4812 Reisterstown Rd · Baltimore, MD 21215

$185,000

4 bd · 1.5 ba · 1,424 sqft · Townhouse public records · 9 Days on market

Built 1923 Est $214k · 13% 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 +23.4/30.0
• ARV discount +13.5/15.0
• DSCR +7.5/10.0
• 1% rule +6.3/10.0
• 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 MLS

Great Investment Opportunity This 4 Bedroom 1.5 Bathroom Property is Located in West Baltimore. The Property Was Recently Rented To A Section 8 Tenant For The Past 9 Years. The Property Has A Current Rental License. The Property Has Been Professionally Managed For Those 9 Years. The Basement Is Unfinished Space. Come And Improve That Space And Add Value And Income To The Property. This Property Does Not Need A Lot Of Work, Come And See For Your Self. This Would Be A Great House For Your First Time Investor.

Key facts

• Quartz countertops
• Unfinished basement
• Modern kitchen

Tags

• MODERN KITCHEN
• QUARTZ COUNTERTOPS
• CENTER ISLAND
• UNFINISHED BASEMENT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Other foundation type; Above-grade and below-grade other structures; Year built per assessor
• Exterior features: No tidal water

Interior

• Bedrooms: Four bedrooms on the first upper level
• Bathrooms: One full bathroom (all upper levels); One half bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Assessor-reported living area; Basement present (other type)

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 8.5% 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: Pimlico Elementary/Middle (math 0% / reading 11%, grade F, #759 of 860 statewide, top 88%, 741 students, 84% FRL, charter); 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 31% at this address vs 12% district-wide (+19 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 (+2.4%/yr); 354 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $2,092/mo this rent would consume 49% 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 22y 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 $115k; list at $185k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $185,000

Questions for the listing agent

1. Built in 1923 — 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: 1.13% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.93%
• DSCR: 1.35
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $213,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3716 Beehler Ave	0.08mi	4/4.0	1,445 (+2%)	3mo	$265,000	$183	82
3223 Spaulding Ave	0.39mi	4/2.0	1,500 (+5%)	0mo	$219,900	$147	70
4912 Palmer Ave	0.47mi	3/2.0 (-1)	1,400 (-2%)	1mo	$60,000	$43	68
4911 Queensberry Ave	0.58mi	4/1.5	1,390 (-2%)	2mo	$155,000	$112	67
4027 Annellen Rd	0.73mi	4/2.0	1,452 (+2%)	3mo	$220,900	$152	58
2523 Boarman Ave	0.69mi	3/1.0 (-1)	1,450 (+2%)	3mo	$82,500	$57	55
4903 Chalgrove Ave	0.62mi	3/2.0 (-1)	1,536 (+8%)	2mo	$187,000	$122	50
3951 Boarman Ave	0.61mi	4/2.5	1,588 (+12%)	2mo	$249,000	$157	47
3911 Bareva Rd	0.60mi	4/2.0	1,620 (+14%)	0mo	$112,100	$69	47
5424 Jonquil Ave	0.71mi	4/3.5	1,332 (-6%)	2mo	$200,000	$150	47
4041 W Cold Spring Ln	0.70mi	3/2.5 (-1)	1,310 (-8%)	1mo	$239,900	$183	45
3916 Hayward Ave	0.55mi	3/2.5 (-1)	1,248 (-12%)	3mo	$237,375	$190	42

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: -4.9%
• Equity multiple: 0.82×
• Total profit: $-9,351
• Equity at exit: $27,584

10-year hold

• IRR: 4.1%
• Equity multiple: 1.29×
• Total profit: $15,143
• Equity at exit: $15,995

Cash invested: $51,800 (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: 354
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,092 high
• Mortgage (P&I): −$970
• Tax from tax record: −$263 /mo · $3,154/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $342

Break-even live

Break-even rent $1,658

Max offer price $185,000

Occupancy floor 79%

Sensitivity live

Price	-10% $447	-5% $395	+0% $342	+5% $290	+10% $238
Rent	-10% $177	-5% $260	+0% $342	+5% $425	+10% $508
Rate	-1.0pp $436	-0.5pp $389	base $342	+0.5pp $295	+1.0pp $246

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	26d	1	0.22mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	20d	1	0.59mi
5306 Ethelbert Ave Baltimore, MD	5.0	2.5	1510	$3,000	$1.99	6d	1	0.64mi
5301 Maple Ave Baltimore, MD	3.0	1.0	960	$1,700	$1.77	45d	1	0.66mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	20d	1	0.67mi
4037 Cedardale Rd Baltimore, MD	5.0	3.0	1500	$2,800	$1.87	17d	1	0.68mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	45d	1	0.69mi
2527 W Cold Spring Ln Baltimore, MD	3.0	2.0	1152	$1,695	$1.47	0d	1	0.70mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	26d	1	0.75mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	26d	1	0.81mi
2415 Loyola Southway Baltimore, MD	3.0	1.5	1200	$2,033	$1.69	45d	1	0.97mi
2530 Edgecombe Cir N Baltimore, MD	2.0–3.0	1.0	920	$1,325	$1.44	4d	4	0.98mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	45d	1	1.00mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	45d	1	1.03mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	45d	1	1.07mi
3727 Milford Ave Gwynn Oak, MD	3.0	1.0	900	$1,450	$1.61	45d	1	1.25mi
3601 Howard Park Ave Unit 2 Baltimore, MD	3.0	1.0	1000	$1,650	$1.65	45d	1	1.33mi
2001 W Cold Spring Ln Baltimore, MD	1.0–3.0	1.0–2.0	1133	$3,300	$2.91	0d	27	1.42mi

Listing history 7 events

1. 2026-06-21
   days on market $185,000 Active 9 DOM
2. 2026-06-18
   days on market $185,000 Active 6 DOM
3. 2026-06-17
   days on market $185,000 Active 5 DOM
4. 2026-06-16
   days on market $185,000 Active 4 DOM
5. 2026-06-15
   days on market $185,000 Active 3 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   listed $185,000 Active 1 DOM

ⓘ 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: $3,154 · $263/mo
• Projected year-2 tax: $3,154 · $263/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 ≥104°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: $25,102
• − Mortgage interest: −$10,363
• − Property taxes: −$3,154
• − Insurance: −$925
• − Repairs & maintenance: −$2,008
• − Management: −$2,008
• − Depreciation: −$5,382
• Taxable income: $1,262
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $3,807/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

+270.0% since first listed

29 events — show timeline

• 2026-06-12 Listed $185,000 BRIGHT MLS
• 2025-04-23 Sold (Public Records) $115,000 Public Records
• 2025-01-31 Sold (MLS) $115,000 BRIGHT MLS
• 2025-01-15 Pending — BRIGHT MLS
• 2024-12-27 Listed $115,000 BRIGHT MLS
• 2018-10-11 Pending — BRIGHT MLS
• 2018-10-11 Listing Removed — BRIGHT MLS
• 2018-09-24 Listed $80,000 BRIGHT MLS
• 2016-02-01 Sold (Public Records) $28,000 Public Records
• 2016-01-12 Delisted — MRIS
• 2015-12-31 Sold (MLS) $28,000 BRIGHT MLS
• 2015-12-31 Sold (MLS) $28,000 MRIS
• 2015-12-03 Pending — MRIS
• 2015-11-30 Listing Removed — BRIGHT MLS
• 2015-05-21 Relisted — MRIS
• 2015-01-26 Price Changed $43,000 MRIS
• 2014-11-21 Pending — MRIS
• 2014-11-13 Listed $25,000 MRIS
• 2014-11-13 Listed $43,000 BRIGHT MLS
• 2007-12-31 Sold (MLS) $39,900 MRIS
• 2007-11-29 Delisted — MRIS
• 2007-10-23 Listed $39,900 MRIS
• 2005-11-28 Sold (Public Records) $72,500 Public Records
• 2005-09-23 Delisted — MRIS
• 2005-04-22 Listed — MRIS
• 2004-05-16 Sold (MLS) $27,000 MRIS
• 2004-04-13 Delisted — MRIS
• 2004-03-27 Listed $24,900 MRIS
• 2000-10-05 Sold (Public Records) $50,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,154 · +5.6% YoY. Source: county tax records.