164 E College Ave · Frostburg, MD 21532

$129,900

4 bd · 2.0 ba · 1,428 sqft · SingleFamily public records · 164 Days on market

Built 1925 6,772 sqft lot $91/sqft · at area comps Est $130k · at est.

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Why this score? — see what drove the D 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 +17.1/30.0
• ARV discount +7.6/15.0
• DSCR +5.3/10.0
• Livability +4.4/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this charming 1925 farmhouse that beautifully blends classic character with modern convenience. Previously used as a 4-student college rental, with close proximity to Frostburg State University, this home truly presents itself as single family dwelling that features four spacious bedrooms and two full bathrooms! Enjoy the many conveyances, such as the dishwasher, refrigerator, stove, washer, dryer, all existing furniture, and even the gas grill situated on the rear patio deck! Parking is available in the front and to the rear of the property! While only one offer can be ratified, the sellers are offering a one-year home warranty to any buyer that places a full price offer or greater! Don’t miss the opportunity to make this adorable property your own!

Key facts

• 6,772 sq ft lot
• Built 1925
• Listed 163 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (12.4% below list).
• Recommended offer: $114k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.2% in Frostburg — 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 87/100 on livability (#7 in MD, #287 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment F.
• Allegany County Public Schools (other): math 15% / reading 30% proficiency, ranked #18 of 24 in MD (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Beall Elementary (math 19% / reading 30%, grade F, #260 of 860 statewide, top 33%, 451 students, 63% FRL); Mount Savage Middle (math 15% / reading 38%, grade F, #86 of 225 statewide, top 40%, 425 students, 54% FRL); Mountain Ridge High School (math 32% / reading 72%, grade D+, #100 of 222 statewide, top 47%, 736 students, 48% FRL).
• Market conditions: 102 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 24 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 29y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,833 (12.4% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.96%
• DSCR: 1.13
• GRM: 9.5

CMA / ARV

• ARV (median comp): $130,060
• List price: $129,900
• Delta: -0.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
84 Hill St	0.13mi	4/2.0	1,428 (0%)	9mo	$150,000	$105	86
158 Center St	0.19mi	3/1.5 (-1)	1,560 (+9%)	1mo	$177,250	$114	68
135 Hill St	0.24mi	4/2.0	1,306 (-8%)	10mo	$120,500	$92	66
133 Maple St	0.35mi	5/2.0 (+1)	1,464 (+2%)	13mo	$113,000	$77	64
18 Mill St	0.12mi	4/1.5	1,232 (-14%)	13mo	$185,000	$150	59
43 Green St	0.19mi	3/1.0 (-1)	1,288 (-10%)	9mo	$140,000	$109	58
111 Wood St	0.29mi	5/2.0 (+1)	1,555 (+9%)	13mo	$220,000	$141	55
8 Taylor St	0.43mi	3/1.0 (-1)	1,391 (-3%)	15mo	$70,400	$51	54
180 E Mechanic St	0.28mi	3/2.0 (-1)	1,604 (+12%)	9mo	$163,000	$102	53
142 Hill St	0.26mi	3/1.0 (-1)	1,603 (+12%)	8mo	$180,000	$112	51
279 E Main St NE	0.42mi	3/3.0 (-1)	1,620 (+13%)	6mo	$199,900	$123	44
179 Mount Pleasant St	0.73mi	3/1.0 (-1)	1,476 (+3%)	11mo	$133,000	$90	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -11.7%
• Equity multiple: 0.58×
• Total profit: $-15,377
• Equity at exit: $19,369

10-year hold

• IRR: -2.5%
• Equity multiple: 0.83×
• Total profit: $-6,188
• Equity at exit: $11,231

Cash invested: $36,372 (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 21532

• Home prices YoY: -24.2%
• Active inventory: 102
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,138 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $90

Break-even live

Break-even rent $1,025

Max offer price $129,900

Occupancy floor 87%

Sensitivity live

Price	-10% $163	-5% $126	+0% $90	+5% $53	+10% $16
Rent	-10% $0	-5% $45	+0% $90	+5% $135	+10% $180
Rate	-1.0pp $155	-0.5pp $123	base $90	+0.5pp $56	+1.0pp $22

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
55 S Broadway Frostburg, MD	3.0	1.0	1020	$1,100	$1.08	45d	1	0.51mi
2 Bob Cat Ct Frostburg, MD	2.0–4.0	1.0–2.0	965	$1,200	$1.24	45d	6	0.77mi

Listing history 38 events

1. 2026-06-22
   days on market $129,900 Active 164 DOM
2. 2026-06-21
   days on market $129,900 Active 163 DOM
3. 2026-06-19
   days on market $129,900 Active 161 DOM
4. 2026-06-18
   days on market $129,900 Active 160 DOM
5. 2026-06-17
   days on market $129,900 Active 159 DOM
6. 2026-06-16
   days on market $129,900 Active 158 DOM
7. 2026-06-15
   days on market $129,900 Active 157 DOM
8. 2026-06-14
   days on market $129,900 Active 155 DOM
9. 2026-06-12
   days on market $129,900 Active 154 DOM
10. 2026-06-09
    days on market $129,900 Active 151 DOM
11. 2026-06-08
    days on market $129,900 Active 150 DOM
12. 2026-06-07
    days on market $129,900 Active 149 DOM
13. 2026-06-02
    pricedays on market $129,900 Active 144 DOM
14. 2026-06-01
    days on market $134,900 Active 143 DOM
15. 2026-05-31
    days on market $134,900 Active 142 DOM
16. 2026-05-30
    days on market $134,900 Active 141 DOM
17. 2026-04-16
    price $134,900 778-char remark

    Show marketing remark (778 chars)

    Step into this charming 1925 farmhouse that beautifully blends classic character with modern convenience. Previously used as a 4-student college rental, with close proximity to Frostburg State University, this home truly presents itself as single family dwelling that features four spacious bedrooms and two full bathrooms! Enjoy the many conveyances, such as the dishwasher, refrigerator, stove, washer, dryer, all existing furniture, and even the gas grill situated on the rear patio deck! Parking is available in the front and to the rear of the property! While only one offer can be ratified, the sellers are offering a one-year home warranty to any buyer that places a full price offer or greater! Don’t miss the opportunity to make this adorable property your own!

18. 2026-01-09
    listed $139,900 Active 778-char remark

    Show marketing remark (778 chars)

    Step into this charming 1925 farmhouse that beautifully blends classic character with modern convenience. Previously used as a 4-student college rental, with close proximity to Frostburg State University, this home truly presents itself as single family dwelling that features four spacious bedrooms and two full bathrooms! Enjoy the many conveyances, such as the dishwasher, refrigerator, stove, washer, dryer, all existing furniture, and even the gas grill situated on the rear patio deck! Parking is available in the front and to the rear of the property! While only one offer can be ratified, the sellers are offering a one-year home warranty to any buyer that places a full price offer or greater! Don’t miss the opportunity to make this adorable property your own!

19. 2025-11-04
    historical
20. 2025-05-05
    listed $130,000 Active
21. 2023-01-24
    soldstatus $90,000
22. 2022-12-27
    soldstatus $90,000 Closed
23. 2022-10-27
    historical Active Under Contract
24. 2022-09-06
    listed $96,000 Active
25. 2022-09-03
    historical $96,000
26. 2022-09-02
    historical
27. 2022-06-17
    listed $255,000 Active
28. 2019-09-24
    historical
29. 2019-03-19
    listed $89,900 Active
30. 2018-12-21
    historical
31. 2018-09-05
    price $83,000
32. 2018-04-04
    listed $98,000 Active
33. 2006-05-10
    soldstatus $77,250
34. 1999-02-16
    soldstatus $50,000
35. 1999-02-02
    soldstatus $50,000
36. 1998-11-16
    historical
37. 1997-02-02
    listed $57,903
38. 1994-06-16
    soldstatus $45,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $892 · $74/mo
• Projected year-2 tax: $1,154 · $96/mo
• Expected delta: +$262/yr (+$22/mo · 29.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,660
• − Mortgage interest: −$7,276
• − Property taxes: −$892
• − Insurance: −$650
• − Repairs & maintenance: −$1,093
• − Management: −$1,093
• − Depreciation: −$3,779
• Taxable loss: −$1,122
• Est. tax savings @ 24.0%: +$269
• After-tax cash flow: $1,345/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: Allegany County Public Schools
• NCES district ID: 2400030
• Math proficiency: 15% ▼ -26.00%
• Reading proficiency: 30% ▼ -20.00%
• Median HH income: $39,760
• Composite: 18.95/100
• National rank: #8854
• State rank: #18 of 24 in MD

Livability — Frostburg

• Score: 87/100
• State rank: #7
• US rank: #287

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frostburg, MD
• Population (ZIP): 13,123

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 68,778 people
• By 2030: 66,766 · -2.9%
• By 2040: 62,784 · -8.7%
• By 2050: 59,179 · -14.0%
• By 2075: 50,732 · -26.2%
• By 2100: 40,837 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 6% Two or more races 2% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 5% Romanian 2% Italian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+40.3) · D 28.9% · R 69.2% · Other 2.0%
• 2008→2024 swing: -14.4pp toward R · 2008: -25.9pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+38.3 2016: R+48.0 2012: R+32.9 2008: R+25.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 244.5937
• 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

+199.8% since first listed

22 events — show timeline

• 2026-04-16 Price Changed $134,900 BRIGHT MLS
• 2026-01-09 Listed $139,900 BRIGHT MLS
• 2025-11-04 Listing Removed — BRIGHT MLS
• 2025-05-05 Listed $130,000 BRIGHT MLS
• 2023-01-24 Sold (Public Records) $90,000 Public Records
• 2022-12-27 Sold (MLS) $90,000 BRIGHT MLS
• 2022-10-27 Contingent — BRIGHT MLS
• 2022-09-06 Listed $96,000 BRIGHT MLS
• 2022-09-03 Coming Soon $96,000 BRIGHT MLS
• 2022-09-02 Listing Removed — BRIGHT MLS
• 2022-06-17 Listed $255,000 BRIGHT MLS
• 2019-09-24 Listing Removed — BRIGHT MLS
• 2019-03-19 Listed $89,900 BRIGHT MLS
• 2018-12-21 Listing Removed — BRIGHT MLS
• 2018-09-05 Price Changed $83,000 BRIGHT MLS
• 2018-04-04 Listed $98,000 BRIGHT MLS
• 2006-05-10 Sold (Public Records) $77,250 Public Records
• 1999-02-16 Sold (Public Records) $50,000 Public Records
• 1999-02-02 Sold (MLS) $50,000 MRIS
• 1998-11-16 Delisted — MRIS
• 1997-02-02 Listed $57,903 MRIS
• 1994-06-16 Sold (Public Records) $45,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $892 · +6.7% YoY. Source: county tax records.