242-244 Mulberry St · Hagerstown, MD 21740

$174,900

4 bd · 1.0 ba · 884 sqft · Townhouse public records · 17 Days on market

Built 1894 0.26 ac lot $198/sqft · 200% above area Est $169k · at est.

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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 +22.5/30.0
• DSCR +7.2/10.0
• ARV discount +5.9/15.0
• 1% rule +4.8/10.0
• 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

Investment opportunity! This is a side-by-side duplex. 244 needs completely updated, there are five garages in the rear that need updated as well. Large side yard. Tenant in 242 has been there 27+ years. Both units have two bedrooms, one bath. Call for details and to schedule a tour as 242 is still tenant occupied

Key facts

• Five garages
• Side-by-side duplex
• Large side yard

Tags

• SIDE-BY-SIDE DUPLEX
• FIVE GARAGES
• LARGE SIDE YARD

Property features AI

Exterior

• Parking: Detached garage with 5 garage spaces (5 total garage/parking spaces)
• Utilities: Public water; Public sewer
• Home design: Semi-detached property; Single entry level
• Construction: Vinyl siding; Other foundation details; Built (year per assessor)
• Exterior features: Above-grade and below-grade other structures

Interior

• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Heat pump(s); Oil heating fuel; Electric hot water
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $175k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (1.8% below list).
• Recommended offer: $172k (1.8% below list) — sets the bar for 1% rule.
• 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: schools C-, 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.
• Market conditions: Rents rising fast (+4.0%/yr); 368 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• This rent runs 33% 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 17 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $44k; list at $175k implies a 293% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1894 — 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 $171,708 (1.8% below list)

Questions for the listing agent

1. Built in 1894 — 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: 0.98% ✗
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• GRM: 8.5

CMA / ARV

• ARV (median comp): $168,779
• List price: $174,900
• Delta: 3.63%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
356 S Cannon Ave	0.53mi	3/2.0 (-1)	1,008 (+14%)	9mo	$165,000	$164	36

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: $-7,955
• Equity at exit: $26,078

10-year hold

• IRR: 6.4%
• Equity multiple: 1.49×
• Total profit: $24,208
• Equity at exit: $15,122

Cash invested: $48,972 (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: 368
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,717 high
• Mortgage (P&I): −$917
• Tax from tax record: −$73 /mo · $873/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $294

Break-even live

Break-even rent $1,345

Max offer price $174,900

Occupancy floor 78%

Sensitivity live

Price	-10% $393	-5% $343	+0% $294	+5% $244	+10% $195
Rent	-10% $158	-5% $226	+0% $294	+5% $362	+10% $429
Rate	-1.0pp $382	-0.5pp $338	base $294	+0.5pp $248	+1.0pp $202

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	44d	1	0.39mi
55 Manor Dr Unit 82-103 Hagerstown, MD	3.0	1.0	945	$1,670	$1.77	44d	1	0.76mi
124 Ray St Hagerstown, MD	3.0	1.0	960	$1,500	$1.56	21d	1	0.77mi
616 George St Hagerstown, MD	3.0	1.0	1034	$1,600	$1.55	44d	1	0.91mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	44d	1	1.11mi
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	44d	1	1.40mi

Listing history 8 events

1. 2026-05-11
   status Pending 316-char remark
2. 2026-04-24
   listed $174,900 Active 316-char remark
3. 2008-06-01
   historical
4. 2008-01-23
   listed
5. 2007-06-02
   historical
6. 2006-06-15
   listed
7. 1990-02-20
   soldstatus $44,500
8. 1987-06-16
   soldstatus $26,500

ⓘ 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: $873 · $73/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$517/yr (+$43/mo · 59.2%)

ⓘ 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,605
• − Mortgage interest: −$9,797
• − Property taxes: −$873
• − Insurance: −$874
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$5,088
• Taxable income: $676
• Est. tax owed @ 24.0%: −$162
• After-tax cash flow: $3,362/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

• Census place: Hagerstown, MD
• 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

+560.0% since first listed

8 events — show timeline

• 2026-05-11 Pending — BRIGHT MLS
• 2026-04-24 Listed $174,900 BRIGHT MLS
• 2008-06-01 Delisted — MRIS
• 2008-01-23 Listed — MRIS
• 2007-06-02 Delisted — MRIS
• 2006-06-15 Listed — MRIS
• 1990-02-20 Sold (Public Records) $44,500 Public Records
• 1987-06-16 Sold (Public Records) $26,500 Public Records

Property tax history

-2.0%/yr

Latest (2025): $873 · +10.9% YoY. Source: county tax records.