229 E Union St · Cumberland, MD 21502

$249,000

3 bd · 6.0 ba · 3,680 sqft · MultiFamily public records · 133 Days on market

Built 1910 0.25 ac lot $68/sqft · 157% above area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This investment multi-family property features five income-producing units, each with baseboard heat and tenant-paid electric. The landlord currently covers water, sewer, and trash services, and the property also includes a garage. Ideally located in an established residential neighborhood with access to downtown amenities, shopping, and major commuter routes, this asset is attractive to both tenants and investors. 5 Units - (1) 2 bed/1bath, (2) 1 bed/1 bath, (2) efficiency 1 bedroom unit is currently leased at $700/month. currently a month to month lease. Other properties available. Discount for purchase of all 4 properties. 315 Frederick - 9 Units 339/341 Frederick - 5 Units Commercial Lot Front & Baltimore . 08 Acres

Key facts

• Tenant paid electric
• Baseboard heat
• 0.25 acre lot

Tags

• INCOME PRODUCING UNITS
• BASEBOARD HEAT
• TENANT PAID ELECTRIC
• LANDLORD COVERS WATER
• LANDLORD COVERS SEWER
• LANDLORD COVERS TRASH

What this means for you Summary

Snapshot

• This is a 3-bed/6.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 6.7% in Cumberland — 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 78/100 on livability (#64 in MD, #2,385 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, 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.
• Market conditions: Rents rising fast (+10.9%/yr); 235 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 24 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• At $4,366/mo this rent would consume 86% of the median local household income ($61k/yr) (locally 824% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.
• Current owner paid $142k; list at $249k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $219,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 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 1910 — 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. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.75% ✓
• Cap rate: 15.64%
• Cash-on-cash: 33.39%
• DSCR: 2.49
• GRM: 4.8

CMA / ARV

• ARV (median comp): $96,989
• List price: $249,000
• Delta: 156.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.9%
• Equity multiple: 2.52×
• Total profit: $106,219
• Equity at exit: $37,127

10-year hold

• IRR: 43.3%
• Equity multiple: 6.11×
• Total profit: $356,351
• Equity at exit: $21,529

Cash invested: $69,720 (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 21502

• Home prices YoY: -17.4%
• Rents YoY: 10.9%
• Active inventory: 235
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $4,366 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$100 /mo · $1,195/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$917
• Net cashflow: $1,940

Break-even live

Break-even rent $1,910

Max offer price $249,000

Occupancy floor 51%

Sensitivity live

Price	-10% $2,081	-5% $2,010	+0% $1,940	+5% $1,870	+10% $1,799
Rent	-10% $1,595	-5% $1,768	+0% $1,940	+5% $2,112	+10% $2,285
Rate	-1.0pp $2,065	-0.5pp $2,003	base $1,940	+0.5pp $1,875	+1.0pp $1,810

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$951
▸ 4× units	1	1	$3,416
Total (5 units)			$4,366

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Grand Ave Unit B Cumberland, MD	2.0	1.0	3000	$800	$0.27	44d	1	1.05mi

Listing history 23 events

1. 2026-06-19
   days on market $249,000 Active 133 DOM
2. 2026-06-18
   days on market $249,000 Active 132 DOM
3. 2026-06-17
   days on market $249,000 Active 131 DOM
4. 2026-06-16
   days on market $249,000 Active 130 DOM
5. 2026-06-15
   days on market $249,000 Active 129 DOM
6. 2026-06-14
   days on market $249,000 Active 127 DOM
7. 2026-06-12
   days on market $249,000 Active 126 DOM
8. 2026-06-09
   days on market $249,000 Active 123 DOM
9. 2026-06-08
   days on market $249,000 Active 122 DOM
10. 2026-06-07
    days on market $249,000 Active 121 DOM
11. 2026-06-02
    days on market $249,000 Active 116 DOM
12. 2026-06-01
    days on market $249,000 Active 115 DOM
13. 2026-05-31
    days on market $249,000 Active 114 DOM
14. 2026-05-30
    days on market $249,000 Active 113 DOM
15. 2026-02-09
    price $249,000 739-char remark

    Show marketing remark (739 chars)

    This investment multi-family property features five income-producing units, each with baseboard heat and tenant-paid electric. The landlord currently covers water, sewer, and trash services, and the property also includes a garage. Ideally located in an established residential neighborhood with access to downtown amenities, shopping, and major commuter routes, this asset is attractive to both tenants and investors. 5 Units - (1) 2 bed/1bath, (2) 1 bed/1 bath, (2) efficiency 1 bedroom unit is currently leased at $700/month. currently a month to month lease. Other properties available. Discount for purchase of all 4 properties. 315 Frederick - 9 Units 339/341 Frederick - 5 Units Commercial Lot Front & Baltimore . 08 Acres

16. 2026-02-06
    listed $249,900 Active 739-char remark

    Show marketing remark (739 chars)

    This investment multi-family property features five income-producing units, each with baseboard heat and tenant-paid electric. The landlord currently covers water, sewer, and trash services, and the property also includes a garage. Ideally located in an established residential neighborhood with access to downtown amenities, shopping, and major commuter routes, this asset is attractive to both tenants and investors. 5 Units - (1) 2 bed/1bath, (2) 1 bed/1 bath, (2) efficiency 1 bedroom unit is currently leased at $700/month. currently a month to month lease. Other properties available. Discount for purchase of all 4 properties. 315 Frederick - 9 Units 339/341 Frederick - 5 Units Commercial Lot Front & Baltimore . 08 Acres

17. 2023-06-02
    historical
18. 2023-05-25
    historical Active Under Contract
19. 2023-04-04
    status Active
20. 2023-03-09
    historical
21. 2023-01-23
    listed $299,999 Active
22. 1997-04-17
    soldstatus $142,231
23. 1987-04-06
    soldstatus $25,000

ⓘ 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: $1,195 · $100/mo
• Projected year-2 tax: $1,955 · $163/mo
• Expected delta: +$759/yr (+$63/mo · 63.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,392
• − Mortgage interest: −$13,948
• − Property taxes: −$1,195
• − Insurance: −$1,245
• − Repairs & maintenance: −$4,191
• − Management: −$4,191
• − Depreciation: −$7,244
• Taxable income: $20,377
• Est. tax owed @ 24.0%: −$4,891
• After-tax cash flow: $18,389/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 — Cumberland

• Score: 78/100
• State rank: #64
• US rank: #2385

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cumberland, MD
• County: Allegany County · 41,015 people
• City population: 41,015
• Metro: Cumberland, MD-WV
• Population (ZIP): 41,015
• Household income: $60,725
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 824.0

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 (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Romanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -54.33%
• Current HPI: 258.6676
• Rent YoY: ▲ 10.88%
• Metro: Cumberland, MD-WV
• 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

+896.0% since first listed

9 events — show timeline

• 2026-02-09 Price Changed $249,000 BRIGHT MLS
• 2026-02-06 Listed $249,900 BRIGHT MLS
• 2023-06-02 Listing Removed — BRIGHT MLS
• 2023-05-25 Contingent — BRIGHT MLS
• 2023-04-04 Relisted — BRIGHT MLS
• 2023-03-09 Listing Removed — BRIGHT MLS
• 2023-01-23 Listed $299,999 BRIGHT MLS
• 1997-04-17 Sold (Public Records) $142,231 Public Records
• 1987-04-06 Sold (Public Records) $25,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $1,195 · +9.5% YoY. Source: county tax records.