21321 Leiter St · Leitersburg, MD 21742

$269,900

4 bd · 2.0 ba · 1,717 sqft · SingleFamily public records · 9 Days on market

Built 1883 0.35 ac lot Est $321k · 16% under

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Why this score? — see what drove the D+ 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).

• ARV discount +14.7/15.0
• Cash flow +14.4/30.0
• DSCR +4.4/10.0
• Rent growth +3.6/5.0
• 1% rule +2.8/10.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home to This Charming Circa-1883 Farmhouse in the Highly Desired Smithsburg School District! Nestled on over a 1/3 of an acre lot in a peaceful setting just outside Smithsburg yet conveniently located in Leitersburg. This beautifully updated farmhouse offers the perfect blend of timeless character and modern comfort. With almost 1,900 finished square feet, this spacious home is filled with warmth, charm, and thoughtful updates throughout. The inviting main level features an open kitchen that flows seamlessly into the dining room and living area—ideal for both everyday living and entertaining. A versatile den (or potential main-level bedroom) includes a full bath, providing fle

Key facts

• 0.35 acre lot
• 6 parking spots
• Built 1883

Property features AI

Exterior

• Parking: Gravel driveway with six driveway/parking spaces (total 6 garage/parking spaces listed)
• Utilities: Cistern water source; Private sewer (septic); Electric service 200+ amps; Electric hot water; Electric heating fuel available; Oil and wood heating fuel options; Cable internet available
• Home design: Detached structure; Walkout-level basement
• Construction: Metal roof; Mixed siding: aluminum, vinyl and metal; Other foundation; Wood/metal shed on property; Shed
• Exterior features: Patio with roof; Partially fenced rear yard; Rural lot setting

Interior

• Kitchen: Built-in range; Built-in microwave; Dishwasher; Refrigerator
• Bedrooms: Four bedrooms on the first upper level
• Flooring: Laminate plank; Vinyl
• Bathrooms: Two full bathrooms (one on main level, one on first upper level)
• Heating & cooling: Forced air heat; Electric baseboard heat; Wood-burning stove; Ceiling fans; Window air conditioning units
• Interior features: Dry wall walls and ceilings; Living room, dining room, den, mud room, utility room, attic, and laundry room
• Laundry & utility: Main floor laundry; Washer; Electric dryer; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $56 ($671/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 $211k (21.8% below list).
• Recommended offer: $211k (21.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 56/100 on livability (#407 in MD) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: amenities F, commute 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: Smithsburg Elementary (math 22% / reading 22%, grade F, #297 of 860 statewide, top 38%, 369 students, 44% FRL); Smithsburg Middle (math 13% / reading 37%, grade F, #104 of 225 statewide, top 47%, 534 students, 47% FRL); Smithsburg High (math 52% / reading 82%, grade B, #50 of 222 statewide, top 23%, 717 students, 46% FRL).
• Zoned-school proficiency averages 38% at this address vs 26% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Washingtion County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.5%/yr); 220 active listings in the ZIP; solid renter incomes; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $88k; list at $270k implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1883 — 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 $210,976 (21.8% below list)

Questions for the listing agent

1. Built in 1883 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.78% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $321,079
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21503 Leitersburg Smithsburg Rd	0.05mi	3/1.0 (-1)	1,526 (-11%)	5mo	$54,000	$35	66
21516 Leitersburg Smithsburg Rd	0.11mi	3/2.0 (-1)	1,830 (+7%)	18mo	$225,000	$123	64
21628 Leiter St	0.58mi	3/2.0 (-1)	1,766 (+3%)	13mo	$337,500	$191	52
21633 Kelso Dr	0.65mi	3/1.0 (-1)	1,685 (-2%)	20mo	$319,900	$190	40
21272 Leiters Mill Rd	0.60mi	3/1.0 (-1)	1,496 (-13%)	16mo	$280,000	$187	28

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 · 4.46% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.51×
• Total profit: $-37,154
• Equity at exit: $40,243

10-year hold

• IRR: -2.8%
• Equity multiple: 0.80×
• Total profit: $-14,980
• Equity at exit: $23,336

Cash invested: $75,572 (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 21742

• Home prices YoY: -32.5%
• Rents YoY: 4.5%
• Active inventory: 220
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,110 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$83 /mo · $995/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $56

Break-even live

Break-even rent $2,039

Max offer price $269,900

Occupancy floor 92%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $269,900 Active 9 DOM
2. 2026-06-17
   days on market $269,900 Active 8 DOM
3. 2026-06-16
   days on market $269,900 Active 7 DOM
4. 2026-06-15
   days on market $269,900 Active 6 DOM
5. 2026-06-14
   days on market $269,900 Active 4 DOM
6. 2026-06-13
   days on market $269,900 Active 3 DOM
7. 2026-06-10
   statusdays on market $269,900 Active 1 DOM
8. 2026-06-09
   days on market $269,900 Coming Soon 7 DOM
9. 2026-06-08
   days on market $269,900 Coming Soon 6 DOM
10. 2026-06-07
    days on market $269,900 Coming Soon 5 DOM
11. 2026-06-03
    remarks 693-char remark
12. 2026-06-03
    listed $269,900 Coming Soon 1 DOM

ⓘ 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: $995 · $83/mo
• Projected year-2 tax: $1,969 · $164/mo
• Expected delta: +$973/yr (+$81/mo · 97.8%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,317
• − Mortgage interest: −$15,119
• − Property taxes: −$995
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,025
• − Management: −$2,025
• − Depreciation: −$7,852
• Taxable loss: −$4,049
• Est. tax savings @ 24.0%: +$972
• After-tax cash flow: $1,643/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 — Leitersburg

• Score: 56/100
• State rank: #407
• US rank: #22724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leitersburg, MD
• County: Washington County · 98,861 people
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 34,069
• Household income: $86,288
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 896.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 11% Hispanic / Latino 10% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 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: ▼ -113.60%
• Current HPI: 235.6784
• Rent YoY: ▲ 4.46%
• 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

+206.7% since first listed

2 events — show timeline

• 2026-06-02 Coming Soon $269,900 BRIGHT MLS
• 2003-09-25 Sold (Public Records) $88,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $995 · +10.1% YoY. Source: county tax records.