3507 Pelham Ave · Baltimore, MD 21213

$170,000

4 bd · 2.0 ba · 1,550 sqft · Townhouse public records · 99 Days on market

Built 1949 2,178 sqft lot $110/sqft · at area comps Est $169k · at est.

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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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• ARV discount +7.1/15.0
• 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

POST AUCTION! Make an offer, buy it now!Deposit: $20,000. This two-story townhouse is located in the Belair Edison neighborhood of Baltimore City. Residents can enjoy the nearby facilities and attractions such as the Clifton Park and Herring Run Park. This property is vacant. The area provides easy access to the major traffic artery, Belair Rd, connecting to other parts of Baltimore.

Key facts

• Built 1949
• Listed 99 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+5.2%/yr); 319 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,097/mo this rent would consume 49% 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 $209 of equity ($1k loan paydown + $-966 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 $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $170k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — 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 $154,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.23% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $168,517
• List price: $170,000
• Delta: 0.88%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3620 Erdman Ave	0.33mi	3/2.0 (-1)	1,600 (+3%)	2mo	$120,000	$75	73
3406 Ramona Ave	0.20mi	3/2.0 (-1)	1,408 (-9%)	0mo	$85,000	$60	70
3571 Dudley Ave	0.19mi	3/2.0 (-1)	1,400 (-10%)	1mo	$175,000	$125	69
2846 Lake Ave	0.44mi	4/2.5	1,455 (-6%)	2mo	$235,000	$162	66
3564 Elmora Ave	0.41mi	3/1.5 (-1)	1,478 (-5%)	1mo	$133,500	$90	65
4215 Seidel Ave	0.61mi	3/2.0 (-1)	1,528 (-1%)	2mo	$186,500	$122	63
3114 Mareco Ave	0.44mi	3/2.0 (-1)	1,410 (-9%)	2mo	$125,000	$89	58
3733 Ravenwood Ave	0.38mi	3/2.0 (-1)	1,350 (-13%)	1mo	$135,000	$100	55
3914 Eierman Ave	0.68mi	3/2.0 (-1)	1,628 (+5%)	0mo	$128,000	$79	55
3533 Elmley Ave	0.40mi	3/1.5 (-1)	1,344 (-13%)	1mo	$70,000	$52	51
2835 Brendan Ave	0.44mi	3/1.0 (-1)	1,725 (+11%)	2mo	$76,500	$44	50
2902 Clifton Park Ter	0.57mi	3/1.5 (-1)	1,344 (-13%)	1mo	$66,000	$49	44

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: 11.3%
• Equity multiple: 1.53×
• Total profit: $25,427
• Equity at exit: $44,589

10-year hold

• IRR: 18.4%
• Equity multiple: 3.08×
• Total profit: $99,140
• Equity at exit: $49,923

Cash invested: $47,600 (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 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 319
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,097 high
• Mortgage (P&I): −$891
• Tax from tax record: −$224 /mo · $2,683/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $471

Break-even live

Break-even rent $1,501

Max offer price $170,000

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3544 Chesterfield Ave Baltimore, MD	3.0	1.5	1200	$1,635	$1.36	43d	1	0.10mi
3305 Dudley Ave Baltimore, MD	3.0	2.0	1413	$1,950	$1.38	43d	1	0.15mi
3300 Dudley Ave Baltimore, MD	4.0	2.0	1724	$2,200	$1.28	43d	1	0.16mi
3519 Kentucky Ave Baltimore, MD	3.0	2.0	1536	$2,100	$1.37	10d	1	0.18mi
3525 Kentucky Ave Baltimore, MD	3.0	1.5	1536	$1,950	$1.27	43d	1	0.19mi
3551 Shannon Dr Baltimore, MD	3.0	2.0	1485	$2,358	$1.59	23d	1	0.20mi
3573 Shannon Dr Baltimore, MD	4.0	2.0	1493	$2,300	$1.54	17d	1	0.21mi
3031 Shannon Dr Baltimore, MD	5.0	2.5	2155	$2,600	$1.21	23d	1	0.30mi
3027 Shannon Dr Baltimore, MD	3.0	2.0	1950	$2,500	$1.28	43d	1	0.31mi
3551 Elmley Ave Baltimore, MD	3.0	1.5	1872	$2,095	$1.12	23d	1	0.41mi
2848 Pelham Ave Baltimore, MD	3.0	2.0	1164	$1,700	$1.46	43d	1	0.43mi
3603 Ravenwood Ave Unit 1 Baltimore, MD	4.0	1.0	1566	$1,600	$1.02	43d	1	0.44mi
4244 Shamrock Ave Baltimore, MD	3.0	1.5	1920	$1,850	$0.96	23d	1	0.44mi
2837 Pelham Ave Baltimore, MD	4.0	2.0	1164	$1,675	$1.44	43d	1	0.45mi
4320 Sheldon Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	23d	1	0.45mi
3914 Erdman Ave #1 Baltimore, MD	3.0	1.0	1200	$1,319	$1.10	17d	1	0.47mi
2817 Pelham Ave Baltimore, MD	3.0	2.0	1464	$1,950	$1.33	23d	1	0.48mi
2828 Lake Ave Baltimore, MD	3.0	2.0	1164	$1,850	$1.59	4d	1	0.48mi
4116 Raymonn Ave Baltimore, MD	3.0	1.5	1244	$1,950	$1.57	43d	1	0.49mi
3512 Elmora Ave Baltimore, MD	3.0	1.5	1472	$1,900	$1.29	20d	1	0.51mi
4400 Asbury Ave Baltimore, MD	3.0	2.0	1270	$1,995	$1.57	4d	1	0.55mi
2735 Chesterfield Ave Baltimore, MD	3.0	2.5	1536	$2,000	$1.30	10d	1	0.56mi
3515 Parklawn Ave Baltimore, MD	3.0	2.0	1240	$1,700	$1.37	2d	1	0.57mi
3005 Belair Rd Baltimore, MD	3.0	2.0	2000	$1,600	$0.80	17d	1	0.57mi
3203 Clarence Ave Baltimore, MD	5.0	1.0	1388	$1,865	$1.34	43d	1	0.59mi
4024 Eierman Ave Baltimore, MD	3.0	2.0	1136	$1,825	$1.61	43d	1	0.63mi
4300 Orchard Ridge Blvd Baltimore, MD	1.0–3.0	1.0–2.0	1021	$1,809	$1.77	43d	1	0.65mi
3326 Elmora Ave Baltimore, MD	3.0	1.0	1200	$1,450	$1.21	23d	1	0.70mi
3222 Lyndale Ave Unit 1 Baltimore, MD	3.0	1.5	1500	$2,200	$1.47	12d	1	0.74mi
2113 Belair Rd Baltimore, MD	3.0	1.0	1344	$1,795	$1.34	43d	1	0.84mi
4718 Blue Ridge Ave Baltimore, MD	4.0	3.0	1744	$2,400	$1.38	11d	1	0.93mi
5731 Denwood Ave Baltimore, MD	3.0	1.5	1152	$1,700	$1.48	21d	1	0.94mi
5731 Denwood Ave Baltimore, MD	3.0	1.5	1440	$1,700	$1.18	23d	1	0.94mi
1403 N Linwood Ave Baltimore, MD	3.0	2.0	1660	$1,995	$1.20	43d	1	1.13mi
4104 Parkwood Ave Baltimore, MD	3.0	1.0	1224	$2,800	$2.29	23d	1	1.16mi
1215 N Ellwood Ave Baltimore, MD	3.0	1.0	1128	$1,795	$1.59	23d	1	1.17mi
1829 N Port St Baltimore, MD	3.0	1.5	2000	$1,625	$0.81	43d	1	1.18mi
2045 E 31st St Baltimore, MD	5.0	3.0	2200	$895	$0.41	23d	1	1.19mi
2621 E Oliver St Baltimore, MD	3.0	2.0	1600	$1,700	$1.06	23d	1	1.23mi
4023 Belwood Ave Baltimore, MD	3.0	1.0	1080	$1,995	$1.85	43d	1	1.24mi

Listing history 17 events

1. 2026-06-18
   days on market $170,000 Active 99 DOM
2. 2026-06-17
   days on market $170,000 Active 98 DOM
3. 2026-06-16
   days on market $170,000 Active 97 DOM
4. 2026-06-15
   days on market $170,000 Active 96 DOM
5. 2026-06-13
   days on market $170,000 Active 94 DOM
6. 2026-06-09
   days on market $170,000 Active 90 DOM
7. 2026-06-08
   days on market $170,000 Active 89 DOM
8. 2026-06-07
   days on market $170,000 Active 88 DOM
9. 2026-06-04
   days on market $170,000 Active 85 DOM
10. 2026-06-03
    days on market $170,000 Active 84 DOM
11. 2026-06-02
    days on market $170,000 Active 83 DOM
12. 2026-06-01
    days on market $170,000 Active 82 DOM
13. 2026-05-31
    days on market $170,000 Active 81 DOM
14. 2026-05-14
    price $170,000 386-char remark

    Show marketing remark (386 chars)

    POST AUCTION! Make an offer, buy it now!Deposit: $20,000. This two-story townhouse is located in the Belair Edison neighborhood of Baltimore City. Residents can enjoy the nearby facilities and attractions such as the Clifton Park and Herring Run Park. This property is vacant. The area provides easy access to the major traffic artery, Belair Rd, connecting to other parts of Baltimore.

15. 2026-03-11
    listed $80,000 Active 386-char remark

    Show marketing remark (386 chars)

    POST AUCTION! Make an offer, buy it now!Deposit: $20,000. This two-story townhouse is located in the Belair Edison neighborhood of Baltimore City. Residents can enjoy the nearby facilities and attractions such as the Clifton Park and Herring Run Park. This property is vacant. The area provides easy access to the major traffic artery, Belair Rd, connecting to other parts of Baltimore.

16. 2023-07-07
    soldstatus $75,000
17. 1989-05-02
    soldstatus $48,500

ⓘ 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: $2,683 · $224/mo
• Projected year-2 tax: $2,683 · $224/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: $25,167
• − Mortgage interest: −$9,523
• − Property taxes: −$2,683
• − Insurance: −$850
• − Repairs & maintenance: −$2,013
• − Management: −$2,013
• − Depreciation: −$4,945
• Taxable income: $3,139
• Est. tax owed @ 24.0%: −$753
• After-tax cash flow: $4,898/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

+250.5% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $170,000 BRIGHT MLS
• 2026-03-11 Listed $80,000 BRIGHT MLS
• 2023-07-07 Sold (Public Records) $75,000 Public Records
• 1989-05-02 Sold (Public Records) $48,500 Public Records

Property tax history

-0.4%/yr

Latest (2025): $2,683 · +0.5% YoY. Source: county tax records.