614 Bladen St

Charlestown, MD 21914

$259,900C-

3 bd · 1.5 ba · 1,569 sqft · Built 1957 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,065/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$377
• HOA: −$0
• Vac / Maint / Mgmt: −$434
• Net cashflow: $-109/mo
• Annual: $-1,309/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• 1% rule: 0.79%
• Cash to close: $72,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $260k.
• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (20.5% below list).
• It's been on market 64 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (20.5% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (4.3% local appreciation)).
• Location reads 73/100 on livability (#129 in MD) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Cecil County Public Schools (rural): math 15% / reading 30% proficiency, ranked #15 of 24 in MD (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 563 units permitted in Cecil County in 2024 (330 in 5+ unit buildings).
• 3 sale attempts since 27y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $112k; list at $260k implies a 132% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 5.8% vs local median 3.1% in Charlestown — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.