509 Maryland Ave · Westernport, MD 21562

$29,500

4 bd · 2.0 ba · 1,524 sqft · MultiFamily public records · 78 Days on market

Built 1919 2,100 sqft lot $19/sqft · 66% below area ↓ 26% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.6/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

Key facts

• 2,100 sq ft lot
• Built 1919
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $30k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $30k).
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#188 in MD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools D, amenities F, commute F.
• Allegany County Public Schools (other): math 15% / reading 30% proficiency, ranked #18 of 24 in MD (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 23 active listings in the ZIP; 24 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $583 of equity ($204 loan paydown + $379 appreciation (1.3% local appreciation)).
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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

• Watch-outs: flood insurance adds $56/mo; built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 8→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $27,730 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 9.15% ✓
• Cap rate: 84.13%
• Cash-on-cash: 277.99%
• DSCR: 13.37
• GRM: 0.9

CMA / ARV

• ARV (median comp): $86,395
• List price: $29,500
• Delta: -65.85%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

1.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.45×
• Total profit: $119,382
• Equity at exit: $10,511

10-year hold

• IRR: —
• Equity multiple: 32.81×
• Total profit: $262,724
• Equity at exit: $14,314

Cash invested: $8,260 (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 21562

• Home prices YoY: 0.6%
• Active inventory: 23
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,699 medium
• Mortgage (P&I): −$155
• Tax from tax record: −$52 /mo · $621/yr
• Insurance: −$12
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $1,858

Break-even live

Break-even rent $347

Max offer price $29,500

Occupancy floor 26%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,700
Total (3 units)			$2,699

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: $7,375
• Closing costs: $885
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $29,500 Active 78 DOM
2. 2026-06-18
   days on market $29,500 Active 77 DOM
3. 2026-06-17
   days on market $29,500 Active 76 DOM
4. 2026-06-16
   days on market $29,500 Active 75 DOM
5. 2026-06-15
   days on market $29,500 Active 74 DOM
6. 2026-06-14
   days on market $29,500 Active 72 DOM
7. 2026-06-12
   days on market $29,500 Active 71 DOM
8. 2026-06-09
   days on market $29,500 Active 68 DOM
9. 2026-06-08
   days on market $29,500 Active 67 DOM
10. 2026-06-07
    days on market $29,500 Active 66 DOM
11. 2026-06-02
    days on market $29,500 Active 61 DOM
12. 2026-06-01
    days on market $29,500 Active 60 DOM
13. 2026-05-31
    days on market $29,500 Active 59 DOM
14. 2026-05-30
    days on market $29,500 Active 58 DOM
15. 2026-04-02
    listed $29,500 Active
16. 2011-12-21
    historical 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

17. 2011-12-20
    soldstatus $32,000 Sold 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

18. 2011-12-20
    soldstatus $32,000

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

19. 2011-11-30
    status Contract 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

20. 2011-11-29
    historical
21. 2011-06-29
    status Active 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

22. 2011-06-29
    historical Expired 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

23. 2011-06-28
    listed $39,900 Active 323-char remark

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

24. 2011-06-28
    listed $39,900

    Show marketing remark (323 chars)

    Nice Upstairs/downstairs Double house with separate basements. Previously owner occupied first floor and second floor has not been rented in many years at the owners choice. Very close to playgrounds, ballparks, school and shopping. Level area of Westernport. Nice residential street. Owner will consider partial financing.

ⓘ 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: $621 · $52/mo
• Projected year-2 tax: $621 · $52/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 8 d/yr ≥94°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,388
• − Mortgage interest: −$1,652
• − Property taxes: −$621
• − Insurance: −$814
• − Repairs & maintenance: −$2,591
• − Management: −$2,591
• − Depreciation: −$858
• Taxable income: $23,260
• Est. tax owed @ 24.0%: −$5,582
• After-tax cash flow: $16,713/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: Allegany County Public Schools
• NCES district ID: 2400030
• Math proficiency: 15% ▼ -26.00%
• Reading proficiency: 30% ▼ -20.00%
• Median HH income: $39,760
• Composite: 18.95/100
• National rank: #8854
• State rank: #18 of 24 in MD

Livability — Westernport

• Score: 69/100
• State rank: #188
• US rank: #8479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westernport, MD
• Population (ZIP): 3,192

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 68,778 people
• By 2030: 66,766 · -2.9%
• By 2040: 62,784 · -8.7%
• By 2050: 59,179 · -14.0%
• By 2075: 50,732 · -26.2%
• By 2100: 40,837 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 1%
• Common ancestry: Slovak 2% Iranian 2% Italian 1%
• Foreign-born: 0%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+40.3) · D 28.9% · R 69.2% · Other 2.0%
• 2008→2024 swing: -14.4pp toward R · 2008: -25.9pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+38.3 2016: R+48.0 2012: R+32.9 2008: R+25.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.28%
• Current HPI: 216.4044
• Rent YoY: —
• Metro: —
• 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

-26.1% since first listed

10 events — show timeline

• 2026-04-02 Listed $29,500 BRIGHT MLS
• 2011-12-21 Delisted — MRIS
• 2011-12-20 Sold (MLS) $32,000 BRIGHT MLS
• 2011-12-20 Sold (MLS) $32,000 MRIS
• 2011-11-30 Pending — MRIS
• 2011-11-29 Listing Removed — BRIGHT MLS
• 2011-06-29 Relisted — MRIS
• 2011-06-29 Delisted — MRIS
• 2011-06-28 Listed $39,900 MRIS
• 2011-06-28 Listed $39,900 BRIGHT MLS

Property tax history

+1.1%/yr

Latest (2025): $621 · +7.1% YoY. Source: county tax records.