29 Redare Ct

Carney, MD 21234

$270,000D

3 bd · 1.5 ba · 1,320 sqft · Built 1987 · Townhouse · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,212/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$368
• HOA: −$17
• Vac / Maint / Mgmt: −$465
• Net cashflow: $-53/mo
• Annual: $-635/yr
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• 1% rule: 0.82%
• Cash to close: $75,600

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $270k.
• At list price, monthly cash flow is $-53 ($-635/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (18.1% below list).
• It's been on market 39 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#73 in MD, #2,656 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, employment A; Watch: cost of living C-, amenities D+, crime D-.
• 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.
• Zoned schools: Carney Elementary (math 15% / reading 17%, grade F, #441 of 860 statewide, top 52%, 522 students, 66% FRL); Pine Grove Middle (math 11% / reading 42%, grade F, #86 of 225 statewide, top 40%, 916 students, 56% FRL); Parkville High (math 9% / reading 35%, grade F, #171 of 222 statewide, top 78%, 2,200 students, 62% FRL) — zoned schools average 61% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 234 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $90k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $270k implies a 135% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.5% in Carney — 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.
• This rent runs 32% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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?
• 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.