534 Richwood Ave · Baltimore, MD 21212

$149,900

4 bd · 1.0 ba · 1,600 sqft · Townhouse public records · 13 Days on market

Built 1910 Est $229k · 34% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• 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 $2,034. 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

• Separate dining room
• Front porch
• Basement storage

Tags

• FRONT PORCH
• OPEN CONCEPT LAYOUT
• SEPARATE DINING ROOM
• BASEMENT STORAGE

Property features AI

Exterior

• Parking: Other parking type
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade structures; Assessor records year built
• Exterior features: Property is in city limits (Baltimore City); No tidal water

Interior

• Bedrooms: Four bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Radiator heating (natural gas); Ceiling fans
• Interior features: Full, unfinished basement

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$228,800) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 11.6% 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 (+4.7%/yr); 133 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 + 4.7% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 16 sale attempts since 26y 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.
• Current owner paid $2k; list at $150k implies a 9024% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $149,900

Questions for the listing agent

1. Built in 1910 — 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. 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.
6. 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.
7. 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: 1.39% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.90%
• DSCR: 1.84
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $228,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 Radnor Ave	0.15mi	4/2.0	1,600 (0%)	2mo	$249,900	$156	87
4662 Kernwood Ave	0.18mi	3/1.5 (-1)	1,652 (+3%)	1mo	$240,000	$145	78
617 Willow Ave	0.21mi	3/2.0 (-1)	1,641 (+3%)	2mo	$235,000	$143	76
804 Mccabe Ave	0.41mi	3/2.5 (-1)	1,620 (+1%)	1mo	$199,900	$123	67
4744 Alhambra Ave	0.08mi	3/1.5 (-1)	1,816 (+14%)	2mo	$155,000	$85	65
5019 Midwood Ave	0.29mi	3/2.0 (-1)	1,455 (-9%)	2mo	$198,000	$136	61
608 Radnor Ave	0.09mi	3/2.0 (-1)	1,837 (+15%)	2mo	$219,000	$119	61
308 Woodbourne Ave	0.58mi	3/2.0 (-1)	1,565 (-2%)	1mo	$431,000	$275	59
609 E 41st St	0.52mi	3/2.0 (-1)	1,728 (+8%)	1mo	$79,100	$46	53
3953 Wilsby Ave	0.66mi	4/2.0	1,716 (+7%)	1mo	$235,000	$137	52
5506 Midwood Ave	0.68mi	4/2.0	1,452 (-9%)	2mo	$255,000	$176	47
1200 Woodbourne Ave	0.74mi	4/3.0	1,364 (-15%)	2mo	$196,100	$144	31

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 · 4.65% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.51×
• Total profit: $21,326
• Equity at exit: $22,351

10-year hold

• IRR: 22.7%
• Equity multiple: 3.09×
• Total profit: $87,673
• Equity at exit: $12,961

Cash invested: $41,972 (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 21212

• Rents YoY: 4.7%
• Active inventory: 133
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,079 high
• Mortgage (P&I): −$786
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $661

Break-even live

Break-even rent $1,242

Max offer price $149,900

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4754 Alhambra Ave Baltimore, MD	3.0	2.0	1876	$1,500	$0.80	23d	1	0.06mi
514 Radnor Ave Baltimore, MD	3.0	1.5	1575	$1,500	$0.95	44d	1	0.08mi
531 Willow Ave Unit Na Baltimore, MD	4.0	1.0	1300	$1,800	$1.38	20d	1	0.16mi
5001 Govane Ave Baltimore, MD	5.0	2.5	1200	$1,800	$1.50	23d	1	0.17mi
804 Radnor Ave Baltimore, MD	3.0	1.0	1654	$2,000	$1.21	43d	1	0.18mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	20d	1	0.22mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	43d	1	0.22mi
510 Winston Ave Baltimore, MD	4.0	2.0	1600	$2,800	$1.75	20d	1	0.23mi
543 Chateau Ave Baltimore, MD	3.0	2.0	1152	$1,900	$1.65	4d	1	0.24mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	2d	1	0.35mi
711 1/2 McCabe Ave Baltimore, MD	4.0	3.0	1204	$2,350	$1.95	4d	1	0.37mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	43d	1	0.41mi
5200 Ready Ave Baltimore, MD	3.0	1.5	1116	$1,950	$1.75	3d	1	0.42mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	43d	1	0.53mi
1224 Winston Ave Baltimore, MD	3.0	2.0	1248	$2,100	$1.68	17d	1	0.57mi
1221 Glenwood Ave Baltimore, MD	3.0	2.0	1390	$2,595	$1.87	43d	1	0.66mi
1008 Tunbridge Rd Baltimore, MD	3.0	2.0	1732	$2,050	$1.18	23d	1	0.76mi
5204 Kelway Rd Baltimore, MD	3.0	2.0	1666	$2,350	$1.41	23d	1	0.79mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	1d	1	0.85mi
5622 Midwood Ave Baltimore, MD	3.0	2.0	1452	$2,300	$1.58	43d	1	0.86mi
4006 Loch Raven Blvd Baltimore, MD	3.0	2.5	2016	$2,695	$1.34	17d	1	0.93mi
828 Saint Dunstans Rd Baltimore, MD	3.0	2.0	1544	$2,000	$1.30	23d	1	0.96mi
1545 E Cold Spring Ln Baltimore, MD	4.0	2.0	1240	$2,000	$1.61	43d	1	0.98mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	14d	1	1.03mi
5520 Sagra Rd Baltimore, MD	3.0	1.5	1650	$1,900	$1.15	43d	1	1.04mi
1617 Argonne Dr Baltimore, MD	4.0	2.0	1200	$2,550	$2.12	43d	1	1.05mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	43d	1	1.06mi
500 W University Pkwy Baltimore, MD	3.0	1.0–2.0	955	$3,020	$3.16	1d	60	1.10mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	14d	1	1.12mi
917 Reverdy Rd Unit A Baltimore, MD	3.0	1.0	1200	$2,100	$1.75	43d	1	1.14mi
3421 University Pl Baltimore, MD	5.0	2.0	1960	$3,500	$1.79	23d	1	1.17mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,500	$2.39	4d	2	1.18mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,700	$2.95	1d	172	1.25mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	43d	1	1.26mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	43d	1	1.30mi
6008 Clearspring Rd Baltimore, MD	4.0	2.5	1758	$3,600	$2.05	23d	1	1.35mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	43d	1	1.35mi
1020 Dartmouth Glen Way Baltimore, MD	3.0	2.5	1152	$2,250	$1.95	23d	1	1.36mi
1804 Winford Rd Baltimore, MD	3.0	1.5	1600	$2,100	$1.31	23d	1	1.41mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	10d	1	1.43mi

Listing history 9 events

1. 2026-06-18
   days on market $149,900 Active 13 DOM
2. 2026-06-17
   days on market $149,900 Active 12 DOM
3. 2026-06-16
   days on market $149,900 Active 11 DOM
4. 2026-06-15
   days on market $149,900 Active 10 DOM
5. 2026-06-13
   days on market $149,900 Active 8 DOM
6. 2026-06-09
   days on market $149,900 Active 4 DOM
7. 2026-06-08
   days on market $149,900 Active 3 DOM
8. 2026-06-07
   remarks 693-char remark
9. 2026-06-07
   listed $149,900 Active 2 DOM

ⓘ 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: $1,591 · $133/mo
• Projected year-2 tax: $1,612 · $134/mo
• Expected delta: +$22/yr (+$2/mo · 1.4%)

ⓘ 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: $24,946
• − Mortgage interest: −$8,397
• − Property taxes: −$1,591
• − Insurance: −$750
• − Repairs & maintenance: −$1,996
• − Management: −$1,996
• − Depreciation: −$4,361
• Taxable income: $5,857
• Est. tax owed @ 24.0%: −$1,406
• After-tax cash flow: $6,528/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): 33,974
• Household income: $96,685
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 769.0

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 0.64)
• Race & ethnicity: White 49% Black 35% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -392.44%
• Current HPI: 267.4569
• Rent YoY: ▲ 4.65%
• 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

+188.8% since first listed

45 events — show timeline

• 2026-06-05 Listed $149,900 BRIGHT MLS
• 2026-05-15 Sold (Public Records) $1,643 Public Records
• 2021-08-10 Listing Removed — BRIGHT MLS
• 2021-08-09 Listed $40,000 BRIGHT MLS
• 2018-10-02 Listing Removed — BRIGHT MLS
• 2018-09-28 Sold (MLS) $121,240 MRIS
• 2018-09-28 Sold (MLS) $121,240 BRIGHT MLS
• 2018-07-28 Pending — BRIGHT MLS
• 2018-07-28 Pending — MRIS
• 2018-04-15 Listing Removed — BRIGHT MLS
• 2018-04-14 Delisted — MRIS
• 2018-04-14 Listed $122,040 MRIS
• 2018-04-14 Listed $122,040 BRIGHT MLS
• 2018-01-20 Relisted — MRIS
• 2017-10-26 Delisted — MRIS
• 2017-10-23 Listed — MRIS
• 2017-10-20 Listed $74,531 BRIGHT MLS
• 2009-08-07 Sold (MLS) $39,600 BRIGHT MLS
• 2009-08-07 Sold (MLS) $39,600 MRIS
• 2009-07-20 Delisted — MRIS
• 2009-07-20 Listing Removed — BRIGHT MLS
• 2009-07-16 Listed $39,600 MRIS
• 2009-07-16 Listed $39,600 BRIGHT MLS
• 2009-04-22 Delisted — MRIS
• 2008-12-03 Relisted — MRIS
• 2008-12-02 Delisted — MRIS
• 2008-09-19 Price Changed — MRIS
• 2008-07-15 Price Changed — MRIS
• 2008-06-10 Price Changed — MRIS
• 2008-01-12 Price Changed — MRIS
• 2008-01-11 Listed — MRIS
• 2007-12-21 Delisted — MRIS
• 2007-12-06 Listed — MRIS
• 2007-10-29 Delisted — MRIS
• 2007-08-17 Price Changed — MRIS
• 2006-07-15 Listed — MRIS
• 2005-09-14 Sold (Public Records) $86,000 Public Records
• 2005-08-05 Delisted — MRIS
• 2005-07-09 Listed — MRIS
• 2004-05-05 Sold (Public Records) $51,500 Public Records
• 2004-01-07 Sold (MLS) $51,500 MRIS
• 2003-10-10 Delisted — MRIS
• 2002-01-26 Delisted — MRIS
• 2002-01-26 Listed $51,900 MRIS
• 2000-05-15 Listed — MRIS

Property tax history

-3.7%/yr

Latest (2025): $1,591 · +18.8% YoY. Source: county tax records.