406 N Edgewood St N · Baltimore, MD 21229

$119,000

4 bd · 2.0 ba · 1,408 sqft · Townhouse public records · 67 Days on market

Built 1925 1,408 sqft lot $85/sqft · 28% below area Est $166k · 28% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

𝐖𝐞𝐥𝐜𝐨𝐦𝐞 𝐭𝐨 𝟒𝟎𝟔 𝐍 𝐄𝐝𝐠𝐞𝐰𝐨𝐨𝐝 𝐒𝐭—a solid brick Baltimore rowhome offering classic charm with strong upside potential. Featuring a traditional layout with spacious living and dining areas, this property provides a great foundation for a light cosmetic refresh or full value-add renovation. Original character elements, generous room sizes, and a functional floor plan make it an ideal opportunity for both investors and owner-occupants looking to build equity. Conveniently located near major commuter routes, shopping, and local amenities, this home offers accessibility and long-term growth potential. Sold as-is.

Key facts

• Built 1925
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $119k.

Deal economics

• At list price, monthly cash flow is $779 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $112k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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 (+5.4%/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; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 42% of the median local income ($60k/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 $823 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 + 5.4% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $111,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 14.15%
• Cash-on-cash: 28.07%
• DSCR: 2.25
• GRM: 4.7

CMA / ARV

• ARV (median comp): $166,212
• List price: $119,000
• Delta: -28.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 N Edgewood St	0.08mi	4/2.5	1,430 (+2%)	2mo	$90,000	$63	90
509 Normandy Ave	0.31mi	4/2.5	1,458 (+4%)	1mo	$212,000	$145	77
3707 Colborne Rd	0.43mi	3/2.0 (-1)	1,400 (-1%)	1mo	$220,000	$157	73
300 Denison St	0.10mi	3/2.0 (-1)	1,260 (-10%)	2mo	$205,000	$163	71
3716 Edmondson Ave	0.23mi	4/1.0	1,512 (+7%)	2mo	$130,000	$86	71
733 Lyndhurst St	0.41mi	3/1.5 (-1)	1,550 (+10%)	2mo	$85,000	$55	55
1000 Mount Holly St	0.52mi	3/1.5 (-1)	1,290 (-8%)	1mo	$93,000	$72	54
5 Rosedale St S	0.58mi	3/2.0 (-1)	1,280 (-9%)	1mo	$110,000	$86	52
2822 Harlem Ave	0.69mi	5/3.0 (+1)	1,483 (+5%)	1mo	$220,000	$148	49
28 S Bernice Ave	0.58mi	3/1.0 (-1)	1,280 (-9%)	1mo	$147,000	$115	48
3821 Stokes Dr	0.63mi	3/2.0 (-1)	1,254 (-11%)	1mo	$145,000	$116	46
1007 Wildwood Pkwy	0.63mi	3/1.0 (-1)	1,216 (-14%)	2mo	$111,100	$91	38

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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.07×
• Total profit: $35,628
• Equity at exit: $17,743

10-year hold

• IRR: 34.3%
• Equity multiple: 4.53×
• Total profit: $117,627
• Equity at exit: $10,289

Cash invested: $33,320 (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 21229

• Rents YoY: 5.4%
• Active inventory: 252
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,118 high
• Mortgage (P&I): −$624
• Tax from tax record: −$220 /mo · $2,641/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $779

Break-even live

Break-even rent $1,131

Max offer price $119,000

Occupancy floor 58%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	4d	1	0.04mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	24d	1	0.10mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	44d	1	0.12mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	4d	1	0.13mi
623 N Grantley St Baltimore, MD	4.0	2.0	1250	$2,000	$1.60	24d	1	0.22mi
730 Linnard St Unit 1 Baltimore, MD	4.0	1.0	1360	$1,750	$1.29	24d	1	0.28mi
409 Normandy Ave Baltimore, MD	4.0	1.0	1640	$1,500	$0.91	24d	1	0.28mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	24d	1	0.29mi
3712 Gelston Dr Baltimore, MD	3.0	2.0	1250	$2,500	$2.00	24d	1	0.32mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	44d	1	0.36mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	0.36mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	24d	1	0.39mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	24d	1	0.43mi
4020 Gelston Dr Baltimore, MD	3.0	2.0	1270	$1,875	$1.48	44d	1	0.46mi
715 N Rosedale St Baltimore, MD	5.0	3.0	1542	$2,550	$1.65	44d	1	0.52mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	44d	1	0.55mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	0.58mi
117 Collins Ave Baltimore, MD	3.0	3.0	1617	$2,350	$1.45	44d	1	0.64mi
3238 Westmont Ave Baltimore, MD	3.0	1.0	1280	$1,600	$1.25	44d	1	0.69mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	24d	1	0.69mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	44d	1	0.70mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	0.70mi
4103 Mountwood Rd Baltimore, MD	3.0	2.0	1030	$1,700	$1.65	44d	1	0.74mi
4113 Mountwood Rd Baltimore, MD	3.0	1.0	1520	$1,795	$1.18	44d	1	0.76mi
917 Kevin Rd Baltimore, MD	3.0	2.0	1151	$1,795	$1.56	2d	1	0.76mi
1216 N Augusta Ave Baltimore, MD	3.0	1.0	1024	$1,550	$1.51	24d	1	0.76mi
111 Upmanor Rd Baltimore, MD	3.0	1.5	1224	$2,163	$1.77	44d	1	0.80mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.85mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	44d	1	0.86mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	0.87mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	3d	1	0.88mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.88mi
3309 Brighton St Baltimore, MD	3.0	1.0	1134	$1,700	$1.50	44d	1	0.91mi
1513 N Ellamont St Baltimore, MD	3.0	1.0	1700	$1,700	$1.00	24d	1	0.93mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	0.93mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	44d	1	0.98mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	3d	1	0.98mi
1530 N Rosedale St Baltimore, MD	3.0	2.0	1641	$1,895	$1.15	15d	1	0.99mi
3127 Baker St Baltimore, MD	3.0	1.0	1000	$1,300	$1.30	44d	1	0.99mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	1.06mi

Listing history 37 events

1. 2026-06-18
   days on market $119,000 Active 67 DOM
2. 2026-06-17
   days on market $119,000 Active 66 DOM
3. 2026-06-16
   days on market $119,000 Active 65 DOM
4. 2026-06-15
   days on market $119,000 Active 64 DOM
5. 2026-06-13
   days on market $119,000 Active 62 DOM
6. 2026-06-09
   days on market $119,000 Active 58 DOM
7. 2026-06-08
   days on market $119,000 Active 57 DOM
8. 2026-06-07
   days on market $119,000 Active 56 DOM
9. 2026-06-04
   days on market $119,000 Active 53 DOM
10. 2026-06-03
    days on market $119,000 Active 52 DOM
11. 2026-06-02
    days on market $119,000 Active 51 DOM
12. 2026-06-01
    days on market $119,000 Active 50 DOM
13. 2026-05-31
    days on market $119,000 Active 49 DOM
14. 2026-04-12
    listed $125,000 Active
15. 2023-03-10
    soldstatus $2,010,000
16. 2018-08-02
    historical
17. 2018-08-01
    historical Withdrawn
18. 2018-07-25
    listed $69,000 Active
19. 2018-07-25
    listed Active
20. 2015-08-25
    historical
21. 2015-08-23
    soldstatus $24,500 Sold
22. 2015-08-23
    soldstatus $24,500
23. 2015-07-26
    status Contract
24. 2015-07-20
    status Active
25. 2015-07-14
    status Contract
26. 2015-05-27
    listed $42,500 Active
27. 2015-04-28
    historical
28. 2015-04-28
    historical
29. 2015-01-19
    listed Active
30. 2015-01-19
    listed $49,000
31. 2006-04-05
    soldstatus $94,900
32. 2005-12-30
    soldstatus $94,900
33. 2005-10-26
    historical
34. 2005-10-07
    listed $94,900
35. 2003-06-27
    soldstatus $9,500
36. 2003-06-10
    historical
37. 2003-05-23
    listed $6,000

ⓘ 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: $2,641 · $220/mo
• Projected year-2 tax: $2,641 · $220/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 5/10 Major 23% 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: $25,415
• − Mortgage interest: −$6,666
• − Property taxes: −$2,641
• − Insurance: −$595
• − Repairs & maintenance: −$2,033
• − Management: −$2,033
• − Depreciation: −$3,462
• Taxable income: $7,985
• Est. tax owed @ 24.0%: −$1,916
• After-tax cash flow: $7,437/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+1983.3% since first listed

24 events — show timeline

• 2026-04-12 Listed $125,000 BRIGHT MLS
• 2023-03-10 Sold (Public Records) $2,010,000 Public Records
• 2018-08-02 Listing Removed — BRIGHT MLS
• 2018-08-01 Delisted — MRIS
• 2018-07-25 Listed — MRIS
• 2018-07-25 Listed $69,000 BRIGHT MLS
• 2015-08-25 Delisted — MRIS
• 2015-08-23 Sold (MLS) $24,500 BRIGHT MLS
• 2015-08-23 Sold (MLS) $24,500 MRIS
• 2015-07-26 Pending — MRIS
• 2015-07-20 Relisted — MRIS
• 2015-07-14 Pending — MRIS
• 2015-05-27 Listed $42,500 MRIS
• 2015-04-28 Delisted — MRIS
• 2015-04-28 Listing Removed — BRIGHT MLS
• 2015-01-19 Listed — MRIS
• 2015-01-19 Listed $49,000 BRIGHT MLS
• 2006-04-05 Sold (Public Records) $94,900 Public Records
• 2005-12-30 Sold (MLS) $94,900 MRIS
• 2005-10-26 Delisted — MRIS
• 2005-10-07 Listed $94,900 MRIS
• 2003-06-27 Sold (MLS) $9,500 MRIS
• 2003-06-10 Delisted — MRIS
• 2003-05-23 Listed $6,000 MRIS

Property tax history

+2.6%/yr

Latest (2025): $2,641 · +9.5% YoY. Source: county tax records.