8034-F Abbey Ct Unit F

Lake Shore, MD 21122

$230,000D-

2 bd · 1.0 ba · 922 sqft · Built 1987 · Condo · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,191/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$264
• HOA: −$274
• Vac / Maint / Mgmt: −$460
• Net cashflow: $-13/mo
• Annual: $-155/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 0.95%
• Cash to close: $64,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $230k.
• At list price, monthly cash flow is $-13 ($-155/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (4.7% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $219k (4.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#378 in MD) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Anne Arundel County Public Schools (suburban): math 20% / reading 37% proficiency, ranked #10 of 24 in MD (top 42%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Chesapeake Bay Middle (math 15% / reading 42%, grade F, #74 of 225 statewide, top 33%, 1,067 students, 26% FRL); Chesapeake High (math 50% / reading 71%, grade C+, #71 of 222 statewide, top 32%, 1,419 students, 23% FRL) — zoned schools at 25% FRL track the district average.
• Zoned-school proficiency averages 44% at this address vs 28% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Anne Arundel County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 254 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,303 units permitted in Anne Arundel County in 2024 (299 in 5+ unit buildings).
• Anne Arundel County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 14y ago; this cycle's ask is 107% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $142k; list at $230k implies a 62% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 58% 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 6.2% vs local median 2.8% in Lake Shore — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.