3003 Pulaski Hwy · Baltimore, MD 21224

$25,000

3 bd · 1.0 ba · 1,176 sqft · Townhouse public records · 29 Days on market

Built 1920 ↓ 48% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508. Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

Key facts

• Built 1920
• Listed 29 days

🏷️ Possibly a rental listed for sale. The $25,000 price doesn't fit this home's estimated sale value (~$179,928) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 76.9% 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 (+1.3%/yr); 393 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); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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 + 1.3% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $24,625 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 8.32% ✓
• Cap rate: 76.89%
• Cash-on-cash: 252.14%
• DSCR: 12.22
• GRM: 1.0

CMA / ARV

• ARV (on-the-fly): $179,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Ellwood Ave	0.10mi	3/1.5	1,200 (+2%)	0mo	$235,000	$196	90
134 N Curley St	0.09mi	2/2.0 (-1)	1,170 (-0%)	1mo	$270,000	$231	85
149 N Highland Ave	0.29mi	2/1.0 (-1)	1,170 (-0%)	1mo	$75,000	$64	80
410 N Patterson Park Ave	0.56mi	3/1.0	1,180 (+0%)	0mo	$180,000	$153	73
14 S Curley St	0.25mi	2/1.0 (-1)	1,092 (-7%)	1mo	$269,000	$246	71
629 N Kenwood Ave	0.29mi	2/1.5 (-1)	1,100 (-6%)	1mo	$76,500	$70	68
2435 Jefferson St	0.43mi	3/1.0	1,260 (+7%)	1mo	$140,000	$111	67
280 S Robinson St	0.47mi	2/1.0 (-1)	1,282 (+9%)	1mo	$294,000	$229	58
2736 Mura St	0.75mi	3/2.0	1,120 (-5%)	0mo	$81,000	$72	53
3420 Leverton Ave	0.40mi	2/2.0 (-1)	1,340 (+14%)	1mo	$115,000	$86	48
410 N Chester St	0.71mi	2/1.5 (-1)	1,260 (+7%)	1mo	$180,000	$143	48
309 S Fagley St	0.72mi	2/2.0 (-1)	1,030 (-12%)	1mo	$225,000	$218	36

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 13.31×
• Total profit: $86,178
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 27.00×
• Total profit: $181,993
• Equity at exit: $2,162

Cash invested: $7,000 (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 21224

• Rents YoY: 1.3%
• Active inventory: 393
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $2,080 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,471

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 24%

Sensitivity live

Price	-10% $1,488	-5% $1,479	+0% $1,471	+5% $1,462	+10% $1,454
Rent	-10% $1,306	-5% $1,389	+0% $1,471	+5% $1,553	+10% $1,635
Rate	-1.0pp $1,483	-0.5pp $1,477	base $1,471	+0.5pp $1,464	+1.0pp $1,458

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	19d	1	0.06mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	25d	1	0.09mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	3d	1	0.11mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	17d	1	0.13mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	25d	1	0.13mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	16d	1	0.14mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	19d	1	0.14mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	25d	1	0.15mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	25d	1	0.16mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	45d	1	0.17mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	25d	1	0.18mi
10 N Streeper St Baltimore, MD	3.0	2.5	1440	$2,500	$1.74	25d	1	0.20mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	25d	1	0.20mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	25d	1	0.21mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	45d	1	0.22mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	45d	1	0.22mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	45d	1	0.24mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	25d	1	0.26mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	4d	1	0.26mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	16d	1	0.27mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	45d	1	0.27mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	21d	1	0.28mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	25d	1	0.28mi
102 S Curley St Baltimore, MD	2.0	1.5	1200	$1,800	$1.50	5d	1	0.28mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	20d	1	0.29mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	45d	1	0.30mi
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	45d	1	0.31mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	21d	1	0.32mi
9 N Luzerne Ave Baltimore, MD	3.0	2.5	1380	$2,450	$1.78	5d	1	0.33mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	23d	1	0.33mi
127 S Robinson St Baltimore, MD	2.0	1.5	1400	$2,000	$1.43	45d	1	0.33mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	5d	1	0.33mi
227 N Rose St Baltimore, MD	2.0	4.0	1420	$1,600	$1.13	25d	1	0.33mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	19d	1	0.34mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	5d	1	0.34mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	21d	1	0.34mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	19d	1	0.35mi
230 N Rose St Baltimore, MD	2.0	1.5	1200	$1,545	$1.29	45d	1	0.35mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	25d	1	0.36mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	45d	1	0.36mi

Listing history 16 events

1. 2026-01-29
   status Pending
2. 2025-12-31
   listed $25,000 Active
3. 2018-10-03
   historical 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508. Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

4. 2018-10-03
   status Pending 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508. Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

5. 2018-10-02
   historical 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508. Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

6. 2018-09-28
   soldstatus $88,200 Closed 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

7. 2018-09-28
   soldstatus $88,200 Sold 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

8. 2018-07-28
   status Pending 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

9. 2018-07-28
   status Contract 235-char remark

   Show marketing remark (235 chars)

   Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

10. 2018-04-17
    price $89,000 235-char remark

    Show marketing remark (235 chars)

    Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

11. 2018-04-17
    price $89,000 235-char remark

    Show marketing remark (235 chars)

    Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

12. 2018-04-15
    listed $90,480 Active 235-char remark

    Show marketing remark (235 chars)

    Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

13. 2018-04-15
    listed $90,480 Active 235-char remark

    Show marketing remark (235 chars)

    Investment property, Section 8 tenant occupied, great return. Monthly rent $1,508.~ Property is 1 of 35 property portfolio w/ gross monthly revenues of $45,578. Ground rent to be verified by buyer. Contract listing agent for rent roll.

14. 1996-08-21
    historical
15. 1996-02-23
    listed
16. 1989-06-15
    soldstatus $48,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $24,966
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$727
• Taxable income: $18,344
• Est. tax owed @ 24.0%: −$4,402
• After-tax cash flow: $13,247/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

-48.5% since first listed

16 events — show timeline

• 2026-01-29 Pending — BRIGHT MLS
• 2025-12-31 Listed $25,000 BRIGHT MLS
• 2018-10-03 Listing Removed — BRIGHT MLS
• 2018-10-03 Pending — BRIGHT MLS
• 2018-10-02 Listing Removed — BRIGHT MLS
• 2018-09-28 Sold (MLS) $88,200 MRIS
• 2018-09-28 Sold (MLS) $88,200 BRIGHT MLS
• 2018-07-28 Pending — BRIGHT MLS
• 2018-07-28 Pending — MRIS
• 2018-04-17 Price Changed $89,000 BRIGHT MLS
• 2018-04-17 Price Changed $89,000 MRIS
• 2018-04-15 Listed $90,480 MRIS
• 2018-04-15 Listed $90,480 BRIGHT MLS
• 1996-08-21 Delisted — MRIS
• 1996-02-23 Listed — MRIS
• 1989-06-15 Sold (Public Records) $48,500 Public Records

Property tax history

-1.3%/yr

Latest (2025): $1,416 · +1.3% YoY. Source: county tax records.