20 Mulberry St · Hagerstown, MD 21740

$149,000

4 bd · 1.5 ba · 1,866 sqft · Townhouse · 5 Days on market

Built 1903 2,483 sqft lot Est $183k · 19% under

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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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 Levels on living in Hagerstown! Home features hardwood flooring, natural woodwork and much more! Nice rear yard, spacious front porch just waiting on your finishing touches. Call Today, See Today!

Key facts

• Built 1903
• Listed 5 days

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric-powered utilities
• Home design: Semi-detached; Above-grade finished living area (per assessor); Below-grade unfinished area (basement)
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Property located within city limits (Hagerstown); No tidal water

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: Three bedrooms on the first upper level; One bedroom on the second upper level
• Bathrooms: One full bathroom on the upper level; One half bathroom on the main level
• Heating & cooling: Baseboard electric heating; Electric heating fuel
• Interior features: Living room; Dining room; Kitchen; Unfinished basement
• Laundry & utility: Hot water: Electric

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $149k.

Deal economics

• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 9.5% 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: schools C-, 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.
• Market conditions: Rents rising fast (+4.0%/yr); 368 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 34% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y 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 $35k; list at $149k implies a 326% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

Questions for the listing agent

1. Built in 1903 — 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. 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.
5. 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.
6. 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: 1.21% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $182,868
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 S Mulberry St S	0.08mi	3/1.0 (-1)	1,938 (+4%)	11mo	$105,000	$54	74
123 E Washington St	0.08mi	5/2.0 (+1)	1,926 (+3%)	14mo	$179,900	$93	72
30 S Cannon Ave	0.15mi	3/2.0 (-1)	1,708 (-8%)	6mo	$17,500	$10	67
131 E Antietam St	0.16mi	3/1.0 (-1)	1,702 (-9%)	7mo	$153,000	$90	65
228 S Locust	0.34mi	4/2.0	1,680 (-10%)	1mo	$130,000	$77	64
613 Westwood St	0.67mi	3/1.5 (-1)	1,854 (-1%)	2mo	$260,000	$140	61
300 Radcliffe Ave	0.51mi	3/1.5 (-1)	1,855 (-1%)	12mo	$265,000	$143	60
67 East Ave	0.21mi	5/1.5 (+1)	2,006 (+8%)	16mo	$199,900	$100	60
102 E North Ave	0.40mi	3/1.0 (-1)	1,716 (-8%)	12mo	$169,000	$98	51
716 Largo Dr	0.62mi	3/3.0 (-1)	1,765 (-5%)	5mo	$345,000	$195	47
428 S Potomac St	0.58mi	4/1.0	1,660 (-11%)	15mo	$180,000	$108	40
416 Guilford Ave	0.71mi	3/1.5 (-1)	2,025 (+8%)	12mo	$155,000	$77	38

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: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,893
• Equity at exit: $22,216

10-year hold

• IRR: 12.4%
• Equity multiple: 2.02×
• Total profit: $42,726
• Equity at exit: $12,883

Cash invested: $41,720 (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: 368
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $395

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 73%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	21d	1	0.14mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	21d	1	0.26mi
16 East Ave Hagerstown, MD	4.0	1.0	2088	$1,425	$0.68	43d	1	0.32mi
322 N Cannon Ave Hagerstown, MD	3.0	1.5	1488	$1,800	$1.21	13d	1	0.33mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	43d	1	0.40mi
313 Frederick St Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	43d	1	0.43mi
313 Frederick St Unit 313 Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	43d	1	0.43mi
338 S Locust St Hagerstown, MD	3.0	1.5	1320	$1,600	$1.21	21d	1	0.44mi
323 N Potomac St Unit 3 Hagerstown, MD	3.0	2.0	2200	$1,655	$0.75	21d	1	0.46mi
414 S Potomac St Hagerstown, MD	4.0	2.0	2564	$1,495	$0.58	21d	1	0.52mi
612 Frederick St Hagerstown, MD	4.0	2.0	1422	$1,875	$1.32	21d	1	0.67mi
109 Fairground Ave Hagerstown, MD	3.0	1.0	1470	$1,600	$1.09	13d	1	0.72mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	21d	1	0.76mi
805 Mulberry Ave Hagerstown, MD	3.0	1.5	1584	$1,830	$1.16	43d	1	0.82mi
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	13d	1	0.90mi
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	43d	1	0.96mi
909 Corbett St Hagerstown, MD	3.0	2.5	1276	$2,695	$2.11	13d	1	1.15mi
836 W Washington St Hagerstown, MD	5.0	1.5	1600	$1,950	$1.22	13d	1	1.18mi
837 Virginia Ave Hagerstown, MD	3.0	2.0	1400	$2,000	$1.43	13d	1	1.24mi
39 W Wilson Blvd Hagerstown, MD	3.0	2.0	1440	$1,730	$1.20	21d	1	1.29mi
1319 The Ter Hagerstown, MD	3.0	2.0	1589	$2,500	$1.57	43d	1	1.49mi

Listing history 6 events

1. 2026-06-18
   days on market $149,000 Active 5 DOM
2. 2026-06-17
   days on market $149,000 Active 4 DOM
3. 2026-06-16
   days on market $149,000 Active 3 DOM
4. 2026-06-15
   days on market $149,000 Active 2 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $149,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,646
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$4,335
• Taxable income: $2,522
• Est. tax owed @ 24.0%: −$605
• After-tax cash flow: $4,139/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

+325.7% since first listed

10 events — show timeline

• 2026-06-13 Listed $149,000 BRIGHT MLS
• 2017-06-05 Pending — MRIS
• 2017-06-05 Delisted — MRIS
• 2017-06-03 Relisted — MRIS
• 2017-06-02 Delisted — MRIS
• 2016-08-18 Price Changed — MRIS
• 2016-07-20 Listed — MRIS
• 2015-03-06 Sold (MLS) $35,000 MRIS
• 2015-02-11 Pending — MRIS
• 2015-01-02 Listed $35,000 MRIS