21321 Leiter St

Leitersburg, MD 21742

$269,900D+

4 bd · 2.0 ba · 1,717 sqft · Built 1883 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,110/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$443
• Net cashflow: $56/mo
• Annual: $671/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• 1% rule: 0.78%
• Cash to close: $75,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $270k.
• 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).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $211k (21.8% 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 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.
• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Current owner paid $88k; list at $270k implies a 207% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• Built in 1883 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.