3703 Fleetwood Ave · Baltimore, MD 21206

$220,000

4 bd · 2.0 ba · 1,512 sqft · SingleFamily public records · 50 Days on market

Built 1948 0.42 ac lot $146/sqft · 21% below area Est $334k · 34% under

---

Why this score? — see what drove the C+ 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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Detached two-unit property in Hamilton Heights featuring 4 bedrooms, 3 full baths, separately metered gas and electric, and strong potential for investors or owner-occupants seeking added versatility in Baltimore. Positioned at Fleetwood Ave and Walther Ave with a long private driveway, this property offers convenient access to Herring Run Park, Morgan State University, Belair Road, Erdman Avenue, I-695, shopping, dining, and downtown Baltimore. Currently serving as a two-unit rental, the home offers distinct living spaces across multiple levels, creating options for rental income, multi-generational living, or a live-in-one, rent-the-other setup. The layout provides practical flexibility for a variety of needs, with well-sized rooms, 3 full baths, and a configuration that supports both immediate function and future potential. The full basement with walkout stairs adds valuable bonus space for storage, workspace, or other utility. Outside, the long driveway provides ample off-street parking, while the lot offers added outdoor space and visibility in an established neighborhood setting. Offering solid fundamentals and room to make it your own, this is a great opportunity for buyers looking for adaptable space, income potential, and a commuter-friendly Baltimore location.

Key facts

• 0.42 acre lot
• 4 parking spots
• Built 1948

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+4.4%/yr); 173 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $2,509/mo this rent would consume 47% of the median local household income ($65k/yr) (locally 2317% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1948 — 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: 1.14% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $334,192
• List price: $220,000
• Delta: -34.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3800 E Northern Pkwy	0.14mi	4/2.0	1,408 (-7%)	4mo	$305,000	$217	79
6105 Walther Ave	0.57mi	3/2.0 (-1)	1,500 (-1%)	1mo	$250,000	$167	66
4103 Glenmore Ave	0.40mi	4/2.5	1,666 (+10%)	1mo	$280,000	$168	61
3814 Walnut Ave	0.34mi	3/2.0 (-1)	1,290 (-15%)	0mo	$299,000	$232	54
6907 Moyer Ave	0.49mi	3/2.0 (-1)	1,668 (+10%)	3mo	$250,000	$150	52
3203 Westfield Ave	0.70mi	3/2.0 (-1)	1,412 (-7%)	1mo	$275,000	$195	50
4207 Parkmont Ave	0.67mi	5/2.0 (+1)	1,624 (+7%)	2mo	$252,500	$155	50
4422 Forest View Ave	0.59mi	4/2.0	1,686 (+12%)	4mo	$150,000	$89	50
4412 Springwood Ave	0.68mi	3/1.5 (-1)	1,624 (+7%)	3mo	$295,000	$182	46
6103 Glenoak Ave	0.65mi	4/3.0	1,704 (+13%)	2mo	$286,400	$168	43
3300 Westfield Ave	0.65mi	3/2.5 (-1)	1,736 (+15%)	3mo	$202,500	$117	36
6015 Sefton Ave	0.73mi	3/1.5 (-1)	1,700 (+12%)	4mo	$270,000	$159	35

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 · 4.43% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-3,042
• Equity at exit: $32,803

10-year hold

• IRR: 9.9%
• Equity multiple: 1.82×
• Total profit: $50,213
• 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 21206

• Rents YoY: 4.4%
• Active inventory: 173
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,509 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$283 /mo · $3,396/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $454

Break-even live

Break-even rent $1,935

Max offer price $220,000

Occupancy floor 77%

Sensitivity live

Price	-10% $578	-5% $516	+0% $454	+5% $392	+10% $329
Rent	-10% $256	-5% $355	+0% $454	+5% $553	+10% $652
Rate	-1.0pp $565	-0.5pp $510	base $454	+0.5pp $397	+1.0pp $339

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 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6504 Rosemont Ave Baltimore, MD	5.0	3.0	2098	$2,900	$1.38	44d	1	0.23mi
3412 Fleetwood Ave Baltimore, MD	3.0	2.5	1620	$2,195	$1.35	44d	1	0.33mi
3158 Woodring Ave Parkville, MD	3.0	1.5	1500	$1,950	$1.30	24d	1	0.60mi
29 E Elm Ave Baltimore, MD	3.0	2.0	2052	$3,000	$1.46	5d	1	0.71mi
4111 Century Rd Baltimore, MD	3.0	1.5	1432	$2,500	$1.75	44d	1	0.78mi
5 Belhaven Dr Nottingham, MD	4.0	1.5	1554	$2,000	$1.29	44d	1	0.91mi
3108 Glendale Ave Parkville, MD	3.0	3.0	1224	$2,550	$2.08	24d	1	0.95mi
5938 Clayton Ave Baltimore, MD	4.0	2.0	1296	$2,872	$2.22	17d	1	1.05mi
100 Elinor Ave Nottingham, MD	4.0	2.5	1800	$2,800	$1.56	24d	1	1.16mi
2912 Hillcrest Ave Parkville, MD	5.0	2.0	1648	$2,900	$1.76	44d	1	1.17mi
5632 Belair Rd Baltimore, MD	3.0	1.5	1260	$2,100	$1.67	24d	1	1.17mi
3510 Hamilton Ave Baltimore, MD	3.0	2.5	2100	$2,300	$1.10	24d	1	1.18mi
101 Elinor Ave Nottingham, MD	4.0	2.0	1476	$2,900	$1.96	44d	1	1.18mi
5110 Kenwood Ave Baltimore, MD	3.0	1.5	1406	$2,500	$1.78	44d	1	1.22mi
2804 Christopher Ave Baltimore, MD	3.0	2.5	1280	$2,200	$1.72	24d	1	1.29mi
3721 Frankford Ave Baltimore, MD	3.0	2.0	1600	$2,050	$1.28	44d	1	1.33mi
3617 Double Rock Ln Parkville, MD	3.0	2.5	2000	$2,395	$1.20	5d	1	1.42mi
6612 Birchwood Ave Baltimore, MD	3.0	2.0	1122	$2,300	$2.05	20d	1	1.43mi
2518 Moore Ave Parkville, MD	4.0	1.5	1896	$2,700	$1.42	44d	1	1.43mi
2518 Linwood Rd Parkville, MD	3.0	1.5	1946	$2,200	$1.13	17d	1	1.44mi
2805 Hamilton Ave Baltimore, MD	4.0	2.0	1416	$2,300	$1.62	44d	1	1.44mi

Listing history 27 events

1. 2026-06-13
   statusdays on market $220,000 Pending 50 DOM
2. 2026-06-09
   days on market $220,000 Active 48 DOM
3. 2026-06-08
   days on market $220,000 Active 47 DOM
4. 2026-06-07
   days on market $220,000 Active 46 DOM
5. 2026-06-04
   days on market $220,000 Active 43 DOM
6. 2026-06-03
   days on market $220,000 Active 42 DOM
7. 2026-06-02
   days on market $220,000 Active 41 DOM
8. 2026-06-01
   days on market $220,000 Active 40 DOM
9. 2026-05-31
   days on market $220,000 Active 39 DOM
10. 2026-04-23
    listed $220,000 Active 1290-char remark

    Show marketing remark (1290 chars)

    Detached two-unit property in Hamilton Heights featuring 4 bedrooms, 3 full baths, separately metered gas and electric, and strong potential for investors or owner-occupants seeking added versatility in Baltimore. Positioned at Fleetwood Ave and Walther Ave with a long private driveway, this property offers convenient access to Herring Run Park, Morgan State University, Belair Road, Erdman Avenue, I-695, shopping, dining, and downtown Baltimore. Currently serving as a two-unit rental, the home offers distinct living spaces across multiple levels, creating options for rental income, multi-generational living, or a live-in-one, rent-the-other setup. The layout provides practical flexibility for a variety of needs, with well-sized rooms, 3 full baths, and a configuration that supports both immediate function and future potential. The full basement with walkout stairs adds valuable bonus space for storage, workspace, or other utility. Outside, the long driveway provides ample off-street parking, while the lot offers added outdoor space and visibility in an established neighborhood setting. Offering solid fundamentals and room to make it your own, this is a great opportunity for buyers looking for adaptable space, income potential, and a commuter-friendly Baltimore location.

11. 2026-03-31
    historical $220,000 1290-char remark

    Show marketing remark (1290 chars)

    Detached two-unit property in Hamilton Heights featuring 4 bedrooms, 3 full baths, separately metered gas and electric, and strong potential for investors or owner-occupants seeking added versatility in Baltimore. Positioned at Fleetwood Ave and Walther Ave with a long private driveway, this property offers convenient access to Herring Run Park, Morgan State University, Belair Road, Erdman Avenue, I-695, shopping, dining, and downtown Baltimore. Currently serving as a two-unit rental, the home offers distinct living spaces across multiple levels, creating options for rental income, multi-generational living, or a live-in-one, rent-the-other setup. The layout provides practical flexibility for a variety of needs, with well-sized rooms, 3 full baths, and a configuration that supports both immediate function and future potential. The full basement with walkout stairs adds valuable bonus space for storage, workspace, or other utility. Outside, the long driveway provides ample off-street parking, while the lot offers added outdoor space and visibility in an established neighborhood setting. Offering solid fundamentals and room to make it your own, this is a great opportunity for buyers looking for adaptable space, income potential, and a commuter-friendly Baltimore location.

12. 2013-08-21
    historical
13. 2013-08-21
    historical
14. 2013-08-21
    historical
15. 2013-08-21
    historical
16. 2013-07-08
    listed Active
17. 2013-07-08
    listed $159,900
18. 2013-06-30
    listed Active
19. 2013-06-30
    listed $159,900
20. 2011-07-10
    historical Withdrawn
21. 2011-07-10
    historical
22. 2011-05-23
    listed Active
23. 2011-05-23
    listed $175,000
24. 2004-05-12
    historical
25. 2004-04-13
    listed
26. 2004-04-13
    historical
27. 2004-04-12
    listed

ⓘ 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: $3,396 · $283/mo
• Projected year-2 tax: $3,396 · $283/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 · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,109
• − Mortgage interest: −$12,323
• − Property taxes: −$3,396
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,409
• − Management: −$2,409
• − Depreciation: −$6,400
• Taxable income: $2,072
• Est. tax owed @ 24.0%: −$497
• After-tax cash flow: $4,948/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): 48,902
• Household income: $64,531
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 2317.0

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 20% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Ukrainian 1%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Spanish 2% Arabic 2% Other Indo-European 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: ▼ -191.83%
• Current HPI: 284.5645
• Rent YoY: ▲ 4.43%
• 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

+25.7% since first listed

18 events — show timeline

• 2026-04-23 Listed $220,000 BRIGHT MLS
• 2026-03-31 Coming Soon $220,000 BRIGHT MLS
• 2013-08-21 Delisted — MRIS
• 2013-08-21 Delisted — MRIS
• 2013-08-21 Listing Removed — BRIGHT MLS
• 2013-08-21 Listing Removed — BRIGHT MLS
• 2013-07-08 Listed — MRIS
• 2013-07-08 Listed $159,900 BRIGHT MLS
• 2013-06-30 Listed — MRIS
• 2013-06-30 Listed $159,900 BRIGHT MLS
• 2011-07-10 Delisted — MRIS
• 2011-07-10 Listing Removed — BRIGHT MLS
• 2011-05-23 Listed — MRIS
• 2011-05-23 Listed $175,000 BRIGHT MLS
• 2004-05-12 Delisted — MRIS
• 2004-04-13 Delisted — MRIS
• 2004-04-13 Listed — MRIS
• 2004-04-12 Listed — MRIS

Property tax history

-1.6%/yr

Latest (2025): $3,396 · +3.3% YoY. Source: county tax records.