6502 Home Water Ct #204 · Glen Burnie, MD 21060

$100,000

2 bd · 2.0 ba · 1,150 sqft · Condo public records · 31 Days on market

Built 1999 $270/mo HOA · 13% of rent ↓ 41% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Wednesday, May 6, 2026. Live On Site Auction - Thursday, May 7, 2026 at 11:00 AM. List price is opening bid only. Estate Sale of a two bedroom and two bath garden apartment style condominium unit in the Cromwell Fountain community in Glen Burnie. The well located unit was constructed in 1999, and sits proximate to many of the area’s most significant commuter routes and employment centers. Ample retail and dining options are also in close proximity. The auction provides an opportunity to purchase and refresh a well proportioned condominium unit in a well demanded location.

Key facts

• $270 HOA
• Community pool
• Built 1999

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 4.4% in Glen Burnie — 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 72/100 on livability (#135 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living C-, schools D-, crime F.
• Anne Arundel County Public Schools (suburban): math 20% / reading 37% proficiency, ranked #10 of 24 in MD (top 42%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.4%/yr); 164 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,303 units permitted in Anne Arundel County in 2024 (299 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Anne Arundel County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
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: 2.03% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.56%
• DSCR: 2.14
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.44% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 1.82×
• Total profit: $22,909
• Equity at exit: $14,910

10-year hold

• IRR: 28.6%
• Equity multiple: 3.63×
• Total profit: $73,506
• Equity at exit: $8,646

Cash invested: $28,000 (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 21060

• Rents YoY: 3.4%
• Active inventory: 164
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$524
• Tax from tax record: −$169 /mo · $2,034/yr
• Insurance: −$42
• HOA: −$270
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $596

Break-even live

Break-even rent $1,273

Max offer price $100,000

Occupancy floor 66%

Sensitivity live

Price	-10% $653	-5% $625	+0% $596	+5% $568	+10% $540
Rent	-10% $436	-5% $516	+0% $596	+5% $677	+10% $757
Rate	-1.0pp $647	-0.5pp $622	base $596	+0.5pp $571	+1.0pp $544

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6607 Rumfire Ct Glen Burnie, MD	2.0	2.0	1320	$2,595	$1.97	18d	1	0.07mi
6609 Rapid Water Way #303 Glen Burnie, MD	2.0	2.0	988	$1,895	$1.92	5d	1	0.13mi
206 Spring Maiden Ct #302 Glen Burnie, MD	3.0	2.0	1044	$2,000	$1.92	24d	1	0.25mi
200 Spring Maiden Ct #101 Glen Burnie, MD	2.0	2.0	853	$1,850	$2.17	3d	1	0.31mi
116-B Warwickshire Ln Glen Burnie, MD	1.0–3.0	1.0–1.5	800	$1,458	$1.82	2d	43	0.70mi
6319 Harris Heights Ave Glen Burnie, MD	3.0	1.5	1280	$2,200	$1.72	24d	1	0.71mi
101 S Charter Rd Glen Burnie, MD	1.0–3.0	1.0–2.0	823	$1,598	$1.94	44d	1	0.73mi
140 Bethlehem Pl Brooklyn, MD	3.0	3.5	1120	$1,500	$1.34	44d	1	0.81mi
6455 Heritage Hill Dr Glen Burnie, MD	3.0	1.5	1152	$1,700	$1.48	4d	1	0.87mi
6401 Jefferson Pl Glen Burnie, MD	3.0	1.5	1216	$1,895	$1.56	3d	1	0.91mi
228 Candle Light Ln #228 Glen Burnie, MD	2.0	1.5	1179	$1,895	$1.61	44d	1	0.94mi
6456 Washington Sq Glen Burnie, MD	3.0	1.5	1216	$1,799	$1.48	22d	1	0.95mi
57 Glen Ridge Rd Glen Burnie, MD	1.0–2.0	1.0	806	$1,700	$2.11	3d	27	1.01mi
6449 Union Ct Glen Burnie, MD	3.0	1.5	1152	$2,200	$1.91	44d	1	1.02mi
6001 Heritage Hill Dr Glen Burnie, MD	2.0–3.0	1.5–2.5	1012	$1,837	$1.81	2d	22	1.10mi
6459 Grafton Garth Ct Glen Burnie, MD	2.0	2.0	1116	$1,900	$1.70	22d	1	1.26mi
156 Hammarlee Rd Glen Burnie, MD	2.0	1.0	800	$1,739	$2.17	44d	1	1.39mi
156 Hammarlee Rd Glen Burnie, MD	1.0–2.0	1.0	725	$1,899	$2.62	3d	8	1.39mi
90 Hammonds Ln Brooklyn Park, MD	1.0–2.0	1.0–2.0	757	$1,964	$2.59	2d	4	1.40mi

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-07
   status Pending 676-char remark

   Show marketing remark (676 chars)

   REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Wednesday, May 6, 2026. Live On Site Auction - Thursday, May 7, 2026 at 11:00 AM. List price is opening bid only. Estate Sale of a two bedroom and two bath garden apartment style condominium unit in the Cromwell Fountain community in Glen Burnie. The well located unit was constructed in 1999, and sits proximate to many of the area’s most significant commuter routes and employment centers. Ample retail and dining options are also in close proximity. The auction provides an opportunity to purchase and refresh a well proportioned condominium unit in a well demanded location.

2. 2026-04-06
   listed $100,000 Active 676-char remark

   Show marketing remark (676 chars)

   REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Wednesday, May 6, 2026. Live On Site Auction - Thursday, May 7, 2026 at 11:00 AM. List price is opening bid only. Estate Sale of a two bedroom and two bath garden apartment style condominium unit in the Cromwell Fountain community in Glen Burnie. The well located unit was constructed in 1999, and sits proximate to many of the area’s most significant commuter routes and employment centers. Ample retail and dining options are also in close proximity. The auction provides an opportunity to purchase and refresh a well proportioned condominium unit in a well demanded location.

3. 2026-04-03
   historical $100,000 676-char remark

   Show marketing remark (676 chars)

   REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Wednesday, May 6, 2026. Live On Site Auction - Thursday, May 7, 2026 at 11:00 AM. List price is opening bid only. Estate Sale of a two bedroom and two bath garden apartment style condominium unit in the Cromwell Fountain community in Glen Burnie. The well located unit was constructed in 1999, and sits proximate to many of the area’s most significant commuter routes and employment centers. Ample retail and dining options are also in close proximity. The auction provides an opportunity to purchase and refresh a well proportioned condominium unit in a well demanded location.

4. 2013-06-10
   soldstatus $168,000
5. 2013-05-30
   soldstatus $168,000 355-char remark

   Show marketing remark (355 chars)

   Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

6. 2013-05-30
   soldstatus $168,000 Sold

   Show marketing remark (355 chars)

   Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

7. 2013-04-19
   status Contract
8. 2013-04-18
   historical 355-char remark

   Show marketing remark (355 chars)

   Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

9. 2013-04-05
   status Active
10. 2013-04-04
    listed $170,000 355-char remark

    Show marketing remark (355 chars)

    Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

11. 2013-04-04
    historical

    Show marketing remark (355 chars)

    Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

12. 2013-04-04
    listed $170,000

    Show marketing remark (355 chars)

    Spacious 2 Master Bedroom, 2 bath condo. Bedrooms on opposite sides of main living space for maximum privacy. Kitchen is bright and spacious with space for small table and open to large living and dining area. Screened in porch off of dining area. Full size washer/dryer. Secure building with intercom and remote entry. Fabulous floor plan! See it today!

ⓘ 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: $2,034 · $169/mo
• Projected year-2 tax: $2,034 · $169/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,334
• − Mortgage interest: −$5,602
• − Property taxes: −$2,034
• − Insurance: −$500
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − HOA: −$3,240
• − Depreciation: −$2,909
• Taxable income: $6,156
• Est. tax owed @ 24.0%: −$1,478
• After-tax cash flow: $5,680/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: Anne Arundel County Public Schools
• NCES district ID: 2400060
• Math proficiency: 20% ▼ -21.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $87,880
• Composite: 28.52/100
• National rank: #6733
• State rank: #10 of 24 in MD

Livability — Glen Burnie

• Score: 72/100
• State rank: #135
• US rank: #5815

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glen Burnie, MD
• County: Anne Arundel County · 535,653 people
• City population: 96,960
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 39,730
• Household income: $104,715
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 976.0

Population outlook (Anne Arundel County) Hauer SSP2

• Today (2025): 617,384 people
• By 2030: 642,094 · +4.0%
• By 2040: 686,621 · +11.2%
• By 2050: 723,031 · +17.1%
• By 2075: 809,346 · +31.1%
• By 2100: 837,658 · +35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Black 24% Hispanic / Latino 12% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 1% Italian 1%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% Tagalog/Filipino 1%

Political lean MEDSL · Anne Arundel

• 2024 margin: D (+13.9) · D 55.7% · R 41.7% · Other 2.6%
• 2008→2024 swing: +15.7pp toward D · 2008: -1.8pp · 2024: 13.9pp
• All cycles: 2024: D+13.9 2020: D+14.5 2016: D+0.7 2012: R+0.9 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -305.56%
• Current HPI: 304.5692
• Rent YoY: ▲ 3.44%
• Metro: Baltimore-Columbia-Towson, MD
• 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

-41.2% since first listed

12 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-04-06 Listed $100,000 BRIGHT MLS
• 2026-04-03 Coming Soon $100,000 BRIGHT MLS
• 2013-06-10 Sold (Public Records) $168,000 Public Records
• 2013-05-30 Sold (MLS) $168,000 MRIS
• 2013-05-30 Sold (MLS) $168,000 BRIGHT MLS
• 2013-04-19 Pending — MRIS
• 2013-04-18 Listing Removed — BRIGHT MLS
• 2013-04-05 Relisted — MRIS
• 2013-04-04 Listed $170,000 MRIS
• 2013-04-04 Delisted — MRIS
• 2013-04-04 Listed $170,000 BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2025): $2,034 · +2.1% YoY. Source: county tax records.