44 Water St · Hagerstown, MD 21740

$179,000

3 bd · 1.0 ba · 1,554 sqft · SingleFamily public records · 275 Days on market

Built 1922 0.26 ac lot $115/sqft · 27% below area Est $246k · 27% 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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.5/10.0
• 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

This property offers a blank canvas, ready for a full renovation to suit your vision!

Key facts

• 0.26 acre lot
• Built 1922
• Listed 274 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (4.8% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 36 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 33% of the median local income ($63k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $21k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $179k implies a 258% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 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 1922 — 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. 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.84%
• Cash-on-cash: 5.51%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

• ARV (median comp): $246,359
• List price: $179,000
• Delta: -27.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 Devonshire Rd NE	0.40mi	3/1.0	1,544 (-1%)	6mo	$226,000	$146	75
1032 Concord St	0.20mi	3/1.0	1,450 (-7%)	10mo	$250,000	$172	72
807 Washington Ave	0.48mi	4/1.0 (+1)	1,544 (-1%)	8mo	$165,000	$107	65
14 Avalon Ave	0.34mi	3/1.0	1,398 (-10%)	4mo	$180,000	$129	64
70 Nottingham Rd	0.15mi	4/3.5 (+1)	1,680 (+8%)	1mo	$327,000	$195	63
1114 W Washington St	0.11mi	2/2.0 (-1)	1,762 (+13%)	2mo	$269,900	$153	62
432 Gandy Dancer Ct	0.50mi	4/2.5 (+1)	1,514 (-3%)	7mo	$250,000	$165	56
426 Wyoming Ave	0.68mi	3/1.0	1,612 (+4%)	8mo	$257,500	$160	56
367 Devonshire Rd	0.58mi	3/1.5	1,390 (-11%)	2mo	$328,000	$236	51
224 Devonshire Rd	0.39mi	3/1.0	1,760 (+13%)	11mo	$230,000	$131	51
301 Avon Rd	0.50mi	3/1.5	1,772 (+14%)	2mo	$230,000	$130	50
1355 Connecticut Ave	0.74mi	3/2.0	1,352 (-13%)	6mo	$299,900	$222	34

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: -6.8%
• Equity multiple: 0.75×
• Total profit: $-12,660
• Equity at exit: $26,689

10-year hold

• IRR: 3.9%
• Equity multiple: 1.30×
• Total profit: $14,911
• Equity at exit: $15,477

Cash invested: $50,120 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,704 high
• Mortgage (P&I): −$939
• Tax from tax record: −$103 /mo · $1,233/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $230

Break-even live

Break-even rent $1,413

Max offer price $179,000

Occupancy floor 81%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	44d	1	0.26mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	44d	1	0.44mi
409 Gandy Dancer Ct Unit 409 Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	44d	1	0.46mi
409 Gandy Dancer Ct Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	21d	1	0.46mi
625 George St Hagerstown, MD	2.0	1.0	1856	$1,400	$0.75	13d	1	0.63mi
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	44d	1	0.72mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	21d	1	0.83mi
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	13d	1	0.99mi
17622 Slate Way Hagerstown, MD	4.0	2.5	1960	$1,975	$1.01	21d	1	1.05mi
17616 Slate Way Hagerstown, MD	3.0	3.5	2200	$2,180	$0.99	21d	1	1.06mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	44d	1	1.10mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	44d	1	1.10mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	44d	1	1.18mi
12320 Fallen Timbers Cir Hagerstown, MD	3.0	2.5	1974	$2,750	$1.39	13d	1	1.22mi
440 Jonathan St Unit A Hagerstown, MD	2.0	1.0	2244	$1,000	$0.45	44d	1	1.24mi
115 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,250	$1.04	21d	1	1.25mi
323 N Potomac St #1 Hagerstown, MD	2.0	2.0	1800	$1,505	$0.84	21d	1	1.29mi
323 N Potomac St Unit 3 Hagerstown, MD	3.0	2.0	2200	$1,655	$0.75	21d	1	1.29mi
323 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1700	$1,380	$0.81	21d	1	1.29mi
18303 Buckeye Cir Hagerstown, MD	2.0	2.0	1236	$1,925	$1.56	13d	1	1.29mi
16 East Ave Hagerstown, MD	4.0	1.0	2088	$1,425	$0.68	44d	1	1.30mi
1026 Lindsay Ln Hagerstown, MD	3.0	4.0	1920	$2,200	$1.15	44d	1	1.33mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	44d	1	1.34mi
12916 Yellow Jacket Rd Hagerstown, MD	3.0	2.5	1876	$2,100	$1.12	44d	1	1.36mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	21d	1	1.36mi
629 Oak Hill Ave Unit 3 Hagerstown, MD	2.0	1.0	1386	$1,595	$1.15	44d	1	1.38mi
326 S Potomac St #2 Hagerstown, MD	2.0	1.0	1350	$1,500	$1.11	44d	1	1.39mi
326 S Potomac St #1 Hagerstown, MD	2.0	1.0	1050	$1,400	$1.33	44d	1	1.39mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	13d	1	1.39mi
837 Virginia Ave Hagerstown, MD	3.0	2.0	1400	$2,000	$1.43	13d	1	1.40mi
338 S Locust St Hagerstown, MD	3.0	1.5	1320	$1,600	$1.21	21d	1	1.43mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	21d	1	1.43mi
307 N Locust St Hagerstown, MD	3.0	1.0	1140	$1,490	$1.31	44d	1	1.44mi
115 East Ave Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,400	$1.17	44d	1	1.44mi
715 Oak Hill Ave Unit 3N Hagerstown, MD	2.0	1.0	1200	$1,395	$1.16	13d	1	1.49mi
715 Oak Hill Ave Unit 2N Hagerstown, MD	2.0	1.0	1500	$1,595	$1.06	44d	1	1.49mi

Listing history 40 events

1. 2026-06-18
   days on market $179,000 Active 275 DOM
2. 2026-06-17
   days on market $179,000 Active 274 DOM
3. 2026-06-16
   days on market $179,000 Active 273 DOM
4. 2026-06-15
   days on market $179,000 Active 272 DOM
5. 2026-06-14
   days on market $179,000 Active 270 DOM
6. 2026-06-13
   days on market $179,000 Active 269 DOM
7. 2026-06-10
   days on market $179,000 Active 267 DOM
8. 2026-06-09
   days on market $179,000 Active 266 DOM
9. 2026-06-08
   days on market $179,000 Active 265 DOM
10. 2026-06-07
    days on market $179,000 Active 264 DOM
11. 2026-06-03
    days on market $179,000 Active 260 DOM
12. 2026-06-02
    days on market $179,000 Active 259 DOM
13. 2026-06-01
    days on market $179,000 Active 258 DOM
14. 2026-05-31
    days on market $179,000 Active 257 DOM
15. 2026-05-30
    days on market $179,000 Active 256 DOM
16. 2025-12-30
    price $179,000 85-char remark

    Show marketing remark (85 chars)

    This property offers a blank canvas, ready for a full renovation to suit your vision!

17. 2025-09-17
    listed $199,900 Active 85-char remark

    Show marketing remark (85 chars)

    This property offers a blank canvas, ready for a full renovation to suit your vision!

18. 2025-09-16
    historical $199,900 85-char remark

    Show marketing remark (85 chars)

    This property offers a blank canvas, ready for a full renovation to suit your vision!

19. 2020-04-23
    historical 117-char remark

    Show marketing remark (117 chars)

    3 Bedroom 1 Bath Colonial home on a nice lot near Hellene Park. Inside has been stripped and is ready for renovation!

20. 2018-10-29
    soldstatus $50,000
21. 2018-09-14
    soldstatus $62,000 Closed 117-char remark

    Show marketing remark (117 chars)

    3 Bedroom 1 Bath Colonial home on a nice lot near Hellene Park. Inside has been stripped and is ready for renovation!

22. 2018-08-07
    status Pending 117-char remark

    Show marketing remark (117 chars)

    3 Bedroom 1 Bath Colonial home on a nice lot near Hellene Park. Inside has been stripped and is ready for renovation!

23. 2018-07-16
    listed $64,900 Active 117-char remark

    Show marketing remark (117 chars)

    3 Bedroom 1 Bath Colonial home on a nice lot near Hellene Park. Inside has been stripped and is ready for renovation!

24. 2015-12-16
    historical
25. 2015-12-15
    soldstatus $38,599
26. 2015-12-15
    soldstatus $38,599 Sold
27. 2015-10-23
    status Contract
28. 2015-10-12
    price $38,300
29. 2015-08-10
    listed $42,400 Active
30. 2015-08-10
    listed $38,300
31. 2012-11-06
    historical
32. 2012-09-12
    price Active
33. 2012-09-12
    status Active
34. 2012-08-31
    historical Withdrawn
35. 2012-05-08
    price
36. 2012-05-07
    status Active
37. 2012-02-03
    status Contingent (No Kick Out)
38. 2012-01-25
    price
39. 2011-12-05
    price
40. 2011-11-02
    listed Active

ⓘ 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: $1,233 · $103/mo
• Projected year-2 tax: $1,592 · $133/mo
• Expected delta: +$359/yr (+$30/mo · 29.1%)

ⓘ 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 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,449
• − Mortgage interest: −$10,027
• − Property taxes: −$1,233
• − Insurance: −$895
• − Repairs & maintenance: −$1,636
• − Management: −$1,636
• − Depreciation: −$5,207
• Taxable loss: −$185
• Est. tax savings @ 24.0%: +$44
• After-tax cash flow: $2,807/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

+367.4% since first listed

25 events — show timeline

• 2025-12-30 Price Changed $179,000 BRIGHT MLS
• 2025-09-17 Listed $199,900 BRIGHT MLS
• 2025-09-16 Coming Soon $199,900 BRIGHT MLS
• 2020-04-23 Listing Removed — BRIGHT MLS
• 2018-10-29 Sold (Public Records) $50,000 Public Records
• 2018-09-14 Sold (MLS) $62,000 BRIGHT MLS
• 2018-08-07 Pending — BRIGHT MLS
• 2018-07-16 Listed $64,900 BRIGHT MLS
• 2015-12-16 Listing Removed — BRIGHT MLS
• 2015-12-15 Sold (MLS) $38,599 MRIS
• 2015-12-15 Sold (MLS) $38,599 BRIGHT MLS
• 2015-10-23 Pending — MRIS
• 2015-10-12 Price Changed $38,300 MRIS
• 2015-08-10 Listed $42,400 MRIS
• 2015-08-10 Listed $38,300 BRIGHT MLS
• 2012-11-06 Delisted — MRIS
• 2012-09-12 Relisted — MRIS
• 2012-09-12 Price Changed — MRIS
• 2012-08-31 Delisted — MRIS
• 2012-05-08 Price Changed — MRIS
• 2012-05-07 Relisted — MRIS
• 2012-02-03 Pending — MRIS
• 2012-01-25 Price Changed — MRIS
• 2011-12-05 Price Changed — MRIS
• 2011-11-02 Listed — MRIS

Property tax history

-3.0%/yr

Latest (2025): $1,233 · +6.8% YoY. Source: county tax records.