5364 Smooth Meadow Way #6 · Columbia, MD 21044

$235,000

3 bd · 2.0 ba · 1,115 sqft · Condo public records · 1 Days on market

Built 1984 $59/mo HOA · 2% of rent

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Why this score? — see what drove the C 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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come and check out this spacious condo perfect for any buyer who no longer wishes to rent or for an investor who are looking to add to their portfolio! With a total of 3 bedrooms and 2 full bathrooms, this is definitely perfect for your family! Enjoy the very spacious living area with fireplace or enjoy the fresh air in the balcony. Conveniently located close to Town Center, The Columbia Mall, Whole Foods, THE pearl, Centennial Park, and recreation such as Fairway Hills Golf Course. Enjoy the bike/walking paths, Olde Ellicott City, Ft. Meade. It is also close to restaurants, all major commuter routes, and the Dorsey MARC station. The perfect location between Baltimore and Washington DC. Wha

Key facts

• Close to whole foods
• Spacious living area
• Balcony

Tags

• SPACIOUS LIVING AREA
• FIREPLACE
• BALCONY
• CLOSE TO TOWN CENTER
• CLOSE TO THE COLUMBIA MALL
• CLOSE TO WHOLE FOODS

Property features AI

Finance

• Other: Finished above-grade area: 1,115 (source: Assessor); Ownership interest: Condominium; Unit building type: Garden 1–4 floors; Year built source: Assessor
• HOA & community: HOA fee includes common area maintenance, exterior building maintenance, and road maintenance; Community amenities include bike trail and jog/walk path; HOA fee: $709.54 annually

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer; Electric service for heating, cooling, and hot water
• Home design: Condominium; Penthouse; Brick construction
• Construction: Brick construction
• Exterior features: Garden-style building (1–4 floors); Above-grade and below-grade structures noted; Located outside city limits; Entry floor: 1

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level; 2 full bathrooms total
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Penthouse unit; No basement
• Laundry & utility: Washer/dryer hookup in unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Cap rate 8.6% vs local median 3.2% in Columbia — 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 80/100 on livability (#51 in MD, #1,939 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Howard County Public Schools (suburban): math 34% / reading 49% proficiency, ranked #1 of 24 in MD (top 4%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 145 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 881 units permitted in Howard County in 2024 (285 in 5+ unit buildings).

Forward outlook

• 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.
• Howard County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $86k; list at $235k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.7% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-15,031
• Equity at exit: $35,039

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $459
• Equity at exit: $20,319

Cash invested: $65,800 (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 21044

• Rents YoY: 0.7%
• Active inventory: 145
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,757 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$331 /mo · $3,966/yr
• Insurance: −$98
• HOA: −$59
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $458

Break-even live

Break-even rent $2,177

Max offer price $235,000

Occupancy floor 78%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5382 Smooth Meadow Way Unit B2A-12 Columbia, MD	2.0	2.0	1154	$2,300	$1.99	10d	1	0.06mi
5361 Brook Way Columbia, MD	1.0–5.0	1.0–2.5	1280	$2,645	$2.07	2d	32	0.14mi
10201 Wincopin Cir Columbia, MD	1.0–2.0	1.0–2.0	953	$4,116	$4.32	2d	15	0.57mi
5441 Columbia Rd Columbia, MD	1.0–3.0	1.0–2.0	1064	$3,025	$2.84	2d	1	0.71mi
5331 Columbia Rd Columbia, MD	1.0–3.0	1.0–2.0	975	$2,924	$3.00	3d	10	0.81mi
10101 Twin Rivers Rd Columbia, MD	3.0	1.0–2.0	1017	$3,802	$3.74	1d	35	0.90mi
10304 Nightmist Ct Columbia, MD	3.0	2.5	1160	$2,600	$2.24	17d	1	0.96mi
10360 Swift Stream Pl Columbia, MD	1.0–3.0	1.0–2.0	1067	$3,093	$2.90	1d	18	0.97mi
10000 Town Center Ave Columbia, MD	1.0–3.0	1.0–2.0	1014	$3,754	$3.70	2d	32	0.98mi
10601 Gramercy Pl Columbia, MD	1.0–3.0	1.0–2.0	1043	$3,712	$3.56	2d	11	1.06mi
9633 Whiteacre Rd Unit B4 Columbia, MD	2.0	1.5	953	$1,789	$1.88	43d	1	1.07mi
5029 Columbia Rd Columbia, MD	2.0	1.5	1049	$1,967	$1.88	3d	1	1.08mi
4965 Columbia Rd Columbia, MD	1.0–2.0	1.0	765	$1,791	$2.34	23d	1	1.12mi
5421 Lynx Ln Unit A-317 Columbia, MD	2.0	2.0	1104	$2,676	$2.42	2d	1	1.18mi
10580 Cross Fox Ln Unit D2 Columbia, MD	2.0	1.5	976	$1,990	$2.04	21d	1	1.21mi
6000 Merriweather Dr Columbia, MD	3.0	1.0–2.0	1034	$4,004	$3.87	2d	23	1.32mi
5669 Harpers Farm Rd Unit A Columbia, MD	2.0	2.0	1368	$2,600	$1.90	43d	1	1.33mi
6200 Valencia Ln Columbia, MD	2.0	1.0–2.0	868	$3,788	$4.36	1d	29	1.42mi
5407 Fallriver Row Ct Columbia, MD	4.0	2.5	1380	$2,500	$1.81	23d	1	1.49mi

HOA detail condo

• Monthly dues: $59 · $708/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $235,000 Active 1 DOM

ⓘ 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: $3,966 · $331/mo
• Projected year-2 tax: $3,966 · $331/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,084
• − Mortgage interest: −$13,164
• − Property taxes: −$3,966
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,647
• − Management: −$2,647
• − HOA: −$708
• − Depreciation: −$6,836
• Taxable income: $1,941
• Est. tax owed @ 24.0%: −$466
• After-tax cash flow: $5,033/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: Howard County Public Schools
• NCES district ID: 2400420
• Math proficiency: 34% ▼ -22.00%
• Reading proficiency: 49% ▼ -11.00%
• Median HH income: $108,056
• Composite: 41.23/100
• National rank: #3535
• State rank: #1 of 24 in MD

Livability — Columbia

• Score: 80/100
• State rank: #51
• US rank: #1939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, MD
• County: Howard County · 282,651 people
• City population: 99,756
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 44,114
• Household income: $135,057
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 1536.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 367,857 people
• By 2030: 394,054 · +7.1%
• By 2040: 443,509 · +20.6%
• By 2050: 488,124 · +32.7%
• By 2075: 594,860 · +61.7%
• By 2100: 648,772 · +76.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 44% Black 26% Asian 12% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 2% Scotch-Irish 2%
• Foreign-born: 20% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 6% Other Indo-European 4% Chinese 4%

Political lean MEDSL · Howard

• 2024 margin: Solid D (+41.8) · D 69.1% · R 27.4% · Other 3.5%
• 2008→2024 swing: +19.9pp toward D · 2008: 21.9pp · 2024: 41.8pp
• All cycles: 2024: D+41.8 2020: D+44.3 2016: D+33.5 2012: D+21.2 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -310.77%
• Current HPI: 287.8011
• Rent YoY: ▲ 0.70%
• Metro: Baltimore-Columbia-Towson, MD
• 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

+203.2% since first listed

3 events — show timeline

• 2026-06-18 Listed $235,000 BRIGHT MLS
• 1990-12-04 Sold (Public Records) $85,900 Public Records
• 1985-06-11 Sold (Public Records) $77,500 Public Records

Property tax history

+7.5%/yr

Latest (2025): $3,966 · +4.7% YoY. Source: county tax records.