601 N Mulberry St · Hagerstown, MD 21740

$194,900

2 bd · 3.0 ba · 2,430 sqft · Townhouse public records · 147 Days on market

Built 1911 2,310 sqft lot $80/sqft · 30% below area Est $278k · 30% under ↓ 3% 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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to affordable living in Hagerstown Maryland! This unique layout at 601 North Mulberry features 2 identical, yet completely separated living units, all under once singular parcel! Live in one side, rent out the other! Or, start your portfolio with 2 turn-key units under one parcel, at an affordable price. Purchasing this property will involve one closing, one mortgage, yet two distinct units with separate electric meters already in place. The property also has two separate entrances for each unit. One in the front, one in the back. The property features modern replacement windows, limiting a future expense down the road. The property layout conforms with Conventional, FHA, and VA standards. Ask your lender how to get into this property with minimal down, with a low-down-payment loan!

Key facts

• Two distinct units
• Built 1911
• Listed 147 days

Tags

• TWO SEPARATE ENTRANCES
• TWO DISTINCT UNITS
• MODERN REPLACEMENT WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath townhouse listed at $195k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (25.9% below list).
• Recommended offer: $144k (25.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Pangborn Elementary (math 4% / reading 8%, grade F, #750 of 860 statewide, top 88%, 673 students, 81% FRL); Northern Middle (math 10% / reading 32%, grade F, #134 of 225 statewide, top 62%, 848 students, 68% FRL); North Hagerstown High (math 31% / reading 63%, grade D-, #114 of 222 statewide, top 52%, 1,438 students, 62% FRL) — zoned schools average 70% FRL vs 39% district-wide (31 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; 17 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 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: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• 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 $144,481 (25.9% 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. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• GRM: 11.2

CMA / ARV

• ARV (median comp): $277,732
• List price: $194,900
• Delta: -29.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
747 Monet Dr	0.39mi	3/2.5 (+1)	2,460 (+1%)	3mo	$310,000	$126	71
837 Monet Dr	0.28mi	3/2.5 (+1)	2,460 (+1%)	10mo	$305,000	$124	69
946 Monet Dr	0.44mi	3/2.5 (+1)	2,460 (+1%)	4mo	$315,000	$128	67
947 Monet Dr	0.43mi	3/2.5 (+1)	2,460 (+1%)	9mo	$300,000	$122	63
826 Monet Dr	0.29mi	3/2.5 (+1)	2,128 (-12%)	1mo	$280,000	$132	58
967 Monet Dr	0.45mi	3/2.5 (+1)	2,475 (+2%)	14mo	$325,000	$131	57
805 Mulberry Ave	0.20mi	3/1.5 (+1)	2,300 (-5%)	23mo	$154,900	$67	51
620 Potomac Ave	0.22mi	3/1.5 (+1)	2,174 (-10%)	14mo	$125,000	$57	50
735 Monet Dr	0.38mi	3/2.5 (+1)	2,220 (-9%)	15mo	$341,000	$154	49
563-565 Liberty St	0.56mi	3/1.0 (+1)	2,548 (+5%)	7mo	$360,000	$141	47
1006 Hamilton Blvd	0.45mi	3/2.0 (+1)	2,119 (-13%)	18mo	$276,000	$130	34

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: -18.4%
• Equity multiple: 0.35×
• Total profit: $-35,620
• Equity at exit: $29,060

10-year hold

• IRR: -9.2%
• Equity multiple: 0.41×
• Total profit: $-32,102
• Equity at exit: $16,851

Cash invested: $54,572 (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: 11.2×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$124 /mo · $1,485/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-86

Break-even live

Break-even rent $1,553

Max offer price $179,773

Occupancy floor —

Sensitivity live

Price	-10% $25	-5% $-30	+0% $-86	+5% $-141	+10% $-196
Rent	-10% $-200	-5% $-143	+0% $-86	+5% $-29	+10% $29
Rate	-1.0pp $13	-0.5pp $-36	base $-86	+0.5pp $-136	+1.0pp $-188

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
72 Wayside Ave Hagerstown, MD	2.0	2.0	2388	$1,485	$0.62	23d	1	0.11mi
805 Mulberry Ave Hagerstown, MD	3.0	1.5	1584	$1,830	$1.16	45d	1	0.18mi
227 N Locust St Hagerstown, MD	3.0	1.0	3000	$1,600	$0.53	15d	1	0.39mi
323 N Potomac St #1 Hagerstown, MD	2.0	2.0	1800	$1,505	$0.84	23d	1	0.40mi
323 N Potomac St Unit 3 Hagerstown, MD	3.0	2.0	2200	$1,655	$0.75	23d	1	0.40mi
323 N Potomac St Unit 2 Hagerstown, MD	2.0	1.0	1700	$1,380	$0.81	23d	1	0.40mi
440 Jonathan St Unit A Hagerstown, MD	2.0	1.0	2244	$1,000	$0.45	45d	1	0.42mi
1165 Hamilton Blvd Hagerstown, MD	2.0	2.5	1683	$800	$0.48	45d	1	0.69mi
1319 The Ter Hagerstown, MD	3.0	2.0	1589	$2,500	$1.57	45d	1	0.88mi
625 George St Hagerstown, MD	2.0	1.0	1856	$1,400	$0.75	15d	1	1.03mi
313 Frederick St Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	45d	1	1.05mi
313 Frederick St Unit 313 Hagerstown, MD	3.0	1.5	1650	$2,500	$1.52	45d	1	1.05mi
315 Frederick St Unit B Hagerstown, MD	1.0	1.0	3300	$1,500	$0.45	45d	1	1.06mi
315 Frederick St Unit A Hagerstown, MD	1.0	1.0	3300	$1,600	$0.48	45d	1	1.06mi
131 Ray St Apt 1 Hagerstown, MD	1.0	1.0	2240	$975	$0.44	23d	1	1.11mi
1026 Lindsay Ln Hagerstown, MD	3.0	4.0	1920	$2,200	$1.15	45d	1	1.12mi
232 Bryan Pl Hagerstown, MD	1.0	1.0	3200	$1,025	$0.32	45d	1	1.23mi

Listing history 20 events

1. 2026-06-22
   days on market $194,900 Active 147 DOM
2. 2026-06-18
   days on market $194,900 Active 144 DOM
3. 2026-06-17
   days on market $194,900 Active 143 DOM
4. 2026-06-16
   days on market $194,900 Active 142 DOM
5. 2026-06-15
   days on market $194,900 Active 141 DOM
6. 2026-06-14
   days on market $194,900 Active 139 DOM
7. 2026-06-13
   days on market $194,900 Active 138 DOM
8. 2026-06-10
   days on market $194,900 Active 136 DOM
9. 2026-06-09
   days on market $194,900 Active 135 DOM
10. 2026-06-08
    days on market $194,900 Active 134 DOM
11. 2026-06-07
    days on market $194,900 Active 133 DOM
12. 2026-06-03
    days on market $194,900 Active 129 DOM
13. 2026-06-02
    days on market $194,900 Active 128 DOM
14. 2026-06-01
    days on market $194,900 Active 127 DOM
15. 2026-05-31
    days on market $194,900 Active 126 DOM
16. 2026-05-30
    days on market $194,900 Active 125 DOM
17. 2026-02-02
    price $194,900 806-char remark

    Show marketing remark (806 chars)

    Welcome home to affordable living in Hagerstown Maryland! This unique layout at 601 North Mulberry features 2 identical, yet completely separated living units, all under once singular parcel! Live in one side, rent out the other! Or, start your portfolio with 2 turn-key units under one parcel, at an affordable price. Purchasing this property will involve one closing, one mortgage, yet two distinct units with separate electric meters already in place. The property also has two separate entrances for each unit. One in the front, one in the back. The property features modern replacement windows, limiting a future expense down the road. The property layout conforms with Conventional, FHA, and VA standards. Ask your lender how to get into this property with minimal down, with a low-down-payment loan!

18. 2026-01-25
    listed $199,900 Active 806-char remark

    Show marketing remark (806 chars)

    Welcome home to affordable living in Hagerstown Maryland! This unique layout at 601 North Mulberry features 2 identical, yet completely separated living units, all under once singular parcel! Live in one side, rent out the other! Or, start your portfolio with 2 turn-key units under one parcel, at an affordable price. Purchasing this property will involve one closing, one mortgage, yet two distinct units with separate electric meters already in place. The property also has two separate entrances for each unit. One in the front, one in the back. The property features modern replacement windows, limiting a future expense down the road. The property layout conforms with Conventional, FHA, and VA standards. Ask your lender how to get into this property with minimal down, with a low-down-payment loan!

19. 2007-01-01
    historical
20. 2006-05-08
    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: $1,485 · $124/mo
• Projected year-2 tax: $1,805 · $150/mo
• Expected delta: +$320/yr (+$27/mo · 21.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,338
• − Mortgage interest: −$10,917
• − Property taxes: −$1,485
• − Insurance: −$974
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$5,670
• Taxable loss: −$4,483
• Est. tax savings @ 24.0%: +$1,076
• After-tax cash flow: $48/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

-2.5% since first listed

4 events — show timeline

• 2026-02-02 Price Changed $194,900 BRIGHT MLS
• 2026-01-25 Listed $199,900 BRIGHT MLS
• 2007-01-01 Delisted — MRIS
• 2006-05-08 Listed — MRIS

Property tax history

-1.6%/yr

Latest (2025): $1,485 · +19.3% YoY. Source: county tax records.