19-C Heritage Ct · Annapolis, MD 21401

$235,000

2 bd · 1.0 ba · 960 sqft · Condo public records · 14 Days on market

Built 1973 $344/mo HOA · 15% of rent

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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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable 2 BD, 1 BA condo in Hilltop Village that has been freshly painted and features renovated granite Kitchen with new stainless appliances, grey cabinetry, center island, gorgeous tile flooring in Kitchen and Living area, washer & dryer convey and 4 yr old HVAC. This unit is in rear of building so private with nice yard and faces wood setting. Condo fee is $296/month which includes exterior maintenance, water, trash & snow removal, 1 assigned parking spot. Tot lot available and usage of Heritage Pool for small yearly fee. Close to Downtown Annapolis!

Key facts

• $344 HOA
• 2 parking spots
• Community pool

Property features AI

Finance

• HOA & community: Condo fee $344 monthly; HOA covers exterior building maintenance, lawn care, lawn maintenance, management, pest control, pool(s), reserve funds, road maintenance, sewer, trash, water, and common area maintenance; Community amenities include common grounds and outdoor pool

Exterior

• Parking: Parking lot with 2 spaces (total 2 garage/parking spaces)
• Utilities: Public water; Public sewer
• Home design: Garden-style building (1–4 floors); Unit/flat in Hilltop Village Condo; Entry on level 1; Fee simple ownership
• Construction: Brick construction; Above grade and below grade structures; Year built per assessor
• Exterior features: Community pool; Not in a federal flood zone; Pets allowed (dogs and cats)

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Heat pump(s); Electric heating fuel; Central air conditioning; Electric cooling fuel; Electric hot water
• Interior features: No basement; Living area per assessor
• Laundry & utility: Washer/dryer hook up in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $-23 ($-277/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (0.6% below list).
• Recommended offer: $231k (1.7% below list) — sets the bar for cash-flow.
• Cap rate 6.2% vs local median 1.9% in Annapolis — 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 (#71 in MD, #2,563 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: crime F, cost of living F.
• Anne Arundel County Public Schools (suburban): math 20% / reading 37% proficiency, ranked #10 of 24 in MD (top 42%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 221 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,303 units permitted in Anne Arundel County in 2024 (299 in 5+ unit buildings).

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.
• Anne Arundel County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% 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 $230,916 (1.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
8. 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.
9. 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.
10. 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: 0.99% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.14% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.30×
• Total profit: $-45,904
• Equity at exit: $35,039

10-year hold

• IRR: -23.8%
• Equity multiple: -0.01×
• Total profit: $-66,448
• Equity at exit: $20,319

Cash invested: $65,800 (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 21401

• Rents YoY: 0.1%
• Active inventory: 221
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,337 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$195 /mo · $2,338/yr
• Insurance: −$98
• HOA: −$344
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $-23

Break-even live

Break-even rent $2,366

Max offer price $230,916

Occupancy floor 96%

Sensitivity live

Price	-10% $110	-5% $43	+0% $-23	+5% $-90	+10% $-156
Rent	-10% $-208	-5% $-115	+0% $-23	+5% $69	+10% $161
Rate	-1.0pp $95	-0.5pp $37	base $-23	+0.5pp $-84	+1.0pp $-146

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Heritage Ct #120 Annapolis, MD	2.0	1.5	960	$1,895	$1.97	44d	1	0.03mi
67 Heritage Ct Annapolis, MD	2.0	1.5	1000	$2,150	$2.15	15d	1	0.10mi
1029 Spa Rd Annapolis, MD	1.0–2.0	1.0–2.0	835	$2,415	$2.89	2d	12	0.21mi
988 Spa Rd Annapolis, MD	1.0–2.0	1.0–2.0	679	$2,800	$4.12	2d	12	0.25mi
230 Hilltop Ln Annapolis, MD	1.0–2.0	1.0	692	$2,316	$3.35	3d	6	0.47mi
721 S Cherry Grove Ave Annapolis, MD	1.0–3.0	1.0–2.0	1055	$2,750	$2.61	2d	27	0.48mi
8 Johnson Pl Annapolis, MD	2.0	1.5	900	$2,295	$2.55	44d	1	0.54mi
1225 Gemini Dr Unit B Annapolis, MD	1.0	1.0	865	$1,950	$2.25	24d	1	0.74mi
302 Hilltop Ln Annapolis, MD	2.0	2.0	1205	$2,422	$2.01	5d	2	0.77mi
5 Park Pl #710 Annapolis, MD	1.0	1.0	991	$3,200	$3.23	24d	1	0.84mi
1115 Primrose Ct #101 Annapolis, MD	2.0	2.0	1014	$2,400	$2.37	44d	1	0.93mi
1012 Primrose Rd Annapolis, MD	1.0–2.0	1.0–2.0	921	$2,152	$2.34	2d	8	0.96mi
714 Rosedale St Unit A Annapolis, MD	1.0	1.0	600	$2,400	$4.00	44d	1	0.97mi
701 Glenwood St Annapolis, MD	2.0	1.0	623	$1,703	$2.73	44d	1	1.03mi
11 Spa Creek Lndg Annapolis, MD	1.0	2.0	1000	$3,195	$3.19	24d	1	1.03mi
1900 Center St Annapolis, MD	3.0	1.0–2.5	1051	$4,813	$4.58	16d	1	1.09mi
1 Murray Ave Unit 2 Annapolis, MD	1.0	1.0	800	$1,750	$2.19	44d	1	1.13mi
63 Town Pines Ct Annapolis, MD	3.0	1.5	1037	$2,500	$2.41	44d	1	1.19mi
81 Conduit St Annapolis, MD	2.0	1.5	1040	$3,150	$3.03	44d	1	1.33mi
1910 Towne Centre Blvd Annapolis, MD	1.0–2.0	1.0–2.0	994	$3,691	$3.71	2d	9	1.48mi
2445 Holly Ave Annapolis, MD	2.0	1.0–2.0	852	$3,168	$3.72	2d	19	1.49mi

HOA detail condo

• Monthly dues: $344 · $4,128/yr
• Likely covers: watertrashsnow removalexterior maint.poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $235,000 Active 14 DOM
2. 2026-06-17
   days on market $235,000 Active 13 DOM
3. 2026-06-16
   days on market $235,000 Active 12 DOM
4. 2026-06-15
   days on market $235,000 Active 11 DOM
5. 2026-06-13
   days on market $235,000 Active 9 DOM
6. 2026-06-09
   days on market $235,000 Active 5 DOM
7. 2026-06-08
   days on market $235,000 Active 4 DOM
8. 2026-06-07
   statusdays on market $235,000 Active 3 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    listed $235,000 Coming Soon 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: $2,338 · $195/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: +$112/yr (+$9/mo · 4.8%)

ⓘ 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 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,040
• − Mortgage interest: −$13,164
• − Property taxes: −$2,338
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,243
• − Management: −$2,243
• − HOA: −$4,128
• − Depreciation: −$6,836
• Taxable loss: −$4,087
• Est. tax savings @ 24.0%: +$981
• After-tax cash flow: $703/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: Anne Arundel County Public Schools
• NCES district ID: 2400060
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $87,880
• Composite: 28.52/100
• National rank: #6733
• State rank: #10 of 24 in MD

Livability — Annapolis

• Score: 78/100
• State rank: #71
• US rank: #2563

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Annapolis, MD
• County: Anne Arundel County · 535,653 people
• City population: 91,599
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 38,629
• Household income: $123,381
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1158.0

Population outlook (Anne Arundel County) Hauer SSP2

• Today (2025): 617,384 people
• By 2030: 642,094 · +4.0%
• By 2040: 686,621 · +11.2%
• By 2050: 723,031 · +17.1%
• By 2075: 809,346 · +31.1%
• By 2100: 837,658 · +35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 15% Hispanic / Latino 9% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 3% Slovak 3% Italian 2%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 87% English-only · Spanish 5% Tagalog/Filipino 2% Other Indo-European 1%

Political lean MEDSL · Anne Arundel

• 2024 margin: D (+13.9) · D 55.7% · R 41.7% · Other 2.6%
• 2008→2024 swing: +15.7pp toward D · 2008: -1.8pp · 2024: 13.9pp
• All cycles: 2024: D+13.9 2020: D+14.5 2016: D+0.7 2012: R+0.9 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -498.22%
• Current HPI: 297.4285
• Rent YoY: ▲ 0.14%
• 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

+571.4% since first listed

13 events — show timeline

• 2026-06-05 Listed $235,000 BRIGHT MLS
• 2026-06-04 Coming Soon $235,000 BRIGHT MLS
• 2025-11-22 Rental Removed $1,895 APPFOLIO
• 2025-11-20 Rental Removed $1,895 BRIGHTMLS
• 2025-11-18 Listed for Rent $1,895 BRIGHTMLS
• 2025-11-11 Listed for Rent $1,895 APPFOLIO
• 2023-12-21 Sold (Public Records) $215,000 Public Records
• 2023-11-29 Sold (MLS) $215,000 BRIGHT MLS
• 2023-10-31 Contingent — BRIGHT MLS
• 2023-10-22 Price Changed $215,000 BRIGHT MLS
• 2023-10-21 Listed $210,000 BRIGHT MLS
• 1996-05-31 Sold (Public Records) $59,900 Public Records
• 1991-10-08 Sold (Public Records) $35,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,338 · +5.7% YoY. Source: county tax records.