635 N Highland Ave · Baltimore, MD 21205

$94,900

3 bd · 1.0 ba · 1,318 sqft · Townhouse public records · 18 Days on market

Built 1927 1,091 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

XXXX

Key facts

• Open floor plan
• Brick exterior
• Porch

Tags

• BRICK EXTERIOR
• OPEN FLOOR PLAN
• GRANITE COUNTERTOPS
• TUB SHOWER COMBINATION
• PORCH
• PRIVATE RETREAT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $95k.

Deal economics

• At list price, monthly cash flow is $906 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.7% 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 (+9.9%/yr); 143 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,027/mo this rent would consume 56% of the median local household income ($43k/yr) (locally 966% 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 $656 of loan paydown is wiped out by about $3k 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 + 8.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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 $30k; list at $95k implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $93,476 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — 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: 2.14% ✓
• Cap rate: 17.74%
• Cash-on-cash: 40.90%
• DSCR: 2.82
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $233,286
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3420 Leverton Ave	0.49mi	2/2.0 (-1)	1,340 (+2%)	1mo	$115,000	$86	64
122 Ellwood Ave	0.41mi	3/1.5	1,200 (-9%)	0mo	$235,000	$196	64
220 N Luzerne Ave	0.66mi	3/1.0	1,372 (+4%)	1mo	$120,000	$87	62
149 N Highland Ave	0.30mi	2/1.0 (-1)	1,170 (-11%)	1mo	$75,000	$64	62
1418 N Linwood Ave	0.72mi	3/1.0	1,356 (+3%)	0mo	$90,000	$66	62
36 N Decker Ave	0.47mi	3/2.0	1,430 (+8%)	0mo	$325,000	$227	60
2435 Jefferson St	0.72mi	3/1.0	1,260 (-4%)	1mo	$140,000	$111	59
280 S Robinson St	0.74mi	2/1.0 (-1)	1,282 (-3%)	1mo	$294,000	$229	56
1411 Kenhill Ave	0.72mi	4/2.0 (+1)	1,356 (+3%)	1mo	$240,000	$177	52
145 N Milton Ave	0.74mi	2/2.0 (-1)	1,353 (+3%)	1mo	$260,000	$192	52
134 N Curley St	0.48mi	2/2.0 (-1)	1,170 (-11%)	1mo	$270,000	$231	49
2736 Mura St	0.67mi	3/2.0	1,120 (-15%)	0mo	$81,000	$72	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 43.1%
• Equity multiple: 3.00×
• Total profit: $53,070
• Equity at exit: $14,150

10-year hold

• IRR: 51.5%
• Equity multiple: 7.38×
• Total profit: $169,468
• Equity at exit: $8,205

Cash invested: $26,572 (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 21205

• Home prices YoY: -5.8%
• Rents YoY: 9.9%
• Active inventory: 143
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$498
• Tax from tax record: −$159 /mo · $1,904/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $906

Break-even live

Break-even rent $881

Max offer price $94,900

Occupancy floor 50%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	43d	1	0.08mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	24d	1	0.26mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.26mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.27mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	43d	1	0.30mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	24d	1	0.33mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	4d	1	0.33mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	4d	1	0.34mi
809 N Curley St Baltimore, MD	3.0	1.0	1746	$1,400	$0.80	22d	1	0.34mi
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	43d	1	0.35mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	24d	1	0.36mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	43d	1	0.37mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	43d	1	0.41mi
113 N Decker Ave Baltimore, MD	3.0	3.5	1800	$2,850	$1.58	24d	1	0.42mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	24d	1	0.42mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	20d	1	0.43mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.44mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	24d	1	0.44mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	24d	1	0.44mi
3304 E Baltimore St Baltimore, MD	3.0	1.5	1514	$1,875	$1.24	43d	1	0.44mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	15d	1	0.45mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	18d	1	0.45mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	18d	1	0.45mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	24d	1	0.47mi
10 N Ellwood Ave Baltimore, MD	4.0	2.5	1768	$2,500	$1.41	43d	1	0.47mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	2d	1	0.48mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	24d	1	0.49mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	24d	1	0.50mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	22d	1	0.50mi
1215 N Ellwood Ave Baltimore, MD	3.0	1.0	1128	$1,795	$1.59	24d	1	0.50mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	43d	1	0.50mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	43d	1	0.50mi
3502 E Lombard St Baltimore, MD	3.0	2.0	1522	$1,870	$1.23	43d	1	0.53mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	24d	1	0.53mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	20d	1	0.55mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.56mi
1310 N Ellwood Ave #1 Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	22d	1	0.56mi
1310 N Ellwood Ave Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	12d	1	0.56mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	24d	1	0.56mi
11 N Streeper St Baltimore, MD	3.0	3.5	1800	$2,600	$1.44	43d	1	0.57mi

Listing history 12 events

1. 2026-04-28
   status Pending
2. 2026-04-10
   listed $94,900 Active
3. 2005-04-07
   soldstatus $30,000 4-char remark

   Show marketing remark (4 chars)

   XXXX

4. 2005-03-07
   historical 4-char remark

   Show marketing remark (4 chars)

   XXXX

5. 2004-08-17
   listed $20,000 4-char remark

   Show marketing remark (4 chars)

   XXXX

6. 2004-08-17
   historical

   Show marketing remark (4 chars)

   XXXX

7. 2004-07-23
   listed
8. 2000-05-25
   soldstatus $19,200
9. 2000-03-09
   historical
10. 1999-07-16
    listed
11. 1987-11-16
    soldstatus $39,000
12. 1985-09-20
    soldstatus $35,500

ⓘ 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: $1,904 · $159/mo
• Projected year-2 tax: $1,904 · $159/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 8/10 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,327
• − Mortgage interest: −$5,316
• − Property taxes: −$1,904
• − Insurance: −$474
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$2,761
• Taxable income: $9,979
• Est. tax owed @ 24.0%: −$2,395
• After-tax cash flow: $8,472/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): 13,013
• Household income: $43,176
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 966.0

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 0.60)
• Race & ethnicity: Black 60% Hispanic / Latino 16% White 14% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 1% Cuban 1% Dominican 4%
• Common ancestry: Slovak 3% Romanian 1%
• Foreign-born: 16% · Canada, China
• Languages at home: 79% English-only · Spanish 11% Arabic 4% Chinese 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: ▼ -15.03%
• Current HPI: 244.1345
• Rent YoY: ▲ 9.88%
• 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

+167.3% since first listed

12 events — show timeline

• 2026-04-28 Pending — BRIGHT MLS
• 2026-04-10 Listed $94,900 BRIGHT MLS
• 2005-04-07 Sold (MLS) $30,000 MRIS
• 2005-03-07 Delisted — MRIS
• 2004-08-17 Delisted — MRIS
• 2004-08-17 Listed $20,000 MRIS
• 2004-07-23 Listed — MRIS
• 2000-05-25 Sold (Public Records) $19,200 Public Records
• 2000-03-09 Delisted — MRIS
• 1999-07-16 Listed — MRIS
• 1987-11-16 Sold (Public Records) $39,000 Public Records
• 1985-09-20 Sold (Public Records) $35,500 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,904 · +20.3% YoY. Source: county tax records.