37 Cardor Ct #37 · Perry Hall, MD 21236

$215,000

2 bd · 1.5 ba · 1,054 sqft · Condo public records · 17 Days on market

Built 1988 $200/mo HOA · 10% of rent

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Why this score? — see what drove the D 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 +11.7/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

2-bedroom, 1 full bath, 1 half bath end-of-group colonial townhome in the Silvergate community of Nottingham with a refreshed interior, updated kitchen, and flexible three-level layout. The main level feels bright and inviting with hardwood flooring, an open living room, separate dining area, convenient half bath, and an eat-in kitchen featuring stainless steel appliances, refaced cabinetry, new flooring, and a brand-new slider to the concrete patio. Upstairs, two generously sized bedrooms with hardwood flooring share a full bath, while the unfinished lower level adds valuable usable space for storage, hobbies, laundry, or future finishing potential. Updates include Fresh paint, a new HVAC

Key facts

• Hardwood flooring
• Refreshed interior
• Updated kitchen

Tags

• REFRESHED INTERIOR
• UPDATED KITCHEN
• FLEXIBLE THREE-LEVEL LAYOUT
• HARDWOOD FLOORING
• EAT-IN KITCHEN
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Pets allowed on a case-by-case basis
• HOA & community: Condo fee $200 monthly; HOA covers common area maintenance, lawn care (front/rear/side), lawn maintenance, snow removal, and water; Community amenities include common grounds and reserved/assigned parking

Exterior

• Parking: Assigned paved surface parking (parking lot) — 1 assigned space, 1 total parking space
• Utilities: Public water; Public sewer; Natural gas hot water; Natural gas heating; Electric cooling
• Home design: End of row townhouse; Condominium ownership; Building name: THE SILVERGATE; Building not winterized
• Construction: Brick and vinyl siding exterior; Asphalt roof; Block foundation; Built date listed by assessor
• Exterior features: Patio(s); Sidewalks; No thru street

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Microwave; Icemaker; Gas range/oven; Exhaust fan; Water heater
• Bedrooms: 2 bedrooms on upper level
• Flooring: Hardwood; Ceramic tile; Concrete; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Attic; Ceiling fan(s); Formal dining room; Eat-in kitchen; Kitchen table space; Window treatments; Storm and sliding glass doors; Dry wall walls and ceilings; Unfinished basement
• Laundry & utility: Washer (lower floor); Dryer (lower floor)

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-63 ($-761/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (4.5% below list).
• Recommended offer: $204k (5.2% below list) — sets the bar for cash-flow.
• Cap rate 5.9% vs local median 4.2% in Perry Hall — 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 87/100 on livability (#8 in MD, #313 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, crime D-.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Perry Hall Elementary (math 24% / reading 29%, grade F, #238 of 860 statewide, top 29%, 443 students, 48% FRL); Perry Hall Middle (math 15% / reading 46%, grade F, #64 of 225 statewide, top 28%, 1,754 students, 40% FRL); Perry Hall High (math 19% / reading 57%, grade F, #137 of 222 statewide, top 62%, 2,029 students, 45% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 132 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; solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).

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 at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $203,793 (5.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 5.94%
• Cash-on-cash: -1.26%
• DSCR: 0.94
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.34% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.44×
• Total profit: $-33,781
• Equity at exit: $32,057

10-year hold

• IRR: -2.8%
• Equity multiple: 0.79×
• Total profit: $-12,705
• Equity at exit: $18,589

Cash invested: $60,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21236

• Rents YoY: 5.3%
• Active inventory: 132
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,053 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$268 /mo · $3,215/yr
• Insurance: −$90
• HOA: −$200
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-63

Break-even live

Break-even rent $2,133

Max offer price $203,793

Occupancy floor 98%

Sensitivity live

Price	-10% $58	-5% $-3	+0% $-63	+5% $-124	+10% $-185
Rent	-10% $-226	-5% $-145	+0% $-63	+5% $18	+10% $99
Rate	-1.0pp $45	-0.5pp $-9	base $-63	+0.5pp $-119	+1.0pp $-176

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 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Cardor Ct #5 Nottingham, MD	2.0	1.5	1314	$2,200	$1.67	45d	1	0.03mi
3800 Meghan Dr Unit 3C Nottingham, MD	3.0	2.0	1379	$2,100	$1.52	6d	1	0.13mi
1 Durban Ct Nottingham, MD	1.0–3.0	1.0–2.0	999	$2,145	$2.15	0d	23	0.20mi
3 Sagebrush Ct Nottingham, MD	3.0	2.0	1395	$2,100	$1.51	45d	1	0.61mi
6 Hobb Ct Perry Hall, MD	3.0	2.5	1470	$2,400	$1.63	25d	1	0.72mi
105 Bourbon Ct Parkville, MD	3.0	2.5	1320	$2,150	$1.63	45d	1	0.81mi
4236 Slater Ave Nottingham, MD	3.0	2.0	1266	$2,500	$1.97	3d	1	0.84mi
8818 Blairwood Rd Nottingham, MD	1.0–2.0	1.0	900	$1,649	$1.83	0d	42	0.84mi
11 Springtowne Cir Parkville, MD	1.0–2.0	1.0–2.5	819	$1,947	$2.38	0d	21	0.87mi
4219 Slater Ave Nottingham, MD	3.0	1.0	1174	$2,000	$1.70	45d	1	0.89mi
4335 Bedrock Cir Nottingham, MD	1.0–3.0	1.0–2.0	887	$2,201	$2.48	0d	14	0.93mi
8216 Cypress Mill Rd Nottingham, MD	2.0	2.0	1205	$1,995	$1.66	45d	1	0.99mi
19 Juliet Ln #201 Nottingham, MD	2.0	2.0	1000	$1,800	$1.80	45d	1	1.05mi
19 Hoban Ct Nottingham, MD	3.0	2.5	1410	$2,200	$1.56	23d	1	1.05mi
Trailwood Rd White Marsh, MD	3.0	2.5	1310	$2,500	$1.91	45d	1	1.10mi
1 Waldmann Mill Ct Nottingham, MD	2.0–3.0	1.0–1.5	1076	$1,970	$1.83	0d	11	1.14mi
1 Lincoln Woods Way Perry Hall, MD	1.0–2.0	1.0–2.0	835	$1,901	$2.28	0d	18	1.18mi
10 Darbytown Ct Nottingham, MD	3.0	2.0	1420	$1,950	$1.37	45d	1	1.23mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-11
   status Pending 967-char remark
2. 2026-05-11
   historical 967-char remark
3. 2026-04-24
   listed $215,000 Active 967-char remark
4. 2020-07-16
   soldstatus $160,000
5. 2019-08-22
   soldstatus $115,000

ⓘ 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: $3,215 · $268/mo
• Projected year-2 tax: $3,215 · $268/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 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,631
• − Mortgage interest: −$12,043
• − Property taxes: −$3,215
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,971
• − Management: −$1,971
• − HOA: −$2,400
• − Depreciation: −$6,255
• Taxable loss: −$4,298
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $270/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 County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Perry Hall

• Score: 87/100
• State rank: #8
• US rank: #313

Category grades

Amenities A- Commute B Cost of living C- Crime D- Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry Hall, MD
• County: Baltimore County · 769,527 people
• City population: 15,501
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 39,514
• Household income: $95,149
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 1476.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Black 19% Asian 16% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, South Korea, Vietnam
• Languages at home: 79% English-only · Other Indo-European 8% Spanish 3% Tagalog/Filipino 2%

Political lean MEDSL · Baltimore

• 2024 margin: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -268.43%
• Current HPI: 244.9907
• Rent YoY: ▲ 5.34%
• 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

+87.0% since first listed

6 events — show timeline

• 2026-06-05 Sold (MLS) $215,000 BRIGHT MLS
• 2026-05-11 Pending — BRIGHT MLS
• 2026-05-11 Listing Removed — BRIGHT MLS
• 2026-04-24 Listed $215,000 BRIGHT MLS
• 2020-07-16 Sold (Public Records) $160,000 Public Records
• 2019-08-22 Sold (Public Records) $115,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $3,215 · +3.9% YoY. Source: county tax records.