3204 Bidle Rd · Middletown, MD 21769

$250,000

2 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 3 Days on market

Built 1890 0.58 ac lot $208/sqft · 27% below area Est $343k · 27% 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 +15.0/15.0
• Cash flow +14.4/30.0
• DSCR +4.4/10.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

Key facts

• 0.58 acre lot
• Built 1890
• Listed 3 days

Property features AI

Finance

• Other: Owned as fee simple

Exterior

• Parking: Driveway
• Utilities: Well water; Holding tank sewer; Electric hot water
• Home design: Detached structure; Metal roof; Double-pane windows
• Construction: Frame construction; Other foundation type; Approximately 1,200 finished above-grade square feet; Approximately 600 below-grade unfinished square feet
• Exterior features: Outside and side entrance to basement; Unfinished basement; Storage barn/shed on the property

Interior

• Kitchen: Dishwasher; Single oven; Refrigerator
• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Electric baseboard heating; Window air conditioning units (electric)
• Interior features: Combination kitchen and dining area; Country-style kitchen; Upgraded countertops; Traditional floor plan
• Laundry & utility: Washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $49 ($583/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 $210k (16.2% below list).
• Recommended offer: $210k (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.5% in Middletown — 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 (#138 in MD) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Frederick County Public Schools (other): math 27% / reading 43% proficiency, ranked #4 of 24 in MD (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,562 units permitted in Frederick County in 2024 (374 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.
• Frederick County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 23y 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: built in 1890 — 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 $209,500 (16.2% below list)

Questions for the listing agent

1. Built in 1890 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.84% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 9.9

CMA / ARV

• ARV (median comp): $342,691
• List price: $250,000
• Delta: -27.05%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3204 Bidle Rd	0.00mi	2/1.0	1,200 (0%)	0mo	$260,000	$217	100
304 Washington St	0.49mi	3/2.5 (+1)	1,229 (+2%)	0mo	$428,000	$348	62
321 S Church St	0.59mi	2/1.0	1,285 (+7%)	16mo	$387,000	$301	47
110 S Jefferson St	0.60mi	3/2.0 (+1)	1,272 (+6%)	7mo	$445,000	$350	47
307 W Main St	0.59mi	3/2.0 (+1)	1,328 (+11%)	15mo	$285,000	$215	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-37,459
• Equity at exit: $37,276

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-28,808
• Equity at exit: $21,615

Cash invested: $70,000 (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 21769

• Active inventory: 46
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$191 /mo · $2,295/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $49

Break-even live

Break-even rent $2,033

Max offer price $250,000

Occupancy floor 93%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 Broad St Middletown, MD	1.0–2.0	1.0	914	$2,095	$2.29	1d	9	0.71mi

Listing history 35 events

1. 2026-05-11
   status Pending 631-char remark
2. 2026-05-08
   listed $250,000 Active 631-char remark
3. 2026-05-01
   historical $250,000 631-char remark
4. 2017-06-21
   soldstatus $150,000
5. 2017-06-15
   soldstatus $150,000 257-char remark

   Show marketing remark (257 chars)

   CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

6. 2017-06-15
   soldstatus $150,000 Sold

   Show marketing remark (257 chars)

   CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

7. 2017-04-29
   status Contingent (No Kick Out)

   Show marketing remark (257 chars)

   CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

8. 2017-04-23
   status Active

   Show marketing remark (257 chars)

   CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

9. 2017-04-19
   status Contingent (No Kick Out)

   Show marketing remark (257 chars)

   CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

10. 2017-03-21
    status Active

    Show marketing remark (257 chars)

    CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

11. 2017-03-06
    historical Temporarily Off-Market

    Show marketing remark (257 chars)

    CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

12. 2017-03-04
    listed $149,950 Active

    Show marketing remark (257 chars)

    CLOSE TO TOWN, THIS QUAINT, SMALL COLONIAL, HAS BEEN UPGRADED WITH NEW WINDOWS. .. .. GRANITE COUNTERS, AND YES A DISHWASHER. .. .. .. .. .. .. .. .SMALL LOT, BUT FENCED. .. .OVERLOOKING THE CATOCTIN CREEK. HOME HAS WELL WATER AND A HOLDING TANK FOR SEPTIC.

13. 2015-10-09
    historical
14. 2015-10-09
    historical
15. 2015-09-16
    listed Active
16. 2015-09-16
    listed $25,000
17. 2015-09-10
    historical
18. 2015-09-10
    historical Withdrawn
19. 2015-08-11
    listed Active
20. 2015-08-11
    listed $115,000
21. 2015-01-01
    historical Expired
22. 2014-12-04
    price
23. 2014-10-21
    price
24. 2014-07-02
    listed Active
25. 2014-07-02
    listed $144,000
26. 2014-07-02
    historical
27. 2008-10-04
    historical
28. 2007-10-03
    listed
29. 2004-03-12
    soldstatus $160,000
30. 2004-03-12
    soldstatus $160,000
31. 2004-02-29
    soldstatus $160,000
32. 2004-02-08
    historical
33. 2004-01-24
    listed $160,000
34. 2004-01-22
    historical
35. 2003-11-15
    listed

ⓘ 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: $2,295 · $191/mo
• Projected year-2 tax: $2,510 · $209/mo
• Expected delta: +$215/yr (+$18/mo · 9.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,140
• − Mortgage interest: −$14,004
• − Property taxes: −$2,295
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$7,273
• Taxable loss: −$3,704
• Est. tax savings @ 24.0%: +$889
• After-tax cash flow: $1,472/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: Frederick County Public Schools
• NCES district ID: 2400330
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 43% ▼ -15.00%
• Median HH income: $84,020
• Composite: 33.54/100
• National rank: #5429
• State rank: #4 of 24 in MD

Livability — Middletown

• Score: 72/100
• State rank: #138
• US rank: #5902

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,695

Population outlook (Frederick County) Hauer SSP2

• Today (2025): 269,438 people
• By 2030: 280,160 · +4.0%
• By 2040: 298,408 · +10.8%
• By 2050: 311,062 · +15.4%
• By 2075: 342,819 · +27.2%
• By 2100: 351,361 · +30.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Asian 5% Hispanic / Latino 4% Native American 1%
• Common ancestry: Romanian 4% Italian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 2% Tagalog/Filipino 1%

Political lean MEDSL · Frederick

• 2024 margin: Lean D (+8.8) · D 53.2% · R 44.4% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: -1.0pp · 2024: 8.8pp
• All cycles: 2024: D+8.8 2020: D+9.6 2016: R+4.0 2012: R+3.9 2008: R+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -191.38%
• Current HPI: 285.0208
• Rent YoY: —
• Metro: —
• 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

+62.5% since first listed

36 events — show timeline

• 2026-06-05 Sold (MLS) $260,000 BRIGHT MLS
• 2026-05-11 Pending — BRIGHT MLS
• 2026-05-08 Listed $250,000 BRIGHT MLS
• 2026-05-01 Coming Soon $250,000 BRIGHT MLS
• 2017-06-21 Sold (Public Records) $150,000 Public Records
• 2017-06-15 Sold (MLS) $150,000 MRIS
• 2017-06-15 Sold (MLS) $150,000 BRIGHT MLS
• 2017-04-29 Pending — MRIS
• 2017-04-23 Relisted — MRIS
• 2017-04-19 Pending — MRIS
• 2017-03-21 Relisted — MRIS
• 2017-03-06 Delisted — MRIS
• 2017-03-04 Listed $149,950 MRIS
• 2015-10-09 Delisted — MRIS
• 2015-10-09 Listing Removed — BRIGHT MLS
• 2015-09-16 Listed — MRIS
• 2015-09-16 Listed $25,000 BRIGHT MLS
• 2015-09-10 Listing Removed — BRIGHT MLS
• 2015-09-10 Delisted — MRIS
• 2015-08-11 Listed — MRIS
• 2015-08-11 Listed $115,000 BRIGHT MLS
• 2015-01-01 Delisted — MRIS
• 2014-12-04 Price Changed — MRIS
• 2014-10-21 Price Changed — MRIS
• 2014-07-02 Listed — MRIS
• 2014-07-02 Listed $144,000 BRIGHT MLS
• 2014-07-02 Listing Removed — BRIGHT MLS
• 2008-10-04 Delisted — MRIS
• 2007-10-03 Listed — MRIS
• 2004-03-12 Sold (Public Records) $160,000 Public Records
• 2004-03-12 Sold (Public Records) $160,000 Public Records
• 2004-02-29 Sold (MLS) $160,000 MRIS
• 2004-02-08 Delisted — MRIS
• 2004-01-24 Listed $160,000 MRIS
• 2004-01-22 Delisted — MRIS
• 2003-11-15 Listed — MRIS

Property tax history

+1.0%/yr

Latest (2025): $2,295 · +5.1% YoY. Source: county tax records.