952 Armistead Way · Baltimore, MD 21205

$59,000

3 bd · 1.0 ba · 800 sqft · Townhouse · 31 Days on market

Built 1945 Fair condition $530/mo HOA · 29% of rent ↓ 9% since listing

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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
• Rent growth +5.0/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 952 Armistead Way, located in the Armistead Gardens community! This home offers 3 bedrooms and 1 full bathroom, providing plenty of space and potential for its next owner. The main level features a functional layout with a bright living area and a kitchen ready for your personal touch. Upstairs, you’ll find three comfortable bedrooms and a full bath. Whether you’re a first-time buyer or looking for a property to customize, this home presents a great opportunity. Step outside to enjoy the yard space, perfect for relaxing or entertaining. This home is being sold as-is, offering a great chance to add your own updates and build equity. Please note: Buyer must be approved

Key facts

• Bright living area
• Yard space
• $530 HOA

Tags

• ARMISTEAD GARDENS COMMUNITY
• BRIGHT LIVING AREA
• YARD SPACE
• MONTHLY FEE INCLUDES UTILITIES
• SUBJECT TO 99-YEAR LEASE

Property features AI

Finance

• HOA & community: Co-op fee of $530 monthly (covers other items)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas heating and hot water
• Home design: Interior townhouse/rowhouse; Ownership: Cooperative; Year built: estimated
• Construction: Block construction; Block foundation; Above-grade structure
• Exterior features: Tidal water not present; Located within city limits

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $59k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% 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 (+9.9%/yr); 145 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,849/mo this rent would consume 51% of the median local household income ($43k/yr) (locally 966% 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 $408 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 + 8.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent; built in 1945 — 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 $57,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 3.13% ✓
• Cap rate: 16.93%
• Cash-on-cash: 37.99%
• DSCR: 2.69
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.8%
• Equity multiple: 3.05×
• Total profit: $33,878
• Equity at exit: $8,797

10-year hold

• IRR: 52.2%
• Equity multiple: 8.16×
• Total profit: $118,309
• Equity at exit: $5,101

Cash invested: $16,520 (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 21205

• Home prices YoY: -5.8%
• Rents YoY: 9.9%
• Active inventory: 145
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,849 high
• Mortgage (P&I): −$309
• Tax est. 1.5%: −$74 /mo · $885/yr
• Insurance: −$25
• HOA: −$530
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $523

Break-even live

Break-even rent $1,187

Max offer price $59,000

Occupancy floor 67%

Sensitivity live

Price	-10% $564	-5% $543	+0% $523	+5% $503	+10% $482
Rent	-10% $377	-5% $450	+0% $523	+5% $596	+10% $669
Rate	-1.0pp $553	-0.5pp $538	base $523	+0.5pp $508	+1.0pp $492

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4300 Orchard Ridge Blvd Baltimore, MD	1.0–3.0	1.0–2.0	1021	$1,809	$1.77	45d	1	0.90mi
6004 Amberwood Rd Baltimore, MD	2.0	1.0	751	$1,220	$1.62	21d	1	0.99mi
363 Gusryan St Baltimore, MD	2.0	2.0	840	$1,950	$2.32	14d	1	1.03mi
442 Folcroft St Unit A Baltimore, MD	2.0	1.5	1071	$1,600	$1.49	5d	1	1.08mi
334 Kane St Baltimore, MD	2.0	2.0	1050	$1,675	$1.60	25d	1	1.08mi
456 Elrino St Unit B Baltimore, MD	2.0	1.0	800	$1,600	$2.00	45d	1	1.09mi
4022 Ardley Ave Baltimore, MD	2.0	1.0	896	$1,750	$1.95	45d	1	1.14mi
560 Bayview Blvd Baltimore, MD	1.0–3.0	1.0–3.0	1108	$3,372	$3.04	3d	25	1.17mi
223 Grundy St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	25d	1	1.22mi
6802 Conley St Baltimore, MD	2.0	1.5	939	$1,750	$1.86	23d	1	1.27mi
7124 Gough St Baltimore, MD	2.0	1.5	1096	$1,700	$1.55	23d	1	1.31mi
7136 Eastbrook Ave Baltimore, MD	4.0	2.0	996	$2,200	$2.21	6d	1	1.32mi
321 Fagley St Baltimore, MD	2.0	1.0	800	$1,650	$2.06	21d	1	1.34mi
5305 Moravia Rd Baltimore, MD	3.0	1.0	679	$1,993	$2.93	3d	1	1.35mi
3413 Leverton Ave Baltimore, MD	2.0	1.0	832	$1,000	$1.20	25d	1	1.35mi
6905 Bank St Baltimore, MD	2.0	1.5	784	$1,650	$2.10	45d	1	1.35mi
3902 Erdman Ave Unit 1 Baltimore, MD	2.0	1.0	1000	$1,275	$1.27	25d	1	1.36mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	45d	1	1.38mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,820	$3.10	3d	20	1.39mi
1310 N Ellwood Ave #1 Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	23d	1	1.42mi
1310 N Ellwood Ave Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	14d	1	1.42mi
3646 Lyndale Ave Baltimore, MD	2.0	1.5	840	$1,475	$1.76	45d	1	1.42mi
3566 Dudley Ave Baltimore, MD	2.0	1.0	896	$1,800	$2.01	25d	1	1.42mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	25d	1	1.43mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	25d	1	1.47mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	45d	1	1.48mi
7319 Conley St Baltimore, MD	3.0	2.0	1080	$1,950	$1.81	19d	1	1.49mi

HOA detail

• Monthly dues: $530 · $6,360/yr

Listing history 15 events

1. 2026-06-21
   days on market $59,000 Active 31 DOM
2. 2026-06-18
   days on market $59,000 Active 28 DOM
3. 2026-06-17
   pricedays on market $59,000 Active 27 DOM
4. 2026-06-16
   days on market $65,000 Active 26 DOM
5. 2026-06-15
   days on market $65,000 Active 25 DOM
6. 2026-06-13
   days on market $65,000 Active 23 DOM
7. 2026-06-09
   days on market $65,000 Active 19 DOM
8. 2026-06-08
   days on market $65,000 Active 18 DOM
9. 2026-06-07
   days on market $65,000 Active 17 DOM
10. 2026-06-04
    days on market $65,000 Active 14 DOM
11. 2026-06-03
    days on market $65,000 Active 13 DOM
12. 2026-06-02
    days on market $65,000 Active 12 DOM
13. 2026-06-01
    days on market $65,000 Active 11 DOM
14. 2026-05-31
    days on market $65,000 Active 10 DOM
15. 2026-05-12
    listed $60,000 Active 904-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,189
• − Mortgage interest: −$3,305
• − Property taxes: −$885
• − Insurance: −$295
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − HOA: −$6,360
• − Depreciation: −$1,716
• Taxable income: $6,078
• Est. tax owed @ 24.0%: −$1,459
• After-tax cash flow: $4,818/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This townhouse requires moderate renovations, focusing on exterior repairs and landscaping to improve its curb appeal and property value.

Repairs flagged

• Major fence — Severe overgrowth and damage
• Major concrete path — Significant wear and tear

Value-add opportunities

• Both landscaping — Improves curb appeal and property value
• Both fence repair — Enhances safety and property value
• Both concrete path repair — Enhances property value and usability

Renovation cost estimate screening

Repair item	Severity	Est. cost
fence · Severe overgrowth and damage	Major	$15,000–50,000
concrete path · Significant wear and tear	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both landscaping — Improves curb appeal and property value ↑
• Both fence repair — Enhances safety and property value ↑
• Both concrete path repair — Enhances property value and usability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 13,013
• Household income: $43,176
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 966.0

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 0.60)
• Race & ethnicity: Black 60% Hispanic / Latino 16% White 14% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 1% Cuban 1% Dominican 4%
• Common ancestry: Slovak 3% Romanian 1%
• Foreign-born: 16% · Canada, China
• Languages at home: 79% English-only · Spanish 11% Arabic 4% Chinese 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: ▼ -15.03%
• Current HPI: 244.1345
• Rent YoY: ▲ 9.88%
• 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

-9.2% since first listed

2 events — show timeline

• 2026-06-16 Price Changed $59,000 BRIGHT MLS
• 2026-05-21 Listed $65,000 BRIGHT MLS