422-422 1/2 Mcdowell Ave · Hagerstown, MD 21740

$250,000

6 bd · None ba · 2,688 sqft · MultiFamily · 91 Days on market

Built 1900 5,227 sqft lot $93/sqft · 6% below area Est $266k · 6% under

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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 +28.2/30.0
• ARV discount +10.2/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

* * Charming Multi-Family Investment Opportunity * * Discover the potential of this multi-family property located at 422 and 422 1/2 McDowell Avenue in Hagerstown, MD. This property has two-units, each unit boasts 3 bedrooms and 1 bathroom. While the property requires renovations, it presents a fantastic opportunity for investors or homeowners looking to customize their space. Don’t miss out on this opportunity to make your mark in Hagerstown!

Key facts

• 5,227 sq ft lot
• Built 1900
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Ruth Ann Monroe Primary (567 students, 80% FRL); 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 (39 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; 232 units permitted in Washington County in 2024 (12 in 5+ unit buildings).
• At $3,188/mo this rent would consume 61% of the median local household income ($63k/yr) (locally 2832% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 24 sale attempts since 8y 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 $130k; list at $250k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $227,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $266,234
• List price: $250,000
• Delta: -6.10%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 High St	0.38mi	5/— (-1)	2,578 (-4%)	9mo	$358,000	$139	63

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: 4.8%
• Equity multiple: 1.19×
• Total profit: $13,145
• Equity at exit: $37,276

10-year hold

• IRR: 15.2%
• Equity multiple: 2.29×
• Total profit: $90,065
• 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 21740

• Rents YoY: 4.0%
• Active inventory: 368
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $3,188 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $791

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 70%

Sensitivity live

Price	-10% $964	-5% $877	+0% $791	+5% $704	+10% $618
Rent	-10% $539	-5% $665	+0% $791	+5% $917	+10% $1,043
Rate	-1.0pp $917	-0.5pp $854	base $791	+0.5pp $726	+1.0pp $660

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,188
Total (2 units)			$3,188

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

Listing history 50 events

1. 2026-06-18
   days on market $250,000 Active 91 DOM
2. 2026-06-17
   days on market $250,000 Active 90 DOM
3. 2026-06-16
   days on market $250,000 Active 89 DOM
4. 2026-06-15
   days on market $250,000 Active 88 DOM
5. 2026-06-14
   days on market $250,000 Active 86 DOM
6. 2026-06-13
   days on market $250,000 Active 85 DOM
7. 2026-06-10
   days on market $250,000 Active 83 DOM
8. 2026-06-09
   days on market $250,000 Active 82 DOM
9. 2026-06-08
   days on market $250,000 Active 81 DOM
10. 2026-06-07
    days on market $250,000 Active 80 DOM
11. 2026-06-03
    days on market $250,000 Active 76 DOM
12. 2026-06-02
    days on market $250,000 Active 75 DOM
13. 2026-06-01
    days on market $250,000 Active 74 DOM
14. 2026-05-31
    days on market $250,000 Active 73 DOM
15. 2026-05-30
    days on market $250,000 Active 72 DOM
16. 2026-03-20
    listed $250,000 Active 456-char remark

    Show marketing remark (456 chars)

    * * Charming Multi-Family Investment Opportunity * * Discover the potential of this multi-family property located at 422 and 422 1/2 McDowell Avenue in Hagerstown, MD. This property has two-units, each unit boasts 3 bedrooms and 1 bathroom. While the property requires renovations, it presents a fantastic opportunity for investors or homeowners looking to customize their space. Don’t miss out on this opportunity to make your mark in Hagerstown!

17. 2026-03-17
    historical $250,000 456-char remark

    Show marketing remark (456 chars)

    * * Charming Multi-Family Investment Opportunity * * Discover the potential of this multi-family property located at 422 and 422 1/2 McDowell Avenue in Hagerstown, MD. This property has two-units, each unit boasts 3 bedrooms and 1 bathroom. While the property requires renovations, it presents a fantastic opportunity for investors or homeowners looking to customize their space. Don’t miss out on this opportunity to make your mark in Hagerstown!

18. 2022-06-22
    historical
19. 2022-06-01
    price $289,999
20. 2022-05-04
    status Active
21. 2022-04-30
    historical
22. 2022-04-30
    historical
23. 2022-04-29
    status Active
24. 2022-04-29
    status Active
25. 2022-04-27
    historical
26. 2022-04-27
    historical
27. 2022-04-25
    listed $299,900 Active
28. 2022-04-12
    price $299,999
29. 2022-03-23
    listed $350,000 Active
30. 2021-04-02
    soldstatus $130,000 Closed
31. 2021-02-17
    status Pending
32. 2021-02-12
    listed $149,000 Active
33. 2021-02-12
    historical
34. 2021-02-03
    status Active
35. 2021-01-21
    historical Active Under Contract
36. 2021-01-04
    status Active
37. 2021-01-01
    historical Active Under Contract
38. 2020-12-30
    listed $189,000 Active
39. 2019-12-16
    soldstatus $110,000 Closed
40. 2019-12-03
    status Pending
41. 2019-11-26
    listed $119,000 Active
42. 2019-01-15
    soldstatus $60,000 Closed
43. 2018-12-31
    listed $79,500
44. 2018-12-31
    historical
45. 2018-11-27
    historical
46. 2018-11-20
    status Active
47. 2018-10-26
    status Pending
48. 2018-10-18
    price $72,000
49. 2018-10-06
    status Active
50. 2018-10-02
    price $74,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $38,256
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,060
• − Management: −$3,060
• − Depreciation: −$7,273
• Taxable income: $5,858
• Est. tax owed @ 24.0%: −$1,406
• After-tax cash flow: $8,084/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

+100.0% since first listed

63 events — show timeline

• 2026-03-20 Listed $250,000 BRIGHT MLS
• 2026-03-17 Coming Soon $250,000 BRIGHT MLS
• 2022-06-22 Listing Removed — BRIGHT MLS
• 2022-06-01 Price Changed $289,999 BRIGHT MLS
• 2022-05-04 Relisted — BRIGHT MLS
• 2022-04-30 Listing Removed — BRIGHT MLS
• 2022-04-30 Listing Removed — BRIGHT MLS
• 2022-04-29 Relisted — BRIGHT MLS
• 2022-04-29 Relisted — BRIGHT MLS
• 2022-04-27 Listing Removed — BRIGHT MLS
• 2022-04-27 Listing Removed — BRIGHT MLS
• 2022-04-25 Listed $299,900 BRIGHT MLS
• 2022-04-12 Price Changed $299,999 BRIGHT MLS
• 2022-03-23 Listed $350,000 BRIGHT MLS
• 2021-04-02 Sold (MLS) $130,000 BRIGHT MLS
• 2021-02-17 Pending — BRIGHT MLS
• 2021-02-12 Listing Removed — BRIGHT MLS
• 2021-02-12 Listed $149,000 BRIGHT MLS
• 2021-02-03 Relisted — BRIGHT MLS
• 2021-01-21 Contingent — BRIGHT MLS
• 2021-01-04 Relisted — BRIGHT MLS
• 2021-01-01 Contingent — BRIGHT MLS
• 2020-12-30 Listed $189,000 BRIGHT MLS
• 2019-12-16 Sold (MLS) $110,000 BRIGHT MLS
• 2019-12-03 Pending — BRIGHT MLS
• 2019-11-26 Listed $119,000 BRIGHT MLS
• 2019-01-15 Sold (MLS) $60,000 BRIGHT MLS
• 2018-12-31 Listing Removed — BRIGHT MLS
• 2018-12-31 Listed $79,500 BRIGHT MLS
• 2018-11-27 Listing Removed — BRIGHT MLS
• 2018-11-20 Relisted — BRIGHT MLS
• 2018-10-26 Pending — BRIGHT MLS
• 2018-10-18 Price Changed $72,000 BRIGHT MLS
• 2018-10-06 Relisted — BRIGHT MLS
• 2018-10-02 Price Changed $74,500 BRIGHT MLS
• 2018-09-28 Listing Removed — BRIGHT MLS
• 2018-09-14 Price Changed $74,900 BRIGHT MLS
• 2018-09-10 Relisted — BRIGHT MLS
• 2018-09-05 Listing Removed — BRIGHT MLS
• 2018-08-23 Price Changed $87,900 BRIGHT MLS
• 2018-08-22 Relisted — BRIGHT MLS
• 2018-08-21 Listing Removed — BRIGHT MLS
• 2018-08-07 Relisted — BRIGHT MLS
• 2018-08-04 Pending — BRIGHT MLS
• 2018-07-23 Price Changed $92,500 BRIGHT MLS
• 2018-07-12 Relisted — BRIGHT MLS
• 2018-06-23 Pending — BRIGHT MLS
• 2018-06-21 Listing Removed — BRIGHT MLS
• 2018-06-20 Price Changed $94,900 BRIGHT MLS
• 2018-06-05 Relisted — BRIGHT MLS
• 2018-06-04 Listing Removed — BRIGHT MLS
• 2018-05-31 Price Changed $96,300 BRIGHT MLS
• 2018-05-21 Relisted — BRIGHT MLS
• 2018-05-18 Listing Removed — BRIGHT MLS
• 2018-05-12 Price Changed $104,000 BRIGHT MLS
• 2018-04-30 Price Changed $113,700 BRIGHT MLS
• 2018-04-26 Relisted — BRIGHT MLS
• 2018-04-25 Listing Removed — BRIGHT MLS
• 2018-04-19 Relisted — BRIGHT MLS
• 2018-04-18 Listing Removed — BRIGHT MLS
• 2018-04-12 Relisted — BRIGHT MLS
• 2018-04-11 Listing Removed — BRIGHT MLS
• 2018-03-27 Listed $125,000 BRIGHT MLS