37 Cardor Ct #37

Perry Hall, MD 21236

$215,000D

2 bd · 1.5 ba · 1,054 sqft · Built 1988 · Condo · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,053/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$200
• Vac / Maint / Mgmt: −$431
• Net cashflow: $-63/mo
• Annual: $-761/yr
• Cap rate: 5.94%
• Cash-on-cash: -1.26%
• DSCR: 0.94
• 1% rule: 0.95%
• Cash to close: $60,200

Investor read

• This is a 2-bed/1.5-bath condo listed at $215k.
• At list price, monthly cash flow is $-63 ($-761/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (4.5% below list).
• It's been on market 17 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (5.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#8 in MD, #313 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, crime D-.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Perry Hall Elementary (math 24% / reading 29%, grade F, #238 of 860 statewide, top 29%, 443 students, 48% FRL); Perry Hall Middle (math 15% / reading 46%, grade F, #64 of 225 statewide, top 28%, 1,754 students, 40% FRL); Perry Hall High (math 19% / reading 57%, grade F, #137 of 222 statewide, top 62%, 2,029 students, 45% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 132 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 5.9% vs local median 4.2% in Perry Hall — 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.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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?
• 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.