515 E 35th St · Baltimore, MD 21218

$135,999

3 bd · 1.0 ba · 1,260 sqft · Townhouse public records · 1 Days on market

Built 1924 Est $136k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Listed and sold simultaneously. Well maintained 3 bedroom, row house located in "Waverly Neighborhood". It has an exposed brick wall going up stairs, and central air conditioning. Nice size kitchen, dining room with half bath. It has hardwood floors and carpet. The hallway upstairs has a skylight There is only a shower in main bathroom, no tub. The basement has a washtub, sump pump, front windows, and a outside entrance from backyard. Home inspections for Informational purposes only. House being sold "As-IS Condition".

Key facts

• Built 1924

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $136k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $136k).
• Cap rate 10.8% 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 (+1.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 37% of the median local income ($62k/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 $940 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 + 1.6% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

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 $135,999

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. 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: 1.43% ✓
• Cap rate: 10.84%
• Cash-on-cash: 16.24%
• DSCR: 1.72
• GRM: 5.8

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	0.00mi	3/1.5	1,260 (0%)	1mo	$135,999	$108	97
604 E 35th St E	0.05mi	3/1.0	1,260 (0%)	1mo	$94,000	$75	97
646 E 37th St	0.24mi	3/2.0	1,284 (+2%)	0mo	$94,000	$73	82
609 Melville Ave	0.09mi	4/2.0 (+1)	1,364 (+8%)	1mo	$120,000	$88	72
3633 Elkader Rd	0.35mi	2/1.5 (-1)	1,304 (+4%)	1mo	$265,000	$203	70
608 Chestnut Hill Ave	0.26mi	2/1.0 (-1)	1,156 (-8%)	1mo	$73,000	$63	69
3405 Greenway #302	0.44mi	2/1.5 (-1)	1,221 (-3%)	1mo	$265,000	$217	67
827 Belgian Ave	0.70mi	3/2.0	1,260 (0%)	2mo	$130,000	$103	62
3807 Elkader Rd	0.40mi	4/2.0 (+1)	1,352 (+7%)	0mo	$235,000	$174	60
2956 Greenmount Ave	0.43mi	3/2.0	1,130 (-10%)	1mo	$209,395	$185	58
3825 Elkader Rd	0.42mi	4/2.0 (+1)	1,352 (+7%)	1mo	$275,000	$203	58
616 E 30th St	0.45mi	2/1.0 (-1)	1,092 (-13%)	2mo	$65,000	$60	51

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $8,230
• Equity at exit: $20,278

10-year hold

• IRR: 13.8%
• Equity multiple: 2.03×
• Total profit: $39,224
• Equity at exit: $11,759

Cash invested: $38,080 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$713
• Tax from tax record: −$246 /mo · $2,955/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $515

Break-even live

Break-even rent $1,286

Max offer price $135,999

Occupancy floor 68%

Sensitivity live

Price	-10% $592	-5% $554	+0% $515	+5% $477	+10% $438
Rent	-10% $362	-5% $439	+0% $515	+5% $592	+10% $669
Rate	-1.0pp $584	-0.5pp $550	base $515	+0.5pp $480	+1.0pp $444

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: $34,000
• Closing costs: $4,080
• 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	44d	1	0.04mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	15d	1	0.19mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	44d	1	0.20mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	44d	1	0.20mi
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	44d	1	0.27mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	18d	1	0.32mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	11d	1	0.33mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	5d	1	0.33mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	2d	1	0.35mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	44d	1	0.36mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,700	$2.95	2d	172	0.36mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	15d	1	0.42mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,500	$2.39	5d	2	0.42mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	3d	1	0.43mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	18d	1	0.44mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	3d	10	0.45mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	24d	1	0.51mi
4033 Greenmount Ave Baltimore, MD	2.0	2.5	1860	$2,550	$1.37	24d	1	0.55mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	44d	1	0.56mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	44d	1	0.57mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	44d	1	0.60mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	5d	1	0.63mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	13d	5	0.65mi
4303 York Rd #3 Baltimore, MD	2.0	1.0	1680	$1,400	$0.83	44d	1	0.70mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	44d	1	0.75mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	44d	1	0.75mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	24d	1	0.75mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	21d	1	0.75mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	44d	1	0.76mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	24d	1	0.77mi
105 W 39th St Baltimore, MD	2.0	1.0	753	$2,250	$2.99	5d	1	0.77mi
815 Gilrubin Ct Baltimore, MD	2.0	1.0	900	$1,695	$1.88	44d	1	0.78mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	3d	1	0.78mi
812 Nat Ct Apt 12 Baltimore, MD	2.0	1.0	900	$1,295	$1.44	44d	1	0.79mi
108 W 39th St Baltimore, MD	2.0	1.0–2.0	1350	$2,189	$1.62	4d	11	0.81mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	44d	1	0.81mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	4d	1	0.81mi
2752 Maryland Ave Unit 2ND FLOOR Baltimore, MD	2.0	1.0	900	$1,500	$1.67	18d	1	0.83mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	44d	1	0.83mi
2516 Barclay St Baltimore, MD	3.0	1.0	992	$1,375	$1.39	17d	1	0.84mi

Listing history 10 events

1. 2026-04-24
   status Pending
2. 2026-04-24
   status Active Under Contract
3. 2026-04-23
   listed $135,999 Active
4. 2026-04-23
   historical
5. 2006-12-01
   soldstatus $149,000
6. 1999-03-16
   soldstatus $72,000
7. 1997-10-27
   soldstatus $18,000
8. 1997-10-27
   soldstatus $60,000
9. 1997-10-27
   soldstatus $60,000
10. 1987-12-04
    soldstatus $22,000

ⓘ 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: $2,955 · $246/mo
• Projected year-2 tax: $2,955 · $246/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: $23,264
• − Mortgage interest: −$7,618
• − Property taxes: −$2,955
• − Insurance: −$680
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$3,956
• Taxable income: $4,332
• Est. tax owed @ 24.0%: −$1,040
• After-tax cash flow: $5,145/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

+518.2% since first listed

10 events — show timeline

• 2026-04-24 Pending — BRIGHT MLS
• 2026-04-24 Relisted — BRIGHT MLS
• 2026-04-23 Listing Removed — BRIGHT MLS
• 2026-04-23 Listed $135,999 BRIGHT MLS
• 2006-12-01 Sold (Public Records) $149,000 Public Records
• 1999-03-16 Sold (Public Records) $72,000 Public Records
• 1997-10-27 Sold (Public Records) $60,000 Public Records
• 1997-10-27 Sold (Public Records) $60,000 Public Records
• 1997-10-27 Sold (Public Records) $18,000 Public Records
• 1987-12-04 Sold (Public Records) $22,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $2,955 · +6.0% YoY. Source: county tax records.