124 S Water St · Frostburg, MD 21532

$69,900

3 bd · 2.0 ba · 1,232 sqft · SingleFamily public records · 89 Days on market

Built 1925 0.31 ac lot $57/sqft · 50% below area Est $140k · 50% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

Convenient Frostburg location - Three, maybe four bedrooms and two full baths - past updates in good condition; flooring, kitchen, baths, windows, walls, fixtures and other - Attached carport conveniently connects to kitchen, large enough for dual use as a covered patio - plus an off-street parking space - full front porch provides comfortable area - recessed lighting in living and kitchen - dining room has attached washer/dryer hookup (and one in basement also); first floor dining room could also be converted to bedroom - First floor bath has walk-in shower - Ceiling fans in all bedrooms, living room and dining room. Wood floors in living and dining rooms - Ceramic tile in kitchen and baths Sold as-is.

Key facts

• Attached carport
• Full front porch
• Ceiling fans

Tags

• ATTACHED CARPORT
• FULL FRONT PORCH
• RECESSED LIGHTING
• WALK-IN SHOWER
• CEILING FANS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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.
• Zoned schools: Beall Elementary (math 19% / reading 30%, grade F, #260 of 860 statewide, top 33%, 451 students, 63% FRL); Mount Savage Middle (math 15% / reading 38%, grade F, #86 of 225 statewide, top 40%, 425 students, 54% FRL); Mountain Ridge High School (math 32% / reading 72%, grade D+, #100 of 222 statewide, top 47%, 736 students, 48% FRL).
• Market conditions: 102 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 28y ago; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.50% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.41%
• DSCR: 1.95
• GRM: 5.6

CMA / ARV

• ARV (median comp): $139,778
• List price: $69,900
• Delta: -49.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
181 W Mechanic St	0.42mi	3/2.0	1,248 (+1%)	3mo	$136,000	$109	75
53 Stoyer St	0.40mi	3/2.0	1,172 (-5%)	10mo	$149,000	$127	65
18 Mill St	0.48mi	4/1.5 (+1)	1,232 (0%)	13mo	$185,000	$150	60
185 S Water St	0.33mi	2/1.0 (-1)	1,296 (+5%)	10mo	$133,000	$103	58
117 Bowery St	0.41mi	4/1.0 (+1)	1,176 (-4%)	10mo	$120,500	$102	56
40 Mcculloh St	0.52mi	2/2.0 (-1)	1,184 (-4%)	14mo	$162,500	$137	53
135 Hill St	0.53mi	4/2.0 (+1)	1,306 (+6%)	10mo	$120,500	$92	52
70 Bowery St	0.43mi	3/1.0	1,120 (-9%)	11mo	$92,500	$83	51
19104 Wencks Ln SW	0.72mi	3/1.0	1,269 (+3%)	10mo	$60,000	$47	49
43 Green St	0.69mi	3/1.0	1,288 (+4%)	9mo	$140,000	$109	48
8 Taylor St	0.29mi	3/1.0	1,391 (+13%)	15mo	$70,400	$51	48
147 Ormand St	0.36mi	3/2.0	1,372 (+11%)	21mo	$219,900	$160	47

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: 14.0%
• Equity multiple: 1.56×
• Total profit: $10,926
• Equity at exit: $10,422

10-year hold

• IRR: 22.8%
• Equity multiple: 2.95×
• Total profit: $38,203
• Equity at exit: $6,044

Cash invested: $19,572 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,047 high
• Mortgage (P&I): −$367
• Tax from tax record: −$82 /mo · $983/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $349

Break-even live

Break-even rent $605

Max offer price $69,900

Occupancy floor 62%

Sensitivity live

Price	-10% $389	-5% $369	+0% $349	+5% $329	+10% $310
Rent	-10% $267	-5% $308	+0% $349	+5% $391	+10% $432
Rate	-1.0pp $384	-0.5pp $367	base $349	+0.5pp $331	+1.0pp $313

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
55 S Broadway Frostburg, MD	3.0	1.0	1020	$1,100	$1.08	45d	1	0.15mi
208 Lower Consol Rd NW Apt D Frostburg, MD	3.0	1.0	730	$1,052	$1.44	45d	1	0.25mi
208 Lower Consol Rd NW Unit c Frostburg, MD	3.0	1.0	730	$1,027	$1.41	45d	1	0.25mi
212 Lower Consol Rd NW Apt 3 Frostburg, MD	3.0	1.0	725	$1,102	$1.52	45d	1	0.27mi
212 Lower Consol Rd NW Apt 6 Frostburg, MD	3.0	1.0	725	$1,052	$1.45	45d	1	0.27mi
6 Bob Cat Ct Frostburg, MD	2.0–3.0	1.0	707	$950	$1.34	45d	5	0.29mi
2 Bob Cat Ct Frostburg, MD	2.0–4.0	1.0–2.0	965	$1,000	$1.04	45d	6	0.30mi
Main St Frostburg, MD	2.0	1.5	1100	$1,100	$1.00	45d	1	0.39mi
84 Bowery St Unit 1 Frostburg, MD	3.0	1.0	800	$1,090	$1.36	45d	1	0.41mi
191 Park Ave Frostburg, MD	1.0–2.0	1.0	650	$899	$1.38	45d	1	0.54mi
193 Glenn St Unit h Frostburg, MD	2.0	1.5	860	$957	$1.11	45d	1	0.69mi
187 Glenn St Frostburg, MD	2.0	1.5	860	$1,000	$1.16	45d	1	0.69mi

Listing history 25 events

1. 2026-06-07
   status $69,900 Pending 89 DOM
2. 2026-05-07
   price $69,900 712-char remark

   Show marketing remark (712 chars)

   Convenient Frostburg location - Three, maybe four bedrooms and two full baths - past updates in good condition; flooring, kitchen, baths, windows, walls, fixtures and other - Attached carport conveniently connects to kitchen, large enough for dual use as a covered patio - plus an off-street parking space - full front porch provides comfortable area - recessed lighting in living and kitchen - dining room has attached washer/dryer hookup (and one in basement also); first floor dining room could also be converted to bedroom - First floor bath has walk-in shower - Ceiling fans in all bedrooms, living room and dining room. Wood floors in living and dining rooms - Ceramic tile in kitchen and baths Sold as-is.

3. 2026-02-20
   listed $89,900 Active 712-char remark

   Show marketing remark (712 chars)

   Convenient Frostburg location - Three, maybe four bedrooms and two full baths - past updates in good condition; flooring, kitchen, baths, windows, walls, fixtures and other - Attached carport conveniently connects to kitchen, large enough for dual use as a covered patio - plus an off-street parking space - full front porch provides comfortable area - recessed lighting in living and kitchen - dining room has attached washer/dryer hookup (and one in basement also); first floor dining room could also be converted to bedroom - First floor bath has walk-in shower - Ceiling fans in all bedrooms, living room and dining room. Wood floors in living and dining rooms - Ceramic tile in kitchen and baths Sold as-is.

4. 2026-02-20
   historical

   Show marketing remark (712 chars)

   Convenient Frostburg location - Three, maybe four bedrooms and two full baths - past updates in good condition; flooring, kitchen, baths, windows, walls, fixtures and other - Attached carport conveniently connects to kitchen, large enough for dual use as a covered patio - plus an off-street parking space - full front porch provides comfortable area - recessed lighting in living and kitchen - dining room has attached washer/dryer hookup (and one in basement also); first floor dining room could also be converted to bedroom - First floor bath has walk-in shower - Ceiling fans in all bedrooms, living room and dining room. Wood floors in living and dining rooms - Ceramic tile in kitchen and baths Sold as-is.

5. 2026-01-29
   price $89,900
6. 2025-12-15
   price $99,900
7. 2025-12-05
   listed $122,900 Active
8. 2025-10-21
   historical
9. 2025-08-04
   listed $122,900 Active
10. 2025-07-23
    historical
11. 2025-06-05
    price $122,900
12. 2025-05-11
    price $129,900
13. 2025-03-30
    listed $139,900 Active
14. 2020-11-13
    historical
15. 2020-11-13
    soldstatus $100,000
16. 2020-11-03
    soldstatus $100,000 Closed
17. 2020-07-31
    status Pending
18. 2020-07-04
    status Active
19. 2020-07-02
    historical Active Under Contract
20. 2020-05-30
    status Pending
21. 2020-04-01
    price $109,900
22. 2019-12-25
    listed $119,900 Active
23. 1999-05-03
    historical
24. 1998-09-15
    listed
25. 1996-02-16
    soldstatus $25,000

ⓘ 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: $983 · $82/mo
• Projected year-2 tax: $983 · $82/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°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: $12,559
• − Mortgage interest: −$3,915
• − Property taxes: −$983
• − Insurance: −$350
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$2,033
• Taxable income: $3,268
• Est. tax owed @ 24.0%: −$784
• After-tax cash flow: $3,406/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

+179.6% since first listed

24 events — show timeline

• 2026-05-07 Price Changed $69,900 BRIGHT MLS
• 2026-02-20 Listing Removed — BRIGHT MLS
• 2026-02-20 Listed $89,900 BRIGHT MLS
• 2026-01-29 Price Changed $89,900 BRIGHT MLS
• 2025-12-15 Price Changed $99,900 BRIGHT MLS
• 2025-12-05 Listed $122,900 BRIGHT MLS
• 2025-10-21 Listing Removed — BRIGHT MLS
• 2025-08-04 Listed $122,900 BRIGHT MLS
• 2025-07-23 Listing Removed — BRIGHT MLS
• 2025-06-05 Price Changed $122,900 BRIGHT MLS
• 2025-05-11 Price Changed $129,900 BRIGHT MLS
• 2025-03-30 Listed $139,900 BRIGHT MLS
• 2020-11-13 Listing Removed — BRIGHT MLS
• 2020-11-13 Sold (Public Records) $100,000 Public Records
• 2020-11-03 Sold (MLS) $100,000 BRIGHT MLS
• 2020-07-31 Pending — BRIGHT MLS
• 2020-07-04 Relisted — BRIGHT MLS
• 2020-07-02 Contingent — BRIGHT MLS
• 2020-05-30 Pending — BRIGHT MLS
• 2020-04-01 Price Changed $109,900 BRIGHT MLS
• 2019-12-25 Listed $119,900 BRIGHT MLS
• 1999-05-03 Delisted — MRIS
• 1998-09-15 Listed — MRIS
• 1996-02-16 Sold (Public Records) $25,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $983 · +14.8% YoY. Source: county tax records.