432 N Linwood Ave · Baltimore, MD 21224

$202,900

3 bd · 2.0 ba · 1,344 sqft · Townhouse public records · 59 Days on market

Built 1920 980 sqft lot $151/sqft · 78% above area Est $173k · 17% 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 +20.2/30.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * DEEP PRICE REDUCTION * * * Great home in the heart of the McElderry Park just blocks away from the Johns Hopkins Hospital Medical Center. Eligible for JHH Live Near Your Work Grant Program-(please contact JHH Human Resources for details) Newly renovated with updated quality appliances and finishing touches. * * * TENANT OCCUPIED * * * Must give 24 hour notice to view. Should be delivered vacate at settlement

Key facts

• Newly renovated
• Built 1920
• Listed 59 days

Tags

• HEART OF MCELDERRY PARK
• NEWLY RENOVATED
• UPDATED QUALITY APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $203k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $203k).
• Recommended offer: $197k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 (+1.3%/yr); 391 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); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 59 days — a 3% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 21y 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.
• Current owner paid $55k; list at $203k implies a 269% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $196,813 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1920 — 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: 1.03% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (median comp): $173,166
• List price: $202,900
• Delta: 17.17%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 N Luzerne Ave	0.24mi	3/1.0	1,372 (+2%)	1mo	$120,000	$87	81
145 N Milton Ave	0.32mi	2/2.0 (-1)	1,353 (+1%)	1mo	$260,000	$192	78
36 N Decker Ave	0.26mi	3/2.0	1,430 (+6%)	0mo	$325,000	$227	77
2435 Jefferson St	0.32mi	3/1.0	1,260 (-6%)	1mo	$140,000	$111	70
122 Ellwood Ave	0.25mi	3/1.5	1,200 (-11%)	0mo	$235,000	$196	69
3420 Leverton Ave	0.55mi	2/2.0 (-1)	1,340 (-0%)	1mo	$115,000	$86	68
134 N Curley St	0.18mi	2/2.0 (-1)	1,170 (-13%)	1mo	$270,000	$231	64
280 S Robinson St	0.60mi	2/1.0 (-1)	1,282 (-5%)	1mo	$294,000	$229	55
410 N Patterson Park Ave	0.46mi	3/1.0	1,180 (-12%)	0mo	$180,000	$153	54
410 N Chester St	0.60mi	2/1.5 (-1)	1,260 (-6%)	0mo	$180,000	$143	54
2220 Henneman Ave	0.73mi	3/2.5	1,440 (+7%)	1mo	$190,000	$132	51
149 N Highland Ave	0.41mi	2/1.0 (-1)	1,170 (-13%)	1mo	$75,000	$64	49

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.65×
• Total profit: $-20,071
• Equity at exit: $30,253

10-year hold

• IRR: -2.9%
• Equity multiple: 0.82×
• Total profit: $-10,240
• Equity at exit: $17,543

Cash invested: $56,812 (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 21224

• Rents YoY: 1.3%
• Active inventory: 391
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,080 high
• Mortgage (P&I): −$1,064
• Tax from tax record: −$239 /mo · $2,870/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $255

Break-even live

Break-even rent $1,757

Max offer price $202,900

Occupancy floor 83%

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: $50,725
• Closing costs: $6,087
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	43d	1	0.06mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	17d	1	0.07mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	14d	1	0.07mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	23d	1	0.09mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.09mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	23d	1	0.09mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	43d	1	0.12mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	43d	1	0.13mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.13mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	21d	1	0.16mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	23d	1	0.16mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	43d	1	0.18mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	4d	1	0.19mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	23d	1	0.20mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	17d	1	0.20mi
539 N Luzerne Ave Baltimore, MD	3.0	2.5	1702	$2,300	$1.35	43d	1	0.20mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	4d	1	0.20mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	43d	1	0.21mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	43d	1	0.21mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.22mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	23d	1	0.22mi
233 N Luzerne Ave Baltimore, MD	3.0	2.5	1700	$2,250	$1.32	21d	1	0.22mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	14d	1	0.22mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	19d	1	0.23mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	43d	1	0.23mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	43d	1	0.23mi
2619 E Fayette St Baltimore, MD	3.0	2.0	1600	$1,900	$1.19	43d	1	0.23mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	23d	1	0.24mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	17d	1	0.26mi
227 N Rose St Baltimore, MD	2.0	4.0	1420	$1,600	$1.13	23d	1	0.26mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	2d	1	0.26mi
809 N Curley St Baltimore, MD	3.0	1.0	1746	$1,400	$0.80	21d	1	0.26mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	23d	1	0.27mi
425 N Milton Ave Baltimore, MD	3.0	1.0	1200	$1,525	$1.27	14d	1	0.27mi
230 N Rose St Baltimore, MD	2.0	1.5	1200	$1,545	$1.29	43d	1	0.27mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	17d	1	0.27mi
113 N Decker Ave Baltimore, MD	3.0	3.5	1800	$2,850	$1.58	23d	1	0.28mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	2d	1	0.29mi
11 N Streeper St Baltimore, MD	3.0	3.5	1800	$2,600	$1.44	43d	1	0.30mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	43d	1	0.30mi

Listing history 48 events

1. 2026-04-20
   status Active 426-char remark

   Show marketing remark (426 chars)

   * * * DEEP PRICE REDUCTION * * * Great home in the heart of the McElderry Park just blocks away from the Johns Hopkins Hospital Medical Center. Eligible for JHH Live Near Your Work Grant Program-(please contact JHH Human Resources for details) Newly renovated with updated quality appliances and finishing touches. * * * TENANT OCCUPIED * * * Must give 24 hour notice to view. Should be delivered vacate at settlement

2. 2026-01-31
   status Pending 426-char remark

   Show marketing remark (426 chars)

   * * * DEEP PRICE REDUCTION * * * Great home in the heart of the McElderry Park just blocks away from the Johns Hopkins Hospital Medical Center. Eligible for JHH Live Near Your Work Grant Program-(please contact JHH Human Resources for details) Newly renovated with updated quality appliances and finishing touches. * * * TENANT OCCUPIED * * * Must give 24 hour notice to view. Should be delivered vacate at settlement

3. 2026-01-06
   listed $202,900 Active 426-char remark

   Show marketing remark (426 chars)

   * * * DEEP PRICE REDUCTION * * * Great home in the heart of the McElderry Park just blocks away from the Johns Hopkins Hospital Medical Center. Eligible for JHH Live Near Your Work Grant Program-(please contact JHH Human Resources for details) Newly renovated with updated quality appliances and finishing touches. * * * TENANT OCCUPIED * * * Must give 24 hour notice to view. Should be delivered vacate at settlement

4. 2025-12-10
   status Pending
5. 2025-12-09
   historical
6. 2025-10-22
   listed Active Under Contract
7. 2025-10-22
   listed $184,900
8. 2025-09-30
   historical
9. 2025-09-22
   price $184,900
10. 2025-09-09
    listed $212,499 Active
11. 2025-06-16
    historical Active Under Contract
12. 2025-04-02
    listed $212,499 Active
13. 2018-11-28
    soldstatus $55,000 Closed
14. 2018-11-08
    status Pending
15. 2018-10-23
    status Active
16. 2018-09-21
    status Pending
17. 2018-09-14
    price $58,000
18. 2018-09-07
    status Active
19. 2018-09-05
    historical
20. 2018-09-05
    listed $68,000 Active
21. 2018-08-29
    historical
22. 2018-08-29
    historical Withdrawn
23. 2018-08-09
    listed $30,000 Active
24. 2018-08-09
    listed Active
25. 2018-06-11
    historical
26. 2018-06-11
    historical Withdrawn
27. 2018-05-17
    price $65,000
28. 2018-05-17
    price
29. 2018-05-09
    listed $69,900 Active
30. 2018-05-09
    listed Active
31. 2018-04-27
    soldstatus $58,240 Closed
32. 2018-04-27
    soldstatus $58,240 Sold
33. 2018-02-21
    status Contract
34. 2018-02-21
    historical
35. 2018-02-06
    listed $30,000
36. 2018-02-06
    listed $30,000 Active
37. 2007-02-13
    soldstatus $171,400
38. 2006-12-22
    soldstatus $171,400
39. 2006-11-29
    historical
40. 2006-10-30
    historical
41. 2006-10-30
    listed $179,900
42. 2006-05-05
    listed
43. 2006-03-17
    soldstatus $138,800
44. 2006-01-31
    soldstatus $138,800
45. 2006-01-06
    historical
46. 2005-11-29
    listed $140,000
47. 1995-01-17
    soldstatus $60,000
48. 1991-05-02
    soldstatus $39,500

ⓘ 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: $2,870 · $239/mo
• Projected year-2 tax: $2,870 · $239/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 8/10 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: $24,959
• − Mortgage interest: −$11,366
• − Property taxes: −$2,870
• − Insurance: −$1,014
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$5,903
• Taxable loss: −$188
• Est. tax savings @ 24.0%: +$45
• After-tax cash flow: $3,109/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

+413.7% since first listed

48 events — show timeline

• 2026-04-20 Relisted — BRIGHT MLS
• 2026-01-31 Pending — BRIGHT MLS
• 2026-01-06 Listed $202,900 BRIGHT MLS
• 2025-12-10 Pending — BRIGHT MLS
• 2025-12-09 Listing Removed — BRIGHT MLS
• 2025-10-22 Listed — BRIGHT MLS
• 2025-10-22 Listed $184,900 BRIGHT MLS
• 2025-09-30 Listing Removed — BRIGHT MLS
• 2025-09-22 Price Changed $184,900 BRIGHT MLS
• 2025-09-09 Listed $212,499 BRIGHT MLS
• 2025-06-16 Contingent — BRIGHT MLS
• 2025-04-02 Listed $212,499 BRIGHT MLS
• 2018-11-28 Sold (MLS) $55,000 BRIGHT MLS
• 2018-11-08 Pending — BRIGHT MLS
• 2018-10-23 Relisted — BRIGHT MLS
• 2018-09-21 Pending — BRIGHT MLS
• 2018-09-14 Price Changed $58,000 BRIGHT MLS
• 2018-09-07 Relisted — BRIGHT MLS
• 2018-09-05 Listed $68,000 BRIGHT MLS
• 2018-09-05 Listing Removed — BRIGHT MLS
• 2018-08-29 Listing Removed — BRIGHT MLS
• 2018-08-29 Delisted — MRIS
• 2018-08-09 Listed — MRIS
• 2018-08-09 Listed $30,000 BRIGHT MLS
• 2018-06-11 Listing Removed — BRIGHT MLS
• 2018-06-11 Delisted — MRIS
• 2018-05-17 Price Changed $65,000 BRIGHT MLS
• 2018-05-17 Price Changed — MRIS
• 2018-05-09 Listed — MRIS
• 2018-05-09 Listed $69,900 BRIGHT MLS
• 2018-04-27 Sold (MLS) $58,240 MRIS
• 2018-04-27 Sold (MLS) $58,240 BRIGHT MLS
• 2018-02-21 Pending — MRIS
• 2018-02-21 Listing Removed — BRIGHT MLS
• 2018-02-06 Listed $30,000 MRIS
• 2018-02-06 Listed $30,000 BRIGHT MLS
• 2007-02-13 Sold (Public Records) $171,400 Public Records
• 2006-12-22 Sold (MLS) $171,400 MRIS
• 2006-11-29 Delisted — MRIS
• 2006-10-30 Listed $179,900 MRIS
• 2006-10-30 Delisted — MRIS
• 2006-05-05 Listed — MRIS
• 2006-03-17 Sold (Public Records) $138,800 Public Records
• 2006-01-31 Sold (MLS) $138,800 MRIS
• 2006-01-06 Delisted — MRIS
• 2005-11-29 Listed $140,000 MRIS
• 1995-01-17 Sold (Public Records) $60,000 Public Records
• 1991-05-02 Sold (Public Records) $39,500 Public Records

Property tax history

-0.0%/yr

Latest (2025): $2,870 · +5.2% YoY. Source: county tax records.