25 S Locust St · Hagerstown, MD 21740

$445,000

24 bd · None ba · 3,548 sqft · MultiFamily public records · 223 Days on market

Built 1920 5,392 sqft lot $125/sqft · 51% above area

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Why this score? — see what drove the C 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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

INVESTORS SPECIAL! Nice four unit building available in downtown Hagerstown! The building has two sides each with a 1/1 bath unit and a 2/1 bath unit! Well-maintained!! Off-Street parking!

Key facts

• 5,392 sq ft lot
• Built 1920
• Listed 223 days

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 2×2bd/1ba units multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $445k).
• Recommended offer: $392k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.4% in Hagerstown — 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 77/100 on livability (#83 in MD, #3,170 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools C-, crime F, employment F.
• Washingtion County Public Schools (suburban): math 18% / reading 33% proficiency, ranked #13 of 24 in MD (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.0%/yr); 368 active listings in the ZIP; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• At $4,778/mo this rent would consume 91% of the median local household income ($63k/yr) (locally 2832% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $125k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($392k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $144k; list at $445k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $391,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.07% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.8

CMA / ARV

• ARV (median comp): $294,354
• List price: $445,000
• Delta: 51.18%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-2,387
• Equity at exit: $66,351

10-year hold

• IRR: 10.1%
• Equity multiple: 1.81×
• Total profit: $101,433
• Equity at exit: $38,475

Cash invested: $124,600 (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 21740

• Rents YoY: 4.0%
• Active inventory: 368
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $4,778 high
• Mortgage (P&I): −$2,334
• Tax from tax record: −$169 /mo · $2,024/yr
• Insurance: −$185
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,003
• Net cashflow: $1,020

Break-even live

Break-even rent $3,486

Max offer price $445,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,330
▸ 2× units	2	1	$2,448
Total (4 units)			$4,778

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $445,000 Active 223 DOM
2. 2026-06-17
   days on market $445,000 Active 222 DOM
3. 2026-06-16
   days on market $445,000 Active 221 DOM
4. 2026-06-15
   days on market $445,000 Active 220 DOM
5. 2026-06-14
   days on market $445,000 Active 218 DOM
6. 2026-06-13
   days on market $445,000 Active 217 DOM
7. 2026-06-10
   days on market $445,000 Active 215 DOM
8. 2026-06-09
   days on market $445,000 Active 214 DOM
9. 2026-06-08
   days on market $445,000 Active 213 DOM
10. 2026-06-07
    days on market $445,000 Active 212 DOM
11. 2026-06-03
    days on market $445,000 Active 208 DOM
12. 2026-06-02
    days on market $445,000 Active 207 DOM
13. 2026-06-01
    days on market $445,000 Active 206 DOM
14. 2026-05-31
    days on market $445,000 Active 205 DOM
15. 2026-05-30
    days on market $445,000 Active 204 DOM
16. 2025-11-07
    listed $445,000 Active 188-char remark

    Show marketing remark (188 chars)

    INVESTORS SPECIAL! Nice four unit building available in downtown Hagerstown! The building has two sides each with a 1/1 bath unit and a 2/1 bath unit! Well-maintained!! Off-Street parking!

17. 2025-10-02
    historical $445,000 188-char remark

    Show marketing remark (188 chars)

    INVESTORS SPECIAL! Nice four unit building available in downtown Hagerstown! The building has two sides each with a 1/1 bath unit and a 2/1 bath unit! Well-maintained!! Off-Street parking!

18. 2018-04-30
    soldstatus $144,000
19. 2003-04-29
    soldstatus $83,900
20. 1987-09-14
    soldstatus $60,200

ⓘ 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: $2,024 · $169/mo
• Projected year-2 tax: $3,437 · $286/mo
• Expected delta: +$1,413/yr (+$118/mo · 69.8%)

ⓘ 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) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,336
• − Mortgage interest: −$24,927
• − Property taxes: −$2,024
• − Insurance: −$3,022
• − Repairs & maintenance: −$4,587
• − Management: −$4,587
• − Depreciation: −$12,945
• Taxable income: $5,243
• Est. tax owed @ 24.0%: −$1,258
• After-tax cash flow: $10,987/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: Washingtion County Public Schools
• NCES district ID: 2400660
• Math proficiency: 18% ▼ -20.00%
• Reading proficiency: 33% ▼ -17.00%
• Median HH income: $54,784
• Composite: 22.87/100
• National rank: #8007
• State rank: #13 of 24 in MD

Livability — Hagerstown

• Score: 77/100
• State rank: #83
• US rank: #3170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hagerstown, MD
• County: Washington County · 98,861 people
• City population: 64,792
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 64,792
• Household income: $62,873
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 2832.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 151,614 people
• By 2030: 151,455 · -0.1%
• By 2040: 150,097 · -1.0%
• By 2050: 148,193 · -2.3%
• By 2075: 146,581 · -3.3%
• By 2100: 138,025 · -9.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 18% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 9% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+23.0) · D 37.3% · R 60.4% · Other 2.3%
• 2008→2024 swing: -10.2pp toward R · 2008: -12.9pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+20.9 2016: R+32.4 2012: R+18.5 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.38%
• Current HPI: 264.8018
• Rent YoY: ▲ 4.00%
• Metro: Hagerstown-Martinsburg, MD-WV
• 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

+639.2% since first listed

5 events — show timeline

• 2025-11-07 Listed $445,000 BRIGHT MLS
• 2025-10-02 Coming Soon $445,000 BRIGHT MLS
• 2018-04-30 Sold (Public Records) $144,000 Public Records
• 2003-04-29 Sold (Public Records) $83,900 Public Records
• 1987-09-14 Sold (Public Records) $60,200 Public Records

Property tax history

-1.6%/yr

Latest (2025): $2,024 · +2.6% YoY. Source: county tax records.