15 Decatur St · Cumberland, MD 21502

$175,000

15 bd · 3.0 ba · 3,520 sqft · MultiFamily public records · 30 Days on market

Built 1890 3,650 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

Key facts

• New metal roof
• Ductwork installed
• Potential 4th unit

Tags

• NEW METAL ROOF
• THREE BRAND-NEW GAS FURNACES
• DUCTWORK INSTALLED
• POTENTIAL 4TH UNIT
• SEPARATELY METERED FOR GAS

Property features AI

Finance

• Other: Total of 3 units; Above-grade finished area reported; Below-grade unfinished area reported
• Financial info: Fee simple ownership; Assessed improvement and land values recorded; Tax year 2025 information available

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Brick construction; Above- and below-grade finished areas
• Construction: Brick building
• Exterior features: Located within city limits; Directions: Baltimore Ave, Decatur on right

Interior

• Kitchen: Refrigerator; Electric oven/range
• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Heating & cooling: Radiator heat; Natural gas heating fuel
• Interior features: Very good overall condition; Three-unit building
• Laundry & utility: Washer; Dryer; Electric hot water

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $525/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 6.7% in Cumberland — 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 (#64 in MD, #2,385 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment F.
• Allegany County Public Schools (other): math 15% / reading 30% proficiency, ranked #18 of 24 in MD (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+10.9%/yr); 235 active listings in the ZIP; 24 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• At $3,324/mo this rent would consume 66% of the median local household income ($61k/yr) (locally 824% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Allegany County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $75k; list at $175k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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.
8. 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.
9. 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: 1.90% ✓
• Cap rate: 17.10%
• Cash-on-cash: 38.60%
• DSCR: 2.72
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 40.0%
• Equity multiple: 2.83×
• Total profit: $89,541
• Equity at exit: $26,093

10-year hold

• IRR: 48.6%
• Equity multiple: 6.86×
• Total profit: $286,984
• Equity at exit: $15,131

Cash invested: $49,000 (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 21502

• Home prices YoY: -17.4%
• Rents YoY: 10.9%
• Active inventory: 235
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,324 high
• Mortgage (P&I): −$918
• Tax from tax record: −$59 /mo · $711/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $1,576

Break-even live

Break-even rent $1,329

Max offer price $175,000

Occupancy floor 48%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,294
1× unit	1	1	$1,030
Total (3 units)			$3,324

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $175,000 Active 30 DOM
2. 2026-06-18
   days on market $175,000 Active 29 DOM
3. 2026-06-17
   days on market $175,000 Active 28 DOM
4. 2026-06-16
   days on market $175,000 Active 27 DOM
5. 2026-06-15
   days on market $175,000 Active 26 DOM
6. 2026-06-14
   days on market $175,000 Active 24 DOM
7. 2026-06-12
   days on market $175,000 Active 23 DOM
8. 2026-06-09
   days on market $175,000 Active 20 DOM
9. 2026-06-08
   days on market $175,000 Active 19 DOM
10. 2026-06-07
    days on market $175,000 Active 18 DOM
11. 2026-06-02
    days on market $175,000 Active 13 DOM
12. 2026-06-01
    days on market $175,000 Active 12 DOM
13. 2026-05-31
    days on market $175,000 Active 11 DOM
14. 2026-05-30
    days on market $175,000 Active 10 DOM
15. 2026-05-20
    listed $175,000 Active
16. 2025-12-16
    historical
17. 2025-07-30
    listed $175,000 Active
18. 2022-07-22
    soldstatus $75,000
19. 2022-06-22
    soldstatus $75,000 Closed 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

20. 2022-04-28
    status Pending 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

21. 2022-04-07
    status Active 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

22. 2022-03-06
    historical Active Under Contract 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

23. 2022-03-03
    price $85,000 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

24. 2021-12-13
    price $75,000 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

25. 2021-11-10
    status Active 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

26. 2021-09-14
    status Pending 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

27. 2021-08-18
    listed $85,000 Active 372-char remark

    Show marketing remark (372 chars)

    INVESTORS TAKE NOTE - 3 UNIT APARTMENT BUILDING WITH LARGE STORAGE AREA - COULD BE POTENTIAL 4TH UNIT - READY FOR NEW OWNERS TO TAKE CHARGE. Has been a good rental for years for present owner. hardwood floors on upper levels. The storage area could be rented simply as storage or possible adding a 4th apartment with city approval. Small back yard with easy street access.

ⓘ 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: $711 · $59/mo
• Projected year-2 tax: $1,309 · $109/mo
• Expected delta: +$598/yr (+$50/mo · 84.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,888
• − Mortgage interest: −$9,803
• − Property taxes: −$711
• − Insurance: −$875
• − Repairs & maintenance: −$3,191
• − Management: −$3,191
• − Depreciation: −$5,091
• Taxable income: $17,026
• Est. tax owed @ 24.0%: −$4,086
• After-tax cash flow: $14,826/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: Allegany County Public Schools
• NCES district ID: 2400030
• Math proficiency: 15% ▼ -26.00%
• Reading proficiency: 30% ▼ -20.00%
• Median HH income: $39,760
• Composite: 18.95/100
• National rank: #8854
• State rank: #18 of 24 in MD

Livability — Cumberland

• Score: 78/100
• State rank: #64
• US rank: #2385

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cumberland, MD
• County: Allegany County · 41,015 people
• City population: 41,015
• Metro: Cumberland, MD-WV
• Population (ZIP): 41,015
• Household income: $60,725
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 824.0

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 68,778 people
• By 2030: 66,766 · -2.9%
• By 2040: 62,784 · -8.7%
• By 2050: 59,179 · -14.0%
• By 2075: 50,732 · -26.2%
• By 2100: 40,837 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Romanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+40.3) · D 28.9% · R 69.2% · Other 2.0%
• 2008→2024 swing: -14.4pp toward R · 2008: -25.9pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+38.3 2016: R+48.0 2012: R+32.9 2008: R+25.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.33%
• Current HPI: 258.6676
• Rent YoY: ▲ 10.88%
• Metro: Cumberland, 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

+105.9% since first listed

13 events — show timeline

• 2026-05-20 Listed $175,000 BRIGHT MLS
• 2025-12-16 Listing Removed — BRIGHT MLS
• 2025-07-30 Listed $175,000 BRIGHT MLS
• 2022-07-22 Sold (Public Records) $75,000 Public Records
• 2022-06-22 Sold (MLS) $75,000 BRIGHT MLS
• 2022-04-28 Pending — BRIGHT MLS
• 2022-04-07 Relisted — BRIGHT MLS
• 2022-03-06 Contingent — BRIGHT MLS
• 2022-03-03 Price Changed $85,000 BRIGHT MLS
• 2021-12-13 Price Changed $75,000 BRIGHT MLS
• 2021-11-10 Relisted — BRIGHT MLS
• 2021-09-14 Pending — BRIGHT MLS
• 2021-08-18 Listed $85,000 BRIGHT MLS

Property tax history

+0.8%/yr

Latest (2025): $711 · -0.6% YoY. Source: county tax records.