2712 Pennsylvania Ave · Baltimore, MD 21217

$150,000

1 bd · 1.0 ba · 1,196 sqft · Townhouse · 76 Days on market

Built 1920 Good condition 975 sqft lot $125/sqft · 140% above area

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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 +14.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Rent growth +4.2/5.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2712 Pennsylvania Ave, a renovated mixed-use opportunity in the heart of Penn North! Offering approximately 1,794 square feet across two levels, this modern, light-filled property is ideal for retail, office, or live/work use. The main level features an inviting storefront with excellent visibility, ample storage, and a large public restroom. Upstairs, the residential space offers a well-appointed 1-bedroom, 1-bath layout with a spacious kitchen, comfortable living area, and attractive finishes throughout. Conveniently located just blocks from Mondawmin Mall, near Druid Hill Park, and surrounded by local businesses, this property also offers easy access to downtown Baltimore, the Inner Harbor, I-95, I-295, and the stadium district. A versatile, turnkey opportunity in a prime city location. Easy to show!

Key facts

• Excellent visibility
• Spacious kitchen
• Inviting storefront

Tags

• INVITING STOREFRONT
• EXCELLENT VISIBILITY
• AMPLE STORAGE
• LARGE PUBLIC RESTROOM
• WELL-APPOINTED LAYOUT
• SPACIOUS KITCHEN

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $37 ($446/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (9.4% below list).
• Recommended offer: $136k (9.4% below list) — sets the bar for 1% rule.

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); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 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 (+6.6%/yr); 333 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 42% of the median local income ($38k/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 $4k 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 76 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,918 (9.4% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.91% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $62,408
• List price: $150,000
• Delta: 140.35%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2429 Francis St	0.28mi	1/1.0	1,298 (+8%)	7mo	$35,000	$27	67
2537 Woodbrook Ave	0.11mi	2/2.5 (+1)	1,180 (-1%)	21mo	$97,500	$83	64
2811 Woodbrook Ave	0.11mi	2/1.0 (+1)	1,260 (+5%)	21mo	$60,000	$48	64
2418 Etting St	0.28mi	2/1.0 (+1)	1,080 (-10%)	4mo	$53,500	$50	63
1557 Gilmor N	0.44mi	2/1.0 (+1)	1,100 (-8%)	13mo	$120,000	$109	50
2225 Eutaw Pl Unit 3C	0.62mi	2/2.0 (+1)	1,143 (-4%)	19mo	$170,000	$149	39

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.60×
• Total profit: $-16,776
• Equity at exit: $22,365

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $11,273
• Equity at exit: $12,969

Cash invested: $42,000 (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 21217

• Rents YoY: 6.6%
• Active inventory: 333
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,359 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $37

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 92%

Sensitivity live

Price	-10% $141	-5% $89	+0% $37	+5% $-15	+10% $-67
Rent	-10% $-70	-5% $-17	+0% $37	+5% $91	+10% $145
Rate	-1.0pp $113	-0.5pp $75	base $37	+0.5pp $-2	+1.0pp $-41

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$797	$0.94	25d	4	0.10mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$610	$0.62	6d	4	0.14mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	45d	1	0.24mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	45d	1	0.24mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	45d	1	0.24mi
1930 N Payson St Baltimore, MD	2.0	2.0	980	$1,500	$1.53	25d	1	0.27mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	45d	1	0.32mi
2330 Bryant Ave Unit 2 Baltimore, MD	1.0	1.0	900	$1,350	$1.50	45d	1	0.34mi
2330 Bryant Ave Unit 4 Baltimore, MD	2.0	1.0	950	$1,500	$1.58	22d	1	0.34mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	45d	1	0.34mi
1009 Cloverdale St Baltimore, MD	1.0	1.0	850	$1,100	$1.29	25d	1	0.38mi
1606 Gwynns Falls Pkwy Baltimore, MD	2.0	1.0	748	$1,200	$1.60	25d	1	0.40mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	45d	1	0.41mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	45d	1	0.43mi
1562 N Woodyear St Baltimore, MD	2.0	1.5	788	$1,325	$1.68	25d	1	0.48mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	16d	1	0.50mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	45d	1	0.54mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	45d	1	0.55mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	45d	1	0.56mi
2300 Eutaw Pl Unit 4 Baltimore, MD	1.0	1.0	825	$1,025	$1.24	45d	1	0.57mi
901 Druid Park Lake Dr Baltimore, MD	1.0–2.0	1.0	681	$1,025	$1.51	45d	1	0.57mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	19d	1	0.64mi
1617-A Moreland Ave Unit 2nd Flr Baltimore, MD	2.0	1.0	1500	$1,400	$0.93	45d	1	0.65mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	900	$1,450	$1.61	25d	1	0.66mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	871	$1,450	$1.66	0d	1	0.66mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,500	$1.36	25d	3	0.67mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	45d	1	0.67mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	45d	1	0.67mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	45d	1	0.68mi
2016 Linden Ave Unit B Baltimore, MD	2.0	1.0	700	$1,400	$2.00	25d	1	0.69mi
2223 Brookfield Ave Baltimore, MD	1.0	1.5	750	$1,600	$2.13	23d	1	0.70mi
906 Whitelock St #2 Baltimore, MD	2.0	1.0	800	$1,250	$1.56	6d	1	0.71mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	19d	1	0.72mi
2402 Lakeview Ave Apt 3 Baltimore, MD	1.0	1.0	750	$1,050	$1.40	14d	1	0.72mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	14d	1	0.72mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	45d	1	0.73mi
817 Whitelock St Unit 2 Baltimore, MD	1.0	1.0	750	$950	$1.27	45d	1	0.73mi
1909 McCulloh St Unit 2 Baltimore, MD	2.0	1.0	717	$1,300	$1.81	25d	1	0.75mi
2906 Reisterstown Rd Baltimore, MD	2.0	1.0	750	$1,299	$1.73	45d	1	0.76mi
2908 Reisterstown Rd Baltimore, MD	2.0	1.0	750	$1,299	$1.73	45d	1	0.76mi

Listing history 19 events

1. 2026-06-21
   days on market $150,000 Active 76 DOM
2. 2026-06-18
   days on market $150,000 Active 73 DOM
3. 2026-06-17
   days on market $150,000 Active 72 DOM
4. 2026-06-16
   days on market $150,000 Active 71 DOM
5. 2026-06-15
   days on market $150,000 Active 70 DOM
6. 2026-06-13
   days on market $150,000 Active 68 DOM
7. 2026-06-09
   days on market $150,000 Active 64 DOM
8. 2026-06-08
   days on market $150,000 Active 63 DOM
9. 2026-06-07
   days on market $150,000 Active 62 DOM
10. 2026-06-04
    days on market $150,000 Active 59 DOM
11. 2026-06-03
    days on market $150,000 Active 58 DOM
12. 2026-06-02
    days on market $150,000 Active 57 DOM
13. 2026-06-01
    days on market $150,000 Active 56 DOM
14. 2026-05-31
    days on market $150,000 Active 55 DOM
15. 2026-04-06
    listed $150,000 Active 825-char remark

    Show marketing remark (825 chars)

    Welcome to 2712 Pennsylvania Ave, a renovated mixed-use opportunity in the heart of Penn North! Offering approximately 1,794 square feet across two levels, this modern, light-filled property is ideal for retail, office, or live/work use. The main level features an inviting storefront with excellent visibility, ample storage, and a large public restroom. Upstairs, the residential space offers a well-appointed 1-bedroom, 1-bath layout with a spacious kitchen, comfortable living area, and attractive finishes throughout. Conveniently located just blocks from Mondawmin Mall, near Druid Hill Park, and surrounded by local businesses, this property also offers easy access to downtown Baltimore, the Inner Harbor, I-95, I-295, and the stadium district. A versatile, turnkey opportunity in a prime city location. Easy to show!

16. 2026-03-25
    historical $1,000
17. 2025-11-01
    listed $1,000
18. 2025-04-11
    historical $1,150
19. 2025-04-11
    listed $1,150

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,310
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − Depreciation: −$4,364
• Taxable loss: −$2,065
• Est. tax savings @ 24.0%: +$496
• After-tax cash flow: $941/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This renovated townhouse offers a good condition with a good condition score of 75. It is ideal for retail, office, or live/work use, with a modern kitchen and a well-appointed 1-bedroom, 1-bath layout. The property is located in a prime location with easy access to downtown Baltimore and local businesses.

Value-add opportunities

• Resale painting — Fresh paint can enhance curb appeal and interior aesthetics.
• Rental landscaping — Landscaping can improve curb appeal and attract tenants.
• Both upgrading appliances — Modern appliances can increase both resale and rental value.
• Both upgrading flooring — Upgrading to hardwood or laminate flooring can increase both resale and rental value.
• Both upgrading lighting — Upgrading lighting can improve the home's ambiance and increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale painting — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Rental landscaping — Landscaping can improve curb appeal and attract tenants. ↑
• Both upgrading appliances — Modern appliances can increase both resale and rental value. ↑
• Both upgrading flooring — Upgrading to hardwood or laminate flooring can increase both resale and rental value. ↑
• Both upgrading lighting — Upgrading lighting can improve the home's ambiance and increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+12943.5% since first listed

5 events — show timeline

• 2026-04-06 Listed $150,000 BRIGHT MLS
• 2026-03-25 Rental Removed $1,000 RENTALBEAST
• 2025-11-01 Listed for Rent $1,000 RENTALBEAST
• 2025-04-11 Rental Removed $1,150 LEASESTAR
• 2025-04-11 Listed for Rent $1,150 LEASESTAR