617 Annabel Ave · Baltimore, MD 21225

$170,000

2 bd · 1.0 ba · 967 sqft · Townhouse public records · 22 Days on market

Built 1942 $176/sqft · 27% above area Est $134k · 27% 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 +20.4/30.0
• DSCR +6.5/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Key facts

• Built 1942
• Listed 22 days

Property features AI

Finance

• Other: Fee simple ownership; Below-grade area partially finished (434 below-grade area); Above-grade finished area recorded at 967 (assessor)

Exterior

• Parking: Alley access; On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas for heating and hot water
• Home design: Interior townhouse / rowhouse; Main entrance faces northeast
• Construction: Brick construction; Shingle roof; Foundation: other
• Exterior features: Porch(es); Exterior lighting; Sidewalks; Rear fencing; Landscaped lot

Interior

• Kitchen: Dishwasher; Gas range / oven; Refrigerator; Freezer; Icemaker; Water dispenser; Stainless steel appliances; Single oven
• Bedrooms: Two bedrooms on the first upper level (Master Bedroom, Bedroom 2)
• Flooring: Ceramic tile; Laminate plank; Luxury vinyl plank
• Bathrooms: One full bathroom (on upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans; Hot water heated by natural gas
• Interior features: Ceiling fans; Traditional floor plan; Tub with shower; Drywall walls and ceilings; Partially finished basement with improved, heated space, interior access, walkout stairs, windows and rear/outside entrance; connecting stairway
• Laundry & utility: Washer and dryer (laundry located on lower floor); Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/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 $164k (3.8% below list).
• Recommended offer: $164k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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 fast (+4.1%/yr); 165 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 36% of the median local income ($54k/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 $1k of loan paydown is wiped out by about $5k 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 22 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $96k; list at $170k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $163,550 (3.8% below list)

Questions for the listing agent

1. Built in 1942 — 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: 0.96% ✗
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $134,355
• List price: $170,000
• Delta: 26.53%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Cambria St	0.21mi	3/1.0 (+1)	968 (+0%)	3mo	$76,000	$79	83
3731 10th St	0.39mi	2/1.0	1,041 (+8%)	3mo	$125,000	$120	67
3712 8th St	0.22mi	2/1.5	1,088 (+12%)	0mo	$60,000	$55	66
3507 4th St	0.22mi	2/1.0	1,102 (+14%)	2mo	$50,000	$45	65
3571 Horton Ave	0.26mi	2/1.0	826 (-15%)	1mo	$25,000	$30	63
4132 Doris Ave	0.54mi	3/1.5 (+1)	992 (+3%)	1mo	$215,000	$217	62
3547 5th St	0.12mi	3/2.5 (+1)	1,092 (+13%)	3mo	$205,000	$188	59
4144 Townsend Ave	0.60mi	3/1.5 (+1)	992 (+3%)	3mo	$90,100	$91	59
3948 Brooklyn Ave	0.41mi	3/1.5 (+1)	1,080 (+12%)	0mo	$90,000	$83	54
3916 2nd St	0.54mi	3/2.0 (+1)	1,024 (+6%)	2mo	$247,000	$241	54
1347 Cambria St	0.62mi	3/2.5 (+1)	986 (+2%)	3mo	$177,000	$180	54
4009 8th St	0.38mi	2/2.5	1,088 (+12%)	2mo	$223,000	$205	54

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-11,635
• Equity at exit: $25,348

10-year hold

• IRR: 4.3%
• Equity multiple: 1.33×
• Total profit: $15,470
• Equity at exit: $14,698

Cash invested: $47,600 (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 21225

• Home prices YoY: -31.9%
• Rents YoY: 4.1%
• Active inventory: 165
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$891
• Tax from tax record: −$107 /mo · $1,289/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $222

Break-even live

Break-even rent $1,354

Max offer price $170,000

Occupancy floor 81%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	0.07mi
520 Baltic Ave Unit B Baltimore, MD	1.0	1.0	800	$1,050	$1.31	43d	1	0.21mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	0.25mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	0.25mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	0.25mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	0.27mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.30mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	17d	1	0.36mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	43d	1	0.36mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.41mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	43d	1	0.42mi
807 Stoll St Unit 1 Baltimore, MD	1.0	1.0	658	$1,000	$1.52	43d	1	0.43mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.56mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.56mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.56mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.63mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	4d	1	0.63mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	0.65mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	23d	1	0.86mi
205 Arundel Rd W Brooklyn, MD	1.0	1.0	608	$1,200	$1.97	43d	1	0.87mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.89mi
1628 Plum St Apt B (CB) Baltimore, MD	1.0	1.0	800	$850	$1.06	23d	1	0.93mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	21d	1	0.96mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	43d	1	0.96mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	23d	1	1.18mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	2d	22	1.42mi

Listing history 12 events

1. 2026-04-30
   listed $170,000 Active 1149-char remark
2. 2026-04-24
   historical $170,000 1149-char remark
3. 2026-03-31
   historical
4. 2026-02-14
   price $179,900
5. 2025-12-03
   listed $189,500 Active
6. 2025-10-16
   historical
7. 2025-09-26
   price $190,500
8. 2025-09-15
   price $195,000
9. 2025-08-04
   listed $200,000 Active
10. 2025-07-09
    historical
11. 2008-07-24
    soldstatus $95,716
12. 1990-08-22
    soldstatus $58,000

ⓘ 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: $1,289 · $107/mo
• Projected year-2 tax: $1,571 · $131/mo
• Expected delta: +$282/yr (+$23/mo · 21.9%)

ⓘ 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 8/10 Severe 7 d/yr ≥102°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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,626
• − Mortgage interest: −$9,523
• − Property taxes: −$1,289
• − Insurance: −$850
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$4,945
• Taxable loss: −$122
• Est. tax savings @ 24.0%: +$29
• After-tax cash flow: $2,696/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: Anne Arundel County · 535,653 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,062
• Household income: $54,020
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1440.0

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 0.68)
• Race & ethnicity: Black 42% White 32% Hispanic / Latino 20% Two or more races 8% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -119.44%
• Current HPI: 254.5089
• Rent YoY: ▲ 4.08%
• 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

+193.1% since first listed

13 events — show timeline

• 2026-05-22 Pending — BRIGHT MLS
• 2026-04-30 Listed $170,000 BRIGHT MLS
• 2026-04-24 Coming Soon $170,000 BRIGHT MLS
• 2026-03-31 Listing Removed — BRIGHT MLS
• 2026-02-14 Price Changed $179,900 BRIGHT MLS
• 2025-12-03 Listed $189,500 BRIGHT MLS
• 2025-10-16 Listing Removed — BRIGHT MLS
• 2025-09-26 Price Changed $190,500 BRIGHT MLS
• 2025-09-15 Price Changed $195,000 BRIGHT MLS
• 2025-08-04 Listed $200,000 BRIGHT MLS
• 2025-07-09 Coming Soon — BRIGHT MLS
• 2008-07-24 Sold (Public Records) $95,716 Public Records
• 1990-08-22 Sold (Public Records) $58,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $1,289 · +11.2% YoY. Source: county tax records.