8905 Stone Creek Pl #201

Owings Mills, MD 21208

$228,000D

3 bd · 2.0 ba · 1,217 sqft · Built 1996 · Condo · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,354/mo
• Mortgage (P&I): −$1,196
• Tax + insurance: −$337
• HOA: −$360
• Vac / Maint / Mgmt: −$494
• Net cashflow: $-33/mo
• Annual: $-396/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.62%
• DSCR: 0.97
• 1% rule: 1.03%
• Cash to close: $63,840

Investor read

• This is a 3-bed/2.0-bath condo listed at $228k.
• At list price, monthly cash flow is $-33 ($-396/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (2.6% below list).
• Meets the 1% rule at list price ($2k rent vs $228k).
• It's been on market 129 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 79/100 on livability (#57 in MD, #2,037 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living C-, amenities D, 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: Woodholme Elementary (math 7% / reading 18%, grade F, #535 of 860 statewide, top 62%, 696 students, 58% FRL); Northwest Academy of Health Sciences (math 6% / reading 35%, grade F, #141 of 225 statewide, top 65%, 759 students, 62% FRL); New Town High (math 2% / reading 24%, grade F, #191 of 222 statewide, top 86%, 1,316 students, 55% FRL) — zoned schools average 58% FRL vs 39% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 171 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 11y 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 $140k; list at $228k implies a 63% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.0% in Owings Mills — 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.
• This rent runs 31% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?