4123 Elderon Ave · Baltimore, MD 21215

$215,000

4 bd · 1.5 ba · 2,356 sqft · SingleFamily public records · 8 Days on market

Built 1940 7,497 sqft lot Est $353k · 39% under

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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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.5/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this charming 4-bedroom, 1.5-bath single-family home situated on a generously sized lot, offering endless possibilities for customization and expansion. With solid “good bones, ” this property is the perfect canvas for an investor or a homeowner with vision looking to build instant equity. Major updates have already been taken care of, including a new roof (2024), new water heater (2024), and new furnace (2024)—providing peace of mind as you bring your design ideas to life. While the home does need some TLC, the potential here is undeniable. Conveniently located within walking distance to Rogers Station and public transportation, this property offer

Key facts

• New furnace
• Generously sized lot
• New water heater

Tags

• GENEROUSLY SIZED LOT
• NEW ROOF
• NEW WATER HEATER
• NEW FURNACE
• PUBLIC TRANSPORTATION

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Detached property; Vinyl siding construction
• Construction: Vinyl siding exterior; Other type foundation; Above-grade and below-grade structures
• Exterior features: Not located on tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level; Two bedrooms on the second upper level
• Bathrooms: One full bathroom (upper levels); One half bathroom (main level)
• Heating & cooling: Radiator heating fueled by natural gas; Ceiling fans for cooling; Natural gas hot water
• Interior features: Unfinished basement; Living area recorded by assessor

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Cap rate 8.7% 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 (+2.4%/yr); 351 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $2,479/mo this rent would consume 58% of the median local household income ($52k/yr) (locally 3644% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $215,000

Questions for the listing agent

1. Built in 1940 — 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: 1.15% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.47%
• DSCR: 1.38
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $353,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3912 Fernhill Ave	0.43mi	3/2.0 (-1)	2,324 (-1%)	4mo	$275,000	$118	68
3812 Milford Ave	0.54mi	4/3.5	2,280 (-3%)	7mo	$460,000	$202	56
4115 Boarman Ave	0.54mi	4/3.5	2,504 (+6%)	2mo	$375,000	$150	54
3809 N Rogers Ave	0.74mi	4/3.0	2,412 (+2%)	5mo	$330,000	$137	52
4208 Oakford Ave	0.40mi	3/2.0 (-1)	2,040 (-13%)	2mo	$189,000	$93	50
4403 White Oak Ave	0.53mi	5/3.0 (+1)	2,498 (+6%)	6mo	$365,000	$146	49
3708 Mohawk Ave	0.59mi	5/4.0 (+1)	2,468 (+5%)	3mo	$375,000	$152	47
4900 Haddon Ave	0.68mi	4/3.5	2,470 (+5%)	6mo	$425,000	$172	47
3908 Primrose Ave	0.73mi	4/2.5	2,164 (-8%)	3mo	$365,000	$169	46
5218 Cuthbert Ave	0.54mi	5/3.5 (+1)	2,122 (-10%)	5mo	$275,000	$130	41
5601 Groveland Ave	0.62mi	3/2.5 (-1)	2,118 (-10%)	6mo	$335,000	$158	41
3714 W Cold Spring Ln	0.73mi	5/3.0 (+1)	2,566 (+9%)	6mo	$318,000	$124	35

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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-9,179
• Equity at exit: $32,057

10-year hold

• IRR: 4.9%
• Equity multiple: 1.35×
• Total profit: $21,186
• Equity at exit: $18,589

Cash invested: $60,200 (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 21215

• Rents YoY: 2.4%
• Active inventory: 351
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,479 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$317 /mo · $3,802/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $425

Break-even live

Break-even rent $1,942

Max offer price $215,000

Occupancy floor 78%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4704 Pimlico Rd Baltimore, MD	3.0	1.5	2006	$1,800	$0.90	23d	1	1.11mi
3709 Fords Ln Baltimore, MD	4.0	3.5	2248	$3,200	$1.42	20d	1	1.20mi
4029 Fairview Ave Baltimore, MD	5.0	4.5	2653	$3,200	$1.21	43d	1	1.34mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	43d	1	1.48mi

Listing history 4 events

1. 2026-05-23
   status Pending
2. 2026-05-01
   historical
3. 2026-05-01
   price $215,000
4. 2026-04-23
   listed $190,000 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: $3,802 · $317/mo
• Projected year-2 tax: $3,802 · $317/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 5/10 Major 23% 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: $29,752
• − Mortgage interest: −$12,043
• − Property taxes: −$3,802
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,380
• − Management: −$2,380
• − Depreciation: −$6,255
• Taxable income: $1,817
• Est. tax owed @ 24.0%: −$436
• After-tax cash flow: $4,662/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): 52,229
• Household income: $51,587
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 3644.0

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 17% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Italian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 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: ▼ -318.58%
• Current HPI: 291.4926
• Rent YoY: ▲ 2.41%
• 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

+13.2% since first listed

4 events — show timeline

• 2026-05-23 Pending — BRIGHT MLS
• 2026-05-01 Price Changed $215,000 BRIGHT MLS
• 2026-05-01 Listing Removed — BRIGHT MLS
• 2026-04-23 Listed $190,000 BRIGHT MLS

Property tax history

-0.1%/yr

Latest (2025): $3,802 · +3.1% YoY. Source: county tax records.