117/119 Broadway · Hagerstown, MD 21740

$389,900

20 bd · 2.0 ba · 1,983 sqft · MultiFamily public records · 8 Days on market

Built 1907 9,400 sqft lot

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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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

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 MLS

Great 4 Unit Property on a great street, 117/119 Broadway Ave. This 4 unit property is currently fully occupied and consists of 3x 1 bed/1bath and 1x 2bed/1bath. GRI is $3183 per month and $38,196 per year. 2 space garage and parking pad in the rear. Call for more information TODAY!

Key facts

• Newer roof
• Central heat system
• 4 unit property

Tags

• 4 UNIT PROPERTY
• NEWER ROOF
• CENTRAL HEAT SYSTEM

Property features AI

Finance

• Financial info: Four total units with three currently leased; No rent control

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water; Electric for cooling
• Home design: Detached building; Estimated year built
• Construction: Brick construction; Stone foundation; Shingle roof; Above-grade and below-grade structures noted; Estimated 3,711 finished above-grade square feet
• Exterior features: Annually paid ground rent; Located within city limits (Hagerstown)

Interior

• Bedrooms: Three one-bedroom units; One two-bedroom unit
• Heating & cooling: Hot water heating; Natural gas fuel for heating; Window air conditioning units (electric)
• Interior features: Basement present (other type); 32"+ wide doors

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $250/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Cap rate 9.4% 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; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• At $4,250/mo this rent would consume 81% of the median local household income ($63k/yr) (locally 2832% 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 + 4.0% rent growth), your $109k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $200k; list at $390k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $389,900

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 1907 — 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. 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?
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: 1.09% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.99%
• DSCR: 1.49
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $4,679
• Equity at exit: $58,135

10-year hold

• IRR: 11.6%
• Equity multiple: 1.95×
• Total profit: $103,583
• Equity at exit: $33,711

Cash invested: $109,172 (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: 31.8×

Monthly cashflow live

• Estimated rent: $4,250 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$150 /mo · $1,806/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$892
• Net cashflow: $1,000

Break-even live

Break-even rent $2,984

Max offer price $389,900

Occupancy floor 71%

Sensitivity live

Price	-10% $1,221	-5% $1,110	+0% $1,000	+5% $890	+10% $779
Rent	-10% $664	-5% $832	+0% $1,000	+5% $1,168	+10% $1,336
Rate	-1.0pp $1,196	-0.5pp $1,099	base $1,000	+0.5pp $899	+1.0pp $796

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,066
1× unit	2	1	$1,185
Total (4 units)			$4,250

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-30
   status $389,900 Pending 8 DOM
2. 2026-05-21
   listed $389,900 Active
3. 2020-08-31
   soldstatus $200,000 Closed 283-char remark

   Show marketing remark (283 chars)

   Great 4 Unit Property on a great street, 117/119 Broadway Ave. This 4 unit property is currently fully occupied and consists of 3x 1 bed/1bath and 1x 2bed/1bath. GRI is $3183 per month and $38,196 per year. 2 space garage and parking pad in the rear. Call for more information TODAY!

4. 2020-07-11
   status Pending 283-char remark

   Show marketing remark (283 chars)

   Great 4 Unit Property on a great street, 117/119 Broadway Ave. This 4 unit property is currently fully occupied and consists of 3x 1 bed/1bath and 1x 2bed/1bath. GRI is $3183 per month and $38,196 per year. 2 space garage and parking pad in the rear. Call for more information TODAY!

5. 2020-06-15
   listed $225,000 Active 283-char remark

   Show marketing remark (283 chars)

   Great 4 Unit Property on a great street, 117/119 Broadway Ave. This 4 unit property is currently fully occupied and consists of 3x 1 bed/1bath and 1x 2bed/1bath. GRI is $3183 per month and $38,196 per year. 2 space garage and parking pad in the rear. Call for more information TODAY!

6. 2016-07-11
   soldstatus $110,000

ⓘ 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: $1,806 · $150/mo
• Projected year-2 tax: $3,028 · $252/mo
• Expected delta: +$1,222/yr (+$102/mo · 67.7%)

ⓘ 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 · 17 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: $51,000
• − Mortgage interest: −$21,840
• − Property taxes: −$1,806
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,080
• − Management: −$4,080
• − Depreciation: −$11,343
• Taxable income: $5,902
• Est. tax owed @ 24.0%: −$1,416
• After-tax cash flow: $10,582/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

+254.5% since first listed

5 events — show timeline

• 2026-05-21 Listed $389,900 BRIGHT MLS
• 2020-08-31 Sold (MLS) $200,000 BRIGHT MLS
• 2020-07-11 Pending — BRIGHT MLS
• 2020-06-15 Listed $225,000 BRIGHT MLS
• 2016-07-11 Sold (Public Records) $110,000 Public Records

Property tax history

-4.7%/yr

Latest (2025): $1,806 · +6.0% YoY. Source: county tax records.