1918 Chipper Dr

Edgewood, MD 21040

$78,000B

4 bd · 2.0 ba · 1,600 sqft · Built 2009 · Other · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,925/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $982/mo
• Annual: $11,778/yr
• Cap rate: 21.39%
• Cash-on-cash: 53.93%
• DSCR: 3.40
• 1% rule: 2.47%
• Cash to close: $21,840

Investor read

• This is a 4-bed/2.0-bath other listed at $78k. Condition is rated fair.
• At list price, monthly cash flow is $982 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#118 in MD, #4,991 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, crime F.
• Harford County Public Schools (suburban): math 22% / reading 39% proficiency, ranked #9 of 24 in MD (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Old Post Road Elementary (math 7% / reading 9%, grade F, #674 of 860 statewide, top 79%, 842 students, 80% FRL); Edgewood Middle (math 7% / reading 31%, grade F, #155 of 225 statewide, top 70%, 999 students, 72% FRL); Edgewood High (math 43% / reading 54%, grade D, #111 of 222 statewide, top 50%, 1,415 students, 62% FRL) — zoned schools average 71% FRL vs 24% district-wide (47 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 95 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.4% vs local median 5.5% in Edgewood — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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: siding — Significant wear and tear
• Major: roof — No visible damage, but the satellite image shows a large footprint
• Major: flooring — No visible flooring, but the satellite image shows a large footprint
• Major: interior walls/paint — No visible interior, but the satellite image shows a large footprint
• Major: HVAC/mechanicals — No visible HVAC/mechanicals, but the satellite image shows a large footprint
• Major: landscaping — No visible landscaping, but the satellite image shows a large footprint