7121 Park Heights Ave Unit 804 · Baltimore, MD 21215

$140,000

2 bd · 2.0 ba · 1,525 sqft · Condo public records · 47 Days on market

Built 1965 $92/sqft · at area comps Est $140k · at est.

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Why this score? — see what drove the F 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).

• 1% rule +8.1/10.0
• ARV discount +7.6/15.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

Key facts

• Upright freezer
• Utility room
• Marble foyer

Tags

• UTILITY ROOM
• FULL-SIZE WASHER
• FULL-SIZE DRYER
• UPRIGHT FREEZER
• MARBLE FOYER
• CORIAN COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-764 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 0.2% vs local median 6.0% in Baltimore — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Cross Country Elementary/Middle (math 6% / reading 18%, grade F, #550 of 860 statewide, top 66%, 649 students, 68% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 55% FRL vs 79% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 45% at this address vs 12% district-wide (+33 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 (+2.4%/yr); 354 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $968 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.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $80k; list at $140k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; HOA is 66% of rent.
• Climate carrying-cost: major flood risk; moderate wind risk, 23% 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 $135,800 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 0.22%
• Cash-on-cash: -21.68%
• DSCR: 0.04
• GRM: 6.4

CMA / ARV

• ARV (median comp): $140,268
• List price: $140,000
• Delta: -0.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -68.2%
• Equity multiple: -0.83×
• Total profit: $-71,628
• Equity at exit: $20,874

10-year hold

• IRR: —
• Equity multiple: -2.22×
• Total profit: $-126,187
• Equity at exit: $12,105

Cash invested: $39,200 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,830 high
• Mortgage (P&I): −$734
• Tax from tax record: −$151 /mo · $1,810/yr
• Insurance: −$58
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA est. from 13 same-building comps: −$1,211
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $-764

Break-even live

Break-even rent $2,797

Max offer price $25,973

Occupancy floor —

Sensitivity live

Price	-10% $-685	-5% $-724	+0% $-764	+5% $-804	+10% $-843
Rent	-10% $-908	-5% $-836	+0% $-764	+5% $-692	+10% $-619
Rate	-1.0pp $-693	-0.5pp $-728	base $-764	+0.5pp $-800	+1.0pp $-837

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7220 Park Heights Ave Pikesville, MD	2.0	2.0	1050	$1,565	$1.49	4d	2	0.15mi
3700 Seven Mile Ln Pikesville, MD	1.0–2.0	1.0–2.0	1063	$1,720	$1.62	0d	11	0.24mi
7307 Park Heights Ave Pikesville, MD	2.0	2.0–2.5	1251	$2,506	$2.00	3d	5	0.24mi
3607 Labyrinth Rd Baltimore, MD	1.0–3.0	1.0–2.0	925	$1,600	$1.73	21d	5	0.42mi
3505 Clarks Ln Unit D2 Baltimore, MD	3.0	2.0	1750	$2,500	$1.43	45d	1	0.54mi
3809 Clarks Ln Unit 301 Baltimore, MD	2.0	2.0	1057	$1,600	$1.51	25d	1	0.61mi
6936 Blanche Rd Baltimore, MD	3.0	1.5	1410	$1,800	$1.28	45d	1	0.78mi
6317 Pearce Ave Baltimore, MD	2.0	2.0	1140	$1,600	$1.40	45d	1	0.79mi
19 Warren Park Dr Pikesville, MD	3.0	1.0–2.0	903	$1,467	$1.62	0d	12	0.81mi
7008 Deerfield Rd Pikesville, MD	3.0	1.5	1664	$2,300	$1.38	45d	1	0.83mi
515 Marshall Ave Pikesville, MD	3.0	2.0	1200	$2,750	$2.29	45d	1	0.90mi
6609 Eberle Dr Baltimore, MD	1.0–3.0	1.0–2.0	1011	$1,476	$1.46	0d	26	0.92mi
220 Brightside Ave Pikesville, MD	3.0	1.5	1233	$2,500	$2.03	19d	1	1.06mi
2900 Taney Rd Apt 1A Baltimore, MD	2.0	2.0	1200	$1,600	$1.33	25d	1	1.16mi
6310 Greenspring Ave Baltimore, MD	2.0–3.0	1.5–2.0	1080	$1,525	$1.41	4d	6	1.25mi
7248 Early Golden Ln Unit 7248 Pikesville, MD	3.0	2.5	1280	$2,500	$1.95	25d	1	1.30mi
5807 Gist Ave Baltimore, MD	2.0	1.5	2100	$1,395	$0.66	25d	1	1.36mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	45d	1	1.43mi
6624 Chippewa Dr Baltimore, MD	3.0	1.5	1514	$2,400	$1.59	25d	1	1.50mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $140,000 Active 47 DOM
2. 2026-06-18
   days on market $140,000 Active 44 DOM
3. 2026-06-17
   days on market $140,000 Active 43 DOM
4. 2026-06-16
   days on market $140,000 Active 42 DOM
5. 2026-06-15
   days on market $140,000 Active 41 DOM
6. 2026-06-13
   days on market $140,000 Active 39 DOM
7. 2026-06-09
   days on market $140,000 Active 35 DOM
8. 2026-06-08
   days on market $140,000 Active 34 DOM
9. 2026-06-07
   days on market $140,000 Active 33 DOM
10. 2026-06-04
    days on market $140,000 Active 30 DOM
11. 2026-06-03
    days on market $140,000 Active 29 DOM
12. 2026-06-02
    days on market $140,000 Active 28 DOM
13. 2026-06-01
    days on market $140,000 Active 27 DOM
14. 2026-05-31
    days on market $140,000 Active 26 DOM
15. 2026-05-04
    listed $140,000 Active 1164-char remark
16. 2015-03-25
    soldstatus $79,900
17. 2015-03-17
    soldstatus $79,900 431-char remark

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

18. 2015-03-17
    soldstatus $79,900 Sold

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

19. 2015-03-04
    status Contract

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

20. 2015-02-12
    status Active

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

21. 2015-02-10
    status Contract

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

22. 2015-01-20
    listed $79,900 Active

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

23. 2015-01-20
    listed $79,900 431-char remark

    Show marketing remark (431 chars)

    IMMACULATE UPDATED CONDO WITH UTILITY RM & FULL SIZE WASHER & DRYER IN UNIT. MARBLE FOYER, 5 YR OLD KITCHEN & APPLIANCES, CORIAN COUNTERS, PULL OUT DRAWERS, & INSTANT HOT. BRIGHT LR & DR W/ SLIDERS TO BALCONY, 2ND BR OR DEN W/ BUILT-INS. SPACIOUS MBR W/ DRESSING AREA & VANITY. MASTER BATH HAS 1 YR OLD PREMIER WALK-IN TUB/SHOWER. ALL WINDOWS REPLACED W/ LOWE GLASS. LUXURY FULL SERVICE BUILDING!

24. 2015-01-06
    historical Withdrawn
25. 2015-01-06
    historical
26. 2014-10-27
    price
27. 2014-07-15
    listed Active
28. 2014-07-14
    listed $89,900
29. 2007-04-25
    soldstatus $119,900
30. 2007-04-17
    soldstatus $119,900
31. 2007-02-12
    historical
32. 2006-12-14
    listed $119,900

ⓘ 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: $1,810 · $151/mo
• Projected year-2 tax: $1,810 · $151/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 7/10 Severe FEMA zone X (unshaded) · 77% 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 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,965
• − Mortgage interest: −$7,842
• − Property taxes: −$1,810
• − Insurance: −$1,366
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − HOA: −$14,532
• − Depreciation: −$4,073
• Taxable loss: −$11,173
• Est. tax savings @ 24.0%: +$2,682
• After-tax cash flow: $-6,485/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

+16.8% since first listed

18 events — show timeline

• 2026-05-04 Listed $140,000 Fizber.com
• 2015-03-25 Sold (Public Records) $79,900 Public Records
• 2015-03-17 Sold (MLS) $79,900 MRIS
• 2015-03-17 Sold (MLS) $79,900 BRIGHT MLS
• 2015-03-04 Pending — MRIS
• 2015-02-12 Relisted — MRIS
• 2015-02-10 Pending — MRIS
• 2015-01-20 Listed $79,900 MRIS
• 2015-01-20 Listed $79,900 BRIGHT MLS
• 2015-01-06 Listing Removed — BRIGHT MLS
• 2015-01-06 Delisted — MRIS
• 2014-10-27 Price Changed — MRIS
• 2014-07-15 Listed — MRIS
• 2014-07-14 Listed $89,900 BRIGHT MLS
• 2007-04-25 Sold (Public Records) $119,900 Public Records
• 2007-04-17 Sold (MLS) $119,900 MRIS
• 2007-02-12 Delisted — MRIS
• 2006-12-14 Listed $119,900 MRIS

Property tax history

-2.7%/yr

Latest (2025): $1,810 · -0.4% YoY. Source: county tax records.