4029 Reisterstown Rd · Baltimore, MD 21215

$74,999

3 bd · 1.0 ba · 1,400 sqft · Townhouse · 17 Days on market

Built 1920 1,600 sqft lot $54/sqft · 61% below area

---

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

This is a great investment opportunity in the hottest zip code in Baltimore City. Four bedrooms and 2 baths. The basement is tall with a bedroom and bathroom that was there and goes the length of the property. This end of unit home is ready for sale. Located in Central Park Heights and minutes from Pimlico Racecourse. It needs a full rehab. The property is sold As-Is, cash deals only,

Key facts

• Tall basement
• Full rehab
• Sold as-is

Tags

• INVESTMENT OPPORTUNITY
• TALL BASEMENT
• END OF UNIT HOME
• FULL REHAB
• SOLD AS-IS

Property features AI

Finance

• Other: Approximately 1,400 finished square feet above grade (estimated); Approximately 700 below-grade unfinished area (estimated); Below-grade total area reported as 700

Exterior

• Parking: On-street parking
• Utilities: Public water; Private sewer; Natural gas service
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade structures; Year built per assessor
• Exterior features: Two or more access exits; No tidal water

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Forced air heating; Electric cooling; Natural gas hot water
• Interior features: Connecting stairway to the basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $75k.

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 $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.4% 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); 354 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 43% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $75k implies a 98% 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 $73,874 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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.
6. 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.
7. 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: 2.48% ✓
• Cap rate: 22.44%
• Cash-on-cash: 57.68%
• DSCR: 3.57
• GRM: 3.4

CMA / ARV

• ARV (median comp): $192,041
• List price: $74,999
• Delta: -60.95%
• 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
4023 Reisterstown Rd	0.01mi	4/4.0 (+1)	1,400 (0%)	2mo	$250,000	$179	81
2523 Boarman Ave	0.34mi	3/1.0	1,450 (+4%)	3mo	$82,500	$57	76
3206 Yosemite Ave	0.40mi	3/1.5	1,360 (-3%)	2mo	$215,000	$158	73
4027 Annellen Rd	0.26mi	4/2.0 (+1)	1,452 (+4%)	3mo	$220,900	$152	70
3654 Malden Ave	0.71mi	3/1.5	1,431 (+2%)	3mo	$254,000	$177	58
3026 Virginia Ave	0.74mi	3/1.0	1,442 (+3%)	3mo	$75,000	$52	58
3635 Columbus Dr	0.61mi	3/2.5	1,360 (-3%)	4mo	$125,000	$92	57
3927 Cedardale Rd	0.35mi	3/2.0	1,578 (+13%)	4mo	$208,000	$132	55
3701 Columbus Dr	0.63mi	3/1.0	1,200 (-14%)	4mo	$108,000	$90	44
3709 Columbus Dr	0.66mi	3/1.5	1,200 (-14%)	0mo	$133,900	$112	43
4558 Finney Ave	0.66mi	4/2.0 (+1)	1,600 (+14%)	1mo	$240,000	$150	36
3716 Columbus Dr	0.66mi	4/2.0 (+1)	1,200 (-14%)	3mo	$242,000	$202	34

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: 55.5%
• Equity multiple: 3.43×
• Total profit: $51,029
• Equity at exit: $11,183

10-year hold

• IRR: 60.3%
• Equity multiple: 6.84×
• Total profit: $122,733
• Equity at exit: $6,485

Cash invested: $21,000 (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: 354
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$393
• Tax from tax record: −$37 /mo · $441/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $1,009

Break-even live

Break-even rent $584

Max offer price $74,999

Occupancy floor 41%

Sensitivity live

Price	-10% $1,052	-5% $1,031	+0% $1,009	+5% $988	+10% $967
Rent	-10% $862	-5% $936	+0% $1,009	+5% $1,083	+10% $1,156
Rate	-1.0pp $1,047	-0.5pp $1,028	base $1,009	+0.5pp $990	+1.0pp $970

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	19d	1	0.22mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	45d	1	0.27mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	25d	1	0.29mi
2415 Loyola Southway Baltimore, MD	3.0	1.5	1200	$2,033	$1.69	45d	1	0.34mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	19d	1	0.43mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	25d	1	0.44mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	45d	1	0.47mi
2824 Edgecombe Cir S Baltimore, MD	2.0	2.0	950	$1,475	$1.55	23d	1	0.54mi
2530 Edgecombe Cir N Baltimore, MD	2.0–3.0	1.0	920	$1,325	$1.44	3d	4	0.63mi
3508 Grantley Rd Baltimore, MD	2.0	1.0	1250	$1,350	$1.08	25d	1	0.77mi
4714 Greenspring Ave Baltimore, MD	2.0	1.0	890	$1,295	$1.46	45d	1	0.77mi
2080 Rockrose Ave Unit 2080-201 Baltimore, MD	2.0	2.0	1080	$2,100	$1.94	25d	1	0.80mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	25d	1	0.81mi
3632 Parkdale Ave Baltimore, MD	3.0	1.0	1400	$3,000	$2.14	45d	1	0.82mi
3735 Manchester Ave Baltimore, MD	2.0	1.0	1000	$1,350	$1.35	5d	1	0.83mi
2078 Druid Park Dr Baltimore, MD	2.0	3.0	1500	$2,500	$1.67	45d	1	0.86mi
4828 Beaufort Ave Baltimore, MD	2.0	2.5	1200	$1,850	$1.54	25d	1	0.86mi
2078 Druid Park Dr Unit 4 Baltimore, MD	2.0	2.5	1500	$2,500	$1.67	45d	1	0.87mi
2001 W Cold Spring Ln Baltimore, MD	1.0–3.0	1.0–2.0	1154	$3,505	$3.04	3d	31	0.99mi
4320 Roland Heights Ave Baltimore, MD	3.0	2.5	1800	$3,300	$1.83	19d	1	0.99mi
4322 Roland Heights Ave Baltimore, MD	3.0	3.0	1800	$3,000	$1.67	45d	1	0.99mi
5000 Litchfield Ave #1 Baltimore, MD	2.0	1.0	1100	$1,100	$1.00	45d	1	1.04mi
4319 Medfield Ave Baltimore, MD	3.0	2.5	1800	$3,100	$1.72	45d	1	1.04mi
2910 Reisterstown Rd Baltimore, MD	1.0–3.0	1.0	950	$1,414	$1.49	16d	4	1.04mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	45d	1	1.16mi
3001 Carlisle Ave Baltimore, MD	3.0	1.0	1024	$1,300	$1.27	45d	1	1.19mi
2738 N Longwood St Baltimore, MD	3.0	1.0	1024	$1,399	$1.37	45d	1	1.19mi
4010 Fernhill Ave Unit 2 Baltimore, MD	2.0	1.0	1100	$1,500	$1.36	45d	1	1.22mi
3104 Tioga Pkwy Baltimore, MD	3.0	2.0	1640	$2,050	$1.25	23d	1	1.22mi
2742 N Rosedale St Baltimore, MD	3.0	1.0	1024	$1,350	$1.32	45d	2	1.22mi
3915 Liberty Heights Ave Gwynn Oak, MD	1.0–2.0	1.0–2.0	680	$1,345	$1.98	13d	5	1.23mi
3403 Carlisle Ave Apt 1 Baltimore, MD	2.0	1.0	1100	$1,600	$1.45	12d	1	1.25mi
3028 Hanlon Ave Baltimore, MD	3.0	2.0	1200	$1,711	$1.43	25d	1	1.33mi
5301 Maple Ave Baltimore, MD	3.0	1.0	960	$1,700	$1.77	45d	1	1.34mi
4429 Newport Ave Baltimore, MD	3.0	2.0	1248	$2,400	$1.92	45d	1	1.34mi
1527 W 36th St Unit 2ND FLOOR Baltimore, MD	2.0	1.0	1200	$1,600	$1.33	45d	1	1.35mi
3401 Woodbrook Ave Unit 1 Baltimore, MD	3.0	1.0	900	$1,199	$1.33	25d	1	1.40mi
5340 Maple Ave Baltimore, MD	2.0	1.0	1200	$1,950	$1.62	45d	1	1.40mi
4032 Falls Rd Unit 2 Baltimore, MD	2.0	1.0	1040	$1,650	$1.59	45d	1	1.43mi
4032 Falls Rd Baltimore, MD	2.0	1.0	1040	$1,645	$1.58	45d	1	1.43mi

Listing history 5 events

1. 2026-06-01
   days on market $74,999 Active 17 DOM
2. 2026-05-31
   days on market $74,999 Active 16 DOM
3. 2026-05-15
   listed $74,999 Active 388-char remark
4. 1990-01-18
   soldstatus $37,900
5. 1989-03-21
   soldstatus $1,006,000

ⓘ 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: $441 · $37/mo
• Projected year-2 tax: $629 · $52/mo
• Expected delta: +$188/yr (+$16/mo · 42.6%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,340
• − Mortgage interest: −$4,201
• − Property taxes: −$441
• − Insurance: −$375
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$2,182
• Taxable income: $11,566
• Est. tax owed @ 24.0%: −$2,776
• After-tax cash flow: $9,337/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

-92.5% since first listed

4 events — show timeline

• 2026-06-02 Listing Removed — BRIGHT MLS
• 2026-05-15 Listed $74,999 BRIGHT MLS
• 1990-01-18 Sold (Public Records) $37,900 Public Records
• 1989-03-21 Sold (Public Records) $1,006,000 Public Records

Property tax history

-1.8%/yr

Latest (2025): $441 · +5.7% YoY. Source: county tax records.