3724 Boarman Ave · Baltimore, MD 21215

$78,000

4 bd · 2.5 ba · 1,942 sqft · Townhouse public records · 2 Days on market

Built 1925

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Welcome to this delightful semi -detached 4 bedroom, 2 bath home situated in Callaway Garrison. our located in a peaceful neighborhood with beautiful outdoor space. This home is spacious with walkable attic, central air and a wraparound porch. This home is perfect for a first-time homebuyer or an investor.

Key facts

• Built 1925
• Listed 2 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $78k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Cap rate 21.7% 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 (+2.4%/yr); 351 active listings in the ZIP; 10 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).
• At $2,195/mo this rent would consume 51% 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 $539 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 + 2.4% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $41k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $78,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.81% ✓
• Cap rate: 21.74%
• Cash-on-cash: 55.18%
• DSCR: 3.46
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $250,518
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3701 Manchester Ave	0.58mi	4/2.5	1,900 (-2%)	4mo	$170,000	$89	66
4043 Cedardale Rd	0.48mi	4/3.5	1,997 (+3%)	6mo	$257,900	$129	64
3742 Dolfield Ave	0.24mi	3/2.5 (-1)	1,724 (-11%)	4mo	$265,000	$154	62
4040 W Cold Spring Ln	0.45mi	4/2.0	1,782 (-8%)	7mo	$205,000	$115	57
3625 Liberty Heights Ave	0.62mi	3/3.5 (-1)	1,980 (+2%)	2mo	$275,000	$139	57
4054 Hilton Rd	0.60mi	4/3.5	1,815 (-6%)	3mo	$250,000	$138	54
4116 1/2 Belle Ave	0.59mi	3/1.5 (-1)	1,920 (-1%)	10mo	$138,000	$72	53
4011 Ridgewood Ave	0.44mi	5/3.5 (+1)	2,122 (+9%)	3mo	$290,000	$137	53
2807 Waldorf Ave	0.49mi	3/3.5 (-1)	1,762 (-9%)	1mo	$200,000	$114	52
4402 Haddon Ave	0.74mi	4/3.5	1,814 (-7%)	2mo	$290,000	$160	49
3520 White Chapel Rd	0.59mi	3/2.5 (-1)	1,718 (-12%)	5mo	$130,000	$76	44
3711 Spaulding Ave	0.72mi	3/2.0 (-1)	1,800 (-7%)	7mo	$188,000	$104	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: 52.8%
• Equity multiple: 3.30×
• Total profit: $50,179
• Equity at exit: $11,630

10-year hold

• IRR: 57.8%
• Equity multiple: 6.56×
• Total profit: $121,415
• Equity at exit: $6,744

Cash invested: $21,840 (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: 351
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,195 high
• Mortgage (P&I): −$409
• Tax from tax record: −$288 /mo · $3,460/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $1,004

Break-even live

Break-even rent $924

Max offer price $78,000

Occupancy floor 49%

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	23d	1	0.30mi
4037 Cedardale Rd Baltimore, MD	5.0	3.0	1500	$2,800	$1.87	14d	1	0.49mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	17d	1	0.56mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	43d	1	0.72mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	23d	1	0.88mi
4704 Pimlico Rd Baltimore, MD	3.0	1.5	2006	$1,800	$0.90	23d	1	0.88mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	43d	1	1.01mi
5306 Ethelbert Ave Baltimore, MD	5.0	2.5	1510	$3,000	$1.99	4d	1	1.11mi
3904 Gwynns Falls Pkwy Baltimore, MD	3.0	2.0	1772	$2,600	$1.47	43d	1	1.45mi
2305 Wichita Ave Unit 1 Baltimore, MD	3.0	1.0	1950	$1,300	$0.67	23d	1	1.47mi

Listing history 8 events

1. 2024-07-09
   soldstatus $96,000
2. 2023-10-13
   soldstatus $94,000 Closed 307-char remark

   Show marketing remark (307 chars)

   Welcome to this delightful semi -detached 4 bedroom, 2 bath home situated in Callaway Garrison. our located in a peaceful neighborhood with beautiful outdoor space. This home is spacious with walkable attic, central air and a wraparound porch. This home is perfect for a first-time homebuyer or an investor.

3. 2023-09-18
   historical Active Under Contract 307-char remark

   Show marketing remark (307 chars)

   Welcome to this delightful semi -detached 4 bedroom, 2 bath home situated in Callaway Garrison. our located in a peaceful neighborhood with beautiful outdoor space. This home is spacious with walkable attic, central air and a wraparound porch. This home is perfect for a first-time homebuyer or an investor.

4. 2023-08-30
   listed $119,000 Active 307-char remark

   Show marketing remark (307 chars)

   Welcome to this delightful semi -detached 4 bedroom, 2 bath home situated in Callaway Garrison. our located in a peaceful neighborhood with beautiful outdoor space. This home is spacious with walkable attic, central air and a wraparound porch. This home is perfect for a first-time homebuyer or an investor.

5. 2023-05-17
   status Pending
6. 2023-05-15
   listed $78,000 Active
7. 1987-11-20
   soldstatus $34,500
8. 1986-05-23
   soldstatus $29,430

ⓘ 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: $3,460 · $288/mo
• Projected year-2 tax: $3,460 · $288/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 6/10 Major 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $26,341
• − Mortgage interest: −$4,369
• − Property taxes: −$3,460
• − Insurance: −$390
• − Repairs & maintenance: −$2,107
• − Management: −$2,107
• − Depreciation: −$2,269
• Taxable income: $11,639
• Est. tax owed @ 24.0%: −$2,793
• After-tax cash flow: $9,258/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

+226.2% since first listed

8 events — show timeline

• 2024-07-09 Sold (Public Records) $96,000 Public Records
• 2023-10-13 Sold (MLS) $94,000 BRIGHT MLS
• 2023-09-18 Contingent — BRIGHT MLS
• 2023-08-30 Listed $119,000 BRIGHT MLS
• 2023-05-17 Pending — BRIGHT MLS
• 2023-05-15 Listed $78,000 BRIGHT MLS
• 1987-11-20 Sold (Public Records) $34,500 Public Records
• 1986-05-23 Sold (Public Records) $29,430 Public Records

Property tax history

+3.6%/yr

Latest (2025): $3,460 · +7.9% YoY. Source: county tax records.