138 E Antietam St #303 · Hagerstown, MD 21740

$120,000

2 bd · 1.0 ba · 923 sqft · Condo public records · 3 Days on market

Built 2006 $375/mo HOA · 30% of rent ↓ 19% since listing

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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).

• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

Key facts

• $375 HOA
• 2 parking spots
• Built 2006

Property features AI

Finance

• Other: Property manager present; Lease not considered
• HOA & community: Condo fee $375 per month (covers water, sewer, trash); Professionally managed off-site; Community fencing

Exterior

• Parking: Assigned parking in a parking lot; 2 total parking/garage spaces; 2 assigned spaces; 2 parking lot spaces
• Utilities: Public water; Public sewer
• Home design: Condominium; Garden-style building (1–4 floors); Penthouse unit; Entry on 3rd floor; Located in city limits (Hagerstown)
• Construction: Combination construction materials; Year built (per assessor)
• Exterior features: Not in a federal flood zone; No basement; Above grade and below grade structures noted

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric oven/range
• Bedrooms: 2 bedrooms on the main level
• Flooring: Wood floors
• Bathrooms: 1 full bathroom on the main level; 1 full bathroom total
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open floor plan; Wood floors; Crown moldings; Chair railings; Ceiling fan(s); Tub with shower
• Laundry & utility: Stacked washer/dryer in unit; Washer and dryer in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (16.6% below list).
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $100k (16.6% below list) — sets the bar for cash-flow.

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: Bester Elementary (math 5% / reading 11%, grade F, #674 of 860 statewide, top 79%, 494 students, 88% FRL); E. Russell Hicks Middle (math 8% / reading 31%, grade F, #154 of 225 statewide, top 68%, 824 students, 74% FRL); South Hagerstown High (math 30% / reading 63%, grade D-, #118 of 222 statewide, top 54%, 1,487 students, 78% FRL) — zoned schools average 80% FRL vs 39% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 383 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,135 (16.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 5.17%
• Cash-on-cash: -4.02%
• DSCR: 0.82
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.25×
• Total profit: $-25,159
• Equity at exit: $17,892

10-year hold

• IRR: -11.8%
• Equity multiple: 0.25×
• Total profit: $-25,090
• Equity at exit: $10,375

Cash invested: $33,600 (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: 383
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,245 high
• Mortgage (P&I): −$629
• Tax from tax record: −$42 /mo · $501/yr
• Insurance: −$50
• HOA: −$375
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $-112

Break-even live

Break-even rent $1,387

Max offer price $100,135

Occupancy floor —

Sensitivity live

Price	-10% $-45	-5% $-78	+0% $-112	+5% $-146	+10% $-180
Rent	-10% $-211	-5% $-162	+0% $-112	+5% $-63	+10% $-14
Rate	-1.0pp $-52	-0.5pp $-82	base $-112	+0.5pp $-144	+1.0pp $-175

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
149 E Franklin St Hagerstown, MD	2.0	1.0	850	$1,250	$1.47	45d	1	0.18mi
40 E Washington St Unit 2B Hagerstown, MD	2.0	1.0	800	$1,000	$1.25	45d	1	0.19mi
37 E Baltimore St Unit 2FAAPT A Hagerstown, MD	1.0	1.0	700	$1,000	$1.43	45d	1	0.22mi
115 N Locust St Hagerstown, MD	1.0	1.0	768	$1,200	$1.56	45d	1	0.25mi
44 E Franklin St Unit 3W Hagerstown, MD	1.0	1.5	750	$995	$1.33	15d	1	0.25mi
162 S Potomac St Unit 3 Hagerstown, MD	1.0	1.0	600	$1,100	$1.83	45d	1	0.27mi
50 Rochester Pl Unit 23 Hagerstown, MD	2.0	1.0	900	$1,275	$1.42	45d	1	0.28mi
207 N Mulberry St Unit 2 Hagerstown, MD	1.0	1.0	740	$1,180	$1.59	23d	1	0.31mi
207 N Mulberry St Unit 3 Hagerstown, MD	2.0	1.0	940	$1,130	$1.20	23d	1	0.31mi
326 S Potomac St #1 Hagerstown, MD	2.0	1.0	1050	$1,400	$1.33	45d	1	0.36mi
124 Ray St Hagerstown, MD	3.0	1.0	960	$1,500	$1.56	23d	1	0.37mi
92 W Washington St Unit 206 Hagerstown, MD	2.0	2.0	803	$1,450	$1.81	45d	1	0.40mi
92 W Washington St Unit 202 Hagerstown, MD	1.0	1.0	741	$1,335	$1.80	45d	1	0.40mi
92 W Washington St Unit 312 Hagerstown, MD	1.0	1.0	709	$1,400	$1.97	45d	1	0.40mi
92 W Washington St Unit 204 Hagerstown, MD	1.0	1.0	856	$1,425	$1.66	45d	1	0.40mi
92 W Washington St Unit 405 Hagerstown, MD	2.0	1.0	1083	$1,650	$1.52	45d	1	0.40mi
92 W Washington St Unit 403 Hagerstown, MD	2.0	1.5	924	$1,550	$1.68	45d	1	0.40mi
165 Summit Ave Unit 5 Hagerstown, MD	1.0	1.0	913	$1,100	$1.20	45d	1	0.45mi
327 N Mulberry St Hagerstown, MD	2.0	1.0	700	$1,030	$1.47	23d	1	0.45mi
220 Summit Ave Apt 2F Hagerstown, MD	1.0	1.0	600	$995	$1.66	23d	1	0.47mi
231 N Cleveland Ave Unit 5 Hagerstown, MD	1.0	1.0	600	$800	$1.33	15d	1	0.48mi
231 N Cleveland Ave Unit 2 Hagerstown, MD	1.0	1.0	800	$950	$1.19	15d	1	0.48mi
66 W Church St Hagerstown, MD	1.0	1.0	600	$925	$1.54	15d	1	0.49mi
27 Bethel St Hagerstown, MD	2.0	1.0	954	$950	$1.00	45d	1	0.50mi
382 S Cleveland Ave Unit 5 Hagerstown, MD	1.0	1.0	900	$1,100	$1.22	15d	1	0.51mi
382 S Cleveland Ave Unit 4 Hagerstown, MD	2.0	1.0	900	$1,200	$1.33	15d	1	0.51mi
229 Jonathan St Unit 202 Hagerstown, MD	1.0	1.0	600	$1,000	$1.67	23d	1	0.55mi
62 Bethel St Hagerstown, MD	3.0	1.5	1088	$1,700	$1.56	45d	1	0.56mi
441 N Potomac St Hagerstown, MD	2.0	1.0	970	$1,350	$1.39	45d	1	0.65mi
38 Wayside Ave Unit 2 Hagerstown, MD	2.0	1.0	825	$1,150	$1.39	23d	1	0.74mi
409 George St Apt B Hagerstown, MD	1.0	1.0	600	$875	$1.46	45d	1	0.74mi
55 Manor Dr Unit 17-203 Hagerstown, MD	2.0	1.0	808	$1,473	$1.82	45d	1	0.79mi
55 Manor Dr Unit 20-204 Hagerstown, MD	2.0	1.0	936	$1,454	$1.55	45d	1	0.79mi
55 Manor Dr Unit 82-103 Hagerstown, MD	3.0	1.0	945	$1,670	$1.77	45d	1	0.79mi
55 Manor Dr Unit 82-A4 Hagerstown, MD	2.0	1.0	808	$1,395	$1.73	45d	1	0.79mi
55 Manor Dr Unit 112-102 Hagerstown, MD	2.0	1.0	808	$1,386	$1.72	45d	1	0.79mi
55 Manor Dr Unit 122-204 Hagerstown, MD	2.0	1.0	808	$1,375	$1.70	45d	1	0.79mi
55 Manor Dr Unit 77-104 Hagerstown, MD	2.0	1.0	808	$1,553	$1.92	23d	1	0.79mi
55 Manor Dr Unit 47-101 Hagerstown, MD	2.0	1.0	808	$1,542	$1.91	45d	1	0.79mi
55 Manor Dr Unit 70-A3 Hagerstown, MD	2.0	1.0	808	$1,515	$1.88	45d	1	0.79mi

HOA detail condo

• Monthly dues: $375 · $4,500/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-05-17
   status Pending 682-char remark
2. 2026-05-15
   listed $120,000 Active 682-char remark
3. 2026-05-09
   historical $120,000 682-char remark
4. 2015-08-12
   soldstatus $51,500 165-char remark

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

5. 2015-08-12
   soldstatus $51,500 Sold

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

6. 2015-07-28
   status Contract

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

7. 2015-07-24
   price $52,500

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

8. 2015-06-18
   listed $59,000 Active

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

9. 2015-06-18
   listed $52,500 165-char remark

   Show marketing remark (165 chars)

   Spacious 2 bedroom unit in secured building! Home boasts open concept floor plan, neutral colors throughout, hard wood flooring and much more. Call Today, See Today!

10. 2011-05-20
    historical Withdrawn
11. 2011-05-20
    historical
12. 2011-05-12
    status Contingent (No Kick Out)
13. 2011-03-24
    price
14. 2011-01-12
    price
15. 2010-12-14
    price
16. 2010-12-02
    status Active
17. 2010-12-01
    price
18. 2010-10-24
    status Contingent (No Kick Out)
19. 2010-08-31
    listed Active
20. 2010-08-31
    listed $55,000
21. 2006-09-26
    soldstatus $152,840
22. 2006-08-01
    historical
23. 2006-04-25
    listed $147,900

ⓘ 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: $501 · $42/mo
• Projected year-2 tax: $905 · $75/mo
• Expected delta: +$403/yr (+$34/mo · 80.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major

Taxation est. · year 1

• Rental income: $14,941
• − Mortgage interest: −$6,722
• − Property taxes: −$501
• − Insurance: −$600
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − HOA: −$4,500
• − Depreciation: −$3,491
• Taxable loss: −$3,264
• Est. tax savings @ 24.0%: +$783
• After-tax cash flow: $-566/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

-18.9% since first listed

24 events — show timeline

• 2026-06-05 Sold (MLS) $120,000 BRIGHT MLS
• 2026-05-17 Pending — BRIGHT MLS
• 2026-05-15 Listed $120,000 BRIGHT MLS
• 2026-05-09 Coming Soon $120,000 BRIGHT MLS
• 2015-08-12 Sold (MLS) $51,500 MRIS
• 2015-08-12 Sold (MLS) $51,500 BRIGHT MLS
• 2015-07-28 Pending — MRIS
• 2015-07-24 Price Changed $52,500 MRIS
• 2015-06-18 Listed $59,000 MRIS
• 2015-06-18 Listed $52,500 BRIGHT MLS
• 2011-05-20 Delisted — MRIS
• 2011-05-20 Listing Removed — BRIGHT MLS
• 2011-05-12 Pending — MRIS
• 2011-03-24 Price Changed — MRIS
• 2011-01-12 Price Changed — MRIS
• 2010-12-14 Price Changed — MRIS
• 2010-12-02 Relisted — MRIS
• 2010-12-01 Price Changed — MRIS
• 2010-10-24 Pending — MRIS
• 2010-08-31 Listed — MRIS
• 2010-08-31 Listed $55,000 BRIGHT MLS
• 2006-09-26 Sold (MLS) $152,840 MRIS
• 2006-08-01 Delisted — MRIS
• 2006-04-25 Listed $147,900 MRIS

Property tax history

-9.8%/yr

Latest (2025): $501 · +0.0% YoY. Source: county tax records.