211-D Crocker Dr

Bel Air, MD 21014

$175,000D

2 bd · 1.0 ba · 922 sqft · Built 1971 · Condo · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,740/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$148
• HOA: −$285
• Vac / Maint / Mgmt: −$365
• Net cashflow: $24/mo
• Annual: $289/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• 1% rule: 0.99%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $175k.
• At list price, monthly cash flow is $24 ($289/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 $174k (0.6% below list).
• It's been on market 29 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#19 in MD, #563 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, health & safety A+, commute A.
• 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: Bel Air Elementary (math 27% / reading 45%, grade F, #133 of 860 statewide, top 16%, 532 students, 33% FRL); Bel Air Middle (math 16% / reading 52%, grade F, #51 of 225 statewide, top 23%, 1,138 students, 23% FRL); Bel Air High (math 73% / reading 71%, grade B+, #34 of 222 statewide, top 15%, 1,489 students, 22% FRL) — zoned schools at 26% FRL track the district average.
• Zoned-school proficiency averages 47% at this address vs 30% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Harford County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.8%/yr); 153 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).
• 5 sale attempts since 17y 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 $120k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 3.9% in Bel Air — 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.
• This rent is only 18% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• 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.