4703 Pennington Ave · Baltimore, MD 21226

$124,999

3 bd · 1.0 ba · 1,092 sqft · Townhouse public records · 26 Days on market

Built 1920 871 sqft lot $114/sqft · 21% above area Est $104k · 21% over

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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
• DSCR +10.0/10.0
• Appreciation +8.9/10.0
• 1% rule +8.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0

Listing remarks

Back available again! Sold strictly AS-IS - Discover the charm of this delightful Colonial townhouse nestled in the heart of Curtis Bay. This brick beauty offers a unique blend of historic character and modern potential. Enjoy mornings on your large front porch or out on the deck! The interior invites creativity, allowing you to design the perfect living space with ceiling height you can't find anywhere else. Cozy evenings in a stylish living room or hosting gatherings in a warm, welcoming atmosphere. Convenient on-street and side-street parking adds to the ease of living in this vibrant community. Add value with your own touch in the basement that boasts 15 ft ceilings!! Embrace the opport

Key facts

• On-street parking
• Large front porch
• Deck

Tags

• LARGE FRONT PORCH
• DECK
• CEILING HEIGHT
• ON-STREET PARKING
• SIDE-STREET PARKING
• 15 FT CEILINGS

Property features AI

Finance

• Other: Fee simple ownership; Property condition listed as Very Good / Good / Average; Lease not considered

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available; Natural gas hot water
• Home design: Interior townhouse/rowhouse; Flat rubber roof; Above-grade and below-grade finished areas
• Construction: Brick construction; Brick/mortar and block foundation; Full unfinished poured concrete basement with walkout level and outside entrance
• Exterior features: Gutter system; Sidewalks; Porch(es); Deck(s); Chain link fencing; Not in a federal flood zone; Located in city limits (Downtown/Baltimore City); Bus stop less than 1 mile

Interior

• Kitchen: Combination kitchen/dining (appliance details not provided)
• Bedrooms: Three bedrooms on the first upper level
• Flooring: Hardwood; Vinyl; Carpet
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Open floor plan with combination kitchen/dining area; 9'+ ceilings; Drywall walls and ceilings; Wood floors; Carpeted areas
• Laundry & utility: Basement laundry with hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $125k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.

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: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 62% FRL vs 79% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 43% at this address vs 12% district-wide (+32 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: 45 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($864 loan paydown + $10k appreciation (7.8% 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 (7.8% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 $18k; list at $125k implies a 576% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,124 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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 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?
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: 1.36% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.92%
• DSCR: 1.89
• GRM: 6.1

CMA / ARV

• ARV (median comp): $103,659
• List price: $124,999
• Delta: 49.53%
• 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
1513 Cypress St	0.04mi	3/1.0	1,088 (-0%)	8mo	$162,000	$149	91
1408 Olmstead St	0.33mi	3/1.5	1,116 (+2%)	4mo	$215,000	$193	75
1622 Benhill	0.21mi	2/1.0 (-1)	1,064 (-3%)	8mo	$62,500	$59	74
4523 Pennington Ave	0.08mi	2/2.0 (-1)	1,008 (-8%)	4mo	$105,000	$104	71
1326 Cypress St	0.22mi	3/1.5	1,254 (+15%)	2mo	$226,000	$180	62
1150 Monroe Cir	0.58mi	3/1.0	1,024 (-6%)	6mo	$55,000	$54	57
4202 Grace Ct	0.27mi	3/2.0	1,248 (+14%)	8mo	$45,000	$36	53
1604 Popland	0.39mi	4/2.0 (+1)	1,236 (+13%)	0mo	$124,999	$101	50
1614 Popland	0.40mi	4/2.0 (+1)	1,236 (+13%)	0mo	$220,000	$178	50
4201 Morrison Ct	0.27mi	4/3.0 (+1)	1,211 (+11%)	9mo	$139,900	$116	49
1347 Cambria St	0.61mi	3/2.5	986 (-10%)	3mo	$177,000	$180	47
3824 W Bay Ave W	0.67mi	3/2.0	1,240 (+14%)	7mo	$169,900	$137	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.2%
• Equity multiple: 3.47×
• Total profit: $86,463
• Equity at exit: $92,845

10-year hold

• IRR: 31.5%
• Equity multiple: 7.38×
• Total profit: $223,260
• Equity at exit: $182,312

Cash invested: $35,000 (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 21226

• Home prices YoY: 2.5%
• Active inventory: 45
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,703 high
• Mortgage (P&I): −$656
• Tax from tax record: −$57 /mo · $681/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $581

Break-even live

Break-even rent $968

Max offer price $124,999

Occupancy floor 61%

Sensitivity live

Price	-10% $652	-5% $616	+0% $581	+5% $546	+10% $510
Rent	-10% $446	-5% $514	+0% $581	+5% $648	+10% $715
Rate	-1.0pp $644	-0.5pp $613	base $581	+0.5pp $549	+1.0pp $516

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1411 Filbert St Unit 2 Baltimore, MD	2.0	1.0	1428	$1,300	$0.91	45d	1	0.18mi
4216 Prudence St Curtis Bay, MD	4.0	3.0	1116	$2,100	$1.88	45d	1	0.28mi
1517 Sycamore St Curtis Bay, MD	3.0	1.5	1210	$1,999	$1.65	25d	1	0.45mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	19d	1	0.58mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	6d	1	0.65mi
3816 W Bay Ave Unit 1 Baltimore, MD	2.0	1.0	1364	$1,155	$0.85	5d	1	0.65mi
3828 10th St Brooklyn, MD	3.0	2.0	1215	$2,350	$1.93	45d	1	0.73mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	25d	1	0.73mi
1049 E Patapsco Ave Unit C Baltimore, MD	2.0	1.0	1496	$1,257	$0.84	0d	1	0.75mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	45d	1	0.75mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	45d	1	0.81mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	23d	1	0.89mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	6d	1	0.93mi
4201 Audrey Ave Unit 1 Brooklyn, MD	2.0	1.0	1400	$1,350	$0.96	25d	1	0.99mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	25d	1	1.01mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	45d	1	1.01mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	45d	1	1.08mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	25d	1	1.12mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	6d	1	1.12mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	22d	1	1.12mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	45d	1	1.19mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	19d	1	1.20mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	6d	1	1.28mi
3569 4th St Brooklyn, MD	2.0	1.5	1256	$1,200	$0.96	19d	1	1.31mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	19d	1	1.39mi
140 Bethlehem Pl Brooklyn, MD	3.0	3.5	1120	$1,500	$1.34	45d	1	1.42mi

Listing history 27 events

1. 2026-06-21
   days on market $124,999 Active 26 DOM
2. 2026-06-18
   days on market $124,999 Active 23 DOM
3. 2026-06-17
   days on market $124,999 Active 22 DOM
4. 2026-06-16
   status $124,999 Active 21 DOM
5. 2026-06-13
   statusdays on market $124,999 Active Under Contract 21 DOM
6. 2026-06-09
   days on market $124,999 Active 18 DOM
7. 2026-06-08
   days on market $124,999 Active 17 DOM
8. 2026-06-07
   days on market $124,999 Active 16 DOM
9. 2026-06-04
   days on market $124,999 Active 13 DOM
10. 2026-06-03
    days on market $124,999 Active 12 DOM
11. 2026-06-02
    days on market $124,999 Active 11 DOM
12. 2026-06-01
    days on market $124,999 Active 10 DOM
13. 2026-05-31
    days on market $124,999 Active 9 DOM
14. 2026-05-08
    price $149,999 893-char remark
15. 2026-04-02
    price $154,999 893-char remark
16. 2026-03-24
    price $158,999 893-char remark
17. 2026-02-12
    price $159,989 893-char remark
18. 2026-01-21
    listed $159,990 Active 893-char remark
19. 2021-10-30
    historical
20. 2021-09-12
    listed $95,000 Active
21. 2011-01-26
    historical
22. 2011-01-18
    soldstatus $18,500 Sold
23. 2011-01-18
    soldstatus $18,500
24. 2011-01-03
    status Contract
25. 2011-01-03
    historical
26. 2010-12-28
    listed $19,900 Active
27. 2010-12-28
    listed $19,900

ⓘ 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: $681 · $57/mo
• Projected year-2 tax: $1,022 · $85/mo
• Expected delta: +$341/yr (+$28/mo · 50.0%)

ⓘ 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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,434
• − Mortgage interest: −$7,002
• − Property taxes: −$681
• − Insurance: −$625
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − Depreciation: −$3,636
• Taxable income: $5,220
• Est. tax owed @ 24.0%: −$1,253
• After-tax cash flow: $5,718/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
• City population: 588,727
• Population (ZIP): 6,593

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 0.61)
• Race & ethnicity: White 59% Black 18% Two or more races 13% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 7% Romanian 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1% 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: ▲ 7.75%
• Current HPI: 318.79
• Rent YoY: —
• Metro: —
• 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

+528.1% since first listed

18 events — show timeline

• 2026-06-16 Relisted — BRIGHT MLS
• 2026-06-13 Contingent — BRIGHT MLS
• 2026-05-22 Listed $124,999 BRIGHT MLS
• 2026-05-20 Listing Removed — BRIGHT MLS
• 2026-05-08 Price Changed $149,999 BRIGHT MLS
• 2026-04-02 Price Changed $154,999 BRIGHT MLS
• 2026-03-24 Price Changed $158,999 BRIGHT MLS
• 2026-02-12 Price Changed $159,989 BRIGHT MLS
• 2026-01-21 Listed $159,990 BRIGHT MLS
• 2021-10-30 Listing Removed — BRIGHT MLS
• 2021-09-12 Listed $95,000 BRIGHT MLS
• 2011-01-26 Delisted — MRIS
• 2011-01-18 Sold (MLS) $18,500 BRIGHT MLS
• 2011-01-18 Sold (MLS) $18,500 MRIS
• 2011-01-03 Pending — MRIS
• 2011-01-03 Listing Removed — BRIGHT MLS
• 2010-12-28 Listed $19,900 MRIS
• 2010-12-28 Listed $19,900 BRIGHT MLS

Property tax history

-4.3%/yr

Latest (2025): $681 · +31.8% YoY. Source: county tax records.