3519 Wheelhouse Rd · Middle River, MD 21220

$15,000

2 bd · 1.0 ba · 1,440 sqft · SingleFamily · 80 Days on market

Built 1975 $10/sqft · 80% below area ↓ 56% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2-bedroom, 1-bath mobile home located in the highly sought-after community of Williams Estate at Peppermint Woods. This home offers a great opportunity for buyers looking to add their personal touch, with solid features and plenty of potential. The kitchen is a standout, featuring beautiful granite countertops that provide both style and durability. With a functional layout and comfortable living space, this home is perfect for anyone seeking an affordable option in a desirable neighborhood. Move-in ready with just a few cosmetic updates, this property is ideal for first-time buyers, downsizers, or investors. Don’t miss your chance to make this home your own in a well-established community!

Key facts

• Move-in ready
• Functional layout
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• FUNCTIONAL LAYOUT
• MOVE-IN READY
• WELL-ESTABLISHED COMMUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Recommended offer: $14k (6.0% below list) — sets the bar for market timing.
• Cap rate 138.2% vs local median 4.2% in Middle River — 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 78/100 on livability (#76 in MD, #2,777 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools F, crime 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 flat; 251 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• This rent runs 33% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $104 of loan paydown is wiped out by about $450 of value loss. Plan a longer hold.
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $14k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $14,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 14.79% ✓
• Cap rate: 138.22%
• Cash-on-cash: 471.17%
• DSCR: 21.96
• GRM: 0.6

CMA / ARV

• ARV (median comp): $73,451
• List price: $15,000
• Delta: -79.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Kerria Ln	0.38mi	3/2.0 (+1)	1,350 (-6%)	2mo	$75,000	$56	61
407 Brownell Rd	0.73mi	3/1.5 (+1)	1,495 (+4%)	15mo	$290,000	$194	40
3210 Everlasting Ln	0.35mi	3/2.0 (+1)	1,248 (-13%)	21mo	$67,000	$54	35

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 · 0.83% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 24.31×
• Total profit: $97,893
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 49.09×
• Total profit: $201,996
• Equity at exit: $1,297

Cash invested: $4,200 (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 21220

• Rents YoY: 0.8%
• Active inventory: 251
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $2,219 medium
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,649

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 21%

Sensitivity live

Price	-10% $1,659	-5% $1,654	+0% $1,649	+5% $1,644	+10% $1,639
Rent	-10% $1,474	-5% $1,561	+0% $1,649	+5% $1,737	+10% $1,824
Rate	-1.0pp $1,657	-0.5pp $1,653	base $1,649	+0.5pp $1,645	+1.0pp $1,641

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 Alberge Ln Middle River, MD	2.0–3.0	1.0–2.0	928	$1,215	$1.31	2d	8	1.06mi
11550 Crossroads Cir Middle River, MD	1.0–2.0	1.0–2.0	893	$2,849	$3.19	2d	15	1.09mi
3924 Cutty Sark Rd Middle River, MD	2.0	1.5	1180	$1,699	$1.44	24d	1	1.21mi
6221 Greenleigh Ave Middle River, MD	1.0–2.0	1.0–2.0	1059	$2,957	$2.79	2d	16	1.29mi

Listing history 19 events

1. 2026-06-21
   days on market $15,000 Active 80 DOM
2. 2026-06-18
   days on market $15,000 Active 77 DOM
3. 2026-06-17
   days on market $15,000 Active 76 DOM
4. 2026-06-16
   days on market $15,000 Active 75 DOM
5. 2026-06-15
   days on market $15,000 Active 74 DOM
6. 2026-06-13
   days on market $15,000 Active 72 DOM
7. 2026-06-09
   days on market $15,000 Active 68 DOM
8. 2026-06-08
   days on market $15,000 Active 67 DOM
9. 2026-06-07
   pricedays on market $15,000 Active 66 DOM
10. 2026-06-04
    days on market $19,999 Active 63 DOM
11. 2026-06-03
    days on market $19,999 Active 62 DOM
12. 2026-06-02
    days on market $19,999 Active 61 DOM
13. 2026-06-01
    days on market $19,999 Active 60 DOM
14. 2026-05-31
    days on market $19,999 Active 59 DOM
15. 2026-04-22
    price $19,999 730-char remark

    Show marketing remark (730 chars)

    Welcome to this charming 2-bedroom, 1-bath mobile home located in the highly sought-after community of Williams Estate at Peppermint Woods. This home offers a great opportunity for buyers looking to add their personal touch, with solid features and plenty of potential. The kitchen is a standout, featuring beautiful granite countertops that provide both style and durability. With a functional layout and comfortable living space, this home is perfect for anyone seeking an affordable option in a desirable neighborhood. Move-in ready with just a few cosmetic updates, this property is ideal for first-time buyers, downsizers, or investors. Don’t miss your chance to make this home your own in a well-established community!

16. 2026-04-02
    listed $29,000 Active 730-char remark

    Show marketing remark (730 chars)

    Welcome to this charming 2-bedroom, 1-bath mobile home located in the highly sought-after community of Williams Estate at Peppermint Woods. This home offers a great opportunity for buyers looking to add their personal touch, with solid features and plenty of potential. The kitchen is a standout, featuring beautiful granite countertops that provide both style and durability. With a functional layout and comfortable living space, this home is perfect for anyone seeking an affordable option in a desirable neighborhood. Move-in ready with just a few cosmetic updates, this property is ideal for first-time buyers, downsizers, or investors. Don’t miss your chance to make this home your own in a well-established community!

17. 2024-04-22
    historical
18. 2023-12-15
    listed $45,000 Active
19. 2023-12-15
    historical

ⓘ 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: $26,624
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − Depreciation: −$436
• Taxable income: $20,788
• Est. tax owed @ 24.0%: −$4,989
• After-tax cash flow: $14,800/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 — Middle River

• Score: 78/100
• State rank: #76
• US rank: #2777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middle River, MD
• County: Baltimore County · 769,527 people
• City population: 42,824
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 42,824
• Household income: $81,817
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1921.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 57% Black 27% Two or more races 6% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 4% Ukrainian 2% Lithuanian 1%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 86% English-only · Spanish 3% Arabic 3% Tagalog/Filipino 2%

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: ▼ -199.31%
• Current HPI: 254.5597
• Rent YoY: ▲ 0.83%
• 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

-55.6% since first listed

5 events — show timeline

• 2026-04-22 Price Changed $19,999 BRIGHT MLS
• 2026-04-02 Listed $29,000 BRIGHT MLS
• 2024-04-22 Listing Removed — BRIGHT MLS
• 2023-12-15 Listed $45,000 BRIGHT MLS
• 2023-12-15 Coming Soon — BRIGHT MLS