2551 Baltimore Blvd #49 · Eldersburg, MD 21048

$87,000

3 bd · 2.0 ba · 980 sqft · Manufactured · 11 Days on market

Built 2002

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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 +7.5/15.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Listed and sold simultaneously

Key facts

• Fresh paint
• Extra storage
• Well maintained

Tags

• WELL MAINTAINED
• FRESH PAINT
• FUNCTIONAL FLOOR PLAN
• PRIVATE BATHROOM
• EXTRA STORAGE
• QUIET COMMUNITY

Property features AI

Finance

• Other: Ownership interest: Land Lease
• Financial info: Ground rent paid annually
• HOA & community: Land lease amount $740 per month; Land lease term remaining: 99 years

Exterior

• Parking: Driveway parking
• Utilities: Electric cooling and hot water; Propane heating (leased); Water: community and well; Sewer: community septic tank
• Home design: Manufactured home; Above-grade living space only; Single-story entry (all bedrooms on main level)
• Construction: Vinyl siding; Above grade structure
• Exterior features: Land lease community (monthly land lease); Ground rent exists and is paid annually

Interior

• Kitchen: Dishwasher; Built-in microwave; Stove; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms (including 2 full on main level)
• Heating & cooling: Central air conditioning with ceiling fans; Heating: propane (leased); Electric hot water
• Interior features: Built-in microwave; Dishwasher; Stove; Refrigerator; Water heater; No basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $87k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• Cap rate 14.3% 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.

Location & tenants

• 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.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Carroll County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y ago; this cycle's ask is 45% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $53k; list at $87k implies a 64% gain — meaningful room to come down on a strong offer.

Recommended offer $87,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 14.34%
• Cash-on-cash: 28.76%
• DSCR: 2.28
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $47,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2525 Baltimore Blvd #14	0.22mi	2/1.0 (-1)	1,000 (+2%)	13mo	$10,000	$10	66
2551 Baltimore Blvd Lot 65	0.00mi	3/1.0	840 (-14%)	23mo	$40,000	$48	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 23.1%
• Equity multiple: 1.95×
• Total profit: $23,105
• Equity at exit: $12,972

10-year hold

• IRR: 31.0%
• Equity multiple: 3.80×
• Total profit: $68,087
• Equity at exit: $7,522

Cash invested: $24,360 (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 21048

• Active inventory: 36
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$456
• Tax est. 1.5%: −$109 /mo · $1,305/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $584

Break-even live

Break-even rent $761

Max offer price $87,000

Occupancy floor 56%

Sensitivity live

Price	-10% $644	-5% $614	+0% $584	+5% $554	+10% $524
Rent	-10% $465	-5% $525	+0% $584	+5% $643	+10% $702
Rate	-1.0pp $628	-0.5pp $606	base $584	+0.5pp $561	+1.0pp $538

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2717 Cedarhurst Rd Apt 4 Finksburg, MD	2.0	1.0	747	$1,500	$2.01	19d	1	1.34mi

Listing history 7 events

1. 2026-06-21
   days on market $87,000 Coming Soon 11 DOM
2. 2026-06-18
   days on market $87,000 Coming Soon 8 DOM
3. 2026-06-17
   days on market $87,000 Coming Soon 7 DOM
4. 2026-06-16
   days on market $87,000 Coming Soon 6 DOM
5. 2026-06-15
   days on market $87,000 Coming Soon 5 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $87,000 Coming Soon 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,000
• − Mortgage interest: −$4,873
• − Property taxes: −$1,305
• − Insurance: −$435
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$2,531
• Taxable income: $5,976
• Est. tax owed @ 24.0%: −$1,434
• After-tax cash flow: $5,571/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: Carroll County Public Schools
• NCES district ID: 2400210
• Math proficiency: 32% ▼ -25.00%
• Reading proficiency: 47% ▼ -16.00%
• Median HH income: $84,594
• Composite: 37.33/100
• National rank: #4441
• State rank: #2 of 24 in MD

Livability — Eldersburg

• Score: 75/100
• State rank: #103
• US rank: #3957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 37,813
• Population (ZIP): 10,002

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 169,677 people
• By 2030: 169,605 · +-0.0%
• By 2040: 166,205 · -2.0%
• By 2050: 158,312 · -6.7%
• By 2075: 143,013 · -15.7%
• By 2100: 122,431 · -27.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Slovak 4% Italian 3%
• Foreign-born: 6% · Canada, China, Philippines
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Carroll

• 2024 margin: Strong R (+24.9) · D 36.2% · R 61.2% · Other 2.6%
• 2008→2024 swing: +6.2pp toward D · 2008: -31.2pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+23.7 2016: R+36.9 2012: R+34.0 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.28%
• Current HPI: 276.108
• 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

+81.6% since first listed

10 events — show timeline

• 2026-06-11 Coming Soon $87,000 BRIGHT MLS
• 2019-11-19 Sold (MLS) $53,000 BRIGHT MLS
• 2019-11-06 Listed $59,900 BRIGHT MLS
• 2019-11-06 Listing Removed — BRIGHT MLS
• 2010-07-19 Sold (MLS) $46,500 MRIS
• 2010-07-19 Sold (MLS) $46,500 BRIGHT MLS
• 2010-07-10 Pending — MRIS
• 2010-07-09 Listing Removed — BRIGHT MLS
• 2010-06-27 Listed $47,900 MRIS
• 2010-06-27 Listed $47,900 BRIGHT MLS