234 Winter St · Hagerstown, MD 21740

$114,895

3 bd · 1.0 ba · 1,148 sqft · SingleFamily public records · 1 Days on market

Built 1904 3,485 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2 Level Colonial Offering Spacious Bedrooms and Expansive Living Areas Designed for Comfortable Everyday Living and Entertaining. The Functional Floor Plan Provides Plenty of Room to Gather, Relax, and Make Lasting Memories. Step Outside to a Covered Rear Patio, Perfect for Outdoor Dining, Grilling, or Enjoying Quiet Evenings Overlooking the Fenced Backyard, Ideal for Pets, Play, or Gardening. This Property Presents a Fantastic Opportunity for Buyers Looking to add their Personal Style and Updates. With Cosmetic Improvements and Some Renovations, this Home has Incredible Potential to Shine as a Beautiful Primary Residence or Investment Opportunity. Sold As-Is.

Key facts

• Outdoor dining
• Covered rear patio
• Fenced backyard

Tags

• COVERED REAR PATIO
• FENCED BACKYARD
• OUTDOOR DINING
• GRILLING

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Natural gas heating and hot water; Public water; Public sewer
• Home design: Detached structure; Finished above-grade area recorded by assessor; Below-grade unfinished area present
• Construction: Vinyl siding; Crawl space foundation; Above-grade and below-grade structures
• Exterior features: Property is within city limits

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: 90% forced air heating; Natural gas hot water
• Interior features: No basement; Living area determined by assessor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 11.7% vs local median 4.4% in Hagerstown — 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 77/100 on livability (#83 in MD, #3,170 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools C-, crime F, employment F.
• Washingtion County Public Schools (suburban): math 18% / reading 33% proficiency, ranked #13 of 24 in MD (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.0%/yr); 368 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $32k cash investment doubles in ~6 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 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

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,895

Questions for the listing agent

1. Built in 1904 — 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. 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?
4. 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.
5. 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.
6. 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: 1.32% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.47%
• DSCR: 1.87
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $277,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 Bryan Pl	0.21mi	3/2.0	1,197 (+4%)	1mo	$327,000	$273	78
221 Devonshire Rd	0.44mi	3/1.0	1,170 (+2%)	4mo	$229,000	$196	72
432 Cook St	0.19mi	3/2.5	1,049 (-9%)	5mo	$259,900	$248	67
1016 Georgia Ave	0.39mi	3/2.0	1,200 (+4%)	4mo	$275,000	$229	67
511 Rhode Island Ave	0.64mi	3/1.0	1,120 (-2%)	5mo	$285,000	$254	62
1007 Florida Ave	0.40mi	3/1.0	1,000 (-13%)	5mo	$229,000	$229	56
58 Bethel St	0.55mi	3/2.5	1,224 (+7%)	3mo	$265,000	$217	54
130 Bethel St	0.46mi	3/1.5	1,020 (-11%)	5mo	$120,000	$118	54
1110 W Washington St	0.73mi	2/1.5 (-1)	1,114 (-3%)	8mo	$270,000	$242	48
1108 W Irvin Ave W	0.73mi	3/1.0	1,040 (-9%)	5mo	$294,248	$283	46
20 Summer St	0.45mi	4/1.0 (+1)	1,297 (+13%)	7mo	$88,000	$68	46
1024 Kasinof Ave	0.60mi	2/2.0 (-1)	1,023 (-11%)	6mo	$250,000	$244	40

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 · 4.0% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.50×
• Total profit: $16,128
• Equity at exit: $17,131

10-year hold

• IRR: 22.1%
• Equity multiple: 2.96×
• Total profit: $63,124
• Equity at exit: $9,934

Cash invested: $32,171 (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 21740

• Rents YoY: 4.0%
• Active inventory: 368
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,518 high
• Mortgage (P&I): −$603
• Tax from tax record: −$27 /mo · $324/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $522

Break-even live

Break-even rent $857

Max offer price $114,895

Occupancy floor 61%

Sensitivity live

Price	-10% $587	-5% $555	+0% $522	+5% $490	+10% $457
Rent	-10% $402	-5% $462	+0% $522	+5% $582	+10% $642
Rate	-1.0pp $580	-0.5pp $551	base $522	+0.5pp $492	+1.0pp $462

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: $28,724
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	44d	1	0.03mi
616 George St Hagerstown, MD	3.0	1.0	1034	$1,600	$1.55	44d	1	0.15mi
505 W Church St Unit 1W 1W Hagerstown, MD	2.0	1.0	700	$1,140	$1.63	22d	1	0.18mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	22d	1	0.23mi
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	14d	1	0.30mi
821 Washington Ave Unit 1W Hagerstown, MD	2.0	1.0	800	$1,100	$1.38	22d	1	0.33mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	44d	1	0.34mi
834 W Washington St Unit 2 Hagerstown, MD	2.0	1.0	950	$955	$1.01	44d	1	0.49mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	44d	1	0.55mi
27 Bethel St Hagerstown, MD	2.0	1.0	954	$950	$1.00	44d	1	0.61mi
92 W Washington St Unit 403 Hagerstown, MD	2.0	1.5	924	$1,550	$1.68	44d	1	0.62mi
92 W Washington St Unit 206 Hagerstown, MD	2.0	2.0	803	$1,450	$1.81	44d	1	0.62mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	44d	1	0.62mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	44d	1	0.62mi
441 N Potomac St Hagerstown, MD	2.0	1.0	970	$1,350	$1.39	44d	1	0.66mi
310 Key Ave Unit B Hagerstown, MD	3.0	1.0	800	$1,300	$1.62	14d	1	0.66mi
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	44d	1	0.67mi
115 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,250	$1.04	22d	1	0.69mi
629 Oak Hill Ave Unit 3 Hagerstown, MD	2.0	1.0	1386	$1,595	$1.15	44d	1	0.69mi
50 Rochester Pl Unit 23 Hagerstown, MD	2.0	1.0	900	$1,275	$1.42	44d	1	0.76mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	44d	1	0.79mi
715 Oak Hill Ave Unit 3N Hagerstown, MD	2.0	1.0	1200	$1,395	$1.16	14d	1	0.80mi
715 Oak Hill Ave Unit 2N Hagerstown, MD	2.0	1.0	1500	$1,595	$1.06	44d	1	0.80mi
38 Wayside Ave Unit 2 Hagerstown, MD	2.0	1.0	825	$1,150	$1.39	22d	1	0.81mi
307 N Locust St Hagerstown, MD	3.0	1.0	1140	$1,490	$1.31	44d	1	0.82mi
40 E Washington St Unit 2B Hagerstown, MD	2.0	1.0	800	$1,000	$1.25	44d	1	0.82mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	22d	1	0.83mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	22d	1	0.86mi
804 Oak Hill Ave Unit A Hagerstown, MD	2.0	1.0	1000	$1,695	$1.70	22d	1	0.86mi
115 East Ave Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,400	$1.17	44d	1	0.86mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	14d	1	0.90mi
327 N Mulberry St Hagerstown, MD	2.0	1.0	700	$1,030	$1.47	22d	1	0.92mi
207 N Mulberry St Unit 3 Hagerstown, MD	2.0	1.0	940	$1,130	$1.20	22d	1	0.92mi
109 Fairground Ave Hagerstown, MD	3.0	1.0	1470	$1,600	$1.09	14d	1	0.93mi
149 E Franklin St Hagerstown, MD	2.0	1.0	850	$1,250	$1.47	44d	1	0.94mi
235 East Ave Hagerstown, MD	2.0	1.0	1200	$1,200	$1.00	14d	1	1.00mi
322 N Cannon Ave Hagerstown, MD	3.0	1.5	1488	$1,800	$1.21	14d	1	1.00mi
311 Jefferson St Unit 311 Hagerstown, MD	3.0	1.5	1200	$1,550	$1.29	44d	1	1.03mi
326 S Potomac St #2 Hagerstown, MD	2.0	1.0	1350	$1,500	$1.11	44d	1	1.08mi
326 S Potomac St #1 Hagerstown, MD	2.0	1.0	1050	$1,400	$1.33	44d	1	1.08mi

Listing history 2 events

1. 2026-06-17
   remarks 678-char remark
2. 2026-06-17
   listed $114,895 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: $324 · $27/mo
• Projected year-2 tax: $788 · $66/mo
• Expected delta: +$464/yr (+$39/mo · 143.1%)

ⓘ 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 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,220
• − Mortgage interest: −$6,436
• − Property taxes: −$324
• − Insurance: −$574
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$3,342
• Taxable income: $4,628
• Est. tax owed @ 24.0%: −$1,111
• After-tax cash flow: $5,154/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: Washingtion County Public Schools
• NCES district ID: 2400660
• Math proficiency: 18% ▼ -20.00%
• Reading proficiency: 33% ▼ -17.00%
• Median HH income: $54,784
• Composite: 22.87/100
• National rank: #8007
• State rank: #13 of 24 in MD

Livability — Hagerstown

• Score: 77/100
• State rank: #83
• US rank: #3170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hagerstown, MD
• County: Washington County · 98,861 people
• City population: 64,792
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 64,792
• Household income: $62,873
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 2832.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 151,614 people
• By 2030: 151,455 · -0.1%
• By 2040: 150,097 · -1.0%
• By 2050: 148,193 · -2.3%
• By 2075: 146,581 · -3.3%
• By 2100: 138,025 · -9.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 18% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 9% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+23.0) · D 37.3% · R 60.4% · Other 2.3%
• 2008→2024 swing: -10.2pp toward R · 2008: -12.9pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+20.9 2016: R+32.4 2012: R+18.5 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.38%
• Current HPI: 264.8018
• Rent YoY: ▲ 4.00%
• Metro: Hagerstown-Martinsburg, 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

-0.0% since first listed

4 events — show timeline

• 2026-06-17 Price Changed $114,895 BRIGHT MLS
• 2026-06-17 Relisted — BRIGHT MLS
• 2026-06-12 Listed $114,900 BRIGHT MLS
• 2026-06-12 Listing Removed — BRIGHT MLS

Property tax history

-7.6%/yr

Latest (2025): $324 · -4.6% YoY. Source: county tax records.