3007 Erdman Ave · Baltimore, MD 21213

$72,000

3 bd · 1.0 ba · 1,288 sqft · Townhouse public records · 38 Days on market

Built 1923 1,306 sqft lot $56/sqft · 43% below area Est $127k · 43% under

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.7/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks

Welcome to 3007 Erdman Ave - a spacious brick rowhome located in the heart of Baltimore City’s Belair-Edison community! This 3 bedroom, 1.5 bath home offers approximately 1,288 square feet above grade plus an unfinished walkout basement with additional living space potential. Features include a private rear parking pad, classic Baltimore rowhome charm, generous room sizes, and a functional layout ideal for customization. Property was previously operated as a rental and is ready for renovation, making it an excellent opportunity for investors or buyers looking to build equity. Conveniently located near shopping, commuter routes, schools, and public transportation. Cash or hard money fi

Key facts

• Built 1923
• Listed 38 days

Tags

• PRIVATE REAR PARKING PAD
• UNFINISHED WALKOUT BASEMENT
• RENOVATION OPPORTUNITY

Property features AI

Finance

• Other: Total below-grade area listed as 744; Above-grade finished area listed as 1,288
• Financial info: Ground rent of $66 paid semi-annually; Ownership: Ground Rent

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse / rowhouse
• Construction: Brick construction; Brick/mortar foundation; Built year per assessor
• Exterior features: Above-grade and below-grade structures noted

Interior

• Bedrooms: 3 bedrooms on the first upper level
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Radiator heating; Natural gas hot water
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $72k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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 fast (+5.2%/yr); 319 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 42% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $89 of equity ($498 loan paydown + $-409 appreciation (-0.6% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 5.2% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 30y ago; this cycle's ask has dropped $13k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,840 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.52% ✓
• Cap rate: 20.08%
• Cash-on-cash: 49.25%
• DSCR: 3.19
• GRM: 3.3

CMA / ARV

• ARV (median comp): $127,317
• List price: $72,000
• Delta: -43.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2902 Clifton Park Ter	0.08mi	3/1.5	1,344 (+4%)	1mo	$66,000	$49	86
2821 Erdman Ave	0.11mi	2/2.0 (-1)	1,260 (-2%)	0mo	$75,000	$60	82
3533 Elmley Ave	0.38mi	3/1.5	1,344 (+4%)	2mo	$70,000	$52	72
3238 Ravenwood Ave	0.47mi	3/1.5	1,158 (-10%)	1mo	$70,000	$60	59
3532 Cliftmont Ave	0.56mi	3/2.0	1,200 (-7%)	2mo	$168,000	$140	57
3733 Ravenwood Ave	0.67mi	3/2.0	1,350 (+5%)	1mo	$135,000	$100	56
3555 Elmora Ave	0.50mi	4/2.0 (+1)	1,178 (-8%)	1mo	$254,000	$216	53
3406 Ramona Ave	0.62mi	3/2.0	1,408 (+9%)	0mo	$85,000	$60	51
3564 Elmora Ave	0.49mi	3/1.5	1,478 (+15%)	1mo	$133,500	$90	50
3571 Dudley Ave	0.68mi	3/2.0	1,400 (+9%)	1mo	$175,000	$125	49
3838 Lyndale Ave	0.63mi	2/2.0 (-1)	1,190 (-8%)	2mo	$113,500	$95	47
3805 Elmora Ave	0.66mi	3/2.0	1,096 (-15%)	1mo	$11,700	$11	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.57% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: 52.5%
• Equity multiple: 3.63×
• Total profit: $52,988
• Equity at exit: $18,885

10-year hold

• IRR: 56.6%
• Equity multiple: 7.93×
• Total profit: $139,786
• Equity at exit: $21,144

Cash invested: $20,160 (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 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 319
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,815 high
• Mortgage (P&I): −$378
• Tax from tax record: −$199 /mo · $2,385/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $827

Break-even live

Break-even rent $768

Max offer price $72,000

Occupancy floor 49%

Sensitivity live

Price	-10% $868	-5% $848	+0% $827	+5% $807	+10% $787
Rent	-10% $684	-5% $756	+0% $827	+5% $899	+10% $971
Rate	-1.0pp $864	-0.5pp $846	base $827	+0.5pp $809	+1.0pp $790

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2828 Lake Ave Baltimore, MD	3.0	2.0	1164	$1,850	$1.59	5d	1	0.15mi
3436 Cardenas Ave Baltimore, MD	2.0	1.0	1146	$1,395	$1.22	45d	1	0.16mi
3515 Parklawn Ave Baltimore, MD	3.0	2.0	1240	$1,700	$1.37	4d	1	0.25mi
2837 Pelham Ave Baltimore, MD	4.0	2.0	1164	$1,675	$1.44	45d	1	0.28mi
2817 Pelham Ave Baltimore, MD	3.0	2.0	1464	$1,950	$1.33	25d	1	0.28mi
2848 Pelham Ave Baltimore, MD	3.0	2.0	1164	$1,700	$1.46	45d	1	0.30mi
2735 Chesterfield Ave Baltimore, MD	3.0	2.5	1536	$2,000	$1.30	12d	1	0.35mi
3213 Elmley Ave Baltimore, MD	2.0	1.0	1188	$1,395	$1.17	45d	1	0.39mi
3335 Lyndale Ave Baltimore, MD	2.0	2.0	1344	$1,600	$1.19	25d	1	0.40mi
3222 Lyndale Ave Unit 1 Baltimore, MD	3.0	1.5	1500	$2,200	$1.47	14d	1	0.40mi
3317 Lyndale Ave Baltimore, MD	3.0	1.0	900	$1,300	$1.44	45d	1	0.40mi
3315 Lyndale Ave Baltimore, MD	2.0	1.5	896	$1,650	$1.84	19d	1	0.40mi
3218 Lyndale Ave Baltimore, MD	3.0	1.5	1020	$1,500	$1.47	25d	1	0.40mi
3551 Elmley Ave Baltimore, MD	3.0	1.5	1872	$2,095	$1.12	25d	1	0.41mi
3028 Kenyon Ave Baltimore, MD	2.0	2.0	1075	$1,395	$1.30	45d	1	0.42mi
3326 Elmora Ave Baltimore, MD	3.0	1.0	1200	$1,450	$1.21	25d	1	0.42mi
3221 Lyndale Ave Baltimore, MD	2.0	2.0	1020	$1,700	$1.67	25d	1	0.42mi
3339 Elmora Ave Baltimore, MD	3.0	2.0	896	$1,600	$1.79	45d	1	0.43mi
3512 Elmora Ave Baltimore, MD	3.0	1.5	1472	$1,900	$1.29	21d	1	0.45mi
3322 Ravenwood Ave Baltimore, MD	3.0	2.0	932	$1,800	$1.93	25d	1	0.46mi
3610 Elmley Ave Baltimore, MD	2.0	1.5	1200	$1,550	$1.29	21d	1	0.46mi
2113 Belair Rd Baltimore, MD	3.0	1.0	1344	$1,795	$1.34	45d	1	0.47mi
3343 Ravenwood Ave Unit 3343 Baltimore, MD	2.0	2.0	948	$1,855	$1.96	19d	1	0.47mi
3519 Kentucky Ave Baltimore, MD	3.0	2.0	1536	$2,100	$1.37	12d	1	0.50mi
3525 Kentucky Ave Baltimore, MD	3.0	1.5	1536	$1,950	$1.27	45d	1	0.51mi
3305 Dudley Ave Baltimore, MD	3.0	2.0	1413	$1,950	$1.38	45d	1	0.54mi
3300 Dudley Ave Baltimore, MD	4.0	2.0	1724	$2,200	$1.28	45d	1	0.55mi
3572 Juneway Unit 1 Baltimore, MD	2.0	1.0	1800	$1,200	$0.67	45d	1	0.60mi
3902 Erdman Ave Unit 1 Baltimore, MD	2.0	1.0	1000	$1,275	$1.27	25d	1	0.61mi
3603 Ravenwood Ave Unit 1 Baltimore, MD	4.0	1.0	1566	$1,600	$1.02	45d	1	0.62mi
3544 Chesterfield Ave Baltimore, MD	3.0	1.5	1200	$1,635	$1.36	45d	1	0.62mi
3914 Erdman Ave #1 Baltimore, MD	3.0	1.0	1200	$1,319	$1.10	19d	1	0.63mi
4104 Erdman Ave Unit 2 Baltimore, MD	2.0	1.0	1566	$1,075	$0.69	5d	1	0.69mi
3566 Dudley Ave Baltimore, MD	2.0	1.0	896	$1,800	$2.01	25d	1	0.72mi
3551 Shannon Dr Baltimore, MD	3.0	2.0	1485	$2,358	$1.59	25d	1	0.74mi
4024 Eierman Ave Baltimore, MD	3.0	2.0	1136	$1,825	$1.61	45d	1	0.75mi
3573 Shannon Dr Baltimore, MD	4.0	2.0	1493	$2,300	$1.54	19d	1	0.75mi
4320 Sheldon Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	25d	1	0.76mi
4400 Asbury Ave Baltimore, MD	3.0	2.0	1270	$1,995	$1.57	5d	1	0.80mi
1832 E 28th St Baltimore, MD	3.0	1.0	1066	$1,495	$1.40	25d	1	0.80mi

Listing history 34 events

1. 2026-06-18
   days on market $72,000 Active 38 DOM
2. 2026-06-17
   days on market $72,000 Active 37 DOM
3. 2026-06-16
   days on market $72,000 Active 36 DOM
4. 2026-06-15
   days on market $72,000 Active 35 DOM
5. 2026-06-13
   days on market $72,000 Active 33 DOM
6. 2026-06-09
   days on market $72,000 Active 29 DOM
7. 2026-06-08
   days on market $72,000 Active 28 DOM
8. 2026-06-07
   days on market $72,000 Active 27 DOM
9. 2026-06-04
   days on market $72,000 Active 24 DOM
10. 2026-05-31
    days on market $72,000 Active 23 DOM
11. 2026-05-18
    status Active 712-char remark
12. 2026-05-15
    historical 712-char remark
13. 2026-05-12
    price $72,000 712-char remark
14. 2026-05-05
    listed $85,000 Active 712-char remark
15. 2011-03-29
    historical Withdrawn
16. 2011-03-29
    historical
17. 2011-01-30
    historical Withdrawn
18. 2011-01-30
    historical
19. 2011-01-11
    listed Active
20. 2011-01-11
    listed $85,000
21. 2010-11-05
    listed Active
22. 2010-11-05
    listed $100,000
23. 2010-04-26
    historical Withdrawn
24. 2010-04-26
    historical
25. 2010-04-06
    listed Active
26. 2010-04-06
    listed $125,000
27. 2000-06-21
    soldstatus $55,000
28. 2000-06-08
    soldstatus $55,000
29. 2000-05-05
    historical
30. 2000-03-03
    listed $57,900
31. 1996-07-09
    historical
32. 1996-07-02
    historical
33. 1996-06-13
    listed
34. 1996-06-13
    listed

ⓘ 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: $2,385 · $199/mo
• Projected year-2 tax: $2,385 · $199/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,779
• − Mortgage interest: −$4,033
• − Property taxes: −$2,385
• − Insurance: −$360
• − Repairs & maintenance: −$1,742
• − Management: −$1,742
• − Depreciation: −$2,095
• Taxable income: $9,421
• Est. tax owed @ 24.0%: −$2,261
• After-tax cash flow: $7,668/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): 28,058
• Household income: $51,344
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 1868.0

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 (86%)
• Race & ethnicity: Black 86% White 6% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -0.57%
• Current HPI: 427.4453
• Rent YoY: ▲ 5.25%
• 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

+24.4% since first listed

26 events — show timeline

• 2026-06-03 Relisted — BRIGHT MLS
• 2026-05-31 Listing Removed — BRIGHT MLS
• 2026-05-18 Relisted — BRIGHT MLS
• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-05-12 Price Changed $72,000 BRIGHT MLS
• 2026-05-05 Listed $85,000 BRIGHT MLS
• 2011-03-29 Delisted — MRIS
• 2011-03-29 Listing Removed — BRIGHT MLS
• 2011-01-30 Delisted — MRIS
• 2011-01-30 Listing Removed — BRIGHT MLS
• 2011-01-11 Listed — MRIS
• 2011-01-11 Listed $85,000 BRIGHT MLS
• 2010-11-05 Listed — MRIS
• 2010-11-05 Listed $100,000 BRIGHT MLS
• 2010-04-26 Delisted — MRIS
• 2010-04-26 Listing Removed — BRIGHT MLS
• 2010-04-06 Listed — MRIS
• 2010-04-06 Listed $125,000 BRIGHT MLS
• 2000-06-21 Sold (Public Records) $55,000 Public Records
• 2000-06-08 Sold (MLS) $55,000 MRIS
• 2000-05-05 Delisted — MRIS
• 2000-03-03 Listed $57,900 MRIS
• 1996-07-09 Delisted — MRIS
• 1996-07-02 Delisted — MRIS
• 1996-06-13 Listed — MRIS
• 1996-06-13 Listed — MRIS

Property tax history

+1.2%/yr

Latest (2025): $2,385 · +5.1% YoY. Source: county tax records.