916 Salem Ave · Hagerstown, MD 21740

$139,000

3 bd · 1.0 ba · 1,119 sqft · Townhouse public records · 15 Days on market

Built 1904 2,170 sqft lot Est $159k · 13% under

---

Why this score? — see what drove the B- 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 +26.5/30.0
• ARV discount +13.1/15.0
• DSCR +9.0/10.0
• 1% rule +5.8/10.0
• 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

Fantastic investment opportunity or chance to create your dream home! This 1,200-square-foot property offers 3 bedrooms and 1.5 baths and is ready for its next owner to complete the interior finishes to their personal taste and style. Much of the groundwork has already been started, providing a blank canvas for customization and value-add potential. An added bonus is the owned solar panel system installed in 2020, offering long-term energy savings and efficiency. Bring your vision and transform this property into something truly special!

Key facts

• Garage
• Built 1904
• Listed 15 days

Tags

• OWNED SOLAR PANEL SYSTEM
• BLANK CANVAS FOR CUSTOMIZATION

Property features AI

Exterior

• Parking: Detached rear-entry garage (1 space); On-street parking available
• Utilities: Public water; Public sewer; Cable TV available
• Home design: End of row townhouse; Vinyl siding; Shingle roof
• Construction: Stone foundation
• Exterior features: Rear yard fencing; Porch(es)

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom on upper level; One half bathroom on main level
• Interior features: Estimated living area; Finished space above grade; Finished and unfinished areas below grade; Connecting stairway to basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $139k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: 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.
• Zoned schools: Western Heights Middle (math 6% / reading 30%, grade F, #165 of 225 statewide, top 75%, 903 students, 77% FRL); South Hagerstown High (math 30% / reading 63%, grade D-, #118 of 222 statewide, top 54%, 1,487 students, 78% FRL) — zoned schools average 78% FRL vs 39% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 368 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 $23k; list at $139k implies a 504% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,915 (1.5% below list)

Questions for the listing agent

1. Built in 1904 — 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: 1.08% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.32%
• DSCR: 1.50
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $158,898
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 Alexander St	0.17mi	3/1.5	1,056 (-6%)	2mo	$177,500	$168	79
121 Winter St	0.31mi	2/1.0 (-1)	1,170 (+5%)	2mo	$120,000	$103	71
813 Dale St	0.42mi	3/1.0	1,064 (-5%)	2mo	$110,000	$103	70
428 Cook St	0.44mi	2/1.0 (-1)	1,104 (-1%)	3mo	$65,000	$59	70
9 Berner Ave	0.46mi	3/1.0	1,056 (-6%)	2mo	$111,000	$105	68
34 High St	0.49mi	3/1.5	1,104 (-1%)	6mo	$181,000	$164	68
62 Elizabeth St	0.61mi	3/1.0	1,100 (-2%)	5mo	$155,000	$141	65
931 W Irvin Ave	0.61mi	2/1.5 (-1)	1,102 (-2%)	2mo	$219,900	$200	60
972 W Irvin Ave W	0.63mi	2/2.0 (-1)	1,100 (-2%)	4mo	$249,000	$226	56
1030 Benjamin Pl	0.67mi	2/1.5 (-1)	1,102 (-2%)	6mo	$235,000	$213	54
44 Madison Ave	0.58mi	2/1.5 (-1)	1,276 (+14%)	2mo	$149,900	$117	41
18 Belview Ave	0.71mi	2/1.0 (-1)	1,230 (+10%)	7mo	$174,900	$142	40

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,317
• Equity at exit: $20,725

10-year hold

• IRR: 12.0%
• Equity multiple: 1.98×
• Total profit: $38,256
• Equity at exit: $12,018

Cash invested: $38,920 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$729
• Tax from tax record: −$33 /mo · $401/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $367

Break-even live

Break-even rent $1,038

Max offer price $139,000

Occupancy floor 71%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Salem Ave Hagerstown, MD	4.0	1.0	1344	$1,775	$1.32	44d	1	0.29mi
616 George St Hagerstown, MD	3.0	1.0	1034	$1,600	$1.55	44d	1	0.37mi
821 Washington Ave Unit 1W Hagerstown, MD	2.0	1.0	800	$1,100	$1.38	21d	1	0.40mi
812 Dale St Hagerstown, MD	3.0	1.0	1064	$1,730	$1.63	44d	1	0.43mi
310 Key Ave Unit B Hagerstown, MD	3.0	1.0	800	$1,300	$1.62	13d	1	0.44mi
505 W Church St Unit 1W 1W Hagerstown, MD	2.0	1.0	700	$1,140	$1.63	21d	1	0.44mi
464 Peleton St Hagerstown, MD	3.0	2.0	1253	$2,025	$1.62	13d	1	0.47mi
421 Salem Ave Hagerstown, MD	3.0	1.0	1256	$1,550	$1.23	21d	1	0.49mi
834 W Washington St Unit 2 Hagerstown, MD	2.0	1.0	950	$955	$1.01	44d	1	0.53mi
104 Buena Vista Ave Unit 104 Hagerstown, MD	3.0	1.0	1100	$1,400	$1.27	44d	1	0.67mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	44d	1	0.80mi
27 Bethel St Hagerstown, MD	2.0	1.0	954	$950	$1.00	44d	1	0.87mi
92 W Washington St Unit 410 Hagerstown, MD	3.0	1.5	1415	$1,795	$1.27	44d	1	0.88mi
92 W Washington St Unit 403 Hagerstown, MD	2.0	1.5	924	$1,550	$1.68	44d	1	0.88mi
92 W Washington St Unit 206 Hagerstown, MD	2.0	2.0	803	$1,450	$1.81	44d	1	0.88mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	44d	1	0.88mi
441 N Potomac St Hagerstown, MD	2.0	1.0	970	$1,350	$1.39	44d	1	0.88mi
629 Oak Hill Ave Unit 3 Hagerstown, MD	2.0	1.0	1386	$1,595	$1.15	44d	1	0.89mi
115 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,250	$1.04	21d	1	0.95mi
715 Oak Hill Ave Unit 3N Hagerstown, MD	2.0	1.0	1200	$1,395	$1.16	13d	1	0.97mi
715 Oak Hill Ave Unit 2N Hagerstown, MD	2.0	1.0	1500	$1,595	$1.06	44d	1	0.97mi
38 Wayside Ave Unit 2 Hagerstown, MD	2.0	1.0	825	$1,150	$1.39	21d	1	1.02mi
50 Rochester Pl Unit 23 Hagerstown, MD	2.0	1.0	900	$1,275	$1.42	44d	1	1.02mi
804 Oak Hill Ave Unit A Hagerstown, MD	2.0	1.0	1000	$1,695	$1.70	21d	1	1.03mi
42 E Franklin St Hagerstown, MD	3.0	1.5	1200	$1,350	$1.12	44d	1	1.05mi
307 N Locust St Hagerstown, MD	3.0	1.0	1140	$1,490	$1.31	44d	1	1.06mi
40 E Washington St Unit 2B Hagerstown, MD	2.0	1.0	800	$1,000	$1.25	44d	1	1.09mi
210 N Locust St Hagerstown, MD	3.0	1.0	1476	$1,275	$0.86	21d	1	1.09mi
60 E Washington St Apt 1E Hagerstown, MD	3.0	1.5	1300	$1,500	$1.15	21d	1	1.12mi
115 East Ave Unit 2 Hagerstown, MD	2.0	1.0	1200	$1,400	$1.17	44d	1	1.12mi
1401 Haven Rd Hagerstown, MD	1.0–3.0	1.0–1.5	925	$1,999	$2.16	13d	11	1.13mi
109 Fairground Ave Hagerstown, MD	3.0	1.0	1470	$1,600	$1.09	13d	1	1.13mi
18303 Buckeye Cir Hagerstown, MD	2.0	2.0	1236	$1,925	$1.56	13d	1	1.15mi
103 E Washington St Unit 1E Hagerstown, MD	3.0	1.0	1200	$1,200	$1.00	13d	1	1.16mi
327 N Mulberry St Hagerstown, MD	2.0	1.0	700	$1,030	$1.47	21d	1	1.16mi
207 N Mulberry St Unit 3 Hagerstown, MD	2.0	1.0	940	$1,130	$1.20	21d	1	1.18mi
149 E Franklin St Hagerstown, MD	2.0	1.0	850	$1,250	$1.47	44d	1	1.20mi
322 N Cannon Ave Hagerstown, MD	3.0	1.5	1488	$1,800	$1.21	13d	1	1.25mi
235 East Ave Hagerstown, MD	2.0	1.0	1200	$1,200	$1.00	13d	1	1.25mi
311 Jefferson St Unit 311 Hagerstown, MD	3.0	1.5	1200	$1,550	$1.29	44d	1	1.28mi

Listing history 11 events

1. 2026-06-18
   days on market $139,000 Active 15 DOM
2. 2026-06-17
   days on market $139,000 Active 14 DOM
3. 2026-06-16
   days on market $139,000 Active 13 DOM
4. 2026-06-15
   days on market $139,000 Active 12 DOM
5. 2026-06-14
   days on market $139,000 Active 10 DOM
6. 2026-06-13
   days on market $139,000 Active 9 DOM
7. 2026-06-10
   days on market $139,000 Active 7 DOM
8. 2026-06-09
   days on market $139,000 Active 6 DOM
9. 2026-06-08
   days on market $139,000 Active 5 DOM
10. 2026-06-07
    remarks 543-char remark
11. 2026-06-07
    listed $139,000 Active 4 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: $401 · $33/mo
• Projected year-2 tax: $958 · $80/mo
• Expected delta: +$557/yr (+$46/mo · 139.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,035
• − Mortgage interest: −$7,786
• − Property taxes: −$401
• − Insurance: −$695
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$4,044
• Taxable income: $2,224
• Est. tax owed @ 24.0%: −$534
• After-tax cash flow: $3,871/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

+231.0% since first listed

18 events — show timeline

• 2026-06-03 Listed $139,000 BRIGHT MLS
• 2026-04-28 Listing Removed — BRIGHT MLS
• 2026-04-28 Listing Removed — BRIGHT MLS
• 2026-04-12 Price Changed $132,000 BRIGHT MLS
• 2026-04-12 Price Changed $299,900 BRIGHT MLS
• 2026-03-16 Listed $315,000 BRIGHT MLS
• 2026-03-16 Listed $139,900 BRIGHT MLS
• 2013-05-14 Sold (MLS) $23,000 MRIS
• 2013-05-14 Sold (MLS) $23,000 BRIGHT MLS
• 2013-04-15 Pending — MRIS
• 2013-04-15 Listing Removed — BRIGHT MLS
• 2013-03-12 Listed $25,200 MRIS
• 2013-03-12 Listed $25,200 BRIGHT MLS
• 1997-05-30 Sold (Public Records) $49,900 Public Records
• 1997-05-29 Sold (MLS) $49,900 MRIS
• 1997-04-01 Delisted — MRIS
• 1997-01-12 Listed $49,900 MRIS
• 1990-10-10 Sold (Public Records) $42,000 Public Records

Property tax history

-6.7%/yr

Latest (2025): $401 · +3.1% YoY. Source: county tax records.