2600 Erdman Ave · Baltimore, MD 21213

$135,000

5 bd · 2.5 ba · 2,336 sqft · SingleFamily public records · 60 Days on market

Built 1900 5,418 sqft lot $58/sqft · 38% below area Est $217k · 38% under ↓ 25% since listing

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.7/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

Key facts

• Built 1900
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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 (+5.2%/yr); 319 active listings in the ZIP; 8 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).
• At $2,872/mo this rent would consume 67% of the median local household income ($51k/yr) (locally 1868% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $166 of equity ($933 loan paydown + $-767 appreciation (-0.6% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 5.2% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $65k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1900 — 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. 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.
7. 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.
8. 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: 2.13% ✓
• Cap rate: 18.65%
• Cash-on-cash: 44.14%
• DSCR: 2.96
• GRM: 3.9

CMA / ARV

• ARV (median comp): $216,650
• List price: $135,000
• Delta: -37.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3301 Richmond Ave	0.02mi	5/3.0	2,057 (-12%)	6mo	$355,000	$173	72
3403 Norman Ave	0.16mi	4/2.5 (-1)	2,607 (+12%)	10mo	$555,000	$213	60
2220 Lake Ave	0.30mi	5/4.0	2,577 (+10%)	4mo	$418,000	$162	60
3801 Parkside Dr	0.66mi	5/3.0	2,220 (-5%)	4mo	$337,500	$152	56
3403 Parkside Dr	0.67mi	4/3.0 (-1)	2,251 (-4%)	13mo	$315,000	$140	44
3701 Parkside Dr	0.68mi	4/2.0 (-1)	2,385 (+2%)	17mo	$350,000	$147	44
3604 Parkside Dr	0.71mi	4/3.0 (-1)	2,568 (+10%)	10mo	$310,000	$121	35
3201 Juneau Pl	0.74mi	4/2.0 (-1)	2,066 (-12%)	23mo	$300,000	$145	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.57% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: 46.8%
• Equity multiple: 3.32×
• Total profit: $87,700
• Equity at exit: $35,409

10-year hold

• IRR: 51.1%
• Equity multiple: 7.16×
• Total profit: $232,791
• Equity at exit: $39,645

Cash invested: $37,800 (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 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 319
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,872 high
• Mortgage (P&I): −$708
• Tax from tax record: −$115 /mo · $1,375/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $1,390

Break-even live

Break-even rent $1,112

Max offer price $135,000

Occupancy floor 47%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3210 Harford Rd Baltimore, MD	6.0	2.0	2624	$3,500	$1.33	20d	1	0.38mi
2045 E 31st St Baltimore, MD	5.0	3.0	2200	$895	$0.41	23d	1	0.45mi
3031 Shannon Dr Baltimore, MD	5.0	2.5	2155	$2,600	$1.21	23d	1	0.56mi
3300 Dudley Ave Baltimore, MD	4.0	2.0	1724	$2,200	$1.28	43d	1	0.72mi
2912 Grindon Ave Baltimore, MD	5.0	3.5	2400	$3,300	$1.38	11d	1	1.27mi
4718 Blue Ridge Ave Baltimore, MD	4.0	3.0	1744	$2,400	$1.38	11d	1	1.32mi
1511 E Lafayette Ave Baltimore, MD	4.0	3.5	1988	$2,650	$1.33	4d	1	1.45mi
1333 E North Ave Baltimore, MD	4.0	2.5	1860	$2,200	$1.18	23d	1	1.48mi

Listing history 15 events

1. 2026-06-07
   statusdays on market $135,000 Pending 60 DOM
2. 2026-06-04
   days on market $135,000 Active 59 DOM
3. 2026-06-03
   days on market $135,000 Active 58 DOM
4. 2026-06-02
   days on market $135,000 Active 57 DOM
5. 2026-06-01
   days on market $135,000 Active 56 DOM
6. 2026-05-31
   days on market $135,000 Active 55 DOM
7. 2026-05-11
   status Active 522-char remark

   Show marketing remark (522 chars)

   MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

8. 2026-04-28
   status Pending 522-char remark

   Show marketing remark (522 chars)

   MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

9. 2026-04-24
   price $150,000 522-char remark

   Show marketing remark (522 chars)

   MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

10. 2026-04-17
    price $165,000 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

11. 2026-04-04
    price $180,000 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

12. 2026-04-04
    status Active 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

13. 2026-03-30
    status Pending 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

14. 2026-03-20
    listed $199,900 Active 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

15. 2026-03-17
    historical $199,900 522-char remark

    Show marketing remark (522 chars)

    MINIMUM OF 5k DEPOSIT REQUIRED NO EXCEPTIONS. INVESTOR ALERT!!!!!! This home needs a total rehab. It has 2 complete and separate units, deeded together, with access to each unit from the attic and basement. Great location – close to desirable Mayfield/Lauraville neighborhoods, minutes from 95 and downtown Baltimore, and steps away from Herring Run and Clifton Parks. Daytime showings only. This is a POA sale, very little information. Buyer to verify ANY AND ALL INFO regarding the property. Absolutely no repairs.

ⓘ 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: $1,375 · $115/mo
• Projected year-2 tax: $1,423 · $119/mo
• Expected delta: +$48/yr (+$4/mo · 3.5%)

ⓘ 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: $34,468
• − Mortgage interest: −$7,562
• − Property taxes: −$1,375
• − Insurance: −$675
• − Repairs & maintenance: −$2,757
• − Management: −$2,757
• − Depreciation: −$3,927
• Taxable income: $15,414
• Est. tax owed @ 24.0%: −$3,699
• After-tax cash flow: $12,985/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): 28,058
• Household income: $51,344
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 1868.0

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 (86%)
• Race & ethnicity: Black 86% White 6% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -0.57%
• Current HPI: 427.4453
• Rent YoY: ▲ 5.25%
• 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

-25.0% since first listed

9 events — show timeline

• 2026-05-11 Relisted — BRIGHT MLS
• 2026-04-28 Pending — BRIGHT MLS
• 2026-04-24 Price Changed $150,000 BRIGHT MLS
• 2026-04-17 Price Changed $165,000 BRIGHT MLS
• 2026-04-04 Price Changed $180,000 BRIGHT MLS
• 2026-04-04 Relisted — BRIGHT MLS
• 2026-03-30 Pending — BRIGHT MLS
• 2026-03-20 Listed $199,900 BRIGHT MLS
• 2026-03-17 Coming Soon $199,900 BRIGHT MLS

Property tax history

-5.3%/yr

Latest (2025): $1,375 · +5.3% YoY. Source: county tax records.