18-20 WATER ST Thurmont, MD 21788

A rare investment opportunity in Thurmont with multiple income streams and strong rental potential. This property includes two separate homes on one parcel plus eight garage spaces that can be rented individually. Once updated and made fully rentable, the combined rental potential is approximately $4,000 per month (about $48,000 per year). Based on projected rents and the new list price, the gross cap rate is estimated at over 11% Estimated rents: one-bedroom home at $1,400, three-bedroom home at $1,800, and eight garages at $100 each. Live in one home and rent out the other, or lease both properties and the garages for steady income. The property will require updates and is being sold as-is. Buyer to verify rental licenses, zoning uses, and any county requirements for occupancy. Located close to downtown Thurmont with easy access to commuter routes, schools, and shopping. A great fit for a landlord, flipper, investor, tradesperson, or an owner-occupant looking for help with the monthly payment. Unique investment opportunity with long-term upside.

The main home is move-in ready, featuring spacious living areas, a main-level bedroom and full bath, two additional bedrooms upstairs, and a sitting room over the kitchen. A new washer and dryer is also located on the main level.

The second home includes a large upstairs bedroom with a full bathroom. The kitchen and second full bath are located on a half-level down (both in need of full rehab). The finished lower level includes a rec room and laundry area with a newer washer and dryer. A large upper-level deck needs repair, but the lumber to rebuild it is included.

Additional features include:

Eight total garage bays across three structures:

4 facing the rear alley (3 currently rented month to month)

3 side garages

1 tucked beneath the rear deck

Each garage bay has electric (no water)—ideal for storage, workshop use, or contractor needs

Public water and sewer

Boiler heat (oil), window A/C units, and electric hot water heaters (both approximately 2 years old)

Located just minutes from downtown Thurmont, Route 15, Cunningham Falls State Park, and Catoctin Mountain Park, this property offers convenience, versatility, and strong potential for value growth.

Property is being sold as-is.

Don't miss this one-of-a-kind opportunity with flexible use, income potential, and a prime location in Northern Frederick County. Schedule your showing today!