Modularity maximization using greedy algorithms continues to be a popular approach toward community detection in graphs, even after various better forming algorithms have been proposed. Apart from its clear mechanism and ease of implementation, this approach is persistently popular because, presumably, its risk of algorithmic failure is not well understood. This Rapid Communication provides insight into this issue by estimating the algorithmic performance limit of modularity maximization. This is achieved by counting the number of metastable states under a local update rule. Our results offer a quantitative insight into the level of sparsity at which a greedy algorithm typically fails.