: 2400030
• Math proficiency: 15% ▼ -26.00%
• Reading proficiency: 30% ▼ -20.00%
• Median HH income: $39,760
• Composite: 18.95/100
• National rank: #8854
• State rank: #18 of 24 in MD

Livability — Frostburg

• Score: 87/100
• State rank: #7
• US rank: #287

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frostburg, MD
• Population (ZIP): 13,123

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 68,778 people
• By 2030: 66,766 · -2.9%
• By 2040: 62,784 · -8.7%
• By 2050: 59,179 · -14.0%
• By 2075: 50,732 · -26.2%
• By 2100: 40,837 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 6% Two or more races 2% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 5% Romanian 2% Italian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+40.3) · D 28.9% · R 69.2% · Other 2.0%
• 2008→2024 swing: -14.4pp toward R · 2008: -25.9pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+38.3 2016: R+48.0 2012: R+32.9 2008: R+25.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 244.5937
• Rent YoY: —
• Metro: —
• 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

+82.0% since first listed

18 events — show timeline

• 2026-05-18 Price Changed $109,000 BRIGHT MLS
• 2026-04-01 Listed $119,000 BRIGHT MLS
• 2026-03-31 Coming Soon $119,000 BRIGHT MLS
• 2009-05-26 Sold (MLS) $75,000 MRIS
• 2009-05-26 Sold (MLS) $75,000 BRIGHT MLS
• 2009-05-14 Sold (Public Records) $72,500 Public Records
• 2009-04-20 Delisted — MRIS
• 2009-04-16 Listing Removed — BRIGHT MLS
• 2009-02-19 Listed $79,900 MRIS
• 2009-02-19 Listed $79,900 BRIGHT MLS
• 2008-02-27 Delisted — MRIS
• 2007-05-01 Listed — MRIS
• 2007-01-09 Delisted — MRIS
• 2006-07-19 Listed — MRIS
• 2001-07-20 Sold (Public Records) $59,900 Public Records
• 2001-07-10 Sold (MLS) $59,900 MRIS
• 2001-05-23 Delisted — MRIS
• 2000-11-02 Listed $59,900 MRIS

Property tax history

-0.7%/yr

Latest (2025): $686 · +5.4% YoY. Source: county tax records.