2 Retinue Ct Unit T-3 · Lochearn, MD 21207

$85,000

2 bd · 1.0 ba · 850 sqft · Condo · 37 Days on market

Built 1970 $518/mo HOA · 32% of rent

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Why this score? — see what drove the B 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 +24.8/30.0
• 1% rule +10.0/10.0
• Appreciation +9.8/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

Move-in Ready and Well Maintained 2 bedroom unit that has been freshly painted, with new carpets, Windows are less than a year old! Appliances less than 5 years old. Schools within 1 mile. Close to MTA Bus Stop and 695. Close to Restaurants, Entertainment and Shopping! More Photos to Come! Includes all utilities except electric.

Key facts

• Separate dining room
• Updated kitchen
• $518 HOA

Tags

• LARGE BRIGHT LIVING ROOM
• SEPARATE DINING ROOM
• UPDATED KITCHEN
• BALCONY OVERLOOKING LANDSCAPE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.5% in Lochearn — 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 74/100 on livability (#112 in MD, #4,539 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A-; Watch: crime F, amenities F.
• 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.
• Market conditions: Rents rising fast (+5.2%/yr); 132 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (9.5% local appreciation)).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.5% appreciation + 5.2% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $58k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $82,450 (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 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 1.92% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.13%
• DSCR: 1.41
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.5% appreciation · 5.23% rent growth · sell at horizon

5-year hold

• IRR: 31.8%
• Equity multiple: 3.48×
• Total profit: $59,000
• Equity at exit: $73,492

10-year hold

• IRR: 29.0%
• Equity multiple: 8.27×
• Total profit: $172,963
• Equity at exit: $155,318

Cash invested: $23,800 (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 21207

• Home prices YoY: 1.1%
• Rents YoY: 5.2%
• Active inventory: 132
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,628 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$518
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $181

Break-even live

Break-even rent $1,399

Max offer price $85,000

Occupancy floor 84%

Sensitivity live

Price	-10% $240	-5% $210	+0% $181	+5% $152	+10% $122
Rent	-10% $52	-5% $117	+0% $181	+5% $245	+10% $310
Rate	-1.0pp $224	-0.5pp $203	base $181	+0.5pp $159	+1.0pp $137

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Duke of Windsor Ct Gwynn Oak, MD	1.0–3.0	1.0–2.0	775	$1,666	$2.15	0d	21	0.08mi
2 Mountbatten Ct Gwynn Oak, MD	3.0	2.0	1000	$2,200	$2.20	5d	1	0.11mi
6703 Wilmont Dr Unit T-1 Gwynn Oak, MD	1.0	1.0	700	$1,050	$1.50	21d	1	0.14mi
2008 Woodlawn Dr Woodlawn, MD	1.0–2.0	1.0–2.0	685	$1,739	$2.54	0d	13	0.25mi
1 Kafern Dr Gwynn Oak, MD	1.0–3.0	1.0–2.0	765	$1,604	$2.10	4d	8	0.54mi
3101 Windsor Blvd Gwynn Oak, MD	1.0–2.0	1.0–2.0	843	$1,755	$2.08	0d	49	0.69mi
5533 Gwynn Oak Ave Fl 1 Gwynn Oak, MD	2.0	1.0	1080	$1,600	$1.48	45d	1	1.05mi
1 Janper Ct Baltimore, MD	2.0	1.5	950	$1,575	$1.66	0d	2	1.21mi
6 Brubar Ct Gwynn Oak, MD	2.0	2.0	887	$1,415	$1.60	19d	1	1.24mi
6 Brubar Ct Gwynn Oak, MD	1.0	1.0	660	$1,322	$2.00	25d	1	1.24mi
6 Brubar Ct Gwynn Oak, MD	3.0	2.0	1011	$1,630	$1.61	45d	1	1.24mi
6 Brubar Ct Gwynn Oak, MD	1.0	1.0	660	$1,216	$1.84	45d	1	1.24mi
4998 W Forest Park Ave Baltimore, MD	3.0	1.0–2.0	790	$1,712	$2.17	16d	15	1.30mi
3601 Parkview Ave Gwynn Oak, MD	2.0	1.0	849	$1,412	$1.66	4d	6	1.40mi
6957 Rockfield Rd Windsor Mill, MD	3.0	1.5	1024	$2,400	$2.34	21d	1	1.42mi
7005 Rudisill Ct Baltimore, MD	1.0–3.0	1.0–2.0	794	$1,570	$1.98	0d	22	1.47mi

HOA detail condo

• Monthly dues: $518 · $6,216/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-04-25
   status Pending
2. 2026-03-18
   listed $85,000 Active
3. 2026-02-18
   historical
4. 2026-02-18
   listed $75,000 Active
5. 2018-10-29
   soldstatus $58,000 Closed 330-char remark

   Show marketing remark (330 chars)

   Move-in Ready and Well Maintained 2 bedroom unit that has been freshly painted, with new carpets, Windows are less than a year old! Appliances less than 5 years old. Schools within 1 mile. Close to MTA Bus Stop and 695. Close to Restaurants, Entertainment and Shopping! More Photos to Come! Includes all utilities except electric.

6. 2018-10-09
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Move-in Ready and Well Maintained 2 bedroom unit that has been freshly painted, with new carpets, Windows are less than a year old! Appliances less than 5 years old. Schools within 1 mile. Close to MTA Bus Stop and 695. Close to Restaurants, Entertainment and Shopping! More Photos to Come! Includes all utilities except electric.

7. 2018-10-04
   historical Active Under Contract 330-char remark

   Show marketing remark (330 chars)

   Move-in Ready and Well Maintained 2 bedroom unit that has been freshly painted, with new carpets, Windows are less than a year old! Appliances less than 5 years old. Schools within 1 mile. Close to MTA Bus Stop and 695. Close to Restaurants, Entertainment and Shopping! More Photos to Come! Includes all utilities except electric.

8. 2018-09-13
   listed $65,000 Active 330-char remark

   Show marketing remark (330 chars)

   Move-in Ready and Well Maintained 2 bedroom unit that has been freshly painted, with new carpets, Windows are less than a year old! Appliances less than 5 years old. Schools within 1 mile. Close to MTA Bus Stop and 695. Close to Restaurants, Entertainment and Shopping! More Photos to Come! Includes all utilities except electric.

9. 2004-10-30
   soldstatus $39,000
10. 2004-08-23
    historical
11. 2004-08-12
    listed $39,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,540
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − HOA: −$6,216
• − Depreciation: −$2,473
• Taxable income: $1,264
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $1,869/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: Baltimore County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Lochearn

• Score: 74/100
• State rank: #112
• US rank: #4539

Category grades

Amenities F Commute A+ Cost of living B Crime F Employment A- Housing A+ Health & safety C User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lochearn, MD
• County: Baltimore County · 769,527 people
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 47,099
• Household income: $67,060
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 2139.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 8% Hispanic / Latino 7% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Swedish 1%
• Foreign-born: 13% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 4% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Baltimore

• 2024 margin: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.50%
• Current HPI: 843.63
• Rent YoY: ▲ 5.23%
• Metro: Baltimore-Columbia-Towson, MD
• 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

+117.9% since first listed

11 events — show timeline

• 2026-04-25 Pending — BRIGHT MLS
• 2026-03-18 Listed $85,000 BRIGHT MLS
• 2026-02-18 Listed $75,000 BRIGHT MLS
• 2026-02-18 Listing Removed — BRIGHT MLS
• 2018-10-29 Sold (MLS) $58,000 BRIGHT MLS
• 2018-10-09 Pending — BRIGHT MLS
• 2018-10-04 Contingent — BRIGHT MLS
• 2018-09-13 Listed $65,000 BRIGHT MLS
• 2004-10-30 Sold (MLS) $39,000 MRIS
• 2004-08-23 Delisted — MRIS
• 2004-08-12 Listed $39,000 MRIS