604 E 35th St E · Baltimore, MD 21218

$100,000

3 bd · 1.0 ba · 1,260 sqft · Townhouse public records · 6 Days on market

Built 1920 1,523 sqft lot $79/sqft · 46% below area Est $186k · 46% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

Key facts

• Dining hotspots
• Local amenities
• Parks

Tags

• ORIGINAL HARDWOOD FLOORS
• LOCAL AMENITIES
• PARKS
• DINING HOTSPOTS

Property features AI

Finance

• Other: Total finished above-grade area per assessor; Unfinished below-grade area; Below-grade area total 630 sq. ft. (assessor); Above-grade finished area 1,260 (assessor)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric for cooling; Oil for heating; Natural gas for hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Stone foundation; Built-up roof; Above-grade and below-grade structures; Property built (year per assessor)
• Exterior features: Porch(es)

Interior

• Kitchen: Kitchen
• Bedrooms: Three bedrooms on the first upper level (Master Bedroom, Bedroom 2, Bedroom 3)
• Bathrooms: One full bathroom
• Heating & cooling: Radiator heating (oil-fired); Ceiling fans for cooling (electric-powered)
• Interior features: Living room; Connecting stairway to basement; Interior access to basement; Unfinished basement
• Laundry & utility: Hot water system uses natural gas

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $762 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 15.4% 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 (+1.6%/yr); 325 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).
• This rent runs 37% of the median local income ($62k/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 $691 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $100,000

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: 1.92% ✓
• Cap rate: 15.44%
• Cash-on-cash: 32.67%
• DSCR: 2.45
• GRM: 4.3

CMA / ARV

• ARV (median comp): $186,121
• List price: $100,000
• Delta: -46.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 E 35th St E	0.00mi	3/1.0	1,260 (0%)	1mo	$94,000	$75	99
515 E 35th St	0.05mi	3/1.5	1,260 (0%)	1mo	$135,999	$108	95
646 E 37th St	0.20mi	3/2.0	1,284 (+2%)	0mo	$94,000	$73	83
609 Melville Ave	0.04mi	4/2.0 (+1)	1,364 (+8%)	1mo	$120,000	$88	74
3633 Elkader Rd	0.31mi	2/1.5 (-1)	1,304 (+4%)	1mo	$265,000	$203	72
608 Chestnut Hill Ave	0.23mi	2/1.0 (-1)	1,156 (-8%)	1mo	$73,000	$63	70
3405 Greenway #302	0.49mi	2/1.5 (-1)	1,221 (-3%)	1mo	$265,000	$217	65
827 Belgian Ave	0.67mi	3/2.0	1,260 (0%)	2mo	$130,000	$103	63
3807 Elkader Rd	0.36mi	4/2.0 (+1)	1,352 (+7%)	0mo	$235,000	$174	62
3825 Elkader Rd	0.38mi	4/2.0 (+1)	1,352 (+7%)	1mo	$275,000	$203	60
2956 Greenmount Ave	0.45mi	3/2.0	1,130 (-10%)	1mo	$209,395	$185	57
616 E 30th St	0.46mi	2/1.0 (-1)	1,092 (-13%)	2mo	$65,000	$60	50

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 26.2%
• Equity multiple: 2.06×
• Total profit: $29,807
• Equity at exit: $14,910

10-year hold

• IRR: 33.0%
• Equity multiple: 3.80×
• Total profit: $78,319
• Equity at exit: $8,646

Cash invested: $28,000 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,924 high
• Mortgage (P&I): −$524
• Tax from tax record: −$192 /mo · $2,302/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $762

Break-even live

Break-even rent $959

Max offer price $100,000

Occupancy floor 55%

Sensitivity live

Price	-10% $819	-5% $791	+0% $762	+5% $734	+10% $706
Rent	-10% $610	-5% $686	+0% $762	+5% $838	+10% $914
Rate	-1.0pp $813	-0.5pp $788	base $762	+0.5pp $736	+1.0pp $710

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	44d	1	0.08mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	15d	1	0.13mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	44d	1	0.15mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	44d	1	0.24mi
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	44d	1	0.24mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	44d	1	0.32mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	2d	1	0.32mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	11d	1	0.32mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	18d	1	0.36mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	4d	1	0.39mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	3d	10	0.39mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	15d	1	0.41mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,700	$2.95	2d	172	0.42mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	18d	1	0.43mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	3d	1	0.47mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,500	$2.39	5d	2	0.47mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	24d	1	0.48mi
4033 Greenmount Ave Baltimore, MD	2.0	2.5	1860	$2,550	$1.37	24d	1	0.56mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	44d	1	0.56mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	44d	1	0.57mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	44d	1	0.62mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	5d	1	0.63mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	13d	5	0.70mi
4303 York Rd #3 Baltimore, MD	2.0	1.0	1680	$1,400	$0.83	44d	1	0.70mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	44d	1	0.74mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	44d	1	0.75mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	44d	1	0.75mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	24d	1	0.76mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	44d	1	0.76mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	4d	1	0.76mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	21d	1	0.76mi
815 Gilrubin Ct Baltimore, MD	2.0	1.0	900	$1,695	$1.88	44d	1	0.76mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	2d	1	0.77mi
812 Nat Ct Apt 12 Baltimore, MD	2.0	1.0	900	$1,295	$1.44	44d	1	0.77mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	24d	1	0.78mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	44d	1	0.78mi
105 W 39th St Baltimore, MD	2.0	1.0	753	$2,250	$2.99	5d	1	0.82mi
108 W 39th St Baltimore, MD	2.0	1.0–2.0	1350	$2,189	$1.62	3d	11	0.85mi
2516 Barclay St Baltimore, MD	3.0	1.0	992	$1,375	$1.39	17d	1	0.85mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1800	$1,995	$1.11	44d	1	0.86mi

Listing history 25 events

1. 2026-05-10
   status Pending 785-char remark
2. 2026-05-04
   listed $100,000 Active 785-char remark
3. 2015-08-04
   soldstatus $85,000
4. 2015-08-04
   soldstatus $85,000
5. 2012-12-05
   soldstatus $45,550
6. 2012-12-03
   soldstatus $45,550 322-char remark

   Show marketing remark (322 chars)

   Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

7. 2012-12-03
   soldstatus $45,550 Sold

   Show marketing remark (322 chars)

   Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

8. 2012-12-01
   status Contract

   Show marketing remark (322 chars)

   Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

9. 2012-11-29
   status Active

   Show marketing remark (322 chars)

   Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

10. 2012-10-20
    status Contract

    Show marketing remark (322 chars)

    Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

11. 2012-10-18
    historical 322-char remark

    Show marketing remark (322 chars)

    Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

12. 2012-09-12
    listed $45,000 Active

    Show marketing remark (322 chars)

    Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

13. 2012-09-12
    listed $45,000 322-char remark

    Show marketing remark (322 chars)

    Great investment opportunity for first time or seasoned investors!!! No need to find tenants, property has tenants , lease expires july 1,2013.The owner is very motivated. Submit your offer today!. Great Waverly Location near Johns Hopkins Campuses. A must see!!! * * * Subject to release of current contract * * * *

14. 2012-06-30
    historical Temporarily Off-Market
15. 2012-06-30
    historical
16. 2012-05-31
    status Active
17. 2012-05-08
    historical Expired
18. 2011-12-08
    listed Active
19. 2011-12-07
    listed $56,000
20. 2001-01-10
    historical
21. 2000-07-28
    listed
22. 2000-07-11
    historical
23. 2000-04-12
    listed
24. 2000-04-12
    historical
25. 1999-07-07
    listed

ⓘ 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: $2,302 · $192/mo
• Projected year-2 tax: $2,302 · $192/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 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,093
• − Mortgage interest: −$5,602
• − Property taxes: −$2,302
• − Insurance: −$500
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$2,909
• Taxable income: $8,086
• Est. tax owed @ 24.0%: −$1,941
• After-tax cash flow: $7,208/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+67.9% since first listed

26 events — show timeline

• 2026-05-25 Sold (MLS) $94,000 BRIGHT MLS
• 2026-05-10 Pending — BRIGHT MLS
• 2026-05-04 Listed $100,000 BRIGHT MLS
• 2015-08-04 Sold (Public Records) $85,000 Public Records
• 2015-08-04 Sold (Public Records) $85,000 Public Records
• 2012-12-05 Sold (Public Records) $45,550 Public Records
• 2012-12-03 Sold (MLS) $45,550 BRIGHT MLS
• 2012-12-03 Sold (MLS) $45,550 MRIS
• 2012-12-01 Pending — MRIS
• 2012-11-29 Relisted — MRIS
• 2012-10-20 Pending — MRIS
• 2012-10-18 Listing Removed — BRIGHT MLS
• 2012-09-12 Listed $45,000 MRIS
• 2012-09-12 Listed $45,000 BRIGHT MLS
• 2012-06-30 Delisted — MRIS
• 2012-06-30 Listing Removed — BRIGHT MLS
• 2012-05-31 Relisted — MRIS
• 2012-05-08 Delisted — MRIS
• 2011-12-08 Listed — MRIS
• 2011-12-07 Listed $56,000 BRIGHT MLS
• 2001-01-10 Delisted — MRIS
• 2000-07-28 Listed — MRIS
• 2000-07-11 Delisted — MRIS
• 2000-04-12 Delisted — MRIS
• 2000-04-12 Listed — MRIS
• 1999-07-07 Listed — MRIS

Property tax history

+1.1%/yr

Latest (2025): $2,302 · +5.5% YoY. Source: county tax records.