121 Lassiter Cir

Eldersburg, MD 21048

$135,000B-

3 bd · 2.0 ba · 1,570 sqft · Built 1995 · Manufactured · Coming Soon · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,036/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $675/mo
• Annual: $8,104/yr
• Cap rate: 12.30%
• Cash-on-cash: 21.44%
• DSCR: 1.95
• 1% rule: 1.51%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• 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).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Carroll County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 14y ago; this cycle's ask is 59% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.