446 N Prospect St N · Hagerstown, MD 21740

$130,000

3 bd · 1.0 ba · 1,390 sqft · Townhouse public records · 21 Days on market

Built 1907 2,858 sqft lot Est $190k · 32% under

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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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +6.9/10.0
• 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 MLS

Large Half Duplex w/ Nice FR, DR, New Eat-in KIT w/ appliances, all new flooring, paint, lighting etc - LOOKS GREAT - READY TO GO! 3 BDRMS, 1 full BTH, Large Fully Finished Attic! Use as 4th BDRM, Office, Play Room, Full Walk-out unfinished BSMT w/ natural light w/ laundry room, includes W/ D, Fenced rear yard, rear patio, nice covered front porch.

Key facts

• Built 1907
• Listed 21 days

Property features AI

Finance

• Financial info: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Semi-detached property; Brick construction
• Construction: Brick construction; Permanent foundation
• Exterior features: Walkout-level basement; Unfinished below-grade space; Above-grade and below-grade structures noted; Located inside city limits

Interior

• Kitchen: Electric range/oven; Refrigerator
• Bedrooms: Three bedrooms on the first upper level
• Flooring: Carpet
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Forced air heating; Natural gas heating fuel; Electric hot water
• Interior features: Tub/shower; Combination kitchen and dining area; Dining area; Carpeted areas; Finished living space per assessor
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 28y 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 $110k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1907 — 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 $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — 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: 1.19% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.37%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $190,430
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
446 N Prospect St N	0.00mi	3/1.0	1,390 (0%)	1mo	$100,000	$72	99
408 Mitchell Ave	0.29mi	3/1.0	1,334 (-4%)	1mo	$170,000	$127	79
838 Mulberry Ave	0.68mi	3/1.0	1,428 (+3%)	1mo	$240,000	$168	62
823 Mulberry Ave	0.64mi	3/1.0	1,458 (+5%)	2mo	$200,000	$137	61
18 Belview Ave	0.29mi	2/1.0 (-1)	1,230 (-12%)	7mo	$174,900	$142	57
43 S Prospect St #7	0.60mi	2/1.0 (-1)	1,311 (-6%)	2mo	$185,000	$141	56
808 Mulberry Ave	0.63mi	3/1.0	1,292 (-7%)	5mo	$232,000	$180	55
227 N Locust St	0.48mi	3/1.0	1,216 (-12%)	7mo	$87,400	$72	51
44 Madison Ave	0.71mi	2/1.5 (-1)	1,276 (-8%)	2mo	$149,900	$117	44
314 E Franklin St	0.75mi	2/1.0 (-1)	1,248 (-10%)	1mo	$165,000	$132	42
1057 Matthew Ct	0.66mi	2/2.0 (-1)	1,528 (+10%)	4mo	$324,500	$212	40
312 E Franklin St	0.75mi	2/1.0 (-1)	1,248 (-10%)	4mo	$165,000	$132	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: 4.4%
• Equity multiple: 1.17×
• Total profit: $6,321
• Equity at exit: $19,383

10-year hold

• IRR: 14.8%
• Equity multiple: 2.24×
• Total profit: $45,280
• Equity at exit: $11,240

Cash invested: $36,400 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,553 high
• Mortgage (P&I): −$682
• Tax from tax record: −$85 /mo · $1,024/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $406

Break-even live

Break-even rent $1,040

Max offer price $130,000

Occupancy floor 69%

Sensitivity live

Price	-10% $479	-5% $442	+0% $406	+5% $369	+10% $332
Rent	-10% $283	-5% $344	+0% $406	+5% $467	+10% $528
Rate	-1.0pp $471	-0.5pp $439	base $406	+0.5pp $372	+1.0pp $338

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	14d	1	0.19mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	45d	1	0.22mi
441 N Potomac St Hagerstown, MD	2.0	1.0	970	$1,350	$1.39	45d	1	0.23mi
629 Oak Hill Ave Unit 3 Hagerstown, MD	2.0	1.0	1386	$1,595	$1.15	45d	1	0.26mi
27 Bethel St Hagerstown, MD	2.0	1.0	954	$950	$1.00	45d	1	0.28mi
323 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1700	$1,380	$0.81	22d	1	0.28mi
323 N Potomac St #1 Hagerstown, MD	2.0	2.0	1800	$1,505	$0.84	22d	1	0.28mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	22d	1	0.32mi
715 Oak Hill Ave Unit 2N Hagerstown, MD	2.0	1.0	1500	$1,595	$1.06	45d	1	0.39mi
715 Oak Hill Ave Unit 3N Hagerstown, MD	2.0	1.0	1200	$1,395	$1.16	14d	1	0.39mi
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	45d	1	0.41mi
115 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,250	$1.04	22d	1	0.43mi
307 N Locust St Hagerstown, MD	3.0	1.0	1140	$1,490	$1.31	45d	1	0.44mi
804 Oak Hill Ave Unit A Hagerstown, MD	2.0	1.0	1000	$1,695	$1.70	22d	1	0.45mi
616 George St Hagerstown, MD	3.0	1.0	1034	$1,600	$1.55	45d	1	0.48mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	45d	1	0.49mi
92 W Washington St Unit 403 Hagerstown, MD	2.0	1.5	924	$1,550	$1.68	45d	1	0.49mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	45d	1	0.49mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	22d	1	0.50mi
625 George St Hagerstown, MD	2.0	1.0	1856	$1,400	$0.75	14d	1	0.50mi
109 Fairground Ave Hagerstown, MD	3.0	1.0	1470	$1,600	$1.09	14d	1	0.50mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	45d	1	0.51mi
115 East Ave Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,400	$1.17	45d	1	0.53mi
828 Hamilton Blvd Unit B Hagerstown, MD	2.0	1.0	1512	$1,495	$0.99	45d	1	0.56mi
207 N Mulberry St Unit 3 Hagerstown, MD	2.0	1.0	940	$1,130	$1.20	22d	1	0.58mi
50 Rochester Pl Unit 23 Hagerstown, MD	2.0	1.0	900	$1,275	$1.42	45d	1	0.61mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	22d	1	0.61mi
805 Mulberry Ave Hagerstown, MD	3.0	1.5	1584	$1,830	$1.16	45d	1	0.62mi
322 N Cannon Ave Hagerstown, MD	3.0	1.5	1488	$1,800	$1.21	14d	1	0.62mi
235 East Ave Hagerstown, MD	2.0	1.0	1200	$1,200	$1.00	14d	1	0.65mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	14d	1	0.65mi
311 Jefferson St Unit 311 Hagerstown, MD	3.0	1.5	1200	$1,550	$1.29	45d	1	0.66mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	45d	1	0.71mi
834 W Washington St Unit 2 Hagerstown, MD	2.0	1.0	950	$955	$1.01	45d	1	0.87mi
1165 Hamilton Blvd Hagerstown, MD	2.0	2.5	1683	$800	$0.48	45d	1	0.91mi
326 S Potomac St #2 Hagerstown, MD	2.0	1.0	1350	$1,500	$1.11	45d	1	0.98mi
326 S Potomac St #1 Hagerstown, MD	2.0	1.0	1050	$1,400	$1.33	45d	1	0.98mi
1319 The Ter Hagerstown, MD	3.0	2.0	1589	$2,500	$1.57	45d	1	0.99mi
338 S Locust St Hagerstown, MD	3.0	1.5	1320	$1,600	$1.21	22d	1	1.00mi
124 Ray St Hagerstown, MD	3.0	1.0	960	$1,500	$1.56	22d	1	1.04mi

Listing history 27 events

1. 2026-05-02
   status Pending
2. 2026-04-22
   status Active
3. 2026-03-31
   historical Active Under Contract
4. 2026-03-20
   status Active
5. 2026-03-11
   status Active
6. 2026-03-11
   historical
7. 2026-03-04
   historical
8. 2026-03-04
   listed $130,000 Active
9. 2026-02-11
   historical $130,000
10. 2009-01-20
    soldstatus $110,000
11. 2008-12-19
    soldstatus $110,000 Sold 350-char remark

    Show marketing remark (350 chars)

    Large Half Duplex w/ Nice FR, DR, New Eat-in KIT w/ appliances, all new flooring, paint, lighting etc - LOOKS GREAT - READY TO GO! 3 BDRMS, 1 full BTH, Large Fully Finished Attic! Use as 4th BDRM, Office, Play Room, Full Walk-out unfinished BSMT w/ natural light w/ laundry room, includes W/ D, Fenced rear yard, rear patio, nice covered front porch.

12. 2008-11-25
    historical 350-char remark

    Show marketing remark (350 chars)

    Large Half Duplex w/ Nice FR, DR, New Eat-in KIT w/ appliances, all new flooring, paint, lighting etc - LOOKS GREAT - READY TO GO! 3 BDRMS, 1 full BTH, Large Fully Finished Attic! Use as 4th BDRM, Office, Play Room, Full Walk-out unfinished BSMT w/ natural light w/ laundry room, includes W/ D, Fenced rear yard, rear patio, nice covered front porch.

13. 2008-09-29
    listed $114,900 350-char remark

    Show marketing remark (350 chars)

    Large Half Duplex w/ Nice FR, DR, New Eat-in KIT w/ appliances, all new flooring, paint, lighting etc - LOOKS GREAT - READY TO GO! 3 BDRMS, 1 full BTH, Large Fully Finished Attic! Use as 4th BDRM, Office, Play Room, Full Walk-out unfinished BSMT w/ natural light w/ laundry room, includes W/ D, Fenced rear yard, rear patio, nice covered front porch.

14. 2008-08-22
    soldstatus $53,000 Sold 249-char remark

    Show marketing remark (249 chars)

    $32000 REDUCTION!!!Seller is LOOKING AT ALL OFFERS!!!-SPECIAL ADDENDUM REQUIRED. Closing shall be held in the offices of the SELLER'S ATTORNEY/AGENT. This property is approved for ExpressPath Financing. Please contact listing agent for more details.

15. 2008-07-28
    historical 249-char remark

    Show marketing remark (249 chars)

    $32000 REDUCTION!!!Seller is LOOKING AT ALL OFFERS!!!-SPECIAL ADDENDUM REQUIRED. Closing shall be held in the offices of the SELLER'S ATTORNEY/AGENT. This property is approved for ExpressPath Financing. Please contact listing agent for more details.

16. 2008-07-12
    status 249-char remark

    Show marketing remark (249 chars)

    $32000 REDUCTION!!!Seller is LOOKING AT ALL OFFERS!!!-SPECIAL ADDENDUM REQUIRED. Closing shall be held in the offices of the SELLER'S ATTORNEY/AGENT. This property is approved for ExpressPath Financing. Please contact listing agent for more details.

17. 2008-07-12
    historical 249-char remark

    Show marketing remark (249 chars)

    $32000 REDUCTION!!!Seller is LOOKING AT ALL OFFERS!!!-SPECIAL ADDENDUM REQUIRED. Closing shall be held in the offices of the SELLER'S ATTORNEY/AGENT. This property is approved for ExpressPath Financing. Please contact listing agent for more details.

18. 2008-02-27
    listed $72,900 249-char remark

    Show marketing remark (249 chars)

    $32000 REDUCTION!!!Seller is LOOKING AT ALL OFFERS!!!-SPECIAL ADDENDUM REQUIRED. Closing shall be held in the offices of the SELLER'S ATTORNEY/AGENT. This property is approved for ExpressPath Financing. Please contact listing agent for more details.

19. 2007-02-16
    soldstatus $121,900
20. 2007-02-16
    soldstatus $121,900
21. 2007-01-31
    soldstatus $121,900
22. 2006-12-12
    historical
23. 2006-05-06
    listed $122,500
24. 2004-11-17
    soldstatus $79,900
25. 1998-05-31
    historical
26. 1998-02-17
    listed
27. 1991-12-30
    soldstatus $49,000

ⓘ 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: $1,024 · $85/mo
• Projected year-2 tax: $1,220 · $102/mo
• Expected delta: +$197/yr (+$16/mo · 19.2%)

ⓘ 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: $18,635
• − Mortgage interest: −$7,282
• − Property taxes: −$1,024
• − Insurance: −$650
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − Depreciation: −$3,782
• Taxable income: $2,916
• Est. tax owed @ 24.0%: −$700
• After-tax cash flow: $4,167/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

+165.3% since first listed

27 events — show timeline

• 2026-05-02 Pending — BRIGHT MLS
• 2026-04-22 Relisted — BRIGHT MLS
• 2026-03-31 Contingent — BRIGHT MLS
• 2026-03-20 Relisted — BRIGHT MLS
• 2026-03-11 Relisted — BRIGHT MLS
• 2026-03-11 Listing Removed — BRIGHT MLS
• 2026-03-04 Listing Removed — BRIGHT MLS
• 2026-03-04 Listed $130,000 BRIGHT MLS
• 2026-02-11 Coming Soon $130,000 BRIGHT MLS
• 2009-01-20 Sold (Public Records) $110,000 Public Records
• 2008-12-19 Sold (MLS) $110,000 MRIS
• 2008-11-25 Delisted — MRIS
• 2008-09-29 Listed $114,900 MRIS
• 2008-08-22 Sold (MLS) $53,000 MRIS
• 2008-07-28 Delisted — MRIS
• 2008-07-12 Relisted — MRIS
• 2008-07-12 Delisted — MRIS
• 2008-02-27 Listed $72,900 MRIS
• 2007-02-16 Sold (Public Records) $121,900 Public Records
• 2007-02-16 Sold (Public Records) $121,900 Public Records
• 2007-01-31 Sold (MLS) $121,900 MRIS
• 2006-12-12 Delisted — MRIS
• 2006-05-06 Listed $122,500 MRIS
• 2004-11-17 Sold (Public Records) $79,900 Public Records
• 1998-05-31 Delisted — MRIS
• 1998-02-17 Listed — MRIS
• 1991-12-30 Sold (Public Records) $49,000 Public Records

Property tax history

-2.7%/yr

Latest (2025): $1,024 · +11.6% YoY. Source: county tax records.