130 Slade Ave #414

Pikesville, MD 21208

$90,000C-

2 bd · 1.0 ba · 852 sqft · Built 1968 · Condo · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,651/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$212
• HOA: −$544
• Vac / Maint / Mgmt: −$347
• Net cashflow: $77/mo
• Annual: $924/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.67%
• DSCR: 1.16
• 1% rule: 1.83%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $90k.
• At list price, monthly cash flow is $77 ($924/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 50 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#191 in MD) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Campfield Early Childhood Center (352 students, 62% FRL); Pikesville Middle (math 9% / reading 35%, grade F, #125 of 225 statewide, top 58%, 967 students, 56% FRL); Pikesville High (math 17% / reading 66%, grade F, #128 of 222 statewide, top 57%, 895 students, 46% FRL) — zoned schools average 55% FRL vs 39% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents rising fast (+5.6%/yr); 172 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 26y ago; this cycle's ask is 6567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $49k; list at $90k implies a 85% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 2.6% in Pikesville — 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.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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.
• 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.
• 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.