4007 W Garrison Ave · Baltimore, MD 21215

$179,900

4 bd · 2.5 ba · 2,280 sqft · Townhouse · 6 Days on market

Built 1940 1,760 sqft lot Est $262k · 31% under

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Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this exceptional opportunity to own a beautiful, light-filled home in Pimlico. Thoughtfully updated with stylish finishes, modern fixtures, gleaming floors, and recessed lighting throughout, this home offers the perfect blend of comfort and contemporary design. The main level features a versatile front room ideal for a home office or den, along with an open-concept layout that seamlessly connects the spacious living and dining areas. The kitchen is perfect for everyday living and entertaining, and a convenient half bath completes the floor. Upstairs, the generous primary suite offers ample space for your furnishings and personal retreat. This level also includes a second bedroom

Key facts

• Light filled home
• Spacious backyard
• Convenient half bath

Tags

• LIGHT FILLED HOME
• VERSATILE FRONT ROOM
• OPEN CONCEPT LAYOUT
• FINISHED LOWER LEVEL
• SPACIOUS BACKYARD
• CONVENIENT HALF BATH

Property features AI

Finance

• Financial info: Income/expense list includes annual ground rent
• HOA & community: Ground rent applies (semi-annual payment of $48)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Interior townhouse/rowhouse; Estimated year built
• Construction: Brick construction; Slab foundation
• Exterior features: Fully finished basement; Above grade and below grade structures noted; In city limits (Baltimore City)

Interior

• Kitchen: Gas range/oven; Refrigerator; Exhaust fan
• Bedrooms: Three bedrooms on the upper level; One bedroom on the lower level
• Flooring: Wood floors; Carpet
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric)
• Interior features: Open floor plan; Dining area; Galley kitchen with table space; Recessed lighting; Upgraded countertops; Carpet; Wood floors
• Laundry & utility: Washer; Dryer; Electric hot water

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 12.2% vs local median 6.0% in Baltimore — 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 76/100 on livability (#90 in MD, #3,396 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D, crime F.
• Baltimore City Public Schools (urban): math 7% / reading 16% proficiency, ranked #24 of 24 in MD (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 354 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,544/mo this rent would consume 59% of the median local household income ($52k/yr) (locally 3644% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 26y 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.
• Current owner paid $50k; list at $180k implies a 259% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.41% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $262,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4028 Hayward Ave	0.33mi	4/3.5	2,250 (-1%)	5mo	$250,000	$111	75
4002 Ayrdale Ave	0.62mi	4/3.0	2,345 (+3%)	2mo	$250,000	$107	63
3925 Belle Ave	0.66mi	5/3.5 (+1)	2,260 (-1%)	3mo	$290,000	$128	56
2916 Oakley Ave	0.72mi	4/3.5	2,279 (-0%)	10mo	$280,000	$123	54
5218 Wilton Heights Ave	0.38mi	5/2.0 (+1)	2,144 (-6%)	14mo	$245,000	$114	54
4011 Ridgewood Ave	0.50mi	5/3.5 (+1)	2,122 (-7%)	3mo	$290,000	$137	54
3229 Spaulding Ave	0.40mi	3/2.0 (-1)	2,100 (-8%)	14mo	$158,000	$75	50
5019 Queensberry Ave	0.70mi	4/3.5	2,079 (-9%)	1mo	$288,000	$139	48
4668 Pimlico Rd	0.69mi	3/2.5 (-1)	2,100 (-8%)	4mo	$185,000	$88	46
5100 Queensberry Ave	0.69mi	5/4.0 (+1)	2,150 (-6%)	5mo	$285,000	$133	43
2902 Ridgewood Ave	0.58mi	3/2.5 (-1)	2,000 (-12%)	12mo	$230,000	$115	37
2817 Ridgewood Ave	0.63mi	5/3.5 (+1)	2,500 (+10%)	13mo	$217,900	$87	35

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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.51×
• Total profit: $25,577
• Equity at exit: $26,824

10-year hold

• IRR: 21.3%
• Equity multiple: 2.76×
• Total profit: $88,496
• Equity at exit: $15,554

Cash invested: $50,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 12 Strongly Tenant-Friendly
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City Baltimore: 12 Strongly Tenant-Friendly · D+58

Just-cause for tenancies > 1 yr.

Methodology + full state rankings →

ZIP-level market 21215

• Rents YoY: 2.4%
• Active inventory: 354
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,544 high
• Mortgage (P&I): −$943
• Tax from tax record: −$108 /mo · $1,294/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $883

Break-even live

Break-even rent $1,426

Max offer price $179,900

Occupancy floor 60%

Sensitivity live

Price	-10% $985	-5% $934	+0% $883	+5% $832	+10% $782
Rent	-10% $682	-5% $783	+0% $883	+5% $984	+10% $1,084
Rate	-1.0pp $974	-0.5pp $929	base $883	+0.5pp $837	+1.0pp $789

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4704 Pimlico Rd Baltimore, MD	3.0	1.5	2006	$1,800	$0.90	25d	1	0.68mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	44d	1	1.23mi
3709 Fords Ln Baltimore, MD	4.0	3.5	2248	$3,200	$1.42	21d	1	1.38mi
4029 Fairview Ave Baltimore, MD	5.0	4.5	2653	$3,200	$1.21	44d	1	1.42mi
5872 Pimlico Rd Baltimore, MD	5.0	3.5	3013	$4,450	$1.48	19d	1	1.47mi

Listing history 5 events

1. 2026-06-21
   days on market $179,900 Active 6 DOM
2. 2026-06-18
   days on market $179,900 Active 3 DOM
3. 2026-06-17
   days on market $179,900 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $179,900 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: $1,294 · $108/mo
• Projected year-2 tax: $1,628 · $136/mo
• Expected delta: +$333/yr (+$28/mo · 25.8%)

ⓘ 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 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,526
• − Mortgage interest: −$10,077
• − Property taxes: −$1,294
• − Insurance: −$900
• − Repairs & maintenance: −$2,442
• − Management: −$2,442
• − Depreciation: −$5,233
• Taxable income: $8,137
• Est. tax owed @ 24.0%: −$1,953
• After-tax cash flow: $8,648/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: Baltimore City Public Schools
• NCES district ID: 2400090
• Math proficiency: 7% ▼ -9.00%
• Reading proficiency: 16% ▼ -5.00%
• Median HH income: $42,108
• Composite: 10.08/100
• National rank: #9805
• State rank: #24 of 24 in MD

Livability — Baltimore

• Score: 76/100
• State rank: #90
• US rank: #3396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baltimore, MD
• County: Baltimore City · 558,601 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 52,229
• Household income: $51,587
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 3644.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 624,249 people
• By 2030: 621,541 · -0.4%
• By 2040: 609,756 · -2.3%
• By 2050: 597,249 · -4.3%
• By 2075: 552,236 · -11.5%
• By 2100: 513,934 · -17.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (73%)
• Race & ethnicity: Black 73% White 17% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Italian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Baltimore

• 2024 margin: Solid D (+73.0) · D 85.2% · R 12.2% · Other 2.6%
• 2008→2024 swing: -2.5pp toward R · 2008: 75.5pp · 2024: 73.0pp
• All cycles: 2024: D+73.0 2020: D+76.6 2016: D+74.6 2012: D+76.4 2008: D+75.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -318.58%
• Current HPI: 291.4926
• Rent YoY: ▲ 2.41%
• 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

+318.4% since first listed

15 events — show timeline

• 2026-06-15 Listed $179,900 BRIGHT MLS
• 2025-04-21 Sold (Public Records) $50,100 Public Records
• 2023-04-26 Pending — BRIGHT MLS
• 2023-04-26 Listing Removed — BRIGHT MLS
• 2023-03-30 Price Changed $150,000 BRIGHT MLS
• 2023-03-09 Price Changed $160,000 BRIGHT MLS
• 2023-02-24 Listed $169,900 BRIGHT MLS
• 2023-02-23 Price Changed $169,900 BRIGHT MLS
• 2023-02-21 Coming Soon — BRIGHT MLS
• 2021-03-19 Sold (Public Records) $45,000 Public Records
• 2000-11-20 Sold (MLS) $1,000 MRIS
• 2000-09-15 Delisted — MRIS
• 2000-04-11 Listed $28,680 MRIS
• 1995-02-08 Sold (Public Records) $38,000 Public Records
• 1994-08-15 Sold (Public Records) $43,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $1,294 · +10.0% YoY. Source: county tax records.