904 - 906 Chestnut St · Hagerstown, MD 21740

$284,900

4 bd · 0.0 ba · 1,724 sqft · MultiFamily · 23 Days on market

Built 1938 0.26 ac lot Est $202k · 41% over

---

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 +14.5/30.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent investment opportunity in a prime location with strong rental history and upside potential. This fully rented up-and-down duplex features two 2-bedroom, 1-bath units with separate electric meters and a detached 2-car garage. Unit 904 currently rents for $950/month, while Unit 906 is below market at $800/month, offering immediate value-add potential for increased cash flow. Property improvements include replacement windows and an upgraded 200-amp electrical panel. A solid addition to any investment portfolio with stable income and future growth opportunity. 2025 YE and 2026 YTD P & L is uploaded in Bright.

Key facts

• Fully rented duplex
• Prime location
• Detached garage

Tags

• INVESTMENT OPPORTUNITY
• PRIME LOCATION
• STRONG RENTAL HISTORY
• FULLY RENTED DUPLEX
• SEPARATE ELECTRIC METERS
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached rear-entry garage with 2 garage spaces; Driveway and on-street parking
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Detached building
• Construction: Aluminum siding; Block foundation; Built year per assessor
• Exterior features: Detached structure; Above-grade and below-grade spaces; No tidal water

Interior

• Bedrooms: Two 2-bedroom units
• Heating & cooling: Electric baseboard heating; Electric cooling
• Interior features: Two-unit property

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $63 ($756/yr) — positive. Per door: $32/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $257k (9.7% below list).
• Recommended offer: $257k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• At $2,572/mo this rent would consume 49% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y 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.
• Current owner paid $191k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $257,200 (9.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $201,708
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
433 Guilford Ave	0.54mi	4/—	1,836 (+6%)	4mo	$215,000	$117	61

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 · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.50×
• Total profit: $-39,501
• Equity at exit: $42,480

10-year hold

• IRR: -3.3%
• Equity multiple: 0.77×
• Total profit: $-18,127
• Equity at exit: $24,633

Cash invested: $79,772 (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: 18.5×

Monthly cashflow live

• Estimated rent: $2,572 high
• Mortgage (P&I): −$1,494
• Tax est. 1.5%: −$356 /mo · $4,274/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $63

Break-even live

Break-even rent $2,492

Max offer price $284,900

Occupancy floor 93%

Sensitivity live

Price	-10% $260	-5% $161	+0% $63	+5% $-35	+10% $-134
Rent	-10% $-140	-5% $-39	+0% $63	+5% $165	+10% $266
Rate	-1.0pp $206	-0.5pp $135	base $63	+0.5pp $-11	+1.0pp $-86

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,572
Total (2 units)			$2,572

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: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 W Wilson Blvd Hagerstown, MD	3.0	2.0	1440	$1,730	$1.20	21d	1	0.19mi
837 Virginia Ave Hagerstown, MD	3.0	2.0	1400	$2,000	$1.43	14d	1	0.32mi
909 Corbett St Hagerstown, MD	3.0	2.5	1276	$2,695	$2.11	14d	1	0.36mi
672 Armstrong Ave Hagerstown, MD	4.0	2.0	1698	$2,680	$1.58	21d	1	0.73mi
338 S Locust St Hagerstown, MD	3.0	1.5	1320	$1,600	$1.21	21d	1	0.76mi
612 Frederick St Hagerstown, MD	4.0	2.0	1422	$1,875	$1.32	21d	1	0.83mi
313 Frederick St Unit 313 Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	44d	1	0.86mi
313 Frederick St Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	44d	1	0.86mi
1527 Sherman Ave Unit 2 Hagerstown, MD	3.0	2.5	1496	$2,100	$1.40	21d	1	1.02mi
1529 Sherman Ave Unit 1 Hagerstown, MD	3.0	2.5	1496	$2,100	$1.40	21d	1	1.02mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	14d	1	1.18mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	21d	1	1.20mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	44d	1	1.21mi
17940 Garden Ln Hagerstown, MD	1.0–3.0	1.0–2.0	1020	$1,706	$1.67	14d	19	1.29mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	44d	1	1.30mi
409 Gandy Dancer Ct Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	21d	1	1.34mi
409 Gandy Dancer Ct Unit 409 Hagerstown, MD	4.0	3.5	2112	$2,350	$1.11	44d	1	1.34mi
16 East Ave Hagerstown, MD	4.0	1.0	2088	$1,425	$0.68	44d	1	1.40mi
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	44d	1	1.42mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	21d	1	1.42mi
836 W Washington St Hagerstown, MD	5.0	1.5	1600	$1,950	$1.22	14d	1	1.43mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	44d	1	1.46mi
311 Jefferson St Unit 311 Hagerstown, MD	3.0	1.5	1200	$1,550	$1.29	44d	1	1.49mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	21d	1	1.49mi

Listing history 36 events

1. 2026-06-18
   days on market $284,900 Active 23 DOM
2. 2026-06-17
   days on market $284,900 Active 22 DOM
3. 2026-06-16
   days on market $284,900 Active 21 DOM
4. 2026-06-15
   days on market $284,900 Active 20 DOM
5. 2026-06-14
   days on market $284,900 Active 18 DOM
6. 2026-06-13
   days on market $284,900 Active 17 DOM
7. 2026-06-10
   days on market $284,900 Active 15 DOM
8. 2026-06-09
   days on market $284,900 Active 14 DOM
9. 2026-06-08
   days on market $284,900 Active 13 DOM
10. 2026-06-07
    days on market $284,900 Active 12 DOM
11. 2026-06-03
    days on market $284,900 Active 8 DOM
12. 2026-06-02
    days on market $284,900 Active 7 DOM
13. 2026-06-01
    days on market $284,900 Active 6 DOM
14. 2026-05-31
    days on market $284,900 Active 5 DOM
15. 2026-05-30
    days on market $284,900 Active 4 DOM
16. 2026-05-26
    listed $284,900 Active
17. 2018-07-26
    historical Withdrawn
18. 2018-06-07
    price
19. 2018-03-06
    price
20. 2017-11-30
    price
21. 2017-08-21
    listed Active
22. 2015-04-23
    historical Withdrawn
23. 2015-04-23
    historical Withdrawn
24. 2014-11-17
    listed Active
25. 2014-11-17
    listed Active
26. 2005-12-01
    soldstatus $191,000
27. 2005-09-28
    historical
28. 2005-09-23
    listed $195,500
29. 2005-03-29
    soldstatus $168,000
30. 2005-02-25
    listed $179,900
31. 2005-02-25
    historical
32. 2004-11-30
    historical
33. 2004-04-30
    listed
34. 1999-04-28
    soldstatus $105,000
35. 1999-03-12
    historical
36. 1999-03-12
    listed $105,000

ⓘ 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 5/10 Major 7 d/yr ≥101°F today · 17 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: $30,864
• − Mortgage interest: −$15,959
• − Property taxes: −$4,274
• − Insurance: −$1,424
• − Repairs & maintenance: −$2,469
• − Management: −$2,469
• − Depreciation: −$8,288
• Taxable loss: −$4,019
• Est. tax savings @ 24.0%: +$965
• After-tax cash flow: $1,721/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

+171.3% since first listed

21 events — show timeline

• 2026-05-26 Listed $284,900 BRIGHT MLS
• 2018-07-26 Delisted — MRIS
• 2018-06-07 Price Changed — MRIS
• 2018-03-06 Price Changed — MRIS
• 2017-11-30 Price Changed — MRIS
• 2017-08-21 Listed — MRIS
• 2015-04-23 Delisted — MRIS
• 2015-04-23 Delisted — MRIS
• 2014-11-17 Listed — MRIS
• 2014-11-17 Listed — MRIS
• 2005-12-01 Sold (MLS) $191,000 MRIS
• 2005-09-28 Delisted — MRIS
• 2005-09-23 Listed $195,500 MRIS
• 2005-03-29 Sold (MLS) $168,000 MRIS
• 2005-02-25 Delisted — MRIS
• 2005-02-25 Listed $179,900 MRIS
• 2004-11-30 Delisted — MRIS
• 2004-04-30 Listed — MRIS
• 1999-04-28 Sold (MLS) $105,000 MRIS
• 1999-03-12 Listed $105,000 MRIS
• 1999-03-12 Delisted — MRIS