21 Honeycomb Rd · Middle River, MD 21220

$50,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 19 Days on market

Built 1942 5,663 sqft lot $37/sqft · 82% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

Key facts

• 5,663 sq ft lot
• Garage
• Built 1942

Property features AI

Exterior

• Parking: Detached garage (1 car); Driveway with space for 4 cars (5 total parking spaces)
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached single-family home; Estimated year built
• Construction: Brick, mixed materials, and vinyl siding exterior; Asphalt shingle roof; Block foundation; Vinyl-clad windows
• Exterior features: Rear fully fenced yard; Deck(s)

Interior

• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Luxury vinyl plank; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric baseboard heating; Ceiling fans for cooling; Hot water supplied by natural gas
• Interior features: Entry-level bedroom; Formal separate dining room; Full unfinished basement with sump pump
• Laundry & utility: Washer and dryer included; Basement laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 38.9% vs local median 4.1% in Middle River — 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 78/100 on livability (#76 in MD, #2,777 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Victory Villa Elementary (math 8% / reading 13%, grade F, #590 of 860 statewide, top 70%, 659 students, 75% FRL); Middle River Middle (math 5% / reading 32%, grade F, #159 of 225 statewide, top 73%, 978 students, 62% FRL) — zoned schools average 68% FRL vs 39% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 251 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• This rent runs 32% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,250 (1.5% below list)

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
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 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: 4.32% ✓
• Cap rate: 38.93%
• Cash-on-cash: 116.55%
• DSCR: 6.19
• GRM: 1.9

CMA / ARV

• ARV (median comp): $277,455
• List price: $50,000
• Delta: -81.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Transverse Ave	0.06mi	3/2.0	1,200 (-11%)	11mo	$324,900	$271	67
557 Compass Rd	0.41mi	3/1.0	1,204 (-10%)	1mo	$247,000	$205	63
1013 Cord St	0.74mi	3/2.0	1,340 (-0%)	6mo	$290,000	$216	57
6 Box Cir	0.34mi	3/2.0	1,464 (+9%)	13mo	$400,000	$273	55
111 Compass Rd	0.73mi	3/2.0	1,277 (-5%)	8mo	$266,500	$209	47
559 Compass Rd	0.42mi	3/1.0	1,160 (-14%)	14mo	$220,000	$190	46
563 Compass Rd	0.45mi	3/2.0	1,164 (-13%)	14mo	$270,000	$232	41
320 Harding Ave	0.67mi	2/2.0 (-1)	1,152 (-14%)	8mo	$242,500	$211	30
13 Helicopter	0.68mi	3/1.0	1,148 (-15%)	19mo	$259,900	$226	28
501 Middle River Rd	0.65mi	2/1.0 (-1)	1,188 (-12%)	22mo	$185,000	$156	27

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 · 0.83% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.28×
• Total profit: $73,920
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 12.28×
• Total profit: $157,891
• Equity at exit: $4,323

Cash invested: $14,000 (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 21220

• Rents YoY: 0.8%
• Active inventory: 251
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $2,159 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $1,360

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 32%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
898 Manorgreen Rd Middle River, MD	3.0	2.5	1895	$2,702	$1.43	2d	4	0.51mi
42 Holcumb Ct Middle River, MD	3.0	1.5	1452	$2,200	$1.52	44d	1	0.70mi
8908 Golden Tree Ln Essex, MD	4.0	1.5	1466	$3,000	$2.05	44d	1	0.83mi
1513 Aldeney Ave Middle River, MD	4.0	2.0	1324	$2,295	$1.73	24d	1	0.85mi
9899 Decatur Rd Middle River, MD	3.0	2.5	1840	$2,700	$1.47	44d	1	0.85mi
2 Chelmsford Ct Middle River, MD	3.0	1.5	1122	$2,100	$1.87	2d	1	0.85mi
1516 Becklow Ave Middle River, MD	3.0	1.0	1144	$2,100	$1.84	22d	1	0.87mi
22 Nakota Ct Middle River, MD	3.0	1.5	1194	$2,000	$1.68	44d	1	0.91mi
1542 Becklow Ave Middle River, MD	4.0	2.0	1224	$1,900	$1.55	22d	1	0.91mi
70 Chelmsford Ct Middle River, MD	3.0	1.5	1620	$1,850	$1.14	24d	1	0.95mi
10 Blackfoot Ct Middle River, MD	4.0	2.5	1596	$2,349	$1.47	44d	1	0.95mi
10 Blackfoot Ct Middle River, MD	3.0	2.5	1740	$2,299	$1.32	24d	1	0.95mi
72 Chelmsford Ct Middle River, MD	3.0	2.0	1700	$1,899	$1.12	24d	1	0.95mi
303 Endsleigh Ave Middle River, MD	3.0	2.0	1144	$1,950	$1.70	22d	1	0.99mi
9206 Oswald Way Rosedale, MD	1.0–2.0	1.0–2.0	867	$2,018	$2.33	2d	22	1.03mi
9901 Langs Rd Middle River, MD	1.0–3.0	1.0–1.5	950	$1,795	$1.89	44d	10	1.03mi
233 Orville Rd Essex, MD	3.0	2.0	1144	$1,850	$1.62	44d	1	1.06mi
832 N Marlyn Ave Essex, MD	3.0	2.0	1416	$2,300	$1.62	44d	1	1.10mi
421 Torner Rd Essex, MD	3.0	2.0	1024	$2,050	$2.00	22d	1	1.13mi
8 King Henry Cir Rosedale, MD	3.0	1.0	1012	$1,895	$1.87	44d	1	1.15mi
153 Bennett Rd Unit Labs Essex, MD	2.0	2.0	1196	$1,800	$1.51	5d	1	1.20mi
326 Stemmers Run Rd Essex, MD	4.0	2.0	1144	$2,300	$2.01	44d	1	1.20mi
5326 King Arthur Cir Rosedale, MD	3.0	1.5	1424	$2,300	$1.62	24d	1	1.22mi
8852 Pennsbury Pl Rosedale, MD	3.0	1.5	1400	$1,850	$1.32	24d	1	1.37mi
36 Cartwright Ct Rosedale, MD	3.0	2.0	1024	$2,095	$2.05	22d	1	1.41mi
13 Bohn Ct Rosedale, MD	3.0	1.5	1566	$1,800	$1.15	44d	1	1.41mi
47 S Hawthorne Rd Middle River, MD	3.0	1.0	1024	$1,900	$1.86	24d	1	1.44mi
60 S Hawthorne Rd Middle River, MD	3.0	1.0	1234	$2,250	$1.82	44d	1	1.47mi
2125 Hawthorne Rd Middle River, MD	3.0	2.0	1299	$2,100	$1.62	44d	1	1.49mi
1043 Debbie Ave Essex, MD	4.0	2.5	1860	$2,300	$1.24	13d	1	1.50mi

Listing history 13 events

1. 2026-04-30
   listed $50,000 Active 1151-char remark
2. 2026-04-29
   historical $50,000 1151-char remark
3. 2010-06-22
   soldstatus $177,500
4. 2010-06-15
   soldstatus $177,500 402-char remark

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

5. 2010-06-15
   soldstatus $177,500 Sold

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

6. 2010-04-30
   status Contract

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

7. 2010-04-30
   historical 402-char remark

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

8. 2010-04-26
   price $179,000

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

9. 2010-03-08
   status Active

   Show marketing remark (402 chars)

   REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

10. 2010-03-08
    historical Expired

    Show marketing remark (402 chars)

    REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

11. 2010-03-08
    price $189,000

    Show marketing remark (402 chars)

    REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

12. 2009-09-07
    listed $197,000 Active

    Show marketing remark (402 chars)

    REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

13. 2009-09-07
    listed $179,000 402-char remark

    Show marketing remark (402 chars)

    REDUCED!!! Take advantage of tax credit-Make an offer! Rancher w/ full basement on fenced lot w/ new blacktop driveway leading to 1 car garage w/ electric. Plenty of storage space in lower level. Roof- 1 year. Front steps/Sidewalk/Back Deck are new. Carpet(4 years old)over wood floors. Possible 4th BD in LL or use as a family room w/ electric fireplace. Eat-in kitchen w/ mud room. HMS Home Warranty.

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,903
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$1,455
• Taxable income: $16,503
• Est. tax owed @ 24.0%: −$3,961
• After-tax cash flow: $12,356/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: Baltimore County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Middle River

• Score: 78/100
• State rank: #76
• US rank: #2777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middle River, MD
• County: Baltimore County · 769,527 people
• City population: 42,824
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 42,824
• Household income: $81,817
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1921.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 57% Black 27% Two or more races 6% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 4% Ukrainian 2% Lithuanian 1%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 86% English-only · Spanish 3% Arabic 3% Tagalog/Filipino 2%

Political lean MEDSL · Baltimore

• 2024 margin: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.31%
• Current HPI: 254.5597
• Rent YoY: ▲ 0.83%
• 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

-72.1% since first listed

14 events — show timeline

• 2026-05-19 Pending — BRIGHT MLS
• 2026-04-30 Listed $50,000 BRIGHT MLS
• 2026-04-29 Coming Soon $50,000 BRIGHT MLS
• 2010-06-22 Sold (Public Records) $177,500 Public Records
• 2010-06-15 Sold (MLS) $177,500 MRIS
• 2010-06-15 Sold (MLS) $177,500 BRIGHT MLS
• 2010-04-30 Pending — MRIS
• 2010-04-30 Listing Removed — BRIGHT MLS
• 2010-04-26 Price Changed $179,000 MRIS
• 2010-03-08 Relisted — MRIS
• 2010-03-08 Delisted — MRIS
• 2010-03-08 Price Changed $189,000 MRIS
• 2009-09-07 Listed $197,000 MRIS
• 2009-09-07 Listed $179,000 BRIGHT MLS

Property tax history

+4.3%/yr

Latest (2025): $2,851 · +8.3% YoY. Source: county tax records.