22-24 Bethel St · Hagerstown, MD 21740

$150,000

6 bd · 0.0 ba · 2,480 sqft · SingleFamily · 27 Days on market

Built 1908 6,068 sqft lot Est $211k · 29% 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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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 home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

Key facts

• 6,068 sq ft lot
• 2 garage spots
• Built 1908

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: 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.
• Zoned schools: Ruth Ann Monroe Primary (567 students, 80% FRL); Northern Middle (math 10% / reading 32%, grade F, #134 of 225 statewide, top 62%, 848 students, 68% FRL); North Hagerstown High (math 31% / reading 63%, grade D-, #114 of 222 statewide, top 52%, 1,438 students, 62% FRL) — zoned schools average 70% FRL vs 39% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 383 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 37% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $51k; list at $150k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — 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: 1.28% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.74%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $210,800
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 East Ave	0.23mi	6/2.5	2,296 (-7%)	13mo	$294,000	$128	56
220 N Locust St	0.22mi	5/2.0 (-1)	2,400 (-3%)	23mo	$197,500	$82	52
807 Mulberry Ave	0.59mi	6/2.0	2,816 (+14%)	14mo	$238,000	$85	30

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: 5.0%
• Equity multiple: 1.20×
• Total profit: $8,309
• Equity at exit: $22,365

10-year hold

• IRR: 15.4%
• Equity multiple: 2.31×
• Total profit: $54,975
• Equity at exit: $12,969

Cash invested: $42,000 (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: 383
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,921 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $481

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 70%

Sensitivity live

Price	-10% $585	-5% $533	+0% $481	+5% $429	+10% $377
Rent	-10% $329	-5% $405	+0% $481	+5% $557	+10% $633
Rate	-1.0pp $557	-0.5pp $519	base $481	+0.5pp $442	+1.0pp $403

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
836 W Washington St Hagerstown, MD	5.0	1.5	1600	$1,950	$1.22	15d	1	0.96mi

Listing history 14 events

1. 2025-12-29
   status Pending
2. 2025-12-03
   historical
3. 2025-11-07
   listed $150,000 Active
4. 2025-11-06
   historical $150,000
5. 2017-12-02
   historical 175-char remark

   Show marketing remark (175 chars)

   Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

6. 2017-11-30
   soldstatus $51,000 175-char remark

   Show marketing remark (175 chars)

   Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

7. 2017-11-30
   soldstatus $51,000 Sold 175-char remark

   Show marketing remark (175 chars)

   Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

8. 2017-09-18
   status Contract 175-char remark

   Show marketing remark (175 chars)

   Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

9. 2017-09-06
   status Active 175-char remark

   Show marketing remark (175 chars)

   Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

10. 2017-08-22
    status Contract 175-char remark

    Show marketing remark (175 chars)

    Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

11. 2017-08-05
    price $54,900 175-char remark

    Show marketing remark (175 chars)

    Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

12. 2017-07-06
    price $59,900 175-char remark

    Show marketing remark (175 chars)

    Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

13. 2017-06-07
    listed $69,900 Active 175-char remark

    Show marketing remark (175 chars)

    Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

14. 2017-06-07
    listed $54,900 175-char remark

    Show marketing remark (175 chars)

    Large home features 4 bed. , 3 bath, eat in kitchen with separate Dining room. Convenient in town location. with apartment over top of what use to be a duplex but is now a SFR

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $23,052
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,844
• − Management: −$1,844
• − Depreciation: −$4,364
• Taxable income: $3,598
• Est. tax owed @ 24.0%: −$863
• After-tax cash flow: $4,908/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

+173.2% since first listed

14 events — show timeline

• 2025-12-29 Pending — BRIGHT MLS
• 2025-12-03 Listing Removed — BRIGHT MLS
• 2025-11-07 Listed $150,000 BRIGHT MLS
• 2025-11-06 Coming Soon $150,000 BRIGHT MLS
• 2017-12-02 Listing Removed — BRIGHT MLS
• 2017-11-30 Sold (MLS) $51,000 MRIS
• 2017-11-30 Sold (MLS) $51,000 BRIGHT MLS
• 2017-09-18 Pending — MRIS
• 2017-09-06 Relisted — MRIS
• 2017-08-22 Pending — MRIS
• 2017-08-05 Price Changed $54,900 MRIS
• 2017-07-06 Price Changed $59,900 MRIS
• 2017-06-07 Listed $69,900 MRIS
• 2017-06-07 Listed $54,900 BRIGHT MLS