511 E 35th St · Baltimore, MD 21218

$199,888

3 bd · 1.5 ba · 1,260 sqft · Townhouse public records · 5 Days on market

Built 1924 890 sqft lot Est $136k · 47% over

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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 +17.3/30.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a freshly renovated and affordable home that is move-in ready in Waverly? Then look no further. .. THIS IS IT! Make an appointment to see this spacious row home for yourself. This 3BR, 1.5BA home has new windows, a large eat-in kitchen with newer stainless steel appliances, separate dining room, newly carpeted bedrooms and also freshly painted throughout! Schedule your appointment NOW!

Key facts

• Built 1924
• Listed 5 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Excellent condition; Effective year built 2026
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade finished areas
• Exterior features: No tidal water

Interior

• Bedrooms: Three bedrooms on the upper level
• Flooring: Luxury vinyl plank flooring
• Bathrooms: One full bathroom on the upper level; One half bathroom on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Electric hot water
• Interior features: Partially finished basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (3.3% below list).
• Recommended offer: $193k (3.3% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 6.0% in Baltimore — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 62% FRL vs 79% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 43% at this address vs 12% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 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 to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 10y 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 $75k; list at $200k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $193,231 (3.3% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.97% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $136,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 E 35th St	0.01mi	3/1.5	1,260 (0%)	1mo	$135,999	$108	99
604 E 35th St E	0.05mi	3/1.0	1,260 (0%)	1mo	$94,000	$75	95
646 E 37th St	0.24mi	3/2.0	1,284 (+2%)	0mo	$94,000	$73	83
609 Melville Ave	0.09mi	4/2.0 (+1)	1,364 (+8%)	1mo	$120,000	$88	74
3633 Elkader Rd	0.36mi	2/1.5 (-1)	1,304 (+4%)	1mo	$265,000	$203	72
3405 Greenway #302	0.44mi	2/1.5 (-1)	1,221 (-3%)	1mo	$265,000	$217	69
608 Chestnut Hill Ave	0.26mi	2/1.0 (-1)	1,156 (-8%)	1mo	$73,000	$63	67
827 Belgian Ave	0.70mi	3/2.0	1,260 (0%)	2mo	$130,000	$103	64
3807 Elkader Rd	0.41mi	4/2.0 (+1)	1,352 (+7%)	0mo	$235,000	$174	62
2956 Greenmount Ave	0.43mi	3/2.0	1,130 (-10%)	1mo	$209,395	$185	60
3825 Elkader Rd	0.43mi	4/2.0 (+1)	1,352 (+7%)	1mo	$275,000	$203	60
616 E 30th St	0.45mi	2/1.0 (-1)	1,092 (-13%)	2mo	$65,000	$60	49

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-25,726
• Equity at exit: $29,804

10-year hold

• IRR: -6.2%
• Equity multiple: 0.63×
• Total profit: $-20,845
• Equity at exit: $17,283

Cash invested: $55,969 (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 21218

• Rents YoY: 1.6%
• Active inventory: 330
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,932 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$250 /mo · $2,995/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $145

Break-even live

Break-even rent $1,748

Max offer price $199,888

Occupancy floor 87%

Sensitivity live

Price	-10% $259	-5% $202	+0% $145	+5% $89	+10% $32
Rent	-10% $-7	-5% $69	+0% $145	+5% $222	+10% $298
Rate	-1.0pp $246	-0.5pp $196	base $145	+0.5pp $94	+1.0pp $41

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: $49,972
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	45d	1	0.04mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	16d	1	0.19mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	45d	1	0.20mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	45d	1	0.20mi
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	45d	1	0.27mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	19d	1	0.32mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	13d	1	0.33mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	6d	1	0.33mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	924	$1,603	$1.73	0d	1	0.35mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	45d	1	0.36mi
925 Chestnut Hill Ave Baltimore, MD	3.0	1.0	1280	$1,895	$1.48	0d	1	0.36mi
3501 Saint Paul St Baltimore, MD	2.0	1.0	673	$2,030	$3.02	0d	186	0.36mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	16d	1	0.42mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,500	$2.39	6d	2	0.42mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	0d	2	0.43mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	19d	1	0.44mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	0d	9	0.45mi
3616 Yolando Rd Baltimore, MD	3.0	2.0	1360	$1,900	$1.40	0d	1	0.47mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	26d	1	0.51mi
4033 Greenmount Ave Baltimore, MD	2.0	2.5	1860	$2,550	$1.37	26d	1	0.55mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	45d	1	0.56mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	45d	1	0.57mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	45d	1	0.60mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	6d	1	0.63mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	14d	5	0.65mi
4303 York Rd #3 Baltimore, MD	2.0	1.0	1680	$1,400	$0.83	45d	1	0.70mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	45d	1	0.75mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	45d	1	0.75mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	26d	1	0.75mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	22d	1	0.75mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	45d	1	0.76mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	26d	1	0.77mi
105 W 39th St Baltimore, MD	2.0	1.0	753	$2,250	$2.99	6d	1	0.77mi
815 Gilrubin Ct Baltimore, MD	2.0	1.0	900	$1,695	$1.88	45d	1	0.78mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	4d	1	0.78mi
812 Nat Ct Apt 12 Baltimore, MD	2.0	1.0	900	$1,295	$1.44	45d	1	0.79mi
108 W 39th St Baltimore, MD	2.0	1.0–2.0	1350	$2,189	$1.62	0d	12	0.81mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	45d	1	0.81mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	5d	1	0.81mi
2752 Maryland Ave Unit 2ND FLOOR Baltimore, MD	2.0	1.0	900	$1,500	$1.67	19d	1	0.83mi

Listing history 29 events

1. 2026-04-12
   status Pending
2. 2026-04-08
   listed $199,888 Active
3. 2026-04-01
   historical $199,888
4. 2022-07-02
   price $1,400
5. 2017-06-08
   soldstatus $75,000
6. 2017-04-11
   soldstatus $75,000 Sold 400-char remark

   Show marketing remark (400 chars)

   Looking for a freshly renovated and affordable home that is move-in ready in Waverly? Then look no further. .. THIS IS IT! Make an appointment to see this spacious row home for yourself. This 3BR, 1.5BA home has new windows, a large eat-in kitchen with newer stainless steel appliances, separate dining room, newly carpeted bedrooms and also freshly painted throughout! Schedule your appointment NOW!

7. 2017-04-11
   soldstatus $75,000 400-char remark

   Show marketing remark (400 chars)

   Looking for a freshly renovated and affordable home that is move-in ready in Waverly? Then look no further. .. THIS IS IT! Make an appointment to see this spacious row home for yourself. This 3BR, 1.5BA home has new windows, a large eat-in kitchen with newer stainless steel appliances, separate dining room, newly carpeted bedrooms and also freshly painted throughout! Schedule your appointment NOW!

8. 2017-02-24
   status Contract 400-char remark

   Show marketing remark (400 chars)

   Looking for a freshly renovated and affordable home that is move-in ready in Waverly? Then look no further. .. THIS IS IT! Make an appointment to see this spacious row home for yourself. This 3BR, 1.5BA home has new windows, a large eat-in kitchen with newer stainless steel appliances, separate dining room, newly carpeted bedrooms and also freshly painted throughout! Schedule your appointment NOW!

9. 2017-01-25
   listed $87,000 Active 400-char remark

   Show marketing remark (400 chars)

   Looking for a freshly renovated and affordable home that is move-in ready in Waverly? Then look no further. .. THIS IS IT! Make an appointment to see this spacious row home for yourself. This 3BR, 1.5BA home has new windows, a large eat-in kitchen with newer stainless steel appliances, separate dining room, newly carpeted bedrooms and also freshly painted throughout! Schedule your appointment NOW!

10. 2016-10-11
    historical
11. 2016-10-11
    historical Expired
12. 2016-09-12
    price
13. 2016-08-24
    price
14. 2016-06-10
    listed Active
15. 2016-06-10
    listed $49,900
16. 2016-05-25
    historical
17. 2016-05-24
    historical
18. 2016-05-23
    soldstatus $32,000 Sold
19. 2016-05-23
    soldstatus $32,000
20. 2016-05-09
    status Contingent (No Kick Out)
21. 2016-05-03
    price $32,000
22. 2016-04-05
    status Active
23. 2016-03-05
    status Contract
24. 2016-03-05
    status Active
25. 2016-03-05
    status Contract
26. 2016-03-04
    listed $38,500 Active
27. 2016-03-04
    listed $32,000
28. 1988-05-19
    soldstatus $35,000
29. 1981-05-18
    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: $2,995 · $250/mo
• Projected year-2 tax: $2,995 · $250/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 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: $23,188
• − Mortgage interest: −$11,197
• − Property taxes: −$2,995
• − Insurance: −$999
• − Repairs & maintenance: −$1,855
• − Management: −$1,855
• − Depreciation: −$5,815
• Taxable loss: −$1,528
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $2,112/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+524.6% since first listed

29 events — show timeline

• 2026-04-12 Pending — BRIGHT MLS
• 2026-04-08 Listed $199,888 BRIGHT MLS
• 2026-04-01 Coming Soon $199,888 BRIGHT MLS
• 2022-07-02 Price Changed $1,400 RENT.
• 2017-06-08 Sold (Public Records) $75,000 Public Records
• 2017-04-11 Sold (MLS) $75,000 BRIGHT MLS
• 2017-04-11 Sold (MLS) $75,000 MRIS
• 2017-02-24 Pending — MRIS
• 2017-01-25 Listed $87,000 MRIS
• 2016-10-11 Delisted — MRIS
• 2016-10-11 Listing Removed — BRIGHT MLS
• 2016-09-12 Price Changed — MRIS
• 2016-08-24 Price Changed — MRIS
• 2016-06-10 Listed — MRIS
• 2016-06-10 Listed $49,900 BRIGHT MLS
• 2016-05-25 Delisted — MRIS
• 2016-05-24 Listing Removed — BRIGHT MLS
• 2016-05-23 Sold (MLS) $32,000 BRIGHT MLS
• 2016-05-23 Sold (MLS) $32,000 MRIS
• 2016-05-09 Pending — MRIS
• 2016-05-03 Price Changed $32,000 MRIS
• 2016-04-05 Relisted — MRIS
• 2016-03-05 Pending — MRIS
• 2016-03-05 Relisted — MRIS
• 2016-03-05 Pending — MRIS
• 2016-03-04 Listed $38,500 MRIS
• 2016-03-04 Listed $32,000 BRIGHT MLS
• 1988-05-19 Sold (Public Records) $35,000 Public Records
• 1981-05-18 Sold (Public Records) $32,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,995 · +6.1% YoY. Source: county tax records.