635 48th St · Dundalk, MD 21224

$214,900

4 bd · 2.0 ba · 1,374 sqft · Townhouse public records · 26 Days on market

Built 1952 2,000 sqft lot Est $210k · at est.

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +6.5/15.0
• 1% rule +5.9/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

HARBORVIEW COMMUNITY! A HIDDEN GEM IN BALTIMORE COUNTY FEATURING EASY ACCESS TO 95, 695, BAYVIEW, HOPKINS, ETC. THIS HOME HAS BEEN LOVINGLY MAINTAINED BY LONG-TIME OWNER AND IS FULL OF UPDATES. COVERED FRONT & REAR PORCHES, GREAT LANDSCAPING, HARDWOOD FLOORS ON MAIN AND UPPER LEVELS. FULLY UPDATED KITCHEN W/ CORIAN COUNTERS, WHITE CABINETS & UPDATED APPLIANCES. FULLY FINISHED LOWER LEVEL WITH EXTRA FULL BATH & LAUNDRY AREA. REAR YARD IS A FULLY FENCED PATIO - NO GRASS TO CUT IN FRONT OR REAR OF HOME!

Key facts

• Near i-95
• Near dining
• Near shopping

Tags

• UPDATED TOWNHOUSE
• NEW FLOORING
• SPACIOUS LIVING AREAS
• NEAR I-95
• NEAR SHOPPING
• NEAR DINING

Property features AI

Finance

• Other: Total below-grade area reported; Finished and unfinished below-grade areas recorded
• Financial info: Improvement assessed value recorded; Land assessed value recorded; Annual ground rent obligation noted

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Above-grade and below-grade finished areas recorded by assessor
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Not in a federal flood zone; Ground rent exists (paid annually)

Interior

• Bedrooms: Three bedrooms on the main upper level; One bedroom on the lower level
• Bathrooms: Two full bathrooms (one on upper level, one on lower level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (natural gas); Natural gas hot water
• Interior features: Basement present (partially finished); Living area recorded by assessor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $215k.

Deal economics

• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 6.2% in Dundalk — 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 85/100 on livability (#16 in MD, #510 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.3%/yr); 393 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• This rent runs 32% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $135k; list at $215k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $211,676 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $210,222
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6833 Boston Ave	0.32mi	3/1.5 (-1)	1,356 (-1%)	5mo	$245,000	$181	71
6713 1/2 German Hill Rd	0.48mi	3/1.5 (-1)	1,420 (+3%)	0mo	$185,000	$130	65
6826 Boston Ave	0.34mi	3/1.5 (-1)	1,274 (-7%)	2mo	$216,700	$170	63
7200 Conley St	0.60mi	4/2.0	1,274 (-7%)	4mo	$195,000	$153	57
6424 Bushey St	0.71mi	3/2.0 (-1)	1,350 (-2%)	4mo	$175,000	$130	56
7339 Conley St	0.70mi	3/1.5 (-1)	1,380 (+0%)	5mo	$225,000	$163	55
6929 Bank St	0.46mi	3/1.5 (-1)	1,524 (+11%)	2mo	$223,000	$146	52
7165 Gough St	0.61mi	3/1.5 (-1)	1,520 (+11%)	2mo	$185,000	$122	45
6618 Marne Ave	0.71mi	3/2.0 (-1)	1,274 (-7%)	6mo	$147,000	$115	45
6714 Boston Ave	0.51mi	3/2.0 (-1)	1,170 (-15%)	6mo	$175,000	$150	41
739 Aldworth Rd	0.72mi	3/2.0 (-1)	1,506 (+10%)	6mo	$235,000	$156	40
7316 Conley St	0.70mi	3/2.0 (-1)	1,180 (-14%)	3mo	$242,000	$205	36

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: -3.9%
• Equity multiple: 0.86×
• Total profit: $-8,555
• Equity at exit: $32,042

10-year hold

• IRR: 3.9%
• Equity multiple: 1.26×
• Total profit: $15,761
• Equity at exit: $18,581

Cash invested: $60,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21224

• Rents YoY: 1.3%
• Active inventory: 393
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,353 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$168 /mo · $2,013/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $475

Break-even live

Break-even rent $1,752

Max offer price $214,900

Occupancy floor 75%

Sensitivity live

Price	-10% $596	-5% $535	+0% $475	+5% $414	+10% $353
Rent	-10% $289	-5% $382	+0% $475	+5% $568	+10% $661
Rate	-1.0pp $583	-0.5pp $529	base $475	+0.5pp $419	+1.0pp $362

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
530 47th St Baltimore, MD	3.0	1.0	1424	$1,750	$1.23	24d	1	0.23mi
638 Villager Cir Dundalk, MD	3.0	3.5	1572	$2,450	$1.56	18d	1	0.27mi
6710 Hudson St Baltimore, MD	4.0	4.0	1156	$3,500	$3.03	24d	1	0.48mi
1533 Leslie Rd Dundalk, MD	4.0	1.0	1270	$2,000	$1.57	44d	1	0.50mi
7219 Conley St Baltimore, MD	4.0	1.5	1440	$1,950	$1.35	15d	1	0.57mi
7261 Bridgewood Dr Baltimore, MD	3.0	2.0	896	$2,495	$2.78	24d	1	0.58mi
7230 Conley St Unit 1 Baltimore, MD	3.0	1.5	1144	$2,100	$1.84	4d	1	0.60mi
7230 Conley St Unit 1 Baltimore, MD	3.0	1.5	1144	$2,100	$1.84	24d	1	0.60mi
501 Fairview Ave Baltimore, MD	3.0	1.5	1848	$1,824	$0.99	24d	1	0.64mi
7058 Eastbrook Ave Baltimore, MD	3.0	2.0	1228	$1,700	$1.38	12d	1	0.65mi
7319 Conley St Baltimore, MD	3.0	2.0	1080	$1,950	$1.81	18d	1	0.66mi
7325 Conley St Baltimore, MD	3.0	2.0	1290	$1,950	$1.51	18d	1	0.67mi
505 Northpoint Rd Baltimore, MD	3.0	2.0	1300	$2,195	$1.69	12d	1	0.69mi
7136 Eastbrook Ave Baltimore, MD	4.0	2.0	996	$2,200	$2.21	6d	1	0.70mi
608 Northpoint Rd Baltimore, MD	3.0	1.5	1148	$1,895	$1.65	24d	1	0.70mi
6722 Brentwood Ave Unit 2FL Dundalk, MD	3.0	1.0	900	$1,750	$1.94	44d	1	0.71mi
6600 Marne Ave Baltimore, MD	5.0	2.0	1215	$2,750	$2.26	3d	1	0.76mi
1955 Walnut Ave Dundalk, MD	3.0	1.0	950	$2,300	$2.42	44d	1	0.80mi
7448 Durwood Rd Dundalk, MD	3.0	2.0	1606	$1,995	$1.24	3d	1	0.81mi
944 Dalton Ave Baltimore, MD	3.0	2.0	1024	$2,100	$2.05	11d	1	0.83mi
7520 Durwood Rd Dundalk, MD	3.0	1.0	1110	$2,100	$1.89	44d	1	0.84mi
7484 Rabon Ave Dundalk, MD	3.0	1.5	1499	$2,000	$1.33	44d	1	0.84mi
901 Elton Ave Baltimore, MD	4.0	2.0	1056	$2,800	$2.65	44d	1	0.84mi
7444 Berkshire Rd Baltimore, MD	3.0	1.5	1228	$1,850	$1.51	6d	1	0.85mi
932 Elton Ave Baltimore, MD	3.0	2.0	1024	$1,950	$1.90	18d	1	0.85mi
849 Loalan Ave Dundalk, MD	3.0	1.5	1024	$1,850	$1.81	15d	1	0.92mi
340 Gusryan St Baltimore, MD	3.0	2.0	1300	$2,500	$1.92	44d	1	0.96mi
434 Folcroft St Unit A Baltimore, MD	3.0	1.5	1260	$1,500	$1.19	44d	1	0.96mi
7911 Bank St Baltimore, MD	3.0	1.0	1080	$1,749	$1.62	44d	1	0.97mi
328 Folcroft St Baltimore, MD	3.0	2.0	1460	$2,300	$1.58	24d	1	1.01mi
8036 Lansdale Rd Unit 1 Baltimore, MD	3.0	1.0	1024	$1,775	$1.73	6d	1	1.13mi
301 Cornwall St Baltimore, MD	4.0	2.0	1520	$2,750	$1.81	11d	1	1.14mi
301 Cornwall St Baltimore, MD	4.0	2.0	1520	$2,900	$1.91	44d	1	1.14mi
7948 Eastdale Rd Baltimore, MD	3.0	1.0	1024	$1,700	$1.66	44d	1	1.16mi
7951 E Baltimore St Baltimore, MD	3.0	1.0	1024	$1,750	$1.71	3d	1	1.18mi
560 Bayview Blvd Baltimore, MD	1.0–3.0	1.0–3.0	1108	$3,372	$3.04	3d	25	1.27mi
708 Umbra St Baltimore, MD	3.0	1.5	1274	$2,000	$1.57	18d	1	1.36mi
523 Rappolla St Baltimore, MD	3.0	2.0	1650	$2,100	$1.27	24d	1	1.49mi

Listing history 28 events

1. 2026-06-21
   days on market $214,900 Active 26 DOM
2. 2026-06-18
   days on market $214,900 Active 23 DOM
3. 2026-06-17
   days on market $214,900 Active 22 DOM
4. 2026-06-16
   days on market $214,900 Active 21 DOM
5. 2026-06-15
   days on market $214,900 Active 20 DOM
6. 2026-06-13
   days on market $214,900 Active 18 DOM
7. 2026-06-09
   days on market $214,900 Active 14 DOM
8. 2026-06-08
   days on market $214,900 Active 13 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    statusdays on market $214,900 Active 12 DOM
11. 2026-06-04
    status $214,900 Pending 10 DOM
12. 2026-06-03
    days on market $214,900 Active 10 DOM
13. 2026-06-02
    days on market $214,900 Active 9 DOM
14. 2026-06-01
    days on market $214,900 Active 8 DOM
15. 2026-05-31
    days on market $214,900 Active 7 DOM
16. 2026-05-24
    listed $214,900 Active
17. 2019-05-20
    soldstatus $135,000
18. 2019-05-20
    soldstatus $135,000
19. 2019-05-07
    soldstatus $135,000 Closed 524-char remark

    Show marketing remark (524 chars)

    HARBORVIEW COMMUNITY! A HIDDEN GEM IN BALTIMORE COUNTY FEATURING EASY ACCESS TO 95, 695, BAYVIEW, HOPKINS, ETC. THIS HOME HAS BEEN LOVINGLY MAINTAINED BY LONG-TIME OWNER AND IS FULL OF UPDATES. COVERED FRONT & REAR PORCHES, GREAT LANDSCAPING, HARDWOOD FLOORS ON MAIN AND UPPER LEVELS. FULLY UPDATED KITCHEN W/ CORIAN COUNTERS, WHITE CABINETS & UPDATED APPLIANCES. FULLY FINISHED LOWER LEVEL WITH EXTRA FULL BATH & LAUNDRY AREA. REAR YARD IS A FULLY FENCED PATIO - NO GRASS TO CUT IN FRONT OR REAR OF HOME!

20. 2019-03-16
    status Pending 524-char remark

    Show marketing remark (524 chars)

    HARBORVIEW COMMUNITY! A HIDDEN GEM IN BALTIMORE COUNTY FEATURING EASY ACCESS TO 95, 695, BAYVIEW, HOPKINS, ETC. THIS HOME HAS BEEN LOVINGLY MAINTAINED BY LONG-TIME OWNER AND IS FULL OF UPDATES. COVERED FRONT & REAR PORCHES, GREAT LANDSCAPING, HARDWOOD FLOORS ON MAIN AND UPPER LEVELS. FULLY UPDATED KITCHEN W/ CORIAN COUNTERS, WHITE CABINETS & UPDATED APPLIANCES. FULLY FINISHED LOWER LEVEL WITH EXTRA FULL BATH & LAUNDRY AREA. REAR YARD IS A FULLY FENCED PATIO - NO GRASS TO CUT IN FRONT OR REAR OF HOME!

21. 2019-03-07
    listed $135,000 Active 524-char remark

    Show marketing remark (524 chars)

    HARBORVIEW COMMUNITY! A HIDDEN GEM IN BALTIMORE COUNTY FEATURING EASY ACCESS TO 95, 695, BAYVIEW, HOPKINS, ETC. THIS HOME HAS BEEN LOVINGLY MAINTAINED BY LONG-TIME OWNER AND IS FULL OF UPDATES. COVERED FRONT & REAR PORCHES, GREAT LANDSCAPING, HARDWOOD FLOORS ON MAIN AND UPPER LEVELS. FULLY UPDATED KITCHEN W/ CORIAN COUNTERS, WHITE CABINETS & UPDATED APPLIANCES. FULLY FINISHED LOWER LEVEL WITH EXTRA FULL BATH & LAUNDRY AREA. REAR YARD IS A FULLY FENCED PATIO - NO GRASS TO CUT IN FRONT OR REAR OF HOME!

22. 2017-04-12
    historical
23. 2017-04-12
    historical Withdrawn
24. 2017-04-04
    listed Active
25. 2017-04-04
    listed $125,000
26. 1988-12-30
    soldstatus $64,900
27. 1988-12-30
    soldstatus $64,900
28. 1985-07-25
    soldstatus $67,000

ⓘ 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: $2,013 · $168/mo
• Projected year-2 tax: $2,178 · $181/mo
• Expected delta: +$164/yr (+$14/mo · 8.2%)

ⓘ 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,237
• − Mortgage interest: −$12,038
• − Property taxes: −$2,013
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,259
• − Management: −$2,259
• − Depreciation: −$6,252
• Taxable income: $2,342
• Est. tax owed @ 24.0%: −$562
• After-tax cash flow: $5,134/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 County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Dundalk

• Score: 85/100
• State rank: #16
• US rank: #510

Category grades

Amenities A+ Commute A+ Cost of living A- Crime F Employment C+ Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dundalk, 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): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

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: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

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

+220.7% since first listed

13 events — show timeline

• 2026-05-24 Listed $214,900 BRIGHT MLS
• 2019-05-20 Sold (Public Records) $135,000 Public Records
• 2019-05-20 Sold (Public Records) $135,000 Public Records
• 2019-05-07 Sold (MLS) $135,000 BRIGHT MLS
• 2019-03-16 Pending — BRIGHT MLS
• 2019-03-07 Listed $135,000 BRIGHT MLS
• 2017-04-12 Delisted — MRIS
• 2017-04-12 Listing Removed — BRIGHT MLS
• 2017-04-04 Listed — MRIS
• 2017-04-04 Listed $125,000 BRIGHT MLS
• 1988-12-30 Sold (Public Records) $64,900 Public Records
• 1988-12-30 Sold (Public Records) $64,900 Public Records
• 1985-07-25 Sold (Public Records) $67,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,013 · +1.1% YoY. Source: county tax records.