121 Lassiter Cir · Eldersburg, MD 21048

$135,000

3 bd · 2.0 ba · 1,570 sqft · Manufactured · 12 Days on market

Built 1995

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! Lovingly maintained, this spacious 3-bedroom, 2-full-bath home offers the perfect blend of comfort, convenience, and opportunity. While move-in ready, there is still plenty of potential to add your own personal flair and updates to truly make it your own. Step inside to find the inviting floor plan featuring a generous living room, dining area, family room and a functional kitchen with ample cabinet and counter space. The primary suite offers a private full bath, and plenty of closet space, while two additional bedrooms provide flexibility for guests, a home office, or hobbies. Enjoy peace of mind with a newer roof already in place, helping to reduce future maintenance concern

Key facts

• Private full bath
• Off-street parking
• Built 1995

Tags

• PRIVATE FULL BATH
• SIDE ENTRANCE WITH A RAMP
• OFF-STREET PARKING
• ADDITIONAL STORAGE SPACE
• EASY ACCESS TO SHOPPING
• QUIET NEIGHBORHOOD ATMOSPHERE

Property features AI

Finance

• Other: Ownership is land lease
• HOA & community: Land lease community with $780 monthly land lease and 99 years remaining

Exterior

• Parking: Off-street parking
• Utilities: Community water; Community septic tank; Electric hot water; Cable TV available
• Home design: Manufactured home; Estimated year built
• Construction: Vinyl siding; Asphalt roof; Double-pane windows with screens; No basement
• Exterior features: Porch(es); Adjoins open space and backs to trees; Above-grade outbuildings including shed and shed shop; Other exterior features (unspecified)

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood, ceramic tile and partial carpeting
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: Insulated, six-panel, and storm doors; Living room, dining room and family room; Laundry room (washer and dryer in unit)
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 12.3% vs local median 2.2% in Eldersburg — 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 75/100 on livability (#103 in MD, #3,957 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: commute F, cost of living F.
• Carroll County Public Schools (suburban): math 32% / reading 47% proficiency, ranked #2 of 24 in MD (top 8%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Sandymount Elementary (math 32% / reading 38%, grade F, #141 of 860 statewide, top 17%, 567 students, 24% FRL); Shiloh Middle (math 22% / reading 50%, grade F, #40 of 225 statewide, top 18%, 604 students, 25% FRL); Westminster High (math 73% / reading 78%, grade A-, #25 of 222 statewide, top 11%, 1,517 students, 24% FRL).
• Market conditions: 36 active listings in the ZIP; 156 units permitted in Carroll County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Carroll County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y ago; this cycle's ask is 59% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $135,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-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?
3. 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.
4. 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.
5. 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: 1.51% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.44%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.0%
• Equity multiple: 1.56×
• Total profit: $21,165
• Equity at exit: $20,129

10-year hold

• IRR: 22.8%
• Equity multiple: 2.96×
• Total profit: $73,937
• Equity at exit: $11,672

Cash invested: $37,800 (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 21048

• Active inventory: 36
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,036 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $675

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 62%

Sensitivity live

Price	-10% $769	-5% $722	+0% $675	+5% $629	+10% $582
Rent	-10% $514	-5% $595	+0% $675	+5% $756	+10% $836
Rate	-1.0pp $743	-0.5pp $710	base $675	+0.5pp $640	+1.0pp $605

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $135,000 Coming Soon 12 DOM
2. 2026-06-18
   days on market $135,000 Coming Soon 9 DOM
3. 2026-06-17
   days on market $135,000 Coming Soon 8 DOM
4. 2026-06-16
   days on market $135,000 Coming Soon 7 DOM
5. 2026-06-15
   days on market $135,000 Coming Soon 6 DOM
6. 2026-06-13
   days on market $135,000 Coming Soon 4 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $135,000 Coming Soon 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: $24,429
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$3,927
• Taxable income: $6,331
• Est. tax owed @ 24.0%: −$1,519
• After-tax cash flow: $6,584/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: Carroll County Public Schools
• NCES district ID: 2400210
• Math proficiency: 32% ▼ -25.00%
• Reading proficiency: 47% ▼ -16.00%
• Median HH income: $84,594
• Composite: 37.33/100
• National rank: #4441
• State rank: #2 of 24 in MD

Livability — Eldersburg

• Score: 75/100
• State rank: #103
• US rank: #3957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 37,813
• Population (ZIP): 10,002

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 169,677 people
• By 2030: 169,605 · +-0.0%
• By 2040: 166,205 · -2.0%
• By 2050: 158,312 · -6.7%
• By 2075: 143,013 · -15.7%
• By 2100: 122,431 · -27.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Slovak 4% Italian 3%
• Foreign-born: 6% · Canada, China, Philippines
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Carroll

• 2024 margin: Strong R (+24.9) · D 36.2% · R 61.2% · Other 2.6%
• 2008→2024 swing: +6.2pp toward D · 2008: -31.2pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+23.7 2016: R+36.9 2012: R+34.0 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.28%
• Current HPI: 276.108
• 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

+58.8% since first listed

7 events — show timeline

• 2026-06-09 Coming Soon $135,000 BRIGHT MLS
• 2012-09-14 Delisted — MRIS
• 2012-09-14 Listing Removed — BRIGHT MLS
• 2012-08-29 Relisted — MRIS
• 2012-08-08 Delisted — MRIS
• 2012-04-18 Listed — MRIS
• 2012-04-18 Listed $85,000 BRIGHT MLS