38 N Bernice Ave · Baltimore, MD 21229

$220,000

4 bd · 1.0 ba · 1,280 sqft · Townhouse public records · 36 Days on market

Built 1939 2,178 sqft lot Est $147k · 49% over

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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 +15.9/30.0
• DSCR +4.9/10.0
• 1% rule +3.9/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 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 38 N Bernice Ave — a beautifully renovated brick rowhome that perfectly blends classic charm with modern updates throughout. Featuring over 1,900 finished square feet, this spacious 4-bedroom, 2 full bath gem is move-in ready and filled with natural light, generous living spaces, and thoughtful finishes from top to bottom. The upper level offers three comfortable bedrooms and a full bath, while the finished lower level adds a rare fourth bedroom and second full bath, giving you the flexibility to create a guest suite, home office, or extra living space tailored to your needs. At the heart of the home sits a beautifully renovated custom kitchen designed to impress, flowing s

Key facts

• Custom kitchen
• Covered front porch
• Natural light

Tags

• RENOVATED BRICK ROWHOME
• CUSTOM KITCHEN
• COVERED FRONT PORCH
• FINISHED LOWER LEVEL
• NATURAL LIGHT
• GENEROUS LIVING SPACES

Property features AI

Finance

• Other: Ownership interest: Ground Rent; Annual ground rent listed in income/expense information
• Financial info: Ground rent: $90, paid semi-annually; Below-grade area and finished below-grade space reported

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Excellent property condition; Above-grade and below-grade living areas
• Construction: Brick construction; Block foundation; Year built per assessor; major renovation/effective year 2026
• Exterior features: In city limits (Baltimore City); Ground rent exists (paid semi-annually)

Interior

• Bedrooms: Three bedrooms on the upper level; One bedroom on the lower level
• Bathrooms: Two full bathrooms (one on upper level, one on lower level)
• Heating & cooling: Forced air heating fueled by natural gas; Central air conditioning (electric)
• Interior features: Estimated living area; Fully finished basement with interior access and walkout level
• Laundry & utility: Laundry in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (11.1% below list).
• Recommended offer: $196k (11.1% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.4%/yr); 256 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 39% of the median local income ($60k/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 $2k of loan paydown is wiped out by about $7k 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 36 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $75k; list at $220k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — 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 $195,574 (11.1% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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. 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?
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: 0.89% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $147,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 S Bernice Ave	0.13mi	3/1.0 (-1)	1,280 (0%)	1mo	$147,000	$115	88
5 Rosedale St S	0.11mi	3/2.0 (-1)	1,280 (0%)	1mo	$110,000	$86	85
156 S Hilton St	0.29mi	4/1.5	1,320 (+3%)	2mo	$195,000	$148	78
300 Denison St	0.37mi	3/2.0 (-1)	1,260 (-2%)	2mo	$205,000	$163	70
125 S Morley St S	0.37mi	3/1.5 (-1)	1,350 (+6%)	2mo	$70,000	$52	65
3017 Frederick Ave	0.51mi	4/3.0	1,260 (-2%)	2mo	$217,000	$172	64
222 N Hilton St	0.22mi	3/1.0 (-1)	1,120 (-12%)	1mo	$89,775	$80	63
537 Longwood St	0.53mi	4/2.0	1,176 (-8%)	0mo	$60,000	$51	57
2516 W Fairmount Ave	0.70mi	3/1.0 (-1)	1,304 (+2%)	2mo	$30,000	$23	57
2576 W Baltimore St W	0.61mi	3/2.0 (-1)	1,200 (-6%)	2mo	$152,000	$127	50
517 N Edgewood St	0.52mi	4/2.5	1,430 (+12%)	2mo	$90,000	$63	49
509 Normandy Ave	0.73mi	4/2.5	1,458 (+14%)	1mo	$212,000	$145	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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.61×
• Total profit: $-24,226
• Equity at exit: $32,803

10-year hold

• IRR: 1.7%
• Equity multiple: 1.13×
• Total profit: $8,044
• Equity at exit: $19,022

Cash invested: $61,600 (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 21229

• Rents YoY: 5.4%
• Active inventory: 256
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,956 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$195 /mo · $2,343/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $104

Break-even live

Break-even rent $1,824

Max offer price $220,000

Occupancy floor 90%

Sensitivity live

Price	-10% $229	-5% $167	+0% $104	+5% $42	+10% $-20
Rent	-10% $-50	-5% $27	+0% $104	+5% $182	+10% $259
Rate	-1.0pp $215	-0.5pp $160	base $104	+0.5pp $47	+1.0pp $-11

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	25d	1	0.18mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	25d	1	0.21mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	25d	1	0.41mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	6d	1	0.44mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,750	$1.95	0d	1	0.45mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	22d	1	0.52mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	45d	1	0.54mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	45d	1	0.56mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	45d	1	0.57mi
715 N Rosedale St Baltimore, MD	5.0	3.0	1542	$2,550	$1.65	45d	1	0.65mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	45d	1	0.66mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.67mi
623 N Grantley St Baltimore, MD	4.0	2.0	1250	$2,000	$1.60	25d	1	0.67mi
409 Normandy Ave Baltimore, MD	4.0	1.0	1640	$1,500	$0.91	25d	1	0.70mi
730 Linnard St Unit 1 Baltimore, MD	4.0	1.0	1360	$1,750	$1.29	25d	1	0.70mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	45d	1	0.70mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	45d	1	0.71mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	45d	1	0.71mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	25d	1	0.72mi
117 Collins Ave Baltimore, MD	3.0	3.0	1617	$2,350	$1.45	45d	1	0.73mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	25d	1	0.74mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	45d	1	0.74mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.76mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	25d	1	0.76mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	25d	1	0.78mi
3712 Gelston Dr Baltimore, MD	3.0	2.0	1250	$2,500	$2.00	25d	1	0.79mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	45d	1	0.83mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	45d	1	0.84mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	6d	1	0.86mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.88mi
4020 Gelston Dr Baltimore, MD	3.0	2.0	1270	$1,875	$1.48	45d	1	0.93mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	4d	1	0.94mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	5d	1	0.94mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	25d	1	0.94mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.94mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.96mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	19d	1	0.96mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	45d	1	0.96mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	45d	1	0.97mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	12d	1	0.97mi

Listing history 27 events

1. 2026-06-21
   days on market $220,000 Active 36 DOM
2. 2026-06-18
   days on market $220,000 Active 33 DOM
3. 2026-06-17
   days on market $220,000 Active 32 DOM
4. 2026-06-16
   days on market $220,000 Active 31 DOM
5. 2026-06-15
   days on market $220,000 Active 30 DOM
6. 2026-06-13
   days on market $220,000 Active 28 DOM
7. 2026-06-09
   days on market $220,000 Active 24 DOM
8. 2026-06-08
   days on market $220,000 Active 23 DOM
9. 2026-06-07
   days on market $220,000 Active 22 DOM
10. 2026-06-04
    days on market $220,000 Active 19 DOM
11. 2026-06-03
    days on market $220,000 Active 18 DOM
12. 2026-06-02
    days on market $220,000 Active 17 DOM
13. 2026-06-01
    days on market $220,000 Active 16 DOM
14. 2026-05-31
    days on market $220,000 Active 15 DOM
15. 2026-05-16
    price $220,000
16. 2026-05-16
    historical
17. 2026-05-16
    listed $220,000 Active 1247-char remark
18. 2026-05-15
    listed $200,000 Active
19. 2026-02-20
    historical
20. 2026-01-24
    listed $212,000 Active
21. 2026-01-21
    historical
22. 2025-11-06
    soldstatus $75,000
23. 2025-05-21
    soldstatus $85,000 Closed
24. 2025-04-16
    status Pending
25. 2025-04-10
    listed $93,500 Active
26. 2023-02-28
    soldstatus $79,000
27. 1987-02-06
    soldstatus $32,000

ⓘ 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: $2,343 · $195/mo
• Projected year-2 tax: $2,371 · $198/mo
• Expected delta: +$27/yr (+$2/mo · 1.2%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,469
• − Mortgage interest: −$12,323
• − Property taxes: −$2,343
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,878
• − Management: −$1,878
• − Depreciation: −$6,400
• Taxable loss: −$2,453
• Est. tax savings @ 24.0%: +$589
• After-tax cash flow: $1,841/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 (73%)
• Race & ethnicity: Black 73% White 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+587.5% since first listed

13 events — show timeline

• 2026-05-16 Price Changed $220,000 BRIGHT MLS
• 2026-05-16 Listed $220,000 BRIGHT MLS
• 2026-05-16 Listing Removed — BRIGHT MLS
• 2026-05-15 Listed $200,000 BRIGHT MLS
• 2026-02-20 Listing Removed — BRIGHT MLS
• 2026-01-24 Listed $212,000 BRIGHT MLS
• 2026-01-21 Coming Soon — BRIGHT MLS
• 2025-11-06 Sold (Public Records) $75,000 Public Records
• 2025-05-21 Sold (MLS) $85,000 BRIGHT MLS
• 2025-04-16 Pending — BRIGHT MLS
• 2025-04-10 Listed $93,500 BRIGHT MLS
• 2023-02-28 Sold (Public Records) $79,000 Public Records
• 1987-02-06 Sold (Public Records) $32,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,343 · +14.5% YoY. Source: county tax records.