3566 Horton · Baltimore, MD 21225

$129,900

3 bd · 1.0 ba · 960 sqft · Townhouse public records · 148 Days on market

Built 1925 $135/sqft · 21% above area Est $107k · 21% over

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• 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

Listing remarks MLS

Set up as a duplex but not metered separately. Perfect opportunity to live in the upper or lower unit and renting out the other unit. Beautifully newly renovated 3-bedroom, 2-bath rowhome offering approximately 960 sq ft (above grade) of modern living space. Features an updated kitchen and baths, fresh finishes throughout, and an efficient layout designed for both comfort and functionality. Ideal for homeowners or investors seeking a move-in ready property in a convenient location. Close to shopping, dining, and major commuter routes. Schedule your showing today!

Key facts

• Updated baths
• Updated kitchen
• Convenient location

Tags

• UPDATED KITCHEN
• UPDATED BATHS
• MODERN LIVING SPACE
• EFFICIENT LAYOUT
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 (+4.1%/yr); 165 active listings in the ZIP; 24 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 40% 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 $898 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 + 4.1% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.39% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.35%
• DSCR: 1.86
• GRM: 6.0

CMA / ARV

• ARV (median comp): $107,280
• List price: $129,900
• Delta: 21.08%
• 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	0.13mi	3/1.0	968 (+1%)	3mo	$76,000	$79	90
407 Cambria St	0.13mi	2/1.0 (-1)	968 (+1%)	4mo	$61,600	$64	85
3571 Horton Ave	0.02mi	2/1.0 (-1)	826 (-14%)	1mo	$25,000	$30	70
3916 2nd St	0.34mi	3/2.0	1,024 (+7%)	2mo	$247,000	$241	67
3507 4th St	0.12mi	2/1.0 (-1)	1,102 (+15%)	2mo	$50,000	$45	63
4132 Doris Ave	0.61mi	3/1.5	992 (+3%)	1mo	$215,000	$217	63
3547 5th St	0.16mi	3/2.5	1,092 (+14%)	3mo	$205,000	$188	61
4144 Townsend Ave	0.67mi	3/1.5	992 (+3%)	3mo	$90,100	$91	59
3948 Brooklyn Ave	0.51mi	3/1.5	1,080 (+12%)	0mo	$90,000	$83	53
3712 8th St	0.43mi	2/1.5 (-1)	1,088 (+13%)	0mo	$60,000	$55	50
3731 10th St	0.64mi	2/1.0 (-1)	1,041 (+8%)	3mo	$125,000	$120	48
4009 8th St	0.53mi	2/2.5 (-1)	1,088 (+13%)	2mo	$223,000	$205	41

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: 12.5%
• Equity multiple: 1.50×
• Total profit: $18,277
• Equity at exit: $19,369

10-year hold

• IRR: 22.2%
• Equity multiple: 2.99×
• Total profit: $72,273
• Equity at exit: $11,231

Cash invested: $36,372 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,801 high
• Mortgage (P&I): −$681
• Tax from tax record: −$101 /mo · $1,209/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $587

Break-even live

Break-even rent $1,058

Max offer price $129,900

Occupancy floor 62%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	0.09mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	0.22mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	0.28mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	0.28mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	0.28mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.44mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	4d	1	0.52mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.57mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.57mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	0.59mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	23d	1	0.62mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.63mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	43d	1	0.69mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.83mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.89mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	23d	1	0.94mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	43d	1	0.96mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.97mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	21d	1	1.02mi
4216 Prudence St Curtis Bay, MD	4.0	3.0	1116	$2,100	$1.88	43d	1	1.08mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,599	$2.22	2d	22	1.21mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	43d	1	1.35mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	14d	1	1.39mi
3010 Alabama Ave Halethorpe, MD	2.0	1.0	900	$2,200	$2.44	17d	1	1.49mi

Listing history 35 events

1. 2026-06-18
   days on market $129,900 Active 148 DOM
2. 2026-06-17
   days on market $129,900 Active 147 DOM
3. 2026-06-16
   days on market $129,900 Active 146 DOM
4. 2026-06-15
   days on market $129,900 Active 145 DOM
5. 2026-06-13
   days on market $129,900 Active 143 DOM
6. 2026-06-09
   days on market $129,900 Active 139 DOM
7. 2026-06-08
   days on market $129,900 Active 138 DOM
8. 2026-06-07
   days on market $129,900 Active 137 DOM
9. 2026-06-04
   days on market $129,900 Active 134 DOM
10. 2026-06-03
    days on market $129,900 Active 133 DOM
11. 2026-06-02
    days on market $129,900 Active 132 DOM
12. 2026-06-01
    days on market $129,900 Active 131 DOM
13. 2026-05-31
    days on market $129,900 Active 130 DOM
14. 2026-04-22
    price $139,900 569-char remark

    Show marketing remark (569 chars)

    Set up as a duplex but not metered separately. Perfect opportunity to live in the upper or lower unit and renting out the other unit. Beautifully newly renovated 3-bedroom, 2-bath rowhome offering approximately 960 sq ft (above grade) of modern living space. Features an updated kitchen and baths, fresh finishes throughout, and an efficient layout designed for both comfort and functionality. Ideal for homeowners or investors seeking a move-in ready property in a convenient location. Close to shopping, dining, and major commuter routes. Schedule your showing today!

15. 2026-03-09
    price $154,900 569-char remark

    Show marketing remark (569 chars)

    Set up as a duplex but not metered separately. Perfect opportunity to live in the upper or lower unit and renting out the other unit. Beautifully newly renovated 3-bedroom, 2-bath rowhome offering approximately 960 sq ft (above grade) of modern living space. Features an updated kitchen and baths, fresh finishes throughout, and an efficient layout designed for both comfort and functionality. Ideal for homeowners or investors seeking a move-in ready property in a convenient location. Close to shopping, dining, and major commuter routes. Schedule your showing today!

16. 2026-02-04
    price $159,900 569-char remark

    Show marketing remark (569 chars)

    Set up as a duplex but not metered separately. Perfect opportunity to live in the upper or lower unit and renting out the other unit. Beautifully newly renovated 3-bedroom, 2-bath rowhome offering approximately 960 sq ft (above grade) of modern living space. Features an updated kitchen and baths, fresh finishes throughout, and an efficient layout designed for both comfort and functionality. Ideal for homeowners or investors seeking a move-in ready property in a convenient location. Close to shopping, dining, and major commuter routes. Schedule your showing today!

17. 2026-01-21
    listed $169,900 Active 569-char remark

    Show marketing remark (569 chars)

    Set up as a duplex but not metered separately. Perfect opportunity to live in the upper or lower unit and renting out the other unit. Beautifully newly renovated 3-bedroom, 2-bath rowhome offering approximately 960 sq ft (above grade) of modern living space. Features an updated kitchen and baths, fresh finishes throughout, and an efficient layout designed for both comfort and functionality. Ideal for homeowners or investors seeking a move-in ready property in a convenient location. Close to shopping, dining, and major commuter routes. Schedule your showing today!

18. 2023-10-06
    historical
19. 2023-10-02
    price $84,999
20. 2023-09-29
    listed $89,999 Active
21. 2007-08-01
    soldstatus $98,000
22. 2007-08-01
    soldstatus $98,000
23. 2007-06-29
    soldstatus $98,000
24. 2007-05-28
    listed $98,000
25. 2007-05-28
    historical
26. 2004-04-08
    soldstatus $45,000
27. 2004-03-26
    soldstatus $45,000
28. 2004-02-17
    historical
29. 2004-02-02
    listed $52,000
30. 2003-02-11
    soldstatus $20,150
31. 2003-02-06
    soldstatus $20,150
32. 2002-12-20
    historical
33. 2002-12-10
    historical
34. 2002-11-22
    listed $19,900
35. 2002-08-14
    listed

ⓘ 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: $1,209 · $101/mo
• Projected year-2 tax: $1,312 · $109/mo
• Expected delta: +$104/yr (+$9/mo · 8.6%)

ⓘ 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: $21,610
• − Mortgage interest: −$7,276
• − Property taxes: −$1,209
• − Insurance: −$650
• − Repairs & maintenance: −$1,729
• − Management: −$1,729
• − Depreciation: −$3,779
• Taxable income: $5,238
• Est. tax owed @ 24.0%: −$1,257
• After-tax cash flow: $5,782/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

+603.0% since first listed

22 events — show timeline

• 2026-04-22 Price Changed $139,900 BRIGHT MLS
• 2026-03-09 Price Changed $154,900 BRIGHT MLS
• 2026-02-04 Price Changed $159,900 BRIGHT MLS
• 2026-01-21 Listed $169,900 BRIGHT MLS
• 2023-10-06 Listing Removed — BRIGHT MLS
• 2023-10-02 Price Changed $84,999 BRIGHT MLS
• 2023-09-29 Listed $89,999 BRIGHT MLS
• 2007-08-01 Sold (Public Records) $98,000 Public Records
• 2007-08-01 Sold (Public Records) $98,000 Public Records
• 2007-06-29 Sold (MLS) $98,000 MRIS
• 2007-05-28 Delisted — MRIS
• 2007-05-28 Listed $98,000 MRIS
• 2004-04-08 Sold (Public Records) $45,000 Public Records
• 2004-03-26 Sold (MLS) $45,000 MRIS
• 2004-02-17 Delisted — MRIS
• 2004-02-02 Listed $52,000 MRIS
• 2003-02-11 Sold (Public Records) $20,150 Public Records
• 2003-02-06 Sold (MLS) $20,150 MRIS
• 2002-12-20 Delisted — MRIS
• 2002-12-10 Delisted — MRIS
• 2002-11-22 Listed $19,900 MRIS
• 2002-08-14 Listed — MRIS

Property tax history

-1.9%/yr

Latest (2025): $1,209 · +7.8% YoY. Source: county tax records.