3502 Old Frederick Rd · Baltimore, MD 21229

$89,900

3 bd · 1.0 ba · 990 sqft · Townhouse public records · 183 Days on market

Built 1926 $91/sqft · 12% below area Est $102k · 12% 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 +13.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

Key facts

• Built 1926
• Listed 183 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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: 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 fast (+5.4%/yr); 252 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 33% of the median local income ($60k/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 $622 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 + 5.4% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 27y ago; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% 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 $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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. 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.
8. 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.
9. 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: 1.82% ✓
• Cap rate: 15.52%
• Cash-on-cash: 32.94%
• DSCR: 2.47
• GRM: 4.6

CMA / ARV

• ARV (median comp): $102,416
• List price: $89,900
• Delta: -12.22%
• 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
23 N Morley St	0.32mi	3/1.0	1,041 (+5%)	6mo	$85,000	$82	71
119 Hilton St	0.34mi	2/2.0 (-1)	1,040 (+5%)	0mo	$211,000	$203	67
3386 Dulany St	0.56mi	3/2.0	1,014 (+2%)	6mo	$169,000	$167	61
3302 W Franklin St	0.71mi	3/1.0	960 (-3%)	2mo	$50,000	$52	60
107 N Monastery Ave	0.37mi	2/1.5 (-1)	1,080 (+9%)	2mo	$65,000	$60	59
4209 Old Frederick Rd	0.62mi	3/1.5	1,024 (+3%)	6mo	$40,000	$39	58
3306 W Franklin St	0.71mi	3/2.0	960 (-3%)	1mo	$51,500	$54	57
222 N Hilton St	0.46mi	3/1.0	1,120 (+13%)	1mo	$89,775	$80	56
133 N Monastery Ave	0.40mi	2/2.0 (-1)	1,080 (+9%)	3mo	$142,000	$131	55
209 Mount Holly St	0.55mi	3/2.0	1,080 (+9%)	2mo	$228,000	$211	53
3396 Dulany St	0.57mi	2/1.5 (-1)	1,080 (+9%)	0mo	$177,523	$164	51
427 Gwynn Ave	0.68mi	3/1.5	1,116 (+13%)	5mo	$152,650	$137	41

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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 2.33×
• Total profit: $33,471
• Equity at exit: $13,404

10-year hold

• IRR: 39.3%
• Equity multiple: 5.10×
• Total profit: $103,176
• Equity at exit: $7,773

Cash invested: $25,172 (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 21229

• Rents YoY: 5.4%
• Active inventory: 252
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,638 high
• Mortgage (P&I): −$471
• Tax from tax record: −$95 /mo · $1,134/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $691

Break-even live

Break-even rent $764

Max offer price $89,900

Occupancy floor 53%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	24d	1	0.30mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	24d	1	0.44mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	43d	1	0.49mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	4d	1	0.51mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	24d	1	0.63mi
2 S Woodington Rd Baltimore, MD	2.0	1.0	856	$1,160	$1.36	15d	1	0.67mi
2 N Woodington Rd Baltimore, MD	1.0–2.0	1.0	738	$1,335	$1.81	3d	5	0.68mi
3706 W Franklin St Unit 1 Baltimore, MD	2.0	1.0	735	$1,100	$1.50	4d	1	0.71mi
4301 Parkton St Baltimore, MD	1.0–3.0	1.0	730	$1,550	$2.12	43d	1	0.74mi
709 Denison St Baltimore, MD	2.0	2.0	840	$1,630	$1.94	24d	1	0.88mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	43d	1	0.91mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	43d	1	0.92mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.93mi
4431 Eldone Rd Baltimore, MD	3.0	2.0	896	$2,000	$2.23	24d	1	0.97mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.97mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	0.98mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	1.00mi
751 Yale Ave Baltimore, MD	3.0	1.5	1024	$1,750	$1.71	43d	1	1.01mi
4601 Pen Lucy Rd Unit 4714-B Baltimore, MD	2.0	1.0	730	$1,205	$1.65	15d	1	1.05mi
4601 Pen Lucy Rd Unit 103-H Baltimore, MD	2.0	1.0	798	$1,315	$1.65	24d	1	1.05mi
4601 Pen Lucy Rd Unit 4718-F Baltimore, MD	2.0	1.0	879	$1,225	$1.39	2d	1	1.05mi
4601 Pen Lucy Rd Unit 4615-G Baltimore, MD	2.0	1.0	798	$1,200	$1.50	22d	1	1.05mi
402 Colleen Rd Baltimore, MD	1.0–2.0	1.0	910	$1,450	$1.59	2d	11	1.10mi
4520 Scarlet Oak Ln Baltimore, MD	2.0	1.0	1025	$1,500	$1.46	43d	1	1.10mi
627 Lucia Ave Baltimore, MD	3.0	1.0	892	$1,750	$1.96	24d	1	1.13mi
219 Atholgate Ln Baltimore, MD	1.0–3.0	1.0–1.5	814	$1,500	$1.84	3d	2	1.18mi
613 S Beechfield Ave Baltimore, MD	3.0	1.5	1080	$1,950	$1.81	43d	1	1.18mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	1.21mi
1042 Ellicott Dr Baltimore, MD	2.0	1.0	900	$1,450	$1.61	43d	1	1.25mi
501 Hazlett Ave Baltimore, MD	2.0–3.0	1.5–2.0	1044	$1,879	$1.80	2d	8	1.28mi
4103 Mountwood Rd Baltimore, MD	3.0	2.0	1030	$1,700	$1.65	43d	1	1.31mi
1216 N Augusta Ave Baltimore, MD	3.0	1.0	1024	$1,550	$1.51	24d	1	1.32mi
1307 Wildwood Pkwy Baltimore, MD	2.0	1.0	725	$1,295	$1.79	43d	1	1.32mi
4103 Stokes Dr Apt 1 Baltimore, MD	2.0	1.0	725	$1,095	$1.51	43d	1	1.41mi
532 Coventry Rd Baltimore, MD	2.0	1.0	661	$1,300	$1.97	22d	1	1.43mi

Listing history 36 events

1. 2026-06-18
   days on market $89,900 Active 183 DOM
2. 2026-06-17
   days on market $89,900 Active 182 DOM
3. 2026-06-16
   days on market $89,900 Active 181 DOM
4. 2026-06-15
   days on market $89,900 Active 180 DOM
5. 2026-06-13
   days on market $89,900 Active 178 DOM
6. 2026-06-09
   days on market $89,900 Active 174 DOM
7. 2026-06-08
   days on market $89,900 Active 173 DOM
8. 2026-06-07
   days on market $89,900 Active 172 DOM
9. 2026-06-04
   days on market $89,900 Active 169 DOM
10. 2026-06-03
    days on market $89,900 Active 168 DOM
11. 2026-06-02
    days on market $89,900 Active 167 DOM
12. 2026-06-01
    days on market $89,900 Active 166 DOM
13. 2026-05-31
    days on market $89,900 Active 165 DOM
14. 2026-05-15
    price $89,900
15. 2026-03-18
    price $94,900
16. 2026-02-02
    price $99,900
17. 2025-12-17
    listed $119,900 Active
18. 2023-01-17
    soldstatus $148,000
19. 2018-06-13
    soldstatus $23,650 Sold 199-char remark

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

20. 2018-06-13
    soldstatus $23,650 Closed

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

21. 2018-05-08
    status Pending

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

22. 2018-05-08
    status Contract 199-char remark

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

23. 2018-04-25
    listed $15,000 Active 199-char remark

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

24. 2018-04-25
    listed $15,000 Active

    Show marketing remark (199 chars)

    PUBLIC ONSITE AUCTION: Thurs, May 3, 2018 @ 11:00AM. List Price is Suggested Opening Bid Only. 2 Story Porchfront Townhome in Saint Joseph's. Property is Vacant. 3BR/1BA. Agents Register Your Clients

25. 2005-05-05
    soldstatus $49,900
26. 2005-05-01
    historical
27. 2004-10-14
    listed $49,900
28. 2003-04-07
    soldstatus $22,000
29. 2002-11-18
    historical
30. 2002-11-08
    listed $22,000
31. 2001-01-08
    soldstatus $56,000
32. 2000-10-01
    historical
33. 2000-06-28
    listed
34. 1999-12-30
    historical
35. 1999-05-26
    listed
36. 1987-12-04
    soldstatus $32,000

ⓘ 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: $1,134 · $95/mo
• Projected year-2 tax: $1,134 · $95/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 24% 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: $19,662
• − Mortgage interest: −$5,036
• − Property taxes: −$1,134
• − Insurance: −$450
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − Depreciation: −$2,615
• Taxable income: $7,281
• Est. tax owed @ 24.0%: −$1,747
• After-tax cash flow: $6,544/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+180.9% since first listed

23 events — show timeline

• 2026-05-15 Price Changed $89,900 BRIGHT MLS
• 2026-03-18 Price Changed $94,900 BRIGHT MLS
• 2026-02-02 Price Changed $99,900 BRIGHT MLS
• 2025-12-17 Listed $119,900 BRIGHT MLS
• 2023-01-17 Sold (Public Records) $148,000 Public Records
• 2018-06-13 Sold (MLS) $23,650 BRIGHT MLS
• 2018-06-13 Sold (MLS) $23,650 MRIS
• 2018-05-08 Pending — BRIGHT MLS
• 2018-05-08 Pending — MRIS
• 2018-04-25 Listed $15,000 BRIGHT MLS
• 2018-04-25 Listed $15,000 MRIS
• 2005-05-05 Sold (MLS) $49,900 MRIS
• 2005-05-01 Delisted — MRIS
• 2004-10-14 Listed $49,900 MRIS
• 2003-04-07 Sold (MLS) $22,000 MRIS
• 2002-11-18 Delisted — MRIS
• 2002-11-08 Listed $22,000 MRIS
• 2001-01-08 Sold (Public Records) $56,000 Public Records
• 2000-10-01 Delisted — MRIS
• 2000-06-28 Listed — MRIS
• 1999-12-30 Delisted — MRIS
• 1999-05-26 Listed — MRIS
• 1987-12-04 Sold (Public Records) $32,000 Public Records

Property tax history

-2.3%/yr

Latest (2025): $1,134 · +52.8% YoY. Source: county tax records.