1721 Fountain Rock Way Unit D · Edgewood, MD 21040

$120,000

2 bd · 1.0 ba · 924 sqft · Condo public records · 5 Days on market

Built 1972 $351/mo HOA · 24% of rent

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Why this score? — see what drove the C- 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 +17.5/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• DSCR +5.5/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Renovated 2-bedroom, 1-bath condo with 924 sq ft of living space. The kitchen has white cabinets, granite countertops, a tile backsplash, and stainless steel appliances including a gas range, microwave, and dishwasher. New luxury vinyl plank flooring throughout, fresh paint, and updated lighting. The bathroom has a tiled tub/shower with built-in shelving, a new vanity, and matte black fixtures. Private deck off the living room. In-unit washer and dryer included. Close to shopping, dining, and major commuter routes.

Key facts

• $351 HOA
• Garage
• Built 1972

Property features AI

Finance

• Other: Directions provided: RT 40 to Gateway Dr, right on Brookside, right on Fountain Rock Way to 1721, Unit D.
• HOA & community: Condo fee of $351 per month (includes other community items); Pets allowed with no restrictions; Association provides additional amenities

Exterior

• Parking: Attached garage (1 space); Parking lot available; Built-in garage
• Utilities: Public water; Public sewer; Electric service
• Home design: Condominium; Garden style building (1–4 floors); Unit/flat; Estimated year built
• Construction: Vinyl siding
• Exterior features: Above-grade unit

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning; Electric heating and cooling; Electric hot water
• Interior features: No basement; Entry on first floor
• Laundry & utility: Washer/dryer hookup in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 7.2% vs local median 5.5% in Edgewood — 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 73/100 on livability (#118 in MD, #4,991 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D, amenities D, crime F.
• Harford County Public Schools (suburban): math 22% / reading 39% proficiency, ranked #9 of 24 in MD (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.9%/yr); 94 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 803 units permitted in Harford County in 2024 (26 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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: HOA is 24% of rent.
• 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 $120,000

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.24% ✓
• Cap rate: 7.21%
• Cash-on-cash: 3.29%
• DSCR: 1.15
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-10,463
• Equity at exit: $17,892

10-year hold

• IRR: 4.3%
• Equity multiple: 1.35×
• Total profit: $11,719
• Equity at exit: $10,375

Cash invested: $33,600 (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 21040

• Home prices YoY: -29.4%
• Rents YoY: 4.9%
• Active inventory: 94
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,493 high
• Mortgage (P&I): −$629
• Tax from tax record: −$57 /mo · $687/yr
• Insurance: −$50
• HOA: −$351
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $92

Break-even live

Break-even rent $1,377

Max offer price $120,000

Occupancy floor 89%

Sensitivity live

Price	-10% $160	-5% $126	+0% $92	+5% $58	+10% $24
Rent	-10% $-26	-5% $33	+0% $92	+5% $151	+10% $210
Rate	-1.0pp $152	-0.5pp $123	base $92	+0.5pp $61	+1.0pp $29

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1703 Fountain Rock Way Unit 1703-B Edgewood, MD	2.0	1.0	882	$1,250	$1.42	24d	1	0.08mi
814 Windstream Way Unit 814-A Edgewood, MD	1.0	1.0	882	$1,200	$1.36	44d	1	0.15mi
905 Swallow Crest Ct Unit E Edgewood, MD	2.0	1.0	990	$1,495	$1.51	44d	1	0.18mi
802 Kingston Ct Edgewood, MD	1.0–3.0	1.0–1.5	1007	$1,660	$1.65	2d	15	0.37mi
1772 Judy Way Edgewood, MD	3.0	1.5	1040	$2,195	$2.11	44d	1	0.38mi
2120 Cedar Dr Apt F Edgewood, MD	3.0	1.5	1000	$1,295	$1.29	44d	1	1.39mi
2033 Armstrong St Edgewood, MD	1.0–4.0	1.0–2.0	1000	$1,557	$1.56	2d	6	1.49mi

HOA detail condo

• Monthly dues: $351 · $4,212/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $120,000 Active 5 DOM
2. 2026-06-17
   days on market $120,000 Active 4 DOM
3. 2026-06-16
   days on market $120,000 Active 3 DOM
4. 2026-06-15
   days on market $120,000 Active 2 DOM
5. 2026-06-13
   remarks 520-char remark
6. 2026-06-13
   listed $120,000 Active 1 DOM

ⓘ 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: $687 · $57/mo
• Projected year-2 tax: $997 · $83/mo
• Expected delta: +$311/yr (+$26/mo · 45.2%)

ⓘ 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 ≥104°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 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,917
• − Mortgage interest: −$6,722
• − Property taxes: −$687
• − Insurance: −$600
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − HOA: −$4,212
• − Depreciation: −$3,491
• Taxable loss: −$661
• Est. tax savings @ 24.0%: +$159
• After-tax cash flow: $1,263/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: Harford County Public Schools
• NCES district ID: 2400390
• Math proficiency: 22% ▼ -23.00%
• Reading proficiency: 39% ▼ -12.00%
• Median HH income: $79,569
• Composite: 29.38/100
• National rank: #6527
• State rank: #9 of 24 in MD

Livability — Edgewood

• Score: 73/100
• State rank: #118
• US rank: #4991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, MD
• County: Harford County · 198,512 people
• City population: 24,960
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 24,960
• Household income: $81,704
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 859.0

Population outlook (Harford County) Hauer SSP2

• Today (2025): 262,292 people
• By 2030: 266,437 · +1.6%
• By 2040: 269,954 · +2.9%
• By 2050: 265,659 · +1.3%
• By 2075: 252,886 · -3.6%
• By 2100: 224,014 · -14.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 45% White 36% Two or more races 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Slovak 1% Italian 1%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 2% German/W. Germanic 1%

Political lean MEDSL · Harford

• 2024 margin: R (+13.8) · D 41.9% · R 55.7% · Other 2.4%
• 2008→2024 swing: +5.0pp toward D · 2008: -18.8pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.0 2016: R+24.5 2012: R+19.5 2008: R+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.14%
• Current HPI: 254.2305
• Rent YoY: ▲ 4.92%
• 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

+7905.3% since first listed

5 events — show timeline

• 2026-06-13 Listed $120,000 BRIGHT MLS
• 2024-05-06 Rental Removed $1,499 APPFOLIO
• 2024-04-12 Listed for Rent $1,499 APPFOLIO
• 2024-04-10 Rental Removed $1,499 APPFOLIO
• 2024-03-13 Listed for Rent $1,499 APPFOLIO

Property tax history

+0.9%/yr

Latest (2025): $687 · +23.5% YoY. Source: county tax records.