671 Highland Way · Hagerstown, MD 21740

$574,900

8 bd · None ba · 5,760 sqft · MultiFamily public records · 142 Days on market

Built 1900 0.58 ac lot $100/sqft · 35% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

Key facts

• 0.58 acre lot
• 10 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 8-bed/?-bath multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $575k).
• Recommended offer: $506k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: schools C-, 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.
• 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 $8,142/mo this rent would consume 155% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $161k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($506k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 31y ago; this cycle's ask has dropped $74k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $575k implies a 211% 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 $505,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.42% ✓
• Cap rate: 12.53%
• Cash-on-cash: 22.27%
• DSCR: 1.99
• GRM: 5.9

CMA / ARV

• ARV (median comp): $345,492
• List price: $574,900
• Delta: 66.40%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 Reynolds Ave	0.46mi	9/— (+1)	6,528 (+13%)	9mo	$680,000	$104	44

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: 16.1%
• Equity multiple: 1.65×
• Total profit: $105,149
• Equity at exit: $85,719

10-year hold

• IRR: 25.3%
• Equity multiple: 3.30×
• Total profit: $370,350
• Equity at exit: $49,707

Cash invested: $160,972 (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: 29.4×

Monthly cashflow live

• Estimated rent: $8,142 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$191 /mo · $2,291/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,710
• Net cashflow: $2,987

Break-even live

Break-even rent $4,361

Max offer price $574,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	1	$8,140
Total (5 units)			$8,142

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: $143,725
• Closing costs: $17,247
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $574,900 Active 142 DOM
2. 2026-06-17
   days on market $574,900 Active 141 DOM
3. 2026-06-16
   days on market $574,900 Active 140 DOM
4. 2026-06-15
   days on market $574,900 Active 139 DOM
5. 2026-06-14
   days on market $574,900 Active 137 DOM
6. 2026-06-13
   days on market $574,900 Active 136 DOM
7. 2026-06-10
   days on market $574,900 Active 134 DOM
8. 2026-06-09
   days on market $574,900 Active 133 DOM
9. 2026-06-08
   days on market $574,900 Active 132 DOM
10. 2026-06-07
    days on market $574,900 Active 131 DOM
11. 2026-06-03
    days on market $574,900 Active 127 DOM
12. 2026-06-02
    days on market $574,900 Active 126 DOM
13. 2026-06-01
    days on market $574,900 Active 125 DOM
14. 2026-05-31
    days on market $574,900 Active 124 DOM
15. 2026-05-30
    days on market $574,900 Active 123 DOM
16. 2026-04-12
    price $574,900 273-char remark

    Show marketing remark (273 chars)

    Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

17. 2026-04-12
    status Active 273-char remark

    Show marketing remark (273 chars)

    Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

18. 2026-04-10
    historical 273-char remark

    Show marketing remark (273 chars)

    Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

19. 2026-01-26
    listed $649,000 Active 273-char remark

    Show marketing remark (273 chars)

    Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

20. 2026-01-15
    historical $649,000 273-char remark

    Show marketing remark (273 chars)

    Great Location walking distance to the Beautiful Hagerstown City Park! Ok FIVE (5) Units fully Rented! New Rear steps being installed now. 9% CAP RATE, same owner for years. All leases are yearly except one is month to month. Call for more details and to schedule a tour!

21. 2019-07-08
    soldstatus $185,000
22. 2011-04-22
    soldstatus $245,000
23. 2011-04-08
    soldstatus $245,000 Sold 291-char remark

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

24. 2011-04-08
    soldstatus $245,000

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

25. 2011-02-24
    status Contingent (No Kick Out) 291-char remark

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

26. 2011-02-24
    historical

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

27. 2010-11-22
    listed $274,900 Active 291-char remark

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

28. 2010-11-22
    listed $274,900

    Show marketing remark (291 chars)

    Walk to City Park! Nice all brick apartment building * 5 Units - Half acre lot * plenty of Off Street parking * Heat is electric which is separately metered * Replacement windows on 2nd & 3rd floors - original windows w/ storm windows on 1st flor. Good investment opportunity.

29. 2010-06-15
    historical Withdrawn
30. 2009-08-17
    price
31. 2009-07-09
    listed Active
32. 2009-07-01
    historical
33. 2009-07-01
    historical
34. 2009-04-14
    historical
35. 2009-04-10
    price
36. 2009-04-05
    listed
37. 2009-04-04
    listed $279,000
38. 2009-03-25
    listed
39. 2009-01-09
    historical
40. 2009-01-09
    price
41. 2009-01-09
    status
42. 2009-01-02
    historical
43. 2008-06-24
    listed
44. 2008-04-17
    historical
45. 2005-06-09
    listed
46. 2003-04-22
    historical
47. 2002-12-02
    listed
48. 2002-10-04
    historical
49. 2002-08-21
    listed
50. 1998-07-07
    soldstatus $147,000

ⓘ 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: $2,291 · $191/mo
• Projected year-2 tax: $4,279 · $357/mo
• Expected delta: +$1,988/yr (+$166/mo · 86.8%)

ⓘ 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 · 16 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: $97,704
• − Mortgage interest: −$32,203
• − Property taxes: −$2,291
• − Insurance: −$2,874
• − Repairs & maintenance: −$7,816
• − Management: −$7,816
• − Depreciation: −$16,724
• Taxable income: $27,978
• Est. tax owed @ 24.0%: −$6,715
• After-tax cash flow: $29,128/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

+283.3% since first listed

44 events — show timeline

• 2026-04-12 Price Changed $574,900 BRIGHT MLS
• 2026-04-12 Relisted — BRIGHT MLS
• 2026-04-10 Listing Removed — BRIGHT MLS
• 2026-01-26 Listed $649,000 BRIGHT MLS
• 2026-01-15 Coming Soon $649,000 BRIGHT MLS
• 2019-07-08 Sold (Public Records) $185,000 Public Records
• 2011-04-22 Sold (Public Records) $245,000 Public Records
• 2011-04-08 Sold (MLS) $245,000 BRIGHT MLS
• 2011-04-08 Sold (MLS) $245,000 MRIS
• 2011-02-24 Pending — MRIS
• 2011-02-24 Listing Removed — BRIGHT MLS
• 2010-11-22 Listed $274,900 MRIS
• 2010-11-22 Listed $274,900 BRIGHT MLS
• 2010-06-15 Delisted — MRIS
• 2009-08-17 Price Changed — MRIS
• 2009-07-09 Listed — MRIS
• 2009-07-01 Delisted — MRIS
• 2009-07-01 Listing Removed — BRIGHT MLS
• 2009-04-14 Delisted — MRIS
• 2009-04-10 Price Changed — MRIS
• 2009-04-05 Listed — MRIS
• 2009-04-04 Listed $279,000 BRIGHT MLS
• 2009-03-25 Listed — MRIS
• 2009-01-09 Delisted — MRIS
• 2009-01-09 Relisted — MRIS
• 2009-01-09 Price Changed — MRIS
• 2009-01-02 Delisted — MRIS
• 2008-06-24 Listed — MRIS
• 2008-04-17 Delisted — MRIS
• 2005-06-09 Listed — MRIS
• 2003-04-22 Delisted — MRIS
• 2002-12-02 Listed — MRIS
• 2002-10-04 Delisted — MRIS
• 2002-08-21 Listed — MRIS
• 1998-07-07 Sold (Public Records) $147,000 Public Records
• 1998-07-02 Sold (MLS) $147,000 MRIS
• 1998-06-19 Delisted — MRIS
• 1998-04-22 Listed $150,000 MRIS
• 1996-08-31 Delisted — MRIS
• 1996-08-31 Delisted — MRIS
• 1996-02-28 Listed — MRIS
• 1996-02-28 Listed — MRIS
• 1996-01-31 Delisted — MRIS
• 1995-07-06 Listed — MRIS

Property tax history

-4.1%/yr

Latest (2025): $2,291 · +2.7% YoY. Source: county tax records.