1823 Steven Dr #243 · Edgewood, MD 21040

$49,900

2 bd · 2.0 ba · 792 sqft · Manufactured · 359 Days on market

Built 2025 Poor condition $63/sqft · 31% above area Est $38k · 31% over ↓ 28% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Swimming pool
• Modern bathroom

Tags

• PREMIUM ENTRY DOORS
• MODERN BATHROOM
• NEW BRAND NAME APPLIANCES
• CLUBHOUSE
• SWIMMING POOL
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $945 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.0% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 359 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 359 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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 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: 3.27% ✓
• Cap rate: 29.02%
• Cash-on-cash: 81.17%
• DSCR: 4.61
• GRM: 2.5

CMA / ARV

• ARV (median comp): $37,981
• List price: $49,900
• Delta: 31.38%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1921 Steven Dr	0.17mi	2/2.0	850 (+7%)	9mo	$60,000	$71	72

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 · 4.92% rent growth · sell at horizon

5-year hold

• IRR: 83.6%
• Equity multiple: 4.96×
• Total profit: $55,344
• Equity at exit: $7,440

10-year hold

• IRR: 87.3%
• Equity multiple: 10.99×
• Total profit: $139,518
• Equity at exit: $4,314

Cash invested: $13,972 (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 21040

• Home prices YoY: -29.4%
• Rents YoY: 4.9%
• Active inventory: 94
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,633 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $945

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 37%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1772 Judy Way Edgewood, MD	3.0	1.5	1040	$2,195	$2.11	43d	1	0.32mi
905 Swallow Crest Ct Unit E Edgewood, MD	2.0	1.0	990	$1,495	$1.51	43d	1	0.40mi
1703 Fountain Rock Way Unit 1703-B Edgewood, MD	2.0	1.0	882	$1,250	$1.42	23d	1	0.49mi
814 Windstream Way Unit 814-A Edgewood, MD	1.0	1.0	882	$1,200	$1.36	43d	1	0.71mi
802 Kingston Ct Edgewood, MD	1.0–3.0	1.0–1.5	1007	$1,660	$1.65	1d	15	0.86mi

Listing history 10 events

1. 2026-06-04
   days on market $49,900 Active 359 DOM
2. 2026-06-03
   days on market $49,900 Active 358 DOM
3. 2026-06-02
   days on market $49,900 Active 357 DOM
4. 2026-06-01
   pricedays on market $49,900 Active 356 DOM
5. 2026-05-31
   days on market $49,400 Active 355 DOM
6. 2026-04-24
   price $49,400 470-char remark

   Show marketing remark (470 chars)

   Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

7. 2026-02-10
   price $54,400 470-char remark

   Show marketing remark (470 chars)

   Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

8. 2026-02-01
   price $59,400 470-char remark

   Show marketing remark (470 chars)

   Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

9. 2026-01-14
   price $59,900 470-char remark

   Show marketing remark (470 chars)

   Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

10. 2025-06-11
    listed $68,600 Active 470-char remark

    Show marketing remark (470 chars)

    Your brand new 2 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a swimming pool, and a playground. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Taxation est. · year 1

• Rental income: $19,593
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,567
• − Management: −$1,567
• − Depreciation: −$1,452
• Taxable income: $11,214
• Est. tax owed @ 24.0%: −$2,691
• After-tax cash flow: $8,649/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates across all systems and areas, significantly impacting its current condition and value. Significant investments in exterior, interior, and mechanical improvements are necessary to bring it up to a livable standard.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — Siding condition suggests underlying issues
• Major flooring — No visible flooring, but overall condition suggests need for replacement
• Major interior walls/paint — No visible interior, but overall condition suggests need for repainting
• Major bathrooms — No visible bathrooms, but overall condition suggests need for updates
• Major kitchen — No visible kitchen, but overall condition suggests need for updates
• Major HVAC/mechanicals — No visible HVAC/mechanicals, but overall condition suggests need for updates
• Major windows — No visible windows, but overall condition suggests need for updates
• Major foundation/structure — No visible foundation/structure, but overall condition suggests need for repairs

Value-add opportunities

• Both exterior siding and roof repair — Improves curb appeal and structural integrity
• Both interior painting and updates — Enhances interior aesthetics and value
• Both bathroom and kitchen updates — Modernizes spaces and increases appeal
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency
• Both landscaping and curb appeal — Enhances property's visual appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · Siding condition suggests underlying issues	Major	$15,000–50,000
flooring · No visible flooring, but overall condition suggests need for replacement	Major	$15,000–50,000
interior walls/paint · No visible interior, but overall condition suggests need for repainting	Major	$15,000–50,000
bathrooms · No visible bathrooms, but overall condition suggests need for updates	Major	$15,000–50,000
kitchen · No visible kitchen, but overall condition suggests need for updates	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals, but overall condition suggests need for updates	Major	$15,000–50,000
windows · No visible windows, but overall condition suggests need for updates	Major	$15,000–50,000
foundation/structure · No visible foundation/structure, but overall condition suggests need for repairs	Major	$15,000–50,000
Total estimated repair cost · 9 items		$135,000–450,000

Value-add ROI direction

• Both exterior siding and roof repair — Improves curb appeal and structural integrity ↑
• Both interior painting and updates — Enhances interior aesthetics and value ↑
• Both bathroom and kitchen updates — Modernizes spaces and increases appeal ↑
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency ↑
• Both landscaping and curb appeal — Enhances property's visual appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-28.0% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $49,400 Zillow
• 2026-02-10 Price Changed $54,400 Zillow
• 2026-02-01 Price Changed $59,400 Zillow
• 2026-01-14 Price Changed $59,900 Zillow
• 2025-06-11 Listed $68,600 Zillow