8 Hill St · Frostburg, MD 21532

$245,000

12 bd · 6.0 ba · 3,780 sqft · MultiFamily public records · 84 Days on market

Built 1935 6,144 sqft lot $65/sqft · at area comps Est $251k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

6-unit multifamily investment property offering immediate cash flow and strong upside potential. All units are 2 bedrooms and 1 bathroom. Five of six units are currently occupied. All leases are month to month, providing a new owner with full flexibility to reposition rents or renovate at turnover. Current rents are below market rate with potential to achieve a double-digit cap rate through modest rent increases in line with current market conditions. Located in Frostburg, home to Frostburg State University, supporting consistent rental demand. Ideal for investors seeking a value-add multifamily asset with stabilized occupancy and room to grow. Do not disturb tenants. All showings by appointment only.

Key facts

• Occupied units
• Stabilized occupancy
• 6,144 sq ft lot

Tags

• OCCUPIED UNITS
• MONTH TO MONTH LEASES
• DOUBLE-DIGIT CAP RATE
• CONSISTENT RENTAL DEMAND
• VALUE-ADD MULTIFAMILY ASSET
• STABILIZED OCCUPANCY

What this means for you Summary

Snapshot

• This is a 12-bed/6.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $245k).
• Recommended offer: $230k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.8% vs local median 4.2% in Frostburg — 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 87/100 on livability (#7 in MD, #287 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment 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: 102 active listings in the ZIP; 24 units permitted in Allegany County in 2024 (0 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.
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1935 — 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. 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.
7. 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.
8. 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: 2.33% ✓
• Cap rate: 20.83%
• Cash-on-cash: 51.91%
• DSCR: 3.31
• GRM: 3.6

CMA / ARV

• ARV (median comp): $250,784
• List price: $245,000
• Delta: -2.31%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 48.8%
• Equity multiple: 3.13×
• Total profit: $145,805
• Equity at exit: $36,530

10-year hold

• IRR: 54.3%
• Equity multiple: 6.33×
• Total profit: $365,921
• Equity at exit: $21,183

Cash invested: $68,600 (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 21532

• Home prices YoY: -24.2%
• Active inventory: 102
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $5,718 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$163 /mo · $1,952/yr
• Insurance: −$102
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,201
• Net cashflow: $2,912

Break-even live

Break-even rent $2,032

Max offer price $245,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$5,718
Total (6 units)			$5,718

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $245,000 Active 84 DOM
2. 2026-06-18
   days on market $245,000 Active 83 DOM
3. 2026-06-17
   days on market $245,000 Active 82 DOM
4. 2026-06-16
   days on market $245,000 Active 81 DOM
5. 2026-06-15
   days on market $245,000 Active 80 DOM
6. 2026-06-14
   days on market $245,000 Active 78 DOM
7. 2026-06-12
   days on market $245,000 Active 77 DOM
8. 2026-06-09
   days on market $245,000 Active 74 DOM
9. 2026-06-08
   days on market $245,000 Active 73 DOM
10. 2026-06-07
    days on market $245,000 Active 72 DOM
11. 2026-06-02
    days on market $245,000 Active 67 DOM
12. 2026-06-01
    days on market $245,000 Active 66 DOM
13. 2026-05-31
    days on market $245,000 Active 65 DOM
14. 2026-05-30
    days on market $245,000 Active 64 DOM
15. 2026-04-28
    price $255,000 710-char remark

    Show marketing remark (710 chars)

    6-unit multifamily investment property offering immediate cash flow and strong upside potential. All units are 2 bedrooms and 1 bathroom. Five of six units are currently occupied. All leases are month to month, providing a new owner with full flexibility to reposition rents or renovate at turnover. Current rents are below market rate with potential to achieve a double-digit cap rate through modest rent increases in line with current market conditions. Located in Frostburg, home to Frostburg State University, supporting consistent rental demand. Ideal for investors seeking a value-add multifamily asset with stabilized occupancy and room to grow. Do not disturb tenants. All showings by appointment only.

16. 2026-04-07
    price $265,000 710-char remark

    Show marketing remark (710 chars)

    6-unit multifamily investment property offering immediate cash flow and strong upside potential. All units are 2 bedrooms and 1 bathroom. Five of six units are currently occupied. All leases are month to month, providing a new owner with full flexibility to reposition rents or renovate at turnover. Current rents are below market rate with potential to achieve a double-digit cap rate through modest rent increases in line with current market conditions. Located in Frostburg, home to Frostburg State University, supporting consistent rental demand. Ideal for investors seeking a value-add multifamily asset with stabilized occupancy and room to grow. Do not disturb tenants. All showings by appointment only.

17. 2026-03-27
    listed $275,000 Active 710-char remark

    Show marketing remark (710 chars)

    6-unit multifamily investment property offering immediate cash flow and strong upside potential. All units are 2 bedrooms and 1 bathroom. Five of six units are currently occupied. All leases are month to month, providing a new owner with full flexibility to reposition rents or renovate at turnover. Current rents are below market rate with potential to achieve a double-digit cap rate through modest rent increases in line with current market conditions. Located in Frostburg, home to Frostburg State University, supporting consistent rental demand. Ideal for investors seeking a value-add multifamily asset with stabilized occupancy and room to grow. Do not disturb tenants. All showings by appointment only.

18. 2018-10-17
    historical
19. 2018-04-24
    listed $225,000 Active
20. 2008-07-21
    soldstatus $185,000
21. 2008-07-03
    historical
22. 2008-06-27
    listed $200,000

ⓘ 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: $1,952 · $163/mo
• Projected year-2 tax: $2,311 · $193/mo
• Expected delta: +$359/yr (+$30/mo · 18.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥91°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,616
• − Mortgage interest: −$13,724
• − Property taxes: −$1,952
• − Insurance: −$1,892
• − Repairs & maintenance: −$5,489
• − Management: −$5,489
• − Depreciation: −$7,127
• Taxable income: $32,943
• Est. tax owed @ 24.0%: −$7,906
• After-tax cash flow: $27,039/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 — Frostburg

• Score: 87/100
• State rank: #7
• US rank: #287

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frostburg, MD
• Population (ZIP): 13,123

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 (89%)
• Race & ethnicity: White 89% Black 6% Two or more races 2% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 5% Romanian 2% Italian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Chinese 1%

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: ▼ -78.31%
• Current HPI: 244.5937
• 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

+27.5% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $255,000 BRIGHT MLS
• 2026-04-07 Price Changed $265,000 BRIGHT MLS
• 2026-03-27 Listed $275,000 BRIGHT MLS
• 2018-10-17 Listing Removed — BRIGHT MLS
• 2018-04-24 Listed $225,000 BRIGHT MLS
• 2008-07-21 Sold (MLS) $185,000 MRIS
• 2008-07-03 Delisted — MRIS
• 2008-06-27 Listed $200,000 MRIS

Property tax history

+0.7%/yr

Latest (2025): $1,952 · -0.9% YoY. Source: county tax records.