3604 Harlem Ave · Baltimore, MD 21229

$59,900

4 bd · 1.0 ba · 1,280 sqft · Townhouse public records · 66 Days on market

Built 1925 1,306 sqft lot

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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
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic value added opportunity in Edmondson. This large porch front townhome has a fully fenced rear yard in addition to the front yard. Deck off kitchen is a nice addition. Large rooms with hardwood floors and a full dry basement. The basement provides an additional opportunity to expand your living area by improving this level to include a den or additional bedroom

Key facts

• Deck off kitchen
• Full dry basement
• Hardwood floors

Tags

• LARGE PORCH FRONT TOWNHOME
• FULLY FENCED REAR YARD
• DECK OFF KITCHEN
• HARDWOOD FLOORS
• FULL DRY BASEMENT
• OPPORTUNITY TO EXPAND

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.9% 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: 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.
• Zoned schools: Baltimore City College (math 50% / reading 79%, grade B-, #55 of 222 statewide, top 26%, 1,497 students, 46% FRL) — zoned schools average 46% FRL vs 79% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 12% district-wide (+53 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.4%/yr); 252 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); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k 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 + 5.4% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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: property tax is 4.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.44% ✓
• Cap rate: 27.93%
• Cash-on-cash: 77.26%
• DSCR: 4.44
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $131,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1007 Mount Holly St	0.27mi	4/2.0	1,290 (+1%)	2mo	$210,000	$163	80
1000 Mount Holly St	0.27mi	3/1.5 (-1)	1,290 (+1%)	1mo	$93,000	$72	79
300 Denison St	0.36mi	3/2.0 (-1)	1,260 (-2%)	2mo	$205,000	$163	70
3821 Stokes Dr	0.38mi	3/2.0 (-1)	1,254 (-2%)	1mo	$145,000	$116	69
1007 Wildwood Pkwy	0.38mi	3/1.0 (-1)	1,216 (-5%)	2mo	$111,100	$91	67
3707 Colborne Rd	0.18mi	3/2.0 (-1)	1,400 (+9%)	1mo	$220,000	$157	66
517 N Edgewood St	0.20mi	4/2.5	1,430 (+12%)	2mo	$90,000	$63	64
3806 Rokeby Rd	0.33mi	3/1.0 (-1)	1,160 (-9%)	2mo	$120,000	$103	63
509 Normandy Ave	0.25mi	4/2.5	1,458 (+14%)	1mo	$212,000	$145	58
537 Longwood St	0.67mi	4/2.0	1,176 (-8%)	0mo	$60,000	$51	51
3224 Belmont Ave	0.61mi	3/1.5 (-1)	1,178 (-8%)	1mo	$77,000	$65	51
222 N Hilton St	0.50mi	3/1.0 (-1)	1,120 (-12%)	1mo	$89,775	$80	50

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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 80.2%
• Equity multiple: 4.83×
• Total profit: $64,235
• Equity at exit: $8,931

10-year hold

• IRR: 84.3%
• Equity multiple: 10.94×
• Total profit: $166,727
• Equity at exit: $5,179

Cash invested: $16,772 (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 21229

• Rents YoY: 5.4%
• Active inventory: 252
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $2,061 high
• Mortgage (P&I): −$314
• Tax from tax record: −$209 /mo · $2,513/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $1,080

Break-even live

Break-even rent $694

Max offer price $59,900

Occupancy floor 43%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
623 N Grantley St Baltimore, MD	4.0	2.0	1250	$2,000	$1.60	24d	1	0.05mi
3712 Gelston Dr Baltimore, MD	3.0	2.0	1250	$2,500	$2.00	24d	1	0.09mi
730 Linnard St Unit 1 Baltimore, MD	4.0	1.0	1360	$1,750	$1.29	24d	1	0.13mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	44d	1	0.14mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	0.21mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	44d	1	0.22mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	24d	1	0.23mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	4d	1	0.25mi
409 Normandy Ave Baltimore, MD	4.0	1.0	1640	$1,500	$0.91	24d	1	0.27mi
4020 Gelston Dr Baltimore, MD	3.0	2.0	1270	$1,875	$1.48	44d	1	0.28mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	24d	1	0.33mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	4d	1	0.33mi
4103 Mountwood Rd Baltimore, MD	3.0	2.0	1030	$1,700	$1.65	44d	1	0.51mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	24d	1	0.53mi
4113 Mountwood Rd Baltimore, MD	3.0	1.0	1520	$1,795	$1.18	44d	1	0.53mi
715 N Rosedale St Baltimore, MD	5.0	3.0	1542	$2,550	$1.65	44d	1	0.54mi
1216 N Augusta Ave Baltimore, MD	3.0	1.0	1024	$1,550	$1.51	24d	1	0.54mi
3238 Westmont Ave Baltimore, MD	3.0	1.0	1280	$1,600	$1.25	44d	1	0.56mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	44d	1	0.58mi
917 Kevin Rd Baltimore, MD	3.0	2.0	1151	$1,795	$1.56	2d	1	0.58mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	24d	1	0.66mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	0.66mi
3309 Brighton St Baltimore, MD	3.0	1.0	1134	$1,700	$1.50	44d	1	0.74mi
117 Collins Ave Baltimore, MD	3.0	3.0	1617	$2,350	$1.45	44d	1	0.77mi
1513 N Ellamont St Baltimore, MD	3.0	1.0	1700	$1,700	$1.00	24d	1	0.79mi
111 Upmanor Rd Baltimore, MD	3.0	1.5	1224	$2,163	$1.77	44d	1	0.80mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	0.83mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	24d	1	0.83mi
3127 Baker St Baltimore, MD	3.0	1.0	1000	$1,300	$1.30	44d	1	0.85mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	44d	1	0.85mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	4d	1	0.85mi
1530 N Rosedale St Baltimore, MD	3.0	2.0	1641	$1,895	$1.15	15d	1	0.85mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	0.86mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	44d	1	0.89mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	4d	1	0.94mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.95mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.98mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	44d	1	1.01mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	24d	1	1.02mi
2103 Chelsea Ter Unit 2 Baltimore, MD	3.0	1.5	1500	$2,100	$1.40	15d	1	1.13mi

Listing history 9 events

1. 2024-11-16
   status Pending
2. 2024-09-18
   historical Active Under Contract
3. 2024-08-26
   status Active
4. 2024-08-23
   historical
5. 2024-08-01
   status Active
6. 2024-06-14
   status Pending
7. 2024-05-24
   listed $59,900 Active
8. 2024-01-30
   historical
9. 2023-11-03
   listed $41,900 Active

ⓘ 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: $2,513 · $209/mo
• Projected year-2 tax: $2,513 · $209/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 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,734
• − Mortgage interest: −$3,355
• − Property taxes: −$2,513
• − Insurance: −$300
• − Repairs & maintenance: −$1,979
• − Management: −$1,979
• − Depreciation: −$1,743
• Taxable income: $12,866
• Est. tax owed @ 24.0%: −$3,088
• After-tax cash flow: $9,870/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+43.0% since first listed

9 events — show timeline

• 2024-11-16 Pending — BRIGHT MLS
• 2024-09-18 Contingent — BRIGHT MLS
• 2024-08-26 Relisted — BRIGHT MLS
• 2024-08-23 Listing Removed — BRIGHT MLS
• 2024-08-01 Relisted — BRIGHT MLS
• 2024-06-14 Pending — BRIGHT MLS
• 2024-05-24 Listed $59,900 BRIGHT MLS
• 2024-01-30 Listing Removed — BRIGHT MLS
• 2023-11-03 Listed $41,900 BRIGHT MLS

Property tax history

+3.1%/yr

Latest (2025): $2,513 · +48.6% YoY. Source: county tax records.