3924 Edgewood Rd · Baltimore, MD 21215

$189,000

4 bd · 2.0 ba · 1,500 sqft · Townhouse public records · 8 Days on market

Built 1935 Est $220k · 14% 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 +25.5/30.0
• ARV discount +13.9/15.0
• DSCR +8.5/10.0
• 1% rule +7.0/10.0
• 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

Discover the possibilities in this spacious 4-bedroom, 2 full-bath home offering character, functionality, and tremendous value for homeowners, investors, and renovation enthusiasts alike. This property features a classic brick garage, welcoming covered front porch, and a cozy rear porch perfect for relaxing and enjoying the outdoors. The fenced front yard and curb appeal. Inside, you'll find generous living space along with a full basement that includes a bedroom, full bathroom, and exterior exit—offering flexibility for extended living arrangements, guest accommodations, or future investment opportunities. Property is being sold As-Is. Home requires repairs and updates. Ideal for i

Key facts

• Covered front porch
• Classic brick garage
• Exterior exit

Tags

• CLASSIC BRICK GARAGE
• COVERED FRONT PORCH
• COZY REAR PORCH
• FENCED FRONT YARD
• FULL BASEMENT
• EXTERIOR EXIT

Property features AI

Finance

• Other: Ownership is fee simple

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Above-grade finished area reported by assessor
• Construction: Brick construction; Stone and concrete perimeter foundation; Other foundation elements noted; Above- and below-grade structures present; Below-grade finished and unfinished areas reported by assessor
• Exterior features: Not in a federal flood zone; Ground rent paid annually; Property located within city limits

Interior

• Bedrooms: Three bedrooms on the upper level; One bedroom on the lower level
• Bathrooms: Two full bathrooms (one on upper level, one on lower level)
• Heating & cooling: Radiator heat fueled by natural gas; Central air conditioning with natural gas cooling fuel
• Interior features: Finished basement with connecting stairway and interior access; Basement has a rear outside entrance; Basement is fully finished and improved; Living area reported by assessor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $189k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Cap rate 9.1% 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); 351 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,260/mo this rent would consume 53% of the median local household income ($52k/yr) (locally 3644% 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 $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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $155k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — 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 $189,000

Questions for the listing agent

1. Built in 1935 — 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: 1.20% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $220,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4027 Annellen Rd	0.09mi	4/2.0	1,452 (-3%)	3mo	$220,900	$152	88
3927 Cedardale Rd	0.07mi	3/2.0 (-1)	1,578 (+5%)	4mo	$208,000	$132	80
3911 Bareva Rd	0.18mi	4/2.0	1,620 (+8%)	0mo	$112,100	$69	78
3206 Yosemite Ave	0.24mi	3/1.5 (-1)	1,360 (-9%)	2mo	$215,000	$158	65
4023 Reisterstown Rd	0.35mi	4/4.0	1,400 (-7%)	2mo	$250,000	$179	63
2531 Boarman Ave	0.62mi	4/2.5	1,479 (-1%)	4mo	$254,000	$172	63
3635 Wabash Ave	0.46mi	3/1.5 (-1)	1,400 (-7%)	4mo	$159,000	$114	57
3951 Boarman Ave	0.72mi	4/2.5	1,588 (+6%)	2mo	$249,000	$157	53
2523 Boarman Ave	0.64mi	3/1.0 (-1)	1,450 (-3%)	3mo	$82,500	$57	53
3825 Pall Mall Rd	0.59mi	4/2.0	1,670 (+11%)	2mo	$246,000	$147	52
3635 Columbus Dr	0.49mi	3/2.5 (-1)	1,360 (-9%)	4mo	$125,000	$92	51
3741 Boarman Ave	0.51mi	3/1.0 (-1)	1,280 (-15%)	3mo	$115,000	$90	40

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: -1.9%
• Equity multiple: 0.93×
• Total profit: $-3,790
• Equity at exit: $28,181

10-year hold

• IRR: 7.1%
• Equity multiple: 1.52×
• Total profit: $27,724
• Equity at exit: $16,341

Cash invested: $52,920 (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: 351
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$991
• Tax from tax record: −$274 /mo · $3,287/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $441

Break-even live

Break-even rent $1,701

Max offer price $189,000

Occupancy floor 75%

Sensitivity live

Price	-10% $548	-5% $495	+0% $441	+5% $388	+10% $334
Rent	-10% $263	-5% $352	+0% $441	+5% $531	+10% $620
Rate	-1.0pp $537	-0.5pp $489	base $441	+0.5pp $392	+1.0pp $343

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4037 Cedardale Rd Baltimore, MD	5.0	3.0	1500	$2,800	$1.87	15d	1	0.13mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	44d	1	0.27mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	18d	1	0.33mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	44d	1	0.58mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	24d	1	0.63mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	24d	1	0.66mi
2415 Loyola Southway Baltimore, MD	3.0	1.5	1200	$2,033	$1.69	44d	1	0.72mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	18d	1	0.73mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	24d	1	0.78mi
4704 Pimlico Rd Baltimore, MD	3.0	1.5	2006	$1,800	$0.90	24d	1	0.93mi
2305 Wichita Ave Unit 1 Baltimore, MD	3.0	1.0	1950	$1,300	$0.67	24d	1	1.00mi
2910 Reisterstown Rd Baltimore, MD	1.0–3.0	1.0	950	$1,414	$1.49	15d	4	1.07mi
3028 Hanlon Ave Baltimore, MD	3.0	2.0	1200	$1,711	$1.43	24d	1	1.09mi
3632 Parkdale Ave Baltimore, MD	3.0	1.0	1400	$3,000	$2.14	44d	1	1.13mi
3104 Tioga Pkwy Baltimore, MD	3.0	2.0	1640	$2,050	$1.25	22d	1	1.14mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	44d	1	1.31mi
3030 Windsor Ave Baltimore, MD	4.0	1.5	2124	$1,995	$0.94	5d	1	1.35mi
4320 Roland Heights Ave Baltimore, MD	3.0	2.5	1800	$3,300	$1.83	18d	1	1.37mi
4322 Roland Heights Ave Baltimore, MD	3.0	3.0	1800	$3,000	$1.67	44d	1	1.37mi
2001 W Cold Spring Ln Baltimore, MD	1.0–3.0	1.0–2.0	1154	$3,505	$3.04	2d	31	1.37mi
3904 Gwynns Falls Pkwy Baltimore, MD	3.0	2.0	1772	$2,600	$1.47	44d	1	1.38mi
5306 Ethelbert Ave Baltimore, MD	5.0	2.5	1510	$3,000	$1.99	5d	1	1.40mi
4319 Medfield Ave Baltimore, MD	3.0	2.5	1800	$3,100	$1.72	44d	1	1.42mi
2812 Clifton Ave Baltimore, MD	3.0	1.5	1650	$1,850	$1.12	44d	1	1.43mi
2917 Clifton Ave Baltimore, MD	4.0	4.0	1700	$2,150	$1.26	24d	1	1.46mi

Listing history 6 events

1. 2026-06-18
   days on market $189,000 Coming Soon 8 DOM
2. 2026-06-17
   days on market $189,000 Coming Soon 7 DOM
3. 2026-06-16
   days on market $189,000 Coming Soon 6 DOM
4. 2026-06-15
   days on market $189,000 Coming Soon 5 DOM
5. 2026-06-13
   remarks 693-char remark
6. 2026-06-13
   listed $189,000 Coming Soon 3 DOM

ⓘ 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: $3,287 · $274/mo
• Projected year-2 tax: $3,287 · $274/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 6/10 Major 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: $27,117
• − Mortgage interest: −$10,587
• − Property taxes: −$3,287
• − Insurance: −$945
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$5,498
• Taxable income: $2,461
• Est. tax owed @ 24.0%: −$591
• After-tax cash flow: $4,706/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

+278.0% since first listed

5 events — show timeline

• 2026-06-10 Coming Soon $189,000 BRIGHT MLS
• 2011-01-05 Sold (Public Records) $155,000 Public Records
• 2011-01-05 Sold (Public Records) $155,000 Public Records
• 2011-01-05 Sold (Public Records) $155,000 Public Records
• 2010-03-19 Sold (Public Records) $50,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $3,287 · +4.7% YoY. Source: county tax records.