724 E 37th St · Baltimore, MD 21218

$114,900

2 bd · 1.0 ba · 1,166 sqft · Townhouse public records · 177 Days on market

Built 1925 1,456 sqft lot $99/sqft · 38% below area Est $185k · 38% 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 +26.3/30.0
• ARV discount +15.0/15.0
• 1% rule +9.2/10.0
• DSCR +8.9/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the charm of this traditional brick townhouse, built in 1925, offering a perfect blend of historic character and modern convenience. With a very spacious living space with lots of natural lighting, 2 ample- sized bedroom, and kitchen with essential appliances, this home is ideal for those seeking a cozy yet functional layout. The inviting interior features ample natural light and a versatile basement, perfect for storage or a creative workspace. This property is a fantastic opportunity for anyone looking to invest in a well-maintained residence with timeless appeal. Don’t miss your chance to make this charming townhouse your own!

Key facts

• Modern convenience
• Natural lighting
• Versatile basement

Tags

• TRADITIONAL BRICK TOWNHOUSE
• HISTORIC CHARACTER
• MODERN CONVENIENCE
• SPACIOUS LIVING SPACE
• NATURAL LIGHTING
• VERSATILE BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $115k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+1.6%/yr); 325 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $794 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1925 — 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 $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• GRM: 5.9

CMA / ARV

• ARV (median comp): $184,622
• List price: $114,900
• Delta: -37.76%
• 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
608 Chestnut Hill Ave	0.10mi	2/1.0	1,156 (-1%)	1mo	$73,000	$63	93
646 E 37th St	0.06mi	3/2.0 (+1)	1,284 (+10%)	0mo	$94,000	$73	71
3633 Elkader Rd	0.14mi	2/1.5	1,304 (+12%)	1mo	$265,000	$203	71
604 E 35th St E	0.23mi	3/1.0 (+1)	1,260 (+8%)	1mo	$94,000	$75	70
739 Springfield Ave	0.52mi	3/1.0 (+1)	1,160 (-0%)	2mo	$125,000	$108	68
3626 Kimble Rd	0.21mi	3/1.0 (+1)	1,280 (+10%)	2mo	$310,000	$242	67
515 E 35th St	0.27mi	3/1.5 (+1)	1,260 (+8%)	1mo	$135,999	$108	66
3405 Greenway #302	0.67mi	2/1.5	1,221 (+5%)	1mo	$265,000	$217	58
616 E 30th St	0.65mi	2/1.0	1,092 (-6%)	1mo	$65,000	$60	58
827 Belgian Ave	0.47mi	3/2.0 (+1)	1,260 (+8%)	2mo	$130,000	$103	54
2956 Greenmount Ave	0.66mi	3/2.0 (+1)	1,130 (-3%)	1mo	$209,395	$185	54
1120 Montpelier St	0.65mi	3/2.0 (+1)	1,260 (+8%)	2mo	$70,000	$56	45

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-1,709
• Equity at exit: $17,132

10-year hold

• IRR: 6.6%
• Equity multiple: 1.46×
• Total profit: $14,696
• Equity at exit: $9,934

Cash invested: $32,172 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,629 high
• Mortgage (P&I): −$603
• Tax from tax record: −$338 /mo · $4,061/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $298

Break-even live

Break-even rent $1,252

Max offer price $114,900

Occupancy floor 77%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,382	$1.54	1d	1	0.07mi
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	43d	1	0.08mi
600 E 37th St Apt 2 Baltimore, MD	1.0	1.0	800	$1,350	$1.69	43d	1	0.13mi
600 E 37th St Apt 1 Baltimore, MD	1.0	1.0	720	$1,360	$1.89	16d	1	0.13mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	43d	1	0.14mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	14d	1	0.22mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	43d	1	0.28mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	2d	10	0.33mi
956 Argonne Dr Baltimore, MD	1.0–2.0	1.0	662	$1,295	$1.95	4d	6	0.47mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	43d	1	0.52mi
4101 Saint Georges Ave Unit 4109-01 Baltimore, MD	1.0	1.0	742	$1,250	$1.68	43d	1	0.52mi
4101 Saint Georges Ave Unit 4212-09 Baltimore, MD	1.0	1.0	742	$825	$1.11	2d	1	0.52mi
4101 Saint Georges Ave Unit 4212-03 Baltimore, MD	1.0	1.0	742	$750	$1.01	1d	1	0.52mi
815 Gilrubin Ct Baltimore, MD	2.0	1.0	900	$1,695	$1.88	43d	1	0.52mi
615 Homestead St Unit 1B Baltimore, MD	1.0	1.0	700	$1,225	$1.75	43d	1	0.53mi
812 Nat Ct Apt 12 Baltimore, MD	2.0	1.0	900	$1,295	$1.44	43d	1	0.53mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	10d	1	0.55mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	43d	1	0.56mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	4d	1	0.57mi
3601 Greenway Unit P1039 Baltimore, MD	1.0	1.0	1165	$1,495	$1.28	43d	1	0.57mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	17d	1	0.61mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	14d	1	0.62mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	43d	1	0.63mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,142	$2.34	1d	172	0.64mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	23d	1	0.64mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	17d	1	0.64mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,100	$2.01	4d	2	0.66mi
3130 Guilford Ave Apt B Baltimore, MD	2.0	1.0	700	$1,790	$2.56	17d	1	0.68mi
3126 Guilford Ave Apt A Baltimore, MD	2.0	1.0	700	$1,770	$2.53	3d	1	0.69mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	20d	1	0.69mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	43d	1	0.69mi
3221 The Alameda Unit 2 Baltimore, MD	2.0	1.0	750	$1,200	$1.60	23d	1	0.70mi
3135 N Calvert St Baltimore, MD	1.0	1.0	1000	$1,450	$1.45	17d	1	0.71mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	2d	1	0.72mi
835 E Cold Spring Ln Baltimore, MD	2.0	1.5	997	$1,400	$1.40	23d	1	0.78mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	12d	5	0.80mi
2821 Mathews St Unit 27-666 Baltimore, MD	1.0	1.0	730	$1,050	$1.44	23d	1	0.80mi
2821 Mathews St Unit 27-668 Baltimore, MD	2.0	1.0	730	$1,050	$1.44	23d	1	0.80mi
436 Ilchester Ave Unit 2 Baltimore, MD	1.0	1.0	985	$1,195	$1.21	43d	1	0.81mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	43d	1	0.81mi

Listing history 42 events

1. 2026-06-18
   days on market $114,900 Active 177 DOM
2. 2026-06-17
   days on market $114,900 Active 176 DOM
3. 2026-06-16
   days on market $114,900 Active 175 DOM
4. 2026-06-15
   days on market $114,900 Active 174 DOM
5. 2026-06-13
   pricedays on market $114,900 Active 172 DOM
6. 2026-06-09
   days on market $124,900 Active 168 DOM
7. 2026-06-08
   days on market $124,900 Active 167 DOM
8. 2026-06-07
   days on market $124,900 Active 166 DOM
9. 2026-06-04
   days on market $124,900 Active 163 DOM
10. 2026-06-03
    days on market $124,900 Active 162 DOM
11. 2026-06-02
    days on market $124,900 Active 161 DOM
12. 2026-06-01
    days on market $124,900 Active 160 DOM
13. 2026-05-31
    days on market $124,900 Active 159 DOM
14. 2026-04-03
    price $124,900 652-char remark

    Show marketing remark (652 chars)

    Discover the charm of this traditional brick townhouse, built in 1925, offering a perfect blend of historic character and modern convenience. With a very spacious living space with lots of natural lighting, 2 ample- sized bedroom, and kitchen with essential appliances, this home is ideal for those seeking a cozy yet functional layout. The inviting interior features ample natural light and a versatile basement, perfect for storage or a creative workspace. This property is a fantastic opportunity for anyone looking to invest in a well-maintained residence with timeless appeal. Don’t miss your chance to make this charming townhouse your own!

15. 2026-02-27
    price $134,900 652-char remark

    Show marketing remark (652 chars)

    Discover the charm of this traditional brick townhouse, built in 1925, offering a perfect blend of historic character and modern convenience. With a very spacious living space with lots of natural lighting, 2 ample- sized bedroom, and kitchen with essential appliances, this home is ideal for those seeking a cozy yet functional layout. The inviting interior features ample natural light and a versatile basement, perfect for storage or a creative workspace. This property is a fantastic opportunity for anyone looking to invest in a well-maintained residence with timeless appeal. Don’t miss your chance to make this charming townhouse your own!

16. 2026-01-05
    soldstatus $145,000
17. 2025-12-23
    listed $144,900 Active 652-char remark

    Show marketing remark (652 chars)

    Discover the charm of this traditional brick townhouse, built in 1925, offering a perfect blend of historic character and modern convenience. With a very spacious living space with lots of natural lighting, 2 ample- sized bedroom, and kitchen with essential appliances, this home is ideal for those seeking a cozy yet functional layout. The inviting interior features ample natural light and a versatile basement, perfect for storage or a creative workspace. This property is a fantastic opportunity for anyone looking to invest in a well-maintained residence with timeless appeal. Don’t miss your chance to make this charming townhouse your own!

18. 2022-06-07
    soldstatus $175,000
19. 2021-08-26
    historical
20. 2021-06-18
    listed $112,500 Active
21. 2019-01-10
    soldstatus $110,000
22. 2018-09-05
    soldstatus $44,000 Sold
23. 2018-09-05
    soldstatus $44,000 Closed
24. 2018-09-04
    status Pending
25. 2018-09-03
    status Contract
26. 2018-08-18
    price $49,999
27. 2018-08-18
    price $49,999
28. 2018-07-23
    price $54,900
29. 2018-07-23
    price $54,900
30. 2018-07-09
    listed $59,900 Active
31. 2018-07-09
    listed $59,900 Active
32. 2018-06-27
    historical
33. 2018-06-26
    soldstatus $36,000 Closed
34. 2018-06-26
    soldstatus $36,000 Sold
35. 2018-05-26
    status Pending
36. 2018-05-26
    status Contract
37. 2018-05-26
    historical
38. 2018-05-26
    historical Temporarily Off-Market
39. 2018-05-24
    listed $60,000 Active
40. 2018-05-24
    listed $60,000 Active
41. 1993-02-24
    soldstatus $30,000
42. 1980-12-31
    soldstatus $12,000

ⓘ 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: $4,061 · $338/mo
• Projected year-2 tax: $4,061 · $338/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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,547
• − Mortgage interest: −$6,436
• − Property taxes: −$4,061
• − Insurance: −$574
• − Repairs & maintenance: −$1,564
• − Management: −$1,564
• − Depreciation: −$3,343
• Taxable income: $2,005
• Est. tax owed @ 24.0%: −$481
• After-tax cash flow: $3,095/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+940.8% since first listed

29 events — show timeline

• 2026-04-03 Price Changed $124,900 BRIGHT MLS
• 2026-02-27 Price Changed $134,900 BRIGHT MLS
• 2026-01-05 Sold (Public Records) $145,000 Public Records
• 2025-12-23 Listed $144,900 BRIGHT MLS
• 2022-06-07 Sold (Public Records) $175,000 Public Records
• 2021-08-26 Listing Removed — BRIGHT MLS
• 2021-06-18 Listed $112,500 BRIGHT MLS
• 2019-01-10 Sold (Public Records) $110,000 Public Records
• 2018-09-05 Sold (MLS) $44,000 BRIGHT MLS
• 2018-09-05 Sold (MLS) $44,000 MRIS
• 2018-09-04 Pending — BRIGHT MLS
• 2018-09-03 Pending — MRIS
• 2018-08-18 Price Changed $49,999 BRIGHT MLS
• 2018-08-18 Price Changed $49,999 MRIS
• 2018-07-23 Price Changed $54,900 BRIGHT MLS
• 2018-07-23 Price Changed $54,900 MRIS
• 2018-07-09 Listed $59,900 BRIGHT MLS
• 2018-07-09 Listed $59,900 MRIS
• 2018-06-27 Listing Removed — BRIGHT MLS
• 2018-06-26 Sold (MLS) $36,000 MRIS
• 2018-06-26 Sold (MLS) $36,000 BRIGHT MLS
• 2018-05-26 Pending — BRIGHT MLS
• 2018-05-26 Pending — MRIS
• 2018-05-26 Delisted — MRIS
• 2018-05-26 Listing Removed — BRIGHT MLS
• 2018-05-24 Listed $60,000 MRIS
• 2018-05-24 Listed $60,000 BRIGHT MLS
• 1993-02-24 Sold (Public Records) $30,000 Public Records
• 1980-12-31 Sold (Public Records) $12,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $4,061 · +17.6% YoY. Source: county tax records.