39 N Gorman Ave · Baltimore, MD 21223

$134,500

3 bd · 1.0 ba · 2,200 sqft · Townhouse · 141 Days on market

Built 1920 1,100 sqft lot $61/sqft · 12% below area Est $153k · 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 +12.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in the charming Lexington neighborhood, this exquisite AirLite townhouse offers a perfect blend of comfort and sophistication. With three spacious bedrooms and a beautifully appointed full bathroom, this home is designed for both relaxation and entertaining. The classic brick exterior exudes timeless elegance, while the inviting interior beckons you to unwind. Step inside to discover a thoughtfully laid-out floor plan that maximizes space and natural light. The potential for customization is limitless, allowing you to tailor the space to your unique lifestyle. Enjoy the convenience of on-street parking, making it easy for guests to visit. The surrounding community is rich with amenities, offering a vibrant lifestyle just moments from your doorstep. Explore local parks, boutique shops, and delightful dining options that make this neighborhood truly special. This property is not just a house; it's a place to create lasting memories. Experience the warmth of home in a setting that combines modern living with classic charm. Don't miss the opportunity to make this enchanting townhouse your own and embrace the exclusive lifestyle it offers.

Key facts

• On-street parking
• Airlite townhouse
• Built 1920

Tags

• AIRLITE TOWNHOUSE
• CLASSIC BRICK EXTERIOR
• ON-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $134k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 rising fast (+7.5%/yr); 422 active listings in the ZIP; 40 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 $1,891/mo this rent would consume 49% of the median local household income ($46k/yr) (locally 1755% 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 $930 of loan paydown is wiped out by about $4k 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 + 7.5% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $54k; list at $134k implies a 149% gain — meaningful room to come down on a strong offer.

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 $118,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1920 — 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: 1.41% ✓
• Cap rate: 12.62%
• Cash-on-cash: 22.58%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

• ARV (median comp): $152,817
• List price: $134,500
• Delta: -11.99%
• 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
8 N Pulaski St	0.17mi	3/3.0	2,230 (+1%)	1mo	$114,000	$51	81
10 N Pulaski St	0.17mi	4/1.5 (+1)	2,232 (+2%)	3mo	$92,500	$41	80
41 N Gorman Ave	0.00mi	2/3.0 (-1)	2,100 (-4%)	9mo	$205,000	$98	72
1706 Lemmon St	0.54mi	3/1.0	2,200 (0%)	4mo	$38,500	$18	71
206 S Gilmor St	0.65mi	4/2.5 (+1)	2,200 (0%)	3mo	$215,000	$98	56
1810 Edmondson Ave	0.58mi	4/2.0 (+1)	2,290 (+4%)	8mo	$55,000	$24	50
105 N Fulton Ave	0.46mi	4/2.0 (+1)	2,000 (-9%)	6mo	$50,000	$25	50
329 N Gilmor St	0.65mi	4/2.5 (+1)	2,066 (-6%)	6mo	$315,000	$152	43
1709 Hollins St	0.52mi	3/3.5	2,436 (+11%)	9mo	$230,000	$94	40
2537 Calverton Heights Ave	0.63mi	3/3.0	1,924 (-12%)	6mo	$235,000	$122	37
2318 W Lanvale St	0.57mi	4/2.5 (+1)	1,884 (-14%)	2mo	$180,000	$96	36
854 Whitmore Ave	0.66mi	4/3.5 (+1)	1,920 (-13%)	4mo	$245,000	$128	30

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 1.86×
• Total profit: $32,251
• Equity at exit: $20,054

10-year hold

• IRR: 30.9%
• Equity multiple: 4.36×
• Total profit: $126,366
• Equity at exit: $11,629

Cash invested: $37,660 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$705
• Tax from tax record: −$24 /mo · $285/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $709

Break-even live

Break-even rent $994

Max offer price $134,500

Occupancy floor 58%

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: $33,625
• Closing costs: $4,035
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	2d	1	0.02mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	23d	1	0.35mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	43d	1	0.37mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	17d	1	0.40mi
1725 Hollins St #3 Baltimore, MD	2.0	1.0	2796	$1,195	$0.43	43d	1	0.47mi
1725 Hollins St Unit 4 Baltimore, MD	2.0	1.0	2796	$1,195	$0.43	44d	1	0.47mi
476 S Bentalou St Baltimore, MD	2.0	1.5	1630	$1,300	$0.80	43d	1	0.51mi
1518 1/2 W Lexington St Baltimore, MD	2.0	2.0	1650	$1,200	$0.73	4d	1	0.62mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.66mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.66mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	43d	1	0.70mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	23d	1	0.74mi
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.77mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	0.78mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	17d	1	0.88mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	43d	1	0.88mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	23d	1	0.90mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	23d	1	0.91mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.94mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	23d	1	0.96mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	3d	1	0.98mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	1.03mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	23d	1	1.03mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	1.05mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	2d	12	1.05mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	23d	1	1.10mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	23d	1	1.10mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	43d	1	1.13mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	1.14mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	43d	1	1.14mi
3324 Edmondson Ave Baltimore, MD	3.0	2.5	2300	$1,995	$0.87	21d	1	1.17mi
1012 W Lanvale St Baltimore, MD	2.0	2.0	2008	$1,925	$0.96	23d	1	1.17mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	4d	1	1.21mi
3423 Edmondson Ave Baltimore, MD	2.0	1.5	1400	$1,710	$1.22	43d	1	1.22mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	43d	1	1.22mi
1226 W Cross St Baltimore, MD	3.0	3.0	1551	$2,250	$1.45	43d	1	1.23mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	23d	1	1.24mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	23d	1	1.24mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	14d	1	1.25mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	23d	1	1.26mi

Listing history 18 events

1. 2026-06-18
   days on market $134,500 Active 141 DOM
2. 2026-06-17
   days on market $134,500 Active 140 DOM
3. 2026-06-16
   days on market $134,500 Active 139 DOM
4. 2026-06-15
   days on market $134,500 Active 138 DOM
5. 2026-06-13
   days on market $134,500 Active 136 DOM
6. 2026-06-09
   days on market $134,500 Active 132 DOM
7. 2026-06-08
   days on market $134,500 Active 131 DOM
8. 2026-06-07
   days on market $134,500 Active 130 DOM
9. 2026-06-04
   days on market $134,500 Active 127 DOM
10. 2026-06-03
    days on market $134,500 Active 126 DOM
11. 2026-06-02
    days on market $134,500 Active 125 DOM
12. 2026-06-01
    days on market $134,500 Active 124 DOM
13. 2026-05-31
    days on market $134,500 Active 123 DOM
14. 2026-01-28
    listed $134,500 Active 1160-char remark

    Show marketing remark (1160 chars)

    Nestled in the charming Lexington neighborhood, this exquisite AirLite townhouse offers a perfect blend of comfort and sophistication. With three spacious bedrooms and a beautifully appointed full bathroom, this home is designed for both relaxation and entertaining. The classic brick exterior exudes timeless elegance, while the inviting interior beckons you to unwind. Step inside to discover a thoughtfully laid-out floor plan that maximizes space and natural light. The potential for customization is limitless, allowing you to tailor the space to your unique lifestyle. Enjoy the convenience of on-street parking, making it easy for guests to visit. The surrounding community is rich with amenities, offering a vibrant lifestyle just moments from your doorstep. Explore local parks, boutique shops, and delightful dining options that make this neighborhood truly special. This property is not just a house; it's a place to create lasting memories. Experience the warmth of home in a setting that combines modern living with classic charm. Don't miss the opportunity to make this enchanting townhouse your own and embrace the exclusive lifestyle it offers.

15. 2025-01-30
    soldstatus $54,000
16. 2023-09-29
    soldstatus $19,800 Closed 639-char remark

    Show marketing remark (639 chars)

    ONLINE AUCTION: Bidding begins 8/29/2023 @ 10:00 AM. Bidding ends 8/31/2023 @ 12:10 PM. List Price is Suggested Opening Bid. Deposit: $5,000 The property is a two-story townhome situated in the Penrose/Fayette Street Outreach neighborhood of West Baltimore. Gwynns Falls Park, notable for its trail system and urban wilderness, and Westside Shopping Center, offering various retail stores, are within a few blocks. Other nearby locations include Grace Medical Center and the Westside MARC Train Station, providing additional transport options. The property is conveniently located with easy access to Frederick Ave, a major traffic artery.

17. 2023-09-01
    status Pending 639-char remark

    Show marketing remark (639 chars)

    ONLINE AUCTION: Bidding begins 8/29/2023 @ 10:00 AM. Bidding ends 8/31/2023 @ 12:10 PM. List Price is Suggested Opening Bid. Deposit: $5,000 The property is a two-story townhome situated in the Penrose/Fayette Street Outreach neighborhood of West Baltimore. Gwynns Falls Park, notable for its trail system and urban wilderness, and Westside Shopping Center, offering various retail stores, are within a few blocks. Other nearby locations include Grace Medical Center and the Westside MARC Train Station, providing additional transport options. The property is conveniently located with easy access to Frederick Ave, a major traffic artery.

18. 2023-06-30
    listed $10,000 Active 639-char remark

    Show marketing remark (639 chars)

    ONLINE AUCTION: Bidding begins 8/29/2023 @ 10:00 AM. Bidding ends 8/31/2023 @ 12:10 PM. List Price is Suggested Opening Bid. Deposit: $5,000 The property is a two-story townhome situated in the Penrose/Fayette Street Outreach neighborhood of West Baltimore. Gwynns Falls Park, notable for its trail system and urban wilderness, and Westside Shopping Center, offering various retail stores, are within a few blocks. Other nearby locations include Grace Medical Center and the Westside MARC Train Station, providing additional transport options. The property is conveniently located with easy access to Frederick Ave, a major traffic artery.

ⓘ 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: $285 · $24/mo
• Projected year-2 tax: $876 · $73/mo
• Expected delta: +$591/yr (+$49/mo · 207.2%)

ⓘ 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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $22,691
• − Mortgage interest: −$7,534
• − Property taxes: −$285
• − Insurance: −$672
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$3,913
• Taxable income: $6,656
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $6,907/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+1245.0% since first listed

5 events — show timeline

• 2026-01-28 Listed $134,500 BRIGHT MLS
• 2025-01-30 Sold (Public Records) $54,000 Public Records
• 2023-09-29 Sold (MLS) $19,800 BRIGHT MLS
• 2023-09-01 Pending — BRIGHT MLS
• 2023-06-30 Listed $10,000 BRIGHT MLS

Property tax history

-1.8%/yr

Latest (2025): $285 · +50.4% YoY. Source: county tax records.