2165 Jennings Rd

Jennings, MD 21536

$175,000C-

3 bd · 1.0 ba · 1,324 sqft · Built 1978 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,657/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$347
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $44/mo
• Annual: $531/yr
• Cap rate: 6.98%
• Cash-on-cash: 2.44%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $49,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $44 ($531/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (5.3% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $166k (5.3% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 44/100 on livability (#479 in MD) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Garrett County Public Schools (rural): math 17% / reading 30% proficiency, ranked #16 of 24 in MD (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 21 active listings in the ZIP; 122 units permitted in Garrett County in 2024 (0 in 5+ unit buildings).
• Garrett County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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)

• Major: roof — visible wear
• Major: exterior siding — white siding appears worn
• Major: interior walls — paint peeling in some areas