1536 E Belvedere Ave · Baltimore, MD 21239

$150,800

3 bd · 1.5 ba · 1,520 sqft · Townhouse public records · 72 Days on market

Built 1950 2,375 sqft lot $99/sqft · 36% below area Est $237k · 36% 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +8.1/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious brick rowhome located on E Belvedere Ave with strong potential for both investors and owner-occupants. Property offers a traditional layout with a full basement and solid structure, ready for updates and customization. Conveniently located near major commuter routes, shopping, and public transportation. Great opportunity to add value in a well-established Baltimore neighborhood.

Key facts

• Full basement
• Traditional layout
• Brick rowhome

Tags

• BRICK ROWHOME
• FULL BASEMENT
• TRADITIONAL LAYOUT
• WELL-ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $151k.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $151k).
• Recommended offer: $142k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 (+2.9%/yr); 71 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); 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).
• This rent runs 38% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 + 2.9% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y 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 1950 — 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 $141,752 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.31% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.57%
• DSCR: 1.51
• GRM: 6.4

CMA / ARV

• ARV (median comp): $236,648
• List price: $150,800
• Delta: -36.28%
• 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
1506 Gleneagle Rd	0.21mi	3/2.0	1,520 (0%)	1mo	$300,000	$197	87
1600 Walterswood Rd	0.28mi	4/2.0 (+1)	1,520 (0%)	2mo	$231,000	$152	79
1371 E Northern Pkwy	0.43mi	3/2.0	1,567 (+3%)	3mo	$269,900	$172	70
5906 Ayleshire Rd	0.28mi	3/1.5	1,690 (+11%)	1mo	$155,900	$92	68
1526 Wadsworth Way	0.34mi	4/2.0 (+1)	1,600 (+5%)	1mo	$279,900	$175	68
1014 Upnor Rd	0.70mi	3/2.0	1,512 (-0%)	2mo	$265,000	$175	63
1702 Burnwood Rd	0.45mi	4/2.0 (+1)	1,600 (+5%)	1mo	$283,000	$177	62
5811 The Alameda	0.45mi	4/2.0 (+1)	1,420 (-7%)	1mo	$250,000	$176	60
1814 Winford Rd	0.53mi	4/2.0 (+1)	1,600 (+5%)	2mo	$280,000	$175	58
5933 Leith Walk	0.40mi	3/1.0	1,330 (-12%)	3mo	$155,000	$117	56
1537 Stonewood Rd	0.75mi	4/2.0 (+1)	1,550 (+2%)	1mo	$310,000	$200	54
1200 Woodbourne Ave	0.69mi	4/3.0 (+1)	1,364 (-10%)	2mo	$196,100	$144	38

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 · 2.86% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,309
• Equity at exit: $22,485

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $33,777
• Equity at exit: $13,038

Cash invested: $42,224 (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 21239

• Rents YoY: 2.9%
• Active inventory: 71
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,969 high
• Mortgage (P&I): −$791
• Tax from tax record: −$295 /mo · $3,537/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $407

Break-even live

Break-even rent $1,454

Max offer price $150,800

Occupancy floor 74%

Sensitivity live

Price	-10% $492	-5% $450	+0% $407	+5% $364	+10% $322
Rent	-10% $252	-5% $329	+0% $407	+5% $485	+10% $563
Rate	-1.0pp $483	-0.5pp $445	base $407	+0.5pp $368	+1.0pp $328

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: $37,700
• Closing costs: $4,524
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1508 Gleneagle Rd Baltimore, MD	3.0	2.0	1824	$2,180	$1.20	5d	1	0.18mi
1646 Wadsworth Way Baltimore, MD	3.0	1.0	1520	$2,100	$1.38	11d	1	0.35mi
1726 E Belvedere Ave Baltimore, MD	3.0	2.0	1140	$1,895	$1.66	22d	1	0.36mi
5520 Sagra Rd Baltimore, MD	3.0	1.5	1650	$1,900	$1.15	44d	1	0.40mi
1908 E Belvedere Ave Baltimore, MD	4.0	2.0	1425	$1,950	$1.37	20d	1	0.45mi
1111 Gleneagle Rd Unit 2 Baltimore, MD	2.0	1.0	1452	$1,050	$0.72	44d	1	0.53mi
1804 Winford Rd Baltimore, MD	3.0	1.5	1600	$2,100	$1.31	24d	1	0.55mi
1106 Gleneagle Rd Unit 2 Baltimore, MD	2.0	1.0	1100	$1,450	$1.32	44d	1	0.56mi
1444 Meridene Dr Baltimore, MD	3.0	1.5	1520	$1,950	$1.28	44d	1	0.57mi
2028 Hillenwood Rd Baltimore, MD	4.0	2.0	1820	$2,100	$1.15	22d	1	0.61mi
5781 Edgepark Rd Baltimore, MD	3.0	2.0	1568	$1,975	$1.26	16d	1	0.61mi
6101 Loch Raven Blvd Baltimore, MD	1.0–2.0	1.0–2.0	1138	$2,318	$2.04	2d	8	0.68mi
5204 Kelway Rd Baltimore, MD	3.0	2.0	1666	$2,350	$1.41	24d	1	0.71mi
5626 Midwood Ave Unit 2 Baltimore, MD	2.0	1.0	1452	$1,100	$0.76	24d	1	0.75mi
5622 Midwood Ave Baltimore, MD	3.0	2.0	1452	$2,300	$1.58	44d	1	0.75mi
1008 Tunbridge Rd Baltimore, MD	3.0	2.0	1732	$2,050	$1.18	24d	1	0.76mi
6149 Dunroming Rd Baltimore, MD	3.0	1.5	1400	$1,895	$1.35	11d	1	0.78mi
1221 Glenwood Ave Baltimore, MD	3.0	2.0	1390	$2,595	$1.87	44d	1	0.78mi
917 Reverdy Rd Unit A Baltimore, MD	3.0	1.0	1200	$2,100	$1.75	44d	1	0.80mi
828 Saint Dunstans Rd Baltimore, MD	3.0	2.0	1544	$2,000	$1.30	24d	1	0.81mi
6405 Loch Crest Rd Idlewylde, MD	3.0	2.5	1440	$2,257	$1.57	44d	1	0.83mi
2106 Cloville Ave Baltimore, MD	3.0	1.5	1080	$1,700	$1.57	44d	1	0.85mi
1104 Meridene Dr Unit 1 Baltimore, MD	2.0	1.0	1098	$1,350	$1.23	44d	1	0.85mi
1020 Dartmouth Glen Way Baltimore, MD	3.0	2.5	1152	$2,250	$1.95	24d	1	0.90mi
1224 Winston Ave Baltimore, MD	3.0	2.0	1248	$2,100	$1.68	18d	1	0.93mi
818 Bradhurst Rd Baltimore, MD	2.0	1.0	1216	$1,350	$1.11	4d	1	0.94mi
818 Bradhurst Rd Baltimore, MD	2.0	1.0	1216	$1,250	$1.03	44d	1	0.94mi
6189 Northwood Dr Baltimore, MD	4.0	2.0	1400	$2,200	$1.57	44d	1	0.95mi
6518 Loch Hill Ct Loch Hill, MD	3.0	1.5	1580	$2,050	$1.30	24d	1	0.96mi
6159 Parkway Dr Apt 1 Baltimore, MD	4.0	2.0	1408	$2,200	$1.56	24d	1	0.98mi
6159 Parkway Dr Baltimore, MD	4.0	2.0	1408	$2,200	$1.56	22d	1	0.99mi
620 Harwood Ave Baltimore, MD	2.0	1.0	2056	$1,350	$0.66	44d	1	0.99mi
1545 E Cold Spring Ln Baltimore, MD	4.0	2.0	1240	$2,000	$1.61	44d	1	0.99mi
711 1/2 McCabe Ave Baltimore, MD	4.0	3.0	1204	$2,350	$1.95	5d	1	1.18mi
6008 Clearspring Rd Baltimore, MD	4.0	2.5	1758	$3,600	$2.05	24d	1	1.20mi
5200 Ready Ave Baltimore, MD	3.0	1.5	1116	$1,950	$1.75	4d	1	1.23mi
5307 York Rd Baltimore, MD	2.0	1.0	1120	$1,200	$1.07	44d	1	1.28mi
804 Radnor Ave Baltimore, MD	3.0	1.0	1654	$2,000	$1.21	44d	1	1.28mi
543 Chateau Ave Baltimore, MD	3.0	2.0	1152	$1,900	$1.65	5d	1	1.29mi
2807 Shirey Ave Baltimore, MD	4.0	3.0	1190	$2,500	$2.10	15d	1	1.31mi

Listing history 22 events

1. 2026-06-18
   days on market $150,800 Active 72 DOM
2. 2026-06-17
   days on market $150,800 Active 71 DOM
3. 2026-06-16
   days on market $150,800 Active 70 DOM
4. 2026-06-15
   days on market $150,800 Active 69 DOM
5. 2026-06-13
   days on market $150,800 Active 67 DOM
6. 2026-06-09
   days on market $150,800 Active 63 DOM
7. 2026-06-08
   days on market $150,800 Active 62 DOM
8. 2026-06-07
   days on market $150,800 Active 61 DOM
9. 2026-06-04
   days on market $150,800 Active 58 DOM
10. 2026-06-03
    days on market $150,800 Active 57 DOM
11. 2026-06-02
    days on market $150,800 Active 56 DOM
12. 2026-06-01
    days on market $150,800 Active 55 DOM
13. 2026-05-31
    days on market $150,800 Active 54 DOM
14. 2026-04-07
    listed $150,800 Active 390-char remark

    Show marketing remark (390 chars)

    Spacious brick rowhome located on E Belvedere Ave with strong potential for both investors and owner-occupants. Property offers a traditional layout with a full basement and solid structure, ready for updates and customization. Conveniently located near major commuter routes, shopping, and public transportation. Great opportunity to add value in a well-established Baltimore neighborhood.

15. 2007-07-17
    soldstatus $170,000
16. 2007-06-29
    soldstatus $170,000 364-char remark

    Show marketing remark (364 chars)

    * * * * JUST REDUCED * * * , A Gorgeous home, located in a very quiet neighbor. This home has everything a 1St time buyer need, a newly decorated kitchen, frigerator, stove, microwave, washer & dryer. Roof, water heater air conditioner 8 years old. Hardwood floors downstairs, carpet upstairs bedrooms and hallway. Finish basement w/ flush. Garage as is

17. 2007-05-31
    historical 364-char remark

    Show marketing remark (364 chars)

    * * * * JUST REDUCED * * * , A Gorgeous home, located in a very quiet neighbor. This home has everything a 1St time buyer need, a newly decorated kitchen, frigerator, stove, microwave, washer & dryer. Roof, water heater air conditioner 8 years old. Hardwood floors downstairs, carpet upstairs bedrooms and hallway. Finish basement w/ flush. Garage as is

18. 2006-11-08
    listed $169,900 364-char remark

    Show marketing remark (364 chars)

    * * * * JUST REDUCED * * * , A Gorgeous home, located in a very quiet neighbor. This home has everything a 1St time buyer need, a newly decorated kitchen, frigerator, stove, microwave, washer & dryer. Roof, water heater air conditioner 8 years old. Hardwood floors downstairs, carpet upstairs bedrooms and hallway. Finish basement w/ flush. Garage as is

19. 1999-05-25
    soldstatus $67,900
20. 1998-11-30
    soldstatus $67,900
21. 1998-09-19
    historical
22. 1998-03-09
    listed $69,900

ⓘ 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: $3,537 · $295/mo
• Projected year-2 tax: $3,537 · $295/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 7/10 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 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,628
• − Mortgage interest: −$8,447
• − Property taxes: −$3,537
• − Insurance: −$754
• − Repairs & maintenance: −$1,890
• − Management: −$1,890
• − Depreciation: −$4,387
• Taxable income: $2,722
• Est. tax owed @ 24.0%: −$653
• After-tax cash flow: $4,232/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): 27,346
• Household income: $62,650
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1103.0

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 (76%)
• Race & ethnicity: Black 76% White 12% Asian 4% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 1% Romanian 1% Russian 1%
• Foreign-born: 10% · Canada, United Kingdom, China
• Languages at home: 88% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 2%

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: ▼ -164.48%
• Current HPI: 258.094
• Rent YoY: ▲ 2.86%
• 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

+115.7% since first listed

9 events — show timeline

• 2026-04-07 Listed $150,800 BRIGHT MLS
• 2007-07-17 Sold (Public Records) $170,000 Public Records
• 2007-06-29 Sold (MLS) $170,000 MRIS
• 2007-05-31 Delisted — MRIS
• 2006-11-08 Listed $169,900 MRIS
• 1999-05-25 Sold (Public Records) $67,900 Public Records
• 1998-11-30 Sold (MLS) $67,900 MRIS
• 1998-09-19 Delisted — MRIS
• 1998-03-09 Listed $69,900 MRIS

Property tax history

+0.1%/yr

Latest (2025): $3,537 · +8.8% YoY. Source: county tax records.