28 Allegheny Ave #1303 · Towson, MD 21204

$80,000

1 bd · 1.0 ba · 550 sqft · Condo · 38 Days on market

Built 1976 $418/mo HOA · 25% of rent ↓ 6% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This thoughtfully converted studio-to-one-bedroom condo offers a flexible Investment in one of Baltimore County’s most vibrant neighborhoods. Originally an open studio, the space has been smartly reimagined into a one-bedroom layout. Dual zoning opens the door to endless possibilities: renovate and call this home, lease as a residential condo, run a small business, or lease out a professional office. Step outside and you’re immersed in downtown Towson’s energy—minutes to Towson Town Center’s shopping and dining, boutique restaurants, cafes, parks, entertainment, businesses, hospitals and colleges. Quick access to I-695, Route 83, and light rail makes commuting a breeze, whether to Baltimore or beyond. No car needed when traveling throughout Towson on The Loop bus (FREE). This is truly a unique opportunity in a prime location. SOLD AS-IS.

Key facts

• Flexible investment
• Downtown towson
• Dual-zoned

Tags

• DUAL-ZONED
• COMMERCIAL RESIDENTIAL
• FLEXIBLE INVESTMENT
• ONE-BEDROOM LAYOUT
• DOWNTOWN TOWSON
• QUICK ACCESS TO I-695

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 3.2% in Towson — 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 86/100 on livability (#11 in MD, #338 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime C-, cost of living F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.4%/yr); 51 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 29y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• 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 $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.12% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.42% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.43×
• Total profit: $9,685
• Equity at exit: $11,928

10-year hold

• IRR: 19.5%
• Equity multiple: 2.59×
• Total profit: $35,661
• Equity at exit: $6,917

Cash invested: $22,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21204

• Rents YoY: 2.4%
• Active inventory: 51
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,693 high
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$418
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $367

Break-even live

Break-even rent $1,229

Max offer price $80,000

Occupancy floor 73%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Allegheny Ave Towson, MD	2.0	1.0	691	$1,625	$2.35	23d	3	0.01mi
28 Allegheny Ave Towson, MD	1.0	1.0	642	$1,650	$2.57	17d	2	0.01mi
703 Washington Ave Towson, MD	2.0	1.0–2.0	837	$2,070	$2.47	3d	14	0.04mi
2 E Joppa Rd Towson, MD	3.0	1.0–3.0	973	$2,197	$2.26	4d	1	0.20mi
500 Virginia Ave Towson, MD	1.0	1.0	528	$1,396	$2.64	43d	1	0.26mi
20 Lambourne Rd Towson, MD	1.0–3.0	1.0–3.0	1093	$1,684	$1.54	1d	22	0.32mi
204 E Joppa Rd Towson, MD	1.0	1.0	610	$1,780	$2.92	23d	1	0.32mi
302 E Joppa Rd Baltimore, MD	1.0–2.0	1.0–2.0	1040	$1,428	$1.37	43d	15	0.38mi
960 Southerly Rd Towson, MD	1.0–3.0	1.0–2.5	1164	$1,707	$1.47	1d	41	0.41mi
913 Southerly Rd Towson, MD	1.0–3.0	1.0–3.0	1179	$1,810	$1.54	1d	21	0.44mi
2 Aigburth Rd Unit 1 Towson, MD	1.0	1.0	600	$1,250	$2.08	5d	1	0.66mi
736 Camberley Cir Towson, MD	2.0	1.0–2.0	925	$1,700	$1.84	2d	14	0.66mi
1 Bonrock Ct Towson, MD	1.0–2.0	1.0–2.0	818	$1,370	$1.67	5d	14	0.79mi
5 Stonewain Ct Towson, MD	1.0–3.0	1.0–2.0	955	$1,520	$1.59	1d	16	1.03mi
1000 E Joppa Rd Towson, MD	1.0–2.0	1.0	803	$1,555	$1.94	5d	4	1.24mi
2 Center Rd Unit A3 Towson, MD	1.0	1.0	680	$1,675	$2.46	43d	1	1.29mi

HOA detail condo

• Monthly dues: $418 · $5,016/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-17
   status Pending 880-char remark

   Show marketing remark (880 chars)

   This thoughtfully converted studio-to-one-bedroom condo offers a flexible Investment in one of Baltimore County’s most vibrant neighborhoods. Originally an open studio, the space has been smartly reimagined into a one-bedroom layout. Dual zoning opens the door to endless possibilities: renovate and call this home, lease as a residential condo, run a small business, or lease out a professional office. Step outside and you’re immersed in downtown Towson’s energy—minutes to Towson Town Center’s shopping and dining, boutique restaurants, cafes, parks, entertainment, businesses, hospitals and colleges. Quick access to I-695, Route 83, and light rail makes commuting a breeze, whether to Baltimore or beyond. No car needed when traveling throughout Towson on The Loop bus (FREE). This is truly a unique opportunity in a prime location. SOLD AS-IS.

2. 2026-04-17
   price $80,000 880-char remark

   Show marketing remark (880 chars)

   This thoughtfully converted studio-to-one-bedroom condo offers a flexible Investment in one of Baltimore County’s most vibrant neighborhoods. Originally an open studio, the space has been smartly reimagined into a one-bedroom layout. Dual zoning opens the door to endless possibilities: renovate and call this home, lease as a residential condo, run a small business, or lease out a professional office. Step outside and you’re immersed in downtown Towson’s energy—minutes to Towson Town Center’s shopping and dining, boutique restaurants, cafes, parks, entertainment, businesses, hospitals and colleges. Quick access to I-695, Route 83, and light rail makes commuting a breeze, whether to Baltimore or beyond. No car needed when traveling throughout Towson on The Loop bus (FREE). This is truly a unique opportunity in a prime location. SOLD AS-IS.

3. 2026-04-08
   listed $85,000 Active 880-char remark

   Show marketing remark (880 chars)

   This thoughtfully converted studio-to-one-bedroom condo offers a flexible Investment in one of Baltimore County’s most vibrant neighborhoods. Originally an open studio, the space has been smartly reimagined into a one-bedroom layout. Dual zoning opens the door to endless possibilities: renovate and call this home, lease as a residential condo, run a small business, or lease out a professional office. Step outside and you’re immersed in downtown Towson’s energy—minutes to Towson Town Center’s shopping and dining, boutique restaurants, cafes, parks, entertainment, businesses, hospitals and colleges. Quick access to I-695, Route 83, and light rail makes commuting a breeze, whether to Baltimore or beyond. No car needed when traveling throughout Towson on The Loop bus (FREE). This is truly a unique opportunity in a prime location. SOLD AS-IS.

4. 1997-09-25
   historical
5. 1997-06-06
   listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°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: $20,316
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − HOA: −$5,016
• − Depreciation: −$2,327
• Taxable income: $3,641
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $3,525/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 County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Towson

• Score: 86/100
• State rank: #11
• US rank: #338

Category grades

Amenities A+ Commute A+ Cost of living F Crime C- Employment A+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Towson, MD
• County: Baltimore County · 769,527 people
• City population: 41,698
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 19,845
• Household income: $99,606
• Rent vs Own: 54.3% rent · 45.7% own
• Severe rent burden: 1165.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 6% Asian 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 89% English-only · Spanish 4% Other Indo-European 3% Chinese 1%

Political lean MEDSL · Baltimore

• 2024 margin: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -175.90%
• Current HPI: 270.8643
• Rent YoY: ▲ 2.42%
• 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

-5.9% since first listed

5 events — show timeline

• 2026-05-17 Pending — BRIGHT MLS
• 2026-04-17 Price Changed $80,000 BRIGHT MLS
• 2026-04-08 Listed $85,000 BRIGHT MLS
• 1997-09-25 Delisted — MRIS
• 1997-06-06 Listed — MRIS