RentalCalcs Editorial · maryland-2026-10-19-v1 · Reviewed 2026-10-19

Maryland: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

Return to report

1. Match the evidence

The Baltimore average combines a sale cohort, not a standardized building. The report identifies portfolio and bankruptcy-related downtown activity; an increase in transactions is not proof that all properties have recovered. Keep the average cap distinct from any proposed renovation yield and from modeled county rent-to-price screens.

2. Complete the local document checks

Downtown Baltimore: trading recovery can contain distress

Request the sale terms, any portfolio allocation, audited collections and a funded repair scope. Build monthly carry for work units and concessions. Do not apply an average extracted from a different cohort to justify a downtown renovation price.

Parkville, Ellicott City and the outer belt: occupancy is not the complete return

Reconcile lease charges with cash receipts; inspect tenant-paid versus owner-paid utilities and the capital schedule. Compare suburban sold NOI with similar properties, preserving expense and reserve conventions.

Recently delivered apartments: incentives can outlast the construction peak

Audit concessions by start and expiration date and compare total lease consideration. Stress a second promotion at renewal. Keep quarter-to-date evidence separate from March measures when explaining a trend.

Montgomery and Prince George’s: county lines and legal rent come first

Confirm exact municipality, rental licensing and applicable current rules with the administering authority. Obtain the rent ledger, notices, exemption documentation and a qualified review of the subject. Do not extend Montgomery guidance across Prince George’s County.

Frederick, the Eastern Shore and Western Maryland: separate the local exit

Obtain parcel assessment, local comparable collections and financing terms for the subject’s size. Budget marketing carry and examine seasonal turnover where relevant.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$2,400,000
Scheduled annual rent$360,000
Collection / concession / vacancy loss-$25,200
Effective income$334,800
taxes$38,000
insurance$18,000
utilities$22,000
maintenance$68,000
management$22,000
administration$10,800
Recurring expense total$178,800
NOI before debt and reserve$156,000
Annual debt service$102,738
Annual replacement reserve$14,000
Cash after debt and reserve$39,262
Down payment + closing + initial work$1,312,000

Loan $1,320,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 6.50%; DSCR 1.52× before reserve, 1.38× after reserve; cash-on-cash 2.99%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Identify the actual jurisdiction

Record city/county, applicable rental rules and a documented lawful rent schedule.

Reconcile the building’s income

Separate workout allocations, concessions and vacant work units from recurring collections.

Match a fundable exit

Compare similar sold NOI and buyer costs; keep missing county caps missing.

Evidence ledger