13024 Salem Ave · Hagerstown, MD 21740

$159,000

2 bd · 1.0 ba · 1,170 sqft · SingleFamily public records · 24 Days on market

Built 1925 1.08 ac lot $136/sqft · 36% below area Est $247k · 36% under

---

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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

EXCELLENT INVESTMENT OPPORTUNITY IN HAGERSTOWN, MD! Zoned Highway Interchange District with multiple potential commercial type uses! This home features 2–3 bedrooms, 1 bathroom, a living room, family room, dining room, and kitchen. The property includes a full unfinished basement and sits on just over an acre, offering plenty of space and potential. Additional highlights include a detached 1-car garage and a paved circular driveway. Conveniently located near shopping, dining, and more, this property is perfectly situated for everyday convenience. Don’t miss your chance to add your personal touch and make it your own! This property will be offered at auction on Friday, May 29, 20

Key facts

• 1.08 acre lot
• Garage
• Built 1925

Property features AI

Finance

• Other: Ownership is fee simple; Below-grade area of 780 (unfinished); above-grade finished area per assessor

Exterior

• Parking: Detached 1-car garage; Paved driveway; Garage offers covered parking and additional storage area
• Utilities: Well water; On-site septic; Electric hot water
• Home design: Detached structure; Above-grade finished living area with additional below-grade unfinished space
• Construction: Metal siding; Stone foundation; Built according to assessor records (year built source: Assessor)
• Exterior features: Property is outside city limits; No tidal water on the lot

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: Two bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Oil-fired heating
• Interior features: Full, unfinished basement; Rooms include living room, dining room, family room, kitchen, and two bedrooms
• Laundry & utility: Hot water is electric

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $157k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.4% in Hagerstown — 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 77/100 on livability (#83 in MD, #3,170 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Washingtion County Public Schools (suburban): math 18% / reading 33% proficiency, ranked #13 of 24 in MD (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Maugansville Elementary (math 13% / reading 17%, grade F, #451 of 860 statewide, top 54%, 676 students, 64% FRL); Western Heights Middle (math 6% / reading 30%, grade F, #165 of 225 statewide, top 75%, 903 students, 77% FRL); North Hagerstown High (math 31% / reading 63%, grade D-, #114 of 222 statewide, top 52%, 1,438 students, 62% FRL) — zoned schools average 68% FRL vs 39% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 383 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 31% of the median local income ($63k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,615 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.04% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.13%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $247,160
• List price: $159,000
• Delta: -35.67%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12922 Salem Ave	0.17mi	2/1.0	1,228 (+5%)	21mo	$207,500	$169	66
12932 Point Salem Rd	0.16mi	3/2.0 (+1)	1,313 (+12%)	14mo	$325,000	$248	52
1404 Marshall St	0.70mi	3/1.0 (+1)	1,025 (-12%)	2mo	$293,000	$286	40

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 · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-7,250
• Equity at exit: $23,707

10-year hold

• IRR: 6.4%
• Equity multiple: 1.50×
• Total profit: $22,338
• Equity at exit: $13,747

Cash invested: $44,520 (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 21740

• Rents YoY: 4.0%
• Active inventory: 383
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$136 /mo · $1,626/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $265

Break-even live

Break-even rent $1,311

Max offer price $159,000

Occupancy floor 79%

Sensitivity live

Price	-10% $355	-5% $310	+0% $265	+5% $220	+10% $175
Rent	-10% $135	-5% $200	+0% $265	+5% $330	+10% $395
Rate	-1.0pp $345	-0.5pp $305	base $265	+0.5pp $223	+1.0pp $182

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18303 Buckeye Cir Hagerstown, MD	2.0	2.0	1236	$1,925	$1.56	15d	1	0.31mi
1401 Haven Rd Hagerstown, MD	1.0–3.0	1.0–1.5	925	$1,769	$1.91	15d	11	1.00mi
310 Key Ave Unit B Hagerstown, MD	3.0	1.0	800	$1,300	$1.62	15d	1	1.02mi

Listing history 3 events

1. 2026-05-30
   status $159,000 Pending 24 DOM
2. 2026-05-06
   listed $159,000 Active 789-char remark
3. 2026-04-30
   historical $159,000 789-char remark

ⓘ 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: $1,626 · $136/mo
• Projected year-2 tax: $1,680 · $140/mo
• Expected delta: +$53/yr (+$4/mo · 3.3%)

ⓘ 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 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,751
• − Mortgage interest: −$8,906
• − Property taxes: −$1,626
• − Insurance: −$795
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$4,625
• Taxable income: $637
• Est. tax owed @ 24.0%: −$153
• After-tax cash flow: $3,023/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: Washingtion County Public Schools
• NCES district ID: 2400660
• Math proficiency: 18% ▼ -20.00%
• Reading proficiency: 33% ▼ -17.00%
• Median HH income: $54,784
• Composite: 22.87/100
• National rank: #8007
• State rank: #13 of 24 in MD

Livability — Hagerstown

• Score: 77/100
• State rank: #83
• US rank: #3170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Washington County · 98,861 people
• City population: 64,792
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 64,792
• Household income: $62,873
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 2832.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 151,614 people
• By 2030: 151,455 · -0.1%
• By 2040: 150,097 · -1.0%
• By 2050: 148,193 · -2.3%
• By 2075: 146,581 · -3.3%
• By 2100: 138,025 · -9.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 18% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 9% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+23.0) · D 37.3% · R 60.4% · Other 2.3%
• 2008→2024 swing: -10.2pp toward R · 2008: -12.9pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+20.9 2016: R+32.4 2012: R+18.5 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.38%
• Current HPI: 264.8018
• Rent YoY: ▲ 4.00%
• Metro: Hagerstown-Martinsburg, MD-WV
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-29 Pending — BRIGHT MLS
• 2026-05-06 Listed $159,000 BRIGHT MLS
• 2026-04-30 Coming Soon $159,000 BRIGHT MLS

Property tax history

+2.1%/yr

Latest (2025): $1,626 · +5.4% YoY. Source: county tax records.