650 Field Rd

St. Leonard, MD 20657

$216,000C

3 bd · 1.5 ba · 960 sqft · Built 1989 · SingleFamily · Pending · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,176/mo
• Mortgage (P&I): −$1,133
• Tax + insurance: −$285
• HOA: −$15
• Vac / Maint / Mgmt: −$457
• Net cashflow: $286/mo
• Annual: $3,435/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• 1% rule: 1.01%
• Cash to close: $60,480

Investor read

• This is a 3-bed/1.5-bath single-family listed at $216k.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $216k).
• It's been on market 139 days — a 12% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (12.0% 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 $6k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Calvert County Public Schools (rural): math 23% / reading 44% proficiency, ranked #5 of 24 in MD (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 176 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 101 units permitted in Calvert County in 2024 (0 in 5+ unit buildings).
• 10 sale attempts since 15y ago; this cycle's ask has dropped $24k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 2.8% in St. Leonard — 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 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.