602 Lacewood Dr · Edgewood, MD 21040

$225,000

4 bd · 1.5 ba · 1,657 sqft · SingleFamily public records · 1 Days on market

Built 1965 8,250 sqft lot Est $336k · 33% under

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Why this score? — see what drove the C+ 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 +23.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.4/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks at 602 Lacewood Drive. This 4-bedroom, 2 full bath split foyer offers solid bones, valuable updates, and the chance to create equity through renovation. While the home requires a complete cosmetic overhaul, several major components have already been addressed, including a roof replaced in 2019, modern replacement windows, and a water heater that is only two years old. The spacious layout includes a desirable family room addition off the kitchen, providing extra living space rarely found in similar homes. Outside, you'll find a generous yard with plenty of room for entertaining, gardening, or future improvements, along with a storage shed featuring a newer roof. Sold stric

Key facts

• Generous yard
• Family room addition
• Water heater

Tags

• FAMILY ROOM ADDITION
• MODERN REPLACEMENT WINDOWS
• WATER HEATER
• GENEROUS YARD
• STORAGE SHED

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric for cooling
• Home design: Detached structure; Vinyl siding
• Construction: Vinyl siding exterior; Permanent foundation; Major rehab needed; Year built per assessor
• Exterior features: Ground rent paid annually; No tidal water

Interior

• Bedrooms: Three bedrooms on the main level; One bedroom on the lower level
• Bathrooms: One full and one half bathroom on the main level; One full bathroom on the lower level (total two full, one half)
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas fuel for heating and hot water
• Interior features: Fully finished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.4% vs local median 5.5% in Edgewood — 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 73/100 on livability (#118 in MD, #4,991 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, crime F.
• Harford County Public Schools (suburban): math 22% / reading 39% proficiency, ranked #9 of 24 in MD (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgewood High (math 43% / reading 54%, grade D, #111 of 222 statewide, top 50%, 1,415 students, 62% FRL) — zoned schools average 62% FRL vs 24% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 48% at this address vs 30% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Harford County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.9%/yr); 94 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).
• This rent runs 34% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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.

Recommended offer $225,000

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $336,371
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 Banyan Ct	0.16mi	4/2.0	1,720 (+4%)	8mo	$332,300	$193	78
2407 Sycamore Ln	0.30mi	4/2.0	1,683 (+2%)	13mo	$325,000	$193	71
2425 Sycamore Ln	0.21mi	5/2.0 (+1)	1,843 (+11%)	3mo	$279,000	$151	62
2216 Perry Ave	0.32mi	3/1.0 (-1)	1,593 (-4%)	12mo	$325,000	$204	62
1918 Bayberry Rd	0.74mi	3/2.0 (-1)	1,647 (-1%)	1mo	$335,000	$203	56
2405 Papaya Rd	0.19mi	3/2.5 (-1)	1,826 (+10%)	13mo	$310,900	$170	54
2014 Cherry Rd	0.60mi	3/2.0 (-1)	1,575 (-5%)	11mo	$325,000	$206	48
2203 Willoughby Beach Rd	0.56mi	3/2.0 (-1)	1,461 (-12%)	2mo	$318,000	$218	46
2029 Cherry Ct	0.54mi	4/2.0	1,449 (-13%)	8mo	$355,000	$245	45
2212 Pine St	0.72mi	3/2.0 (-1)	1,512 (-9%)	4mo	$235,000	$155	41
2020 Hanson Rd	0.62mi	3/1.5 (-1)	1,412 (-15%)	3mo	$285,000	$202	39
3011 Ebbtide Dr	0.73mi	4/2.5	1,496 (-10%)	11mo	$340,000	$227	37

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 · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-6,151
• Equity at exit: $33,548

10-year hold

• IRR: 9.0%
• Equity multiple: 1.75×
• Total profit: $47,362
• Equity at exit: $19,454

Cash invested: $63,000 (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 21040

• Home prices YoY: -29.4%
• Rents YoY: 4.9%
• Active inventory: 94
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,347 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$177 /mo · $2,123/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $404

Break-even live

Break-even rent $1,836

Max offer price $225,000

Occupancy floor 78%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
619 Hartwood Ln Edgewood, MD	4.0	1.5	1716	$2,300	$1.34	43d	1	0.24mi
2816 Profitt Path Edgewood, MD	4.0	3.0	1660	$2,900	$1.75	43d	1	0.74mi
1046 Agate Dr Unit 1 Edgewood, MD	4.0	2.5	1440	$2,150	$1.49	17d	1	0.81mi
705 Bayberry Rd Edgewood, MD	3.0	1.5	1657	$2,600	$1.57	17d	1	0.85mi
2828 Beckon Dr Edgewood, MD	3.0	2.5	1764	$2,300	$1.30	43d	1	0.93mi
2033 Armstrong St Edgewood, MD	1.0–4.0	1.0–2.0	1000	$1,974	$1.97	1d	6	0.95mi
2842 Beckon Dr Unit 1 Edgewood, MD	4.0	1.5	1296	$2,100	$1.62	43d	1	0.95mi
3184 Ebbtide Dr Edgewood, MD	3.0	3.0	1224	$2,600	$2.12	43d	1	1.06mi
3184 Ebbtide Dr Edgewood, MD	3.0	3.0	1224	$2,600	$2.12	20d	1	1.06mi
313 Winterberry Dr Edgewood, MD	3.0	2.5	1798	$2,095	$1.17	19d	1	1.07mi
1857 Simons Ct Edgewood, MD	3.0	1.5	1240	$1,700	$1.37	43d	1	1.17mi
802 Kingston Ct Edgewood, MD	1.0–3.0	1.0–1.5	1007	$1,883	$1.87	1d	15	1.38mi
962 Topview Dr Edgewood, MD	3.0	1.5	1278	$1,700	$1.33	3d	1	1.39mi
700 Saint Peters Ct Edgewood, MD	3.0	1.5	1524	$1,100	$0.72	17d	1	1.49mi
8 Lasonia Ct Edgewood, MD	3.0	3.0	1468	$2,224	$1.51	14d	1	1.50mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $225,000 Active 1 DOM

ⓘ 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: $2,123 · $177/mo
• Projected year-2 tax: $2,288 · $191/mo
• Expected delta: +$165/yr (+$14/mo · 7.8%)

ⓘ 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 8/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,167
• − Mortgage interest: −$12,603
• − Property taxes: −$2,123
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,253
• − Management: −$2,253
• − Depreciation: −$6,545
• Taxable income: $1,264
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $4,542/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: Harford County Public Schools
• NCES district ID: 2400390
• Math proficiency: 22% ▼ -23.00%
• Reading proficiency: 39% ▼ -12.00%
• Median HH income: $79,569
• Composite: 29.38/100
• National rank: #6527
• State rank: #9 of 24 in MD

Livability — Edgewood

• Score: 73/100
• State rank: #118
• US rank: #4991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, MD
• County: Harford County · 198,512 people
• City population: 24,960
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 24,960
• Household income: $81,704
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 859.0

Population outlook (Harford County) Hauer SSP2

• Today (2025): 262,292 people
• By 2030: 266,437 · +1.6%
• By 2040: 269,954 · +2.9%
• By 2050: 265,659 · +1.3%
• By 2075: 252,886 · -3.6%
• By 2100: 224,014 · -14.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 45% White 36% Two or more races 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Slovak 1% Italian 1%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 2% German/W. Germanic 1%

Political lean MEDSL · Harford

• 2024 margin: R (+13.8) · D 41.9% · R 55.7% · Other 2.4%
• 2008→2024 swing: +5.0pp toward D · 2008: -18.8pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.0 2016: R+24.5 2012: R+19.5 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.14%
• Current HPI: 254.2305
• Rent YoY: ▲ 4.92%
• Metro: Baltimore-Columbia-Towson, MD
• 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

+18.4% since first listed

4 events — show timeline

• 2026-06-18 Listed $225,000 BRIGHT MLS
• 2022-05-27 Sold (MLS) $208,050 BRIGHT MLS
• 2022-01-21 Listing Removed — BRIGHT MLS
• 2022-01-21 Listed $190,000 BRIGHT MLS

Property tax history

-0.1%/yr

Latest (2025): $2,123 · +6.1% YoY. Source: county tax records.