4317 Berger Ave · Baltimore, MD 21206

$149,000

3 bd · 1.5 ba · 1,152 sqft · Townhouse public records · 13 Days on market

Built 1931 1,152 sqft lot Est $205k · 27% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.6/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This charming 3-bedroom, 2-bathroom brick townhouse in Baltimore’s Frankford neighborhood offers 1,152 square feet of living space across two levels. Built in 1931, the home blends classic architectural character with modern upgrades, offering a fantastic opportunity for buyers seeking a property with a strong structural foundation and high-value interior updates.

Key facts

• Built 1931
• Listed 13 days

Property features AI

Finance

• Financial info: Ownership: Fee simple

Exterior

• Utilities: Public water; Public sewer; Hot water: other; Heating fuel: other; Cooling fuel: other
• Home design: Interior townhouse / rowhouse; Above-grade finished area reported by assessor
• Construction: Brick construction; Shingle roof; Foundation: other; Other structures above and below grade; Above-grade finished area: 1,152 (assessor); Below-grade unfinished area: 540 (assessor); Total below-grade area: 540
• Exterior features: Ground rent paid annually; No tidal water

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Radiator heating; Cooling: other system
• Interior features: Basement present (other type); Living area source: Assessor

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $149k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 9.8% 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 fast (+4.4%/yr); 173 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($65k/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 $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 + 4.4% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 28y 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 $116k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $149,000

Questions for the listing agent

1. Built in 1931 — 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: 1.26% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.65%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $205,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4217 Berger Ave	0.05mi	3/2.5	1,168 (+1%)	7mo	$185,000	$158	86
4332 Berger Ave	0.04mi	3/2.0	1,212 (+5%)	8mo	$175,000	$144	81
4108 White Ave	0.38mi	3/2.0	1,152 (0%)	5mo	$108,500	$94	76
3723 Bayonne Ave	0.56mi	3/1.5	1,200 (+4%)	0mo	$230,000	$192	67
5016 Belair Rd	0.48mi	3/1.0	1,176 (+2%)	10mo	$75,000	$64	64
3828 Bayonne Ave	0.52mi	4/3.0 (+1)	1,152 (0%)	5mo	$233,000	$202	60
5421 Belle Vista Ave	0.29mi	3/2.0	1,320 (+15%)	8mo	$235,000	$178	54
5026 Edgar Ter	0.73mi	3/2.0	1,200 (+4%)	5mo	$245,000	$204	53
5876 Belair Rd	0.50mi	2/1.5 (-1)	1,044 (-9%)	9mo	$149,000	$143	48
4009 Belwood Ave	0.47mi	4/2.0 (+1)	1,300 (+13%)	3mo	$267,000	$205	48
5903 Lillyan Ave	0.57mi	3/2.0	1,024 (-11%)	7mo	$200,000	$195	47
5904 Willet Ave	0.72mi	2/1.0 (-1)	1,258 (+9%)	5mo	$180,000	$143	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 · 4.43% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $6,643
• Equity at exit: $22,216

10-year hold

• IRR: 14.9%
• Equity multiple: 2.28×
• Total profit: $53,575
• Equity at exit: $12,883

Cash invested: $41,720 (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 21206

• Rents YoY: 4.4%
• Active inventory: 173
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,877 high
• Mortgage (P&I): −$781
• Tax from tax record: −$200 /mo · $2,396/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $440

Break-even live

Break-even rent $1,320

Max offer price $149,000

Occupancy floor 72%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5632 Belair Rd Baltimore, MD	3.0	1.5	1260	$2,100	$1.67	23d	1	0.20mi
4308 Hamilton Ave Baltimore, MD	2.0	1.0	1110	$1,416	$1.28	23d	1	0.23mi
5424 Belle Vista Ave Baltimore, MD	2.0	1.0	932	$1,300	$1.39	43d	1	0.32mi
4007 Biddison Ln Apt 1 Baltimore, MD	2.0	1.0	1000	$1,279	$1.28	17d	1	0.41mi
4023 Belwood Ave Baltimore, MD	3.0	1.0	1080	$1,995	$1.85	43d	1	0.44mi
4104 Parkwood Ave Baltimore, MD	3.0	1.0	1224	$2,800	$2.29	23d	1	0.49mi
3802 Biddison Ln Baltimore, MD	4.0	1.5	1443	$2,024	$1.40	11d	1	0.51mi
5906 Benton Heights Ave Baltimore, MD	2.0	1.0	780	$1,350	$1.73	43d	1	0.55mi
4111 Century Rd Baltimore, MD	3.0	1.5	1432	$2,500	$1.75	43d	1	0.58mi
4903 1/2 Hamilton Ave Unit A Baltimore, MD	2.0	2.0	800	$1,450	$1.81	23d	1	0.65mi
4903 1/2 Hamilton Ave Apt B Baltimore, MD	3.0	2.0	925	$1,550	$1.68	23d	1	0.65mi
4905 Hamilton Ave Apt B Baltimore, MD	3.0	2.0	925	$1,550	$1.68	23d	1	0.65mi
4517 Woodlea Ave Baltimore, MD	2.0	2.0	1326	$1,900	$1.43	2d	1	0.65mi
4924 Frankford Ave Baltimore, MD	4.0	2.0	1176	$2,600	$2.21	23d	1	0.66mi
4907 Hamilton Ave Unit B Baltimore, MD	3.0	2.0	925	$1,699	$1.84	43d	1	0.66mi
4909 Hamilton Ave Baltimore, MD	2.0–3.0	2.0	862	$1,550	$1.80	2d	5	0.68mi
5904 Arizona Ave Unit B Baltimore, MD	3.0	2.0	925	$1,550	$1.68	23d	1	0.69mi
3607 Bayonne Ave Unit 2 Baltimore, MD	2.0	1.0	900	$1,300	$1.44	23d	1	0.72mi
5738 Cedonia Ave Baltimore, MD	2.0	1.0	797	$1,385	$1.74	2d	3	0.76mi
5313 Todd Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	16d	1	0.87mi
4901 Gunther Ave Baltimore, MD	1.0–3.0	1.0–2.0	742	$1,463	$1.97	2d	1	0.93mi
4409 Moravia Rd Baltimore, MD	2.0	1.0	861	$1,385	$1.61	43d	3	0.95mi
3309 Southern Ave Unit 2 Baltimore, MD	2.0	1.0	1200	$1,600	$1.33	12d	1	0.95mi
5253 Cedgate Rd Unit 1 Baltimore, MD	3.0	1.5	1152	$2,200	$1.91	43d	1	1.07mi
3021 Echodale Ave Unit 2 Baltimore, MD	2.0	1.0	750	$999	$1.33	43d	1	1.07mi
3033 Hamilton Ave Unit 1R Baltimore, MD	2.0	1.0	720	$1,195	$1.66	4d	1	1.10mi
4400 Asbury Ave Baltimore, MD	3.0	2.0	1270	$1,995	$1.57	4d	1	1.10mi
3014 Hamilton Ave Unit 1 Baltimore, MD	2.0	1.0	850	$1,575	$1.85	23d	1	1.11mi
5305 Moravia Rd Baltimore, MD	3.0	1.0	679	$1,993	$2.93	2d	1	1.14mi
4320 Sheldon Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	23d	1	1.16mi
4024 Eierman Ave Baltimore, MD	3.0	2.0	1136	$1,825	$1.61	43d	1	1.18mi
6042 Barstow Rd Baltimore, MD	1.0–3.0	1.0	736	$1,527	$2.07	2d	1	1.20mi
2900 Ailsa Ave Apt 2 Baltimore, MD	3.0	1.0	1300	$1,750	$1.35	4d	1	1.24mi
6410 Walther Ave Baltimore, MD	2.0	1.0–2.0	1195	$1,995	$1.67	43d	7	1.26mi
5938 Clayton Ave Baltimore, MD	4.0	2.0	1296	$2,872	$2.22	16d	1	1.30mi
2807 Shirey Ave Baltimore, MD	4.0	3.0	1190	$2,500	$2.10	14d	1	1.31mi
5611 Force Rd Baltimore, MD	3.0	1.5	1296	$1,850	$1.43	43d	1	1.34mi
2805 Hamilton Ave Baltimore, MD	4.0	2.0	1416	$2,300	$1.62	43d	1	1.36mi
3807 Fleetwood Ave Unit 2 Baltimore, MD	3.0	1.0	937	$1,550	$1.65	4d	1	1.38mi
3807 Fleetwood Ave Unit 1 Baltimore, MD	2.0	1.0	969	$1,490	$1.54	4d	1	1.38mi

Listing history 9 events

1. 2026-06-18
   days on market $149,000 Active 13 DOM
2. 2026-06-17
   days on market $149,000 Active 12 DOM
3. 2026-06-16
   days on market $149,000 Active 11 DOM
4. 2026-06-15
   days on market $149,000 Active 10 DOM
5. 2026-06-13
   days on market $149,000 Active 8 DOM
6. 2026-06-09
   days on market $149,000 Active 4 DOM
7. 2026-06-08
   days on market $149,000 Active 3 DOM
8. 2026-06-07
   remarks 366-char remark
9. 2026-06-07
   listed $149,000 Active 2 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: $2,396 · $200/mo
• Projected year-2 tax: $2,396 · $200/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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,525
• − Mortgage interest: −$8,346
• − Property taxes: −$2,396
• − Insurance: −$745
• − Repairs & maintenance: −$1,802
• − Management: −$1,802
• − Depreciation: −$4,335
• Taxable income: $3,100
• Est. tax owed @ 24.0%: −$744
• After-tax cash flow: $4,534/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): 48,902
• Household income: $64,531
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 2317.0

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 20% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Ukrainian 1%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Spanish 2% Arabic 2% 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: ▼ -191.83%
• Current HPI: 284.5645
• Rent YoY: ▲ 4.43%
• 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

+29.0% since first listed

9 events — show timeline

• 2026-06-05 Listed $149,000 BRIGHT MLS
• 2025-11-24 Listing Removed — BRIGHT MLS
• 2025-09-24 Listed $159,999 BRIGHT MLS
• 2005-09-14 Sold (Public Records) $115,500 Public Records
• 2005-09-14 Sold (Public Records) $115,500 Public Records
• 1999-04-22 Delisted — MRIS
• 1999-01-28 Listed — MRIS
• 1998-08-04 Delisted — MRIS
• 1998-03-17 Listed — MRIS

Property tax history

-0.9%/yr

Latest (2025): $2,396 · +6.0% YoY. Source: county tax records.