2403 Annapolis Rd · Baltimore, MD 21230

$69,900

3 bd · 1.0 ba · 1,120 sqft · Townhouse public records · 1 Days on market

Built 1920 Est $131k · 47% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

GREAT OPPORTUNITY FOR THE SAVVY INVESTOR LOOKING FOR THEIR NEXT TURN KEY OPPORTUNITY. This porch front rowhome has a main level with a living room, dining room, and spacious kitchen, upper level with 3 bedrooms and 1 full bath. Convenient to downtown Baltimore, 295, and 95. Sold As-Is. Buyer responsible for clearing any vacant property notice after settlement if one exists.

Key facts

• Built 1920

Property features AI

Finance

• Financial info: Ground rent of $66 payable annually; Ownership: Ground rent

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Estimated year built
• Construction: Brick construction; Other foundation; Above-grade and below-grade structures
• Exterior features: In city limits (Baltimore City); No tidal water

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Estimated living area; Basement present (other type)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 27.6% 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 soft (-1.0%/yr); 362 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); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 18y 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 $69,900

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: 3.09% ✓
• Cap rate: 27.57%
• Cash-on-cash: 75.98%
• DSCR: 4.38
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $131,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2318 Sidney Ave	0.09mi	3/1.0	1,120 (0%)	2mo	$72,500	$65	94
2316 Cedley St	0.11mi	3/2.0	1,144 (+2%)	4mo	$140,000	$122	84
2405 Westport St	0.10mi	2/2.0 (-1)	1,200 (+7%)	0mo	$75,000	$63	74
2113 Sidney Ave	0.25mi	3/1.0	1,260 (+12%)	2mo	$72,500	$58	66
2521 S Paca St	0.58mi	3/1.5	1,152 (+3%)	1mo	$30,000	$26	65
2630 Alaska St	0.25mi	3/1.5	1,008 (-10%)	7mo	$85,000	$84	64
2625 Waterview Ave	0.27mi	3/1.0	1,260 (+12%)	6mo	$94,200	$75	62
2619 Northshire Dr	0.56mi	3/1.0	1,024 (-9%)	2mo	$145,000	$142	58
2439 Ridgely St	0.51mi	4/2.5 (+1)	1,152 (+3%)	4mo	$222,000	$193	57
2628 Northshire Dr	0.57mi	3/1.0	1,024 (-9%)	4mo	$175,000	$171	56
2639 Northshire Dr	0.55mi	3/2.0	1,024 (-9%)	5mo	$120,000	$117	52
2839 Hinsdale Dr	0.66mi	3/1.0	1,024 (-9%)	4mo	$152,000	$148	52

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 72.5%
• Equity multiple: 4.13×
• Total profit: $61,298
• Equity at exit: $10,422

10-year hold

• IRR: 75.5%
• Equity multiple: 7.68×
• Total profit: $130,652
• Equity at exit: $6,044

Cash invested: $19,572 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,159 high
• Mortgage (P&I): −$367
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $1,239

Break-even live

Break-even rent $590

Max offer price $69,900

Occupancy floor 38%

Sensitivity live

Price	-10% $1,279	-5% $1,259	+0% $1,239	+5% $1,219	+10% $1,200
Rent	-10% $1,069	-5% $1,154	+0% $1,239	+5% $1,325	+10% $1,410
Rate	-1.0pp $1,274	-0.5pp $1,257	base $1,239	+0.5pp $1,221	+1.0pp $1,203

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	22d	1	0.81mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	15d	1	0.84mi
2200 W Patapsco Ave Baltimore, MD	3.0	1.0	890	$1,569	$1.76	44d	1	0.89mi
607 Cheraton Rd Brooklyn, MD	3.0	3.0	1200	$1,750	$1.46	15d	1	0.90mi
1931 Griffis Ave Baltimore, MD	2.0	1.0	912	$1,349	$1.48	5d	1	0.93mi
3004 Elizabeth Ave Unit 1 Baltimore, MD	3.0	1.0	1024	$1,395	$1.36	5d	1	0.95mi
3017 Janice Ave Baltimore, MD	3.0	1.0	1024	$1,995	$1.95	24d	1	0.99mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	44d	1	1.00mi
2600 W Patapsco Ave Baltimore, MD	1.0–2.0	1.0	856	$1,309	$1.53	3d	24	1.05mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,599	$2.22	3d	22	1.08mi
2500 Insulator Dr Baltimore, MD	3.0	1.0–2.0	988	$4,786	$4.84	3d	152	1.16mi
1900 S Hanover St Baltimore, MD	3.0	1.0–2.0	875	$3,932	$4.49	2d	66	1.17mi
111 W Heath St Baltimore, MD	2.0	1.0–2.5	1263	$2,850	$2.26	3d	7	1.18mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	44d	1	1.20mi
1746 S Hanover St Baltimore, MD	3.0	2.0	1490	$2,700	$1.81	11d	1	1.21mi
1718 S Hanover St Baltimore, MD	2.0	2.5	1296	$2,700	$2.08	24d	1	1.22mi
1839 S Charles St Baltimore, MD	3.0	2.5	1238	$2,600	$2.10	44d	1	1.26mi
1516 Clarkson St Baltimore, MD	2.0	1.5	1050	$1,795	$1.71	24d	1	1.27mi
1608 S Hanover St Baltimore, MD	3.0	3.5	1346	$3,000	$2.23	18d	1	1.27mi
1815 S Charles St Baltimore, MD	2.0	2.0	1208	$2,100	$1.74	44d	1	1.28mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	24d	1	1.29mi
1601 S Hanover St Apt 1R Baltimore, MD	2.0	1.0	900	$1,600	$1.78	2d	1	1.29mi
1403 Race St Baltimore, MD	3.0	3.0	1008	$2,200	$2.18	44d	1	1.29mi
1942 Light St Baltimore, MD	2.0	2.5	1150	$2,200	$1.91	22d	1	1.30mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	24d	1	1.31mi
130 Reedbird Ave Brooklyn, MD	2.0	1.0	1152	$1,700	$1.48	24d	1	1.31mi
1108 Sterrett St Baltimore, MD	2.0	1.0	1400	$2,300	$1.64	24d	1	1.32mi
1631 S Charles St Baltimore, MD	2.0	3.0	1460	$2,607	$1.79	5d	1	1.32mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	44d	1	1.32mi
126 Burnett St Baltimore, MD	2.0	2.5	984	$2,200	$2.24	24d	1	1.34mi
1703 Patapsco St Baltimore, MD	4.0	4.5	960	$3,000	$3.12	24d	1	1.35mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	5d	1	1.37mi
8 E Randall St Baltimore, MD	2.0	2.5	1148	$2,600	$2.26	5d	1	1.37mi
1710 Marshall St Baltimore, MD	2.0	1.0	1110	$2,500	$2.25	44d	1	1.37mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	1.38mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	44d	1	1.38mi
49 E Heath St Baltimore, MD	2.0	1.5	858	$1,800	$2.10	12d	1	1.38mi
1503 S Charles St Unit 2 Baltimore, MD	2.0	2.0	1100	$2,375	$2.16	44d	1	1.38mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	1.38mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	44d	1	1.39mi

Listing history 2 events

1. 2026-06-02
   remarks 377-char remark
2. 2026-06-02
   listed $69,900 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: $846 · $70/mo
• Projected year-2 tax: $846 · $70/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 8/10 Severe 7 d/yr ≥102°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: $25,905
• − Mortgage interest: −$3,915
• − Property taxes: −$846
• − Insurance: −$350
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$2,033
• Taxable income: $14,616
• Est. tax owed @ 24.0%: −$3,508
• After-tax cash flow: $11,363/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

-86.8% since first listed

5 events — show timeline

• 2026-06-02 Listed $69,900 BRIGHT MLS
• 2024-11-12 Sold (Public Records) $245,000 Public Records
• 2020-01-22 Sold (Public Records) $528,000 Public Records
• 2009-01-02 Delisted — MRIS
• 2008-07-30 Listed — MRIS

Property tax history

+10.1%/yr

Latest (2025): $846 · +12.5% YoY. Source: county tax records.