2635 Harlem Ave · Baltimore, MD 21216

$75,000

3 bd · 1.0 ba · 1,260 sqft · Townhouse · 31 Days on market

Built 1920 10,019 sqft lot Est $64k · 17% over

---

Why this score? — see what drove the C+ 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
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

AGENTS - PLEASE VIEW AGENT REMARKS IN BRIGHT MLS. Beautifully newly remodeled 3-bedroom, 1 full bath home located in the heart of Baltimore in a quiet neighborhood family-friendly neighborhood! This move-in ready home features a stunning brand-new kitchen with ceramic island, new kitchen sink, and brand-new GE Appliances: refrigerator, cooking range, and built-in microwave oven. The home also offers updated flooring throughout, freshly painted interior, new ceiling fans, and a fully renovated bathroom with elegant glass shower door. Bright and spacious living areas with modern finishes make this home perfect for comfortable living. Conveniently located near a kids' park, desirable community

Key facts

• Built 1920
• Listed 31 days

Property features AI

Finance

• Financial info: Annual ground rent noted

Exterior

• Utilities: Natural gas heating and hot water; Public water; Municipal sewer (no septic)
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures; Year built per assessor
• Exterior features: Ground rent exists; Not in a federal flood zone; Public water; No septic system

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Ceiling fans for cooling; Natural gas hot water
• Interior features: Other interior features; Basement with rear entrance; Unfinished basement

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 $952 ($11k/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: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.5% 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 (+6.1%/yr); 252 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,807/mo this rent would consume 52% of the median local household income ($42k/yr) (locally 2264% 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 $519 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 + 6.1% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y 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 $8k; list at $75k implies a 782% 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 $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 2.41% ✓
• Cap rate: 21.53%
• Cash-on-cash: 54.43%
• DSCR: 3.42
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $64,260
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2435 Lauretta Ave	0.28mi	3/1.0	1,260 (0%)	1mo	$45,000	$36	86
2711 Riggs Ave	0.34mi	3/1.0	1,288 (+2%)	2mo	$134,000	$104	79
2516 W Fairmount Ave	0.52mi	3/1.0	1,304 (+4%)	2mo	$30,000	$23	68
537 Longwood St	0.29mi	4/2.0 (+1)	1,176 (-7%)	0mo	$60,000	$51	66
2576 W Baltimore St W	0.54mi	3/2.0	1,200 (-5%)	2mo	$152,000	$127	61
1906 W Saratoga St	0.72mi	3/1.5	1,273 (+1%)	2mo	$155,000	$122	61
2544 W Fairmount Ave	0.50mi	2/1.5 (-1)	1,204 (-4%)	2mo	$55,000	$46	60
2216 W Fayette St	0.61mi	3/1.5	1,326 (+5%)	1mo	$77,000	$58	60
633 N Brice St	0.58mi	4/2.5 (+1)	1,250 (-1%)	2mo	$78,000	$62	59
2416 W Franklin St	0.30mi	3/2.0	1,435 (+14%)	2mo	$67,000	$47	57
2141 Vine St	0.64mi	2/1.0 (-1)	1,200 (-5%)	3mo	$20,000	$17	55
1218 N Longwood St	0.58mi	4/2.0 (+1)	1,190 (-6%)	2mo	$56,000	$47	53

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 · 6.1% rent growth · sell at horizon

5-year hold

• IRR: 56.0%
• Equity multiple: 3.59×
• Total profit: $54,319
• Equity at exit: $11,183

10-year hold

• IRR: 62.1%
• Equity multiple: 8.18×
• Total profit: $150,822
• 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 21216

• Rents YoY: 6.1%
• Active inventory: 252
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,807 high
• Mortgage (P&I): −$393
• Tax from tax record: −$50 /mo · $603/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $952

Break-even live

Break-even rent $601

Max offer price $75,000

Occupancy floor 42%

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
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	43d	1	0.07mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	23d	1	0.09mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	43d	1	0.23mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	0.30mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	23d	1	0.35mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	23d	1	0.37mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	43d	1	0.40mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	3d	1	0.43mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	43d	1	0.44mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	3d	1	0.48mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	23d	1	0.50mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	17d	1	0.53mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	3d	1	0.57mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	0.58mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	23d	1	0.60mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	23d	1	0.60mi
1042 Ellicott Dr Baltimore, MD	2.0	1.0	900	$1,450	$1.61	43d	1	0.62mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	23d	1	0.63mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	23d	1	0.65mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	43d	1	0.67mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	43d	1	0.70mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	23d	1	0.71mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	43d	1	0.72mi
3238 Westmont Ave Baltimore, MD	3.0	1.0	1280	$1,600	$1.25	43d	1	0.73mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	43d	1	0.74mi
3003 Presstman St Unit 1 Baltimore, MD	2.0	2.0	1450	$1,400	$0.97	44d	1	0.76mi
3003 Presstman St Unit 2 Baltimore, MD	2.0	1.0	1450	$1,300	$0.90	23d	1	0.76mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	17d	1	0.78mi
3423 Edmondson Ave Baltimore, MD	2.0	1.5	1400	$1,710	$1.22	43d	1	0.80mi
813 N Fulton Ave Unit 1 Baltimore, MD	2.0	1.0	1200	$1,350	$1.12	43d	1	0.81mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	43d	1	0.81mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	43d	1	0.81mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	23d	1	0.82mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	23d	1	0.82mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	23d	1	0.83mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	23d	1	0.84mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	4d	1	0.84mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	23d	1	0.85mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	900	$1,450	$1.61	23d	1	0.85mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	43d	1	0.86mi

Listing history 24 events

1. 2026-06-18
   days on market $75,000 Active 31 DOM
2. 2026-06-17
   days on market $75,000 Active 30 DOM
3. 2026-06-16
   days on market $75,000 Active 29 DOM
4. 2026-06-15
   days on market $75,000 Active 28 DOM
5. 2026-06-13
   days on market $75,000 Active 26 DOM
6. 2026-06-09
   days on market $75,000 Active 22 DOM
7. 2026-06-08
   days on market $75,000 Active 21 DOM
8. 2026-06-07
   days on market $75,000 Active 20 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    days on market $75,000 Active 17 DOM
11. 2026-06-03
    days on market $75,000 Active 16 DOM
12. 2026-06-02
    days on market $75,000 Active 15 DOM
13. 2026-06-01
    days on market $75,000 Active 14 DOM
14. 2026-05-31
    days on market $75,000 Active 13 DOM
15. 2026-05-18
    listed $75,000 Active
16. 2010-07-15
    historical Expired
17. 2010-07-15
    historical
18. 2010-03-02
    status Active
19. 2010-02-15
    historical Expired
20. 2009-08-23
    listed Active
21. 2009-08-22
    listed $79,500
22. 1997-11-12
    historical
23. 1997-05-14
    listed
24. 1993-02-25
    soldstatus $8,500

ⓘ 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: $603 · $50/mo
• Projected year-2 tax: $710 · $59/mo
• Expected delta: +$107/yr (+$9/mo · 17.8%)

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

Taxation est. · year 1

• Rental income: $21,680
• − Mortgage interest: −$4,201
• − Property taxes: −$603
• − Insurance: −$375
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$2,182
• Taxable income: $10,850
• Est. tax owed @ 24.0%: −$2,604
• After-tax cash flow: $8,825/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): 29,426
• Household income: $42,031
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 2264.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 4% Two or more races 3% White 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% 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: ▼ -107.42%
• Current HPI: 164.3933
• Rent YoY: ▲ 6.10%
• 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

+782.4% since first listed

10 events — show timeline

• 2026-05-18 Listed $75,000 BRIGHT MLS
• 2010-07-15 Delisted — MRIS
• 2010-07-15 Listing Removed — BRIGHT MLS
• 2010-03-02 Relisted — MRIS
• 2010-02-15 Delisted — MRIS
• 2009-08-23 Listed — MRIS
• 2009-08-22 Listed $79,500 BRIGHT MLS
• 1997-11-12 Delisted — MRIS
• 1997-05-14 Listed — MRIS
• 1993-02-25 Sold (Public Records) $8,500 Public Records

Property tax history

+2.7%/yr

Latest (2025): $603 · +14.9% YoY. Source: county tax records.