230 Poclain

Perryman, MD 21001

$77,500C+

2 bd · 2.0 ba · 1,000 sqft · Built 1992 · SingleFamily · Active · 193 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,805/mo
• Mortgage (P&I): −$406
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $890/mo
• Annual: $10,684/yr
• Cap rate: 20.08%
• Cash-on-cash: 49.24%
• DSCR: 3.19
• 1% rule: 2.33%
• Cash to close: $21,700

Investor read

• This is a 2-bed/2.0-bath single-family listed at $78k.
• At list price, monthly cash flow is $890 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• It's been on market 193 days — a 12% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $536 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#293 in MD) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: employment C-, commute D+, schools F.
• Harford County Public Schools (suburban): math 22% / reading 39% proficiency, ranked #9 of 24 in MD (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 186 active listings in the ZIP; solid renter incomes; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).
• 2 sale attempts since 30y 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.1% vs local median 5.7% in Perryman — 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.

Questions for listing agent

• It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.