3505 E Lombard St · Baltimore, MD 21224

$149,000

2 bd · 1.0 ba · 1,256 sqft · Townhouse public records · 52 Days on market

Built 1900 871 sqft lot $119/sqft · 18% above area Est $126k · 18% over

---

Why this score? — see what drove the C 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 3505 Lombard St, a charming home nestled in the heart of Highlandtown! This beautifully maintained 2-bedroom, 1-bath property offers a perfect blend of comfort and functionality. Step inside to an inviting open floor plan featuring a spacious living and dining area—ideal for both everyday living and entertaining. The layout flows seamlessly into a well-appointed chef’s kitchen, complete with stainless steel appliances, ample cabinetry, and generous counter space. Upstairs, you’ll find two generously sized bedrooms filled with natural light, along with an updated full bathroom. An additional bonus space provides flexibility for a home office, reading nook, or mul

Key facts

• Open floor plan
• Natural light
• Bonus space

Tags

• OPEN FLOOR PLAN
• CHEF'S KITCHEN
• STAINLESS STEEL APPLIANCES
• FULLY FENCED BACKYARD
• BONUS SPACE
• NATURAL LIGHT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick exterior; Slab foundation; Year built sourced from assessor
• Exterior features: Brick construction; Above-grade and below-grade structures noted; Property is inside city limits (Baltimore City)

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $149k.

Deal economics

• At list price, monthly cash flow is $685 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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); 391 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 32y ago; this cycle's ask has dropped $41k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $149k implies a 381% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.42% ✓
• Cap rate: 11.81%
• Cash-on-cash: 19.70%
• DSCR: 1.88
• GRM: 5.9

CMA / ARV

• ARV (median comp): $125,904
• List price: $149,000
• Delta: 18.34%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
280 S Robinson St	0.31mi	2/1.0	1,282 (+2%)	1mo	$294,000	$229	82
3420 Leverton Ave	0.05mi	2/2.0	1,340 (+7%)	1mo	$115,000	$86	82
149 N Highland Ave	0.25mi	2/1.0	1,170 (-7%)	1mo	$75,000	$64	76
122 Ellwood Ave	0.36mi	3/1.5 (+1)	1,200 (-4%)	0mo	$235,000	$196	69
134 N Curley St	0.46mi	2/2.0	1,170 (-7%)	1mo	$270,000	$231	62
14 S Curley St	0.41mi	2/1.0	1,092 (-13%)	1mo	$269,000	$246	58
922 S Bouldin St	0.66mi	2/2.0	1,202 (-4%)	1mo	$352,000	$293	57
36 N Decker Ave	0.36mi	3/2.0 (+1)	1,430 (+14%)	0mo	$325,000	$227	51
220 N Luzerne Ave	0.74mi	3/1.0 (+1)	1,372 (+9%)	1mo	$120,000	$87	44
2933 Hudson St	0.72mi	2/2.0	1,120 (-11%)	1mo	$235,000	$210	44
629 N Kenwood Ave	0.73mi	2/1.5	1,100 (-12%)	1mo	$76,500	$70	43
806 S Bouldin St	0.59mi	2/2.5	1,080 (-14%)	1mo	$360,000	$333	42

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: 9.9%
• Equity multiple: 1.38×
• Total profit: $15,946
• Equity at exit: $22,216

10-year hold

• IRR: 17.6%
• Equity multiple: 2.34×
• Total profit: $56,044
• Equity at exit: $12,883

Cash invested: $41,720 (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: 391
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,116 high
• Mortgage (P&I): −$781
• Tax from tax record: −$143 /mo · $1,721/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $685

Break-even live

Break-even rent $1,249

Max offer price $149,000

Occupancy floor 63%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3502 E Lombard St Baltimore, MD	3.0	2.0	1522	$1,870	$1.23	43d	1	0.04mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	23d	1	0.07mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	23d	1	0.09mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	23d	1	0.12mi
235 S Highland Ave Baltimore, MD	2.0	1.5	1222	$2,000	$1.64	23d	1	0.13mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	16d	1	0.14mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	20d	1	0.17mi
3304 E Baltimore St Baltimore, MD	3.0	1.5	1514	$1,875	$1.24	43d	1	0.18mi
249 S East Ave Baltimore, MD	2.0	2.0	1680	$2,250	$1.34	23d	1	0.23mi
127 S Robinson St Baltimore, MD	2.0	1.5	1400	$2,000	$1.43	43d	1	0.24mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	43d	1	0.24mi
400 S Highland Ave Unit 402 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	43d	1	0.26mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	23d	1	0.27mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	23d	1	0.30mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	23d	1	0.32mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,350	$2.58	2d	20	0.33mi
113 N Decker Ave Baltimore, MD	3.0	3.5	1800	$2,850	$1.58	23d	1	0.37mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	23d	1	0.39mi
102 S Curley St Baltimore, MD	2.0	1.5	1200	$1,800	$1.50	4d	1	0.40mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	43d	1	0.41mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	23d	1	0.43mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	16d	1	0.43mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	23d	1	0.45mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.45mi
611 Grundy St Baltimore, MD	3.0	2.0	1434	$2,700	$1.88	23d	1	0.46mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	17d	1	0.48mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	23d	1	0.48mi
11 N Streeper St Baltimore, MD	3.0	3.5	1800	$2,600	$1.44	43d	1	0.49mi
10 N Streeper St Baltimore, MD	3.0	2.5	1440	$2,500	$1.74	23d	1	0.50mi
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	43d	1	0.53mi
3245 Fait Ave Baltimore, MD	3.0	2.0	1470	$2,900	$1.97	43d	1	0.54mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.57mi
133 S Macon St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	17d	1	0.57mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.58mi
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	43d	1	0.59mi
224 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,300	$2.06	20d	1	0.60mi
228 S Newkirk St Baltimore, MD	3.0	3.5	1620	$3,000	$1.85	43d	1	0.60mi
230 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,000	$1.88	17d	1	0.60mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	17d	1	0.61mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	14d	1	0.61mi

Listing history 22 events

1. 2026-06-17
   status $149,000 Pending 52 DOM
2. 2026-06-16
   days on market $149,000 Active 52 DOM
3. 2026-06-15
   days on market $149,000 Active 51 DOM
4. 2026-06-13
   days on market $149,000 Active 49 DOM
5. 2026-06-09
   days on market $149,000 Active 45 DOM
6. 2026-06-08
   days on market $149,000 Active 44 DOM
7. 2026-06-07
   days on market $149,000 Active 43 DOM
8. 2026-06-04
   days on market $149,000 Active 40 DOM
9. 2026-06-03
   pricedays on market $149,000 Active 39 DOM
10. 2026-06-02
    days on market $159,900 Active 38 DOM
11. 2026-06-01
    days on market $159,900 Active 37 DOM
12. 2026-05-31
    days on market $159,900 Active 36 DOM
13. 2026-05-13
    price $169,900 1023-char remark
14. 2026-05-06
    price $179,900 1023-char remark
15. 2026-04-25
    listed $189,900 Active 1023-char remark
16. 2026-03-21
    historical
17. 2026-02-23
    price $99,999
18. 2026-02-08
    price $114,900
19. 2026-01-31
    listed $125,000 Active
20. 1995-01-10
    soldstatus $31,000
21. 1994-10-21
    historical
22. 1994-04-21
    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: $1,721 · $143/mo
• Projected year-2 tax: $1,721 · $143/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: $25,394
• − Mortgage interest: −$8,346
• − Property taxes: −$1,721
• − Insurance: −$745
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − Depreciation: −$4,335
• Taxable income: $6,185
• Est. tax owed @ 24.0%: −$1,484
• After-tax cash flow: $6,735/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

+380.6% since first listed

13 events — show timeline

• 2026-06-17 Pending — BRIGHT MLS
• 2026-06-03 Price Changed $149,000 BRIGHT MLS
• 2026-05-21 Price Changed $159,900 BRIGHT MLS
• 2026-05-13 Price Changed $169,900 BRIGHT MLS
• 2026-05-06 Price Changed $179,900 BRIGHT MLS
• 2026-04-25 Listed $189,900 BRIGHT MLS
• 2026-03-21 Listing Removed — BRIGHT MLS
• 2026-02-23 Price Changed $99,999 BRIGHT MLS
• 2026-02-08 Price Changed $114,900 BRIGHT MLS
• 2026-01-31 Listed $125,000 BRIGHT MLS
• 1995-01-10 Sold (Public Records) $31,000 Public Records
• 1994-10-21 Delisted — MRIS
• 1994-04-21 Listed — MRIS

Property tax history

-2.9%/yr

Latest (2025): $1,721 · +5.2% YoY. Source: county tax records.