54 Garrison Ridge Ct

Owings Mills, MD 21117

$169,900C+

2 bd · 1.5 ba · 1,024 sqft · Built 1979 · Townhouse · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,042/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$168
• Vac / Maint / Mgmt: −$429
• Net cashflow: $271/mo
• Annual: $3,257/yr
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• 1% rule: 1.20%
• Cash to close: $47,572

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $170k. Condition is rated average.
• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 18 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#57 in MD, #2,037 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living C-, amenities D, crime D-.
• 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: Owings Mills Elementary (math 11% / reading 17%, grade F, #513 of 860 statewide, top 60%, 745 students, 63% FRL); Deer Park Middle Magnet School (math 4% / reading 36%, grade F, #147 of 225 statewide, top 68%, 1,322 students, 57% FRL); Owings Mills High (math 2% / reading 22%, grade F, #193 of 222 statewide, top 88%, 1,199 students, 66% FRL) — zoned schools average 62% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 167 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 4.0% in Owings Mills — 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.

Questions for listing agent

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Exterior siding — Slight weathering
• Minor: Landscaping — Bushes need trimming