2551-#77 Baltimore Blvd

Eldersburg, MD 21048

$127,500C-

2 bd · 2.0 ba · 1,064 sqft · Built 2026 · Manufactured · Coming Soon · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$669
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $304/mo
• Annual: $3,647/yr
• Cap rate: 9.15%
• Cash-on-cash: 10.21%
• DSCR: 1.45
• 1% rule: 1.18%
• Cash to close: $35,700

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $128k. Condition is rated poor.
• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• It's been on market 86 days — a 6% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $882 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#103 in MD, #3,957 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: commute F, cost of living F.
• Carroll County Public Schools (suburban): math 32% / reading 47% proficiency, ranked #2 of 24 in MD (top 8%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Sandymount Elementary (math 32% / reading 38%, grade F, #141 of 860 statewide, top 17%, 567 students, 24% FRL); Shiloh Middle (math 22% / reading 50%, grade F, #40 of 225 statewide, top 18%, 604 students, 25% FRL); Westminster High (math 73% / reading 78%, grade A-, #25 of 222 statewide, top 11%, 1,517 students, 24% FRL).
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 156 units permitted in Carroll County in 2024 (12 in 5+ unit buildings).
• Carroll County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $20k; list at $128k implies a 538% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% vs local median 2.2% in Eldersburg — 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

• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 B-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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Appliances — Old and worn
• Major: Exterior siding — Weathered
• Major: Interior walls/paint — No visible condition