135-137 Center St · Frostburg, MD 21532

$119,900

4 bd · 2.0 ba · 2,170 sqft · SingleFamily public records · 37 Days on market

Built 1930 7,500 sqft lot $55/sqft · 22% below area Est $153k · 22% under

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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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.0/10.0
• 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

Great duplex in Frostburg ready for a new owner. Each side has 2 bedrooms and a bath upstairs. The 135 side has an extra bathroom off of the kitchen. Both units are plumbed for laundry in the main level. The siding has been updated but needs cleaned. All appliances convey. There is an amazing 2 car garage in the back yard that will need some improvements, but is very solid. This unit has been maintained with the city of Frostburg and should be in compliance with rental regulations. Check with the city to confirm.

Key facts

• Updated siding
• Extra bathroom
• Plumbed for laundry

Tags

• EXTRA BATHROOM
• PLUMBED FOR LAUNDRY
• UPDATED SIDING
• 2 CAR GARAGE

Property features AI

Finance

• Other: Fee simple ownership; Pets allowed with no pet restrictions; Above-grade finished area approximately 2,170 (assessor source)

Exterior

• Parking: Detached oversized rear-entry garage with 2 garage spaces; Alley access
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Detached property; Framed construction
• Construction: Stone foundation; Frame construction; Year built: estimated
• Exterior features: Not in a federal flood zone; Annually paid ground rent; No tidal water

Interior

• Bedrooms: Four bedrooms on the upper level
• Bathrooms: Three full bathrooms (two on upper level, one on main level)
• Heating & cooling: 90% efficiency forced air heating; Natural gas heating and hot water
• Interior features: Basement present (partial, dirt floor); Two or more access exits; 32+ inch wide doors

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 1 comparable units currently listed for rent nearby; 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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y 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 $72k; list at $120k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $153,166
• List price: $119,900
• Delta: -21.72%
• 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
108 Wood St	0.08mi	4/1.5	2,303 (+6%)	7mo	$185,000	$80	78
73 Hill St	0.22mi	4/2.0	2,342 (+8%)	8mo	$110,000	$47	70
93 Washington St	0.39mi	3/1.5 (-1)	2,080 (-4%)	2mo	$180,000	$87	66
51 W Main St	0.41mi	5/2.0 (+1)	2,316 (+7%)	0mo	$145,000	$63	64
153 Bowery St	0.23mi	5/2.0 (+1)	1,920 (-12%)	6mo	$130,000	$68	60
174 Spring St	0.45mi	5/2.0 (+1)	2,016 (-7%)	3mo	$165,000	$82	60
102 Maple St	0.14mi	5/2.0 (+1)	1,904 (-12%)	10mo	$150,000	$79	60
160 Washington St	0.62mi	3/2.0 (-1)	1,985 (-8%)	2mo	$260,000	$131	50
256 E Main St	0.49mi	3/1.0 (-1)	1,916 (-12%)	3mo	$199,900	$104	46
98 Braddock Rd	0.48mi	3/1.0 (-1)	1,886 (-13%)	14mo	$200,000	$106	35
109 Main St	0.60mi	5/2.0 (+1)	1,856 (-14%)	16mo	$150,000	$81	30
151 Frost Ave	0.70mi	3/2.0 (-1)	2,480 (+14%)	20mo	$220,500	$89	22

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-8,985
• Equity at exit: $17,877

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $5,597
• Equity at exit: $10,367

Cash invested: $33,572 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$105 /mo · $1,262/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $164

Break-even live

Break-even rent $992

Max offer price $119,900

Occupancy floor 81%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Bob Cat Ct Frostburg, MD	2.0–4.0	1.0–2.0	965	$1,200	$1.24	43d	6	0.61mi

Listing history 20 events

1. 2026-06-19
   days on market $119,900 Active 37 DOM
2. 2026-06-18
   days on market $119,900 Active 36 DOM
3. 2026-06-17
   days on market $119,900 Active 35 DOM
4. 2026-06-16
   days on market $119,900 Active 34 DOM
5. 2026-06-15
   days on market $119,900 Active 33 DOM
6. 2026-06-14
   days on market $119,900 Active 31 DOM
7. 2026-06-12
   days on market $119,900 Active 30 DOM
8. 2026-06-09
   days on market $119,900 Active 27 DOM
9. 2026-06-08
   days on market $119,900 Active 26 DOM
10. 2026-06-07
    days on market $119,900 Active 25 DOM
11. 2026-06-02
    days on market $119,900 Active 20 DOM
12. 2026-06-01
    days on market $119,900 Active 19 DOM
13. 2026-05-31
    days on market $119,900 Active 18 DOM
14. 2026-05-30
    days on market $119,900 Active 17 DOM
15. 2026-05-13
    listed $119,900 Active 518-char remark
16. 2025-10-31
    historical
17. 2025-06-11
    listed $129,900 Active
18. 1996-07-30
    soldstatus $72,500
19. 1996-02-14
    listed $80,000
20. 1989-09-05
    soldstatus $58,000

ⓘ 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: $1,262 · $105/mo
• Projected year-2 tax: $1,284 · $107/mo
• Expected delta: +$23/yr (+$2/mo · 1.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥91°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: $14,400
• − Mortgage interest: −$6,716
• − Property taxes: −$1,262
• − Insurance: −$600
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,488
• Taxable income: $30
• Est. tax owed @ 24.0%: −$7
• After-tax cash flow: $1,962/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

+106.7% since first listed

6 events — show timeline

• 2026-05-13 Listed $119,900 BRIGHT MLS
• 2025-10-31 Listing Removed — BRIGHT MLS
• 2025-06-11 Listed $129,900 BRIGHT MLS
• 1996-07-30 Sold (MLS) $72,500 MRIS
• 1996-02-14 Listed $80,000 MRIS
• 1989-09-05 Sold (Public Records) $58,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,262 · +4.8% YoY. Source: county tax records.