699 Winding Stream Way #102

Odenton, MD 21113

$274,900F

2 bd · 2.0 ba · 1,195 sqft · Built 1993 · Condo · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,364/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$355
• HOA: −$308
• Vac / Maint / Mgmt: −$496
• Net cashflow: $-237/mo
• Annual: $-2,842/yr
• Cap rate: 5.26%
• Cash-on-cash: -3.69%
• DSCR: 0.84
• 1% rule: 0.86%
• Cash to close: $76,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $275k.
• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (15.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (14.0% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $233k (15.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#161 in MD) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, amenities F, commute F.
• Anne Arundel County Public Schools (suburban): math 20% / reading 37% proficiency, ranked #10 of 24 in MD (top 42%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Piney Orchard Elementary (math 23% / reading 30%, grade F, #238 of 860 statewide, top 29%, 966 students, 18% FRL); Arundel Middle (math 17% / reading 50%, grade F, #53 of 225 statewide, top 24%, 1,286 students, 28% FRL); Arundel High (math 51% / reading 71%, grade C+, #65 of 222 statewide, top 31%, 1,617 students, 26% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: Rents rising (+2.0%/yr); 153 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,303 units permitted in Anne Arundel County in 2024 (299 in 5+ unit buildings).
• Anne Arundel County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 26y 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 3.9% in Odenton — 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

• 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?
• 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?
• 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?
• 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?
• 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.