3651 Glengyle Ave Unit 2F · Baltimore, MD 21215

$129,000

2 bd · 2.0 ba · 1,705 sqft · Condo public records · 122 Days on market

Built 1965 $76/sqft · 14% below area Est $150k · 14% under $640/mo HOA · 35% of rent

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Why this score? — see what drove the D 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).

• ARV discount +13.8/15.0
• 1% rule +9.2/10.0
• Cash flow +7.3/30.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Street level walk-in private entrance, fully renovated 2BR condo, large kitchen w/ island and granite counters, stainless steel appliances. Spacious bedrooms, closets, and storage. Huge living area, 2 full baths with custom tile work, recess lighting, central AC, front load washer/dryer included. Take advantage of Baltimore City grant money, call for details.

Key facts

• Central ac
• Recess lighting
• Large kitchen

Tags

• PRIVATE ENTRANCE
• LARGE KITCHEN
• STAINLESS STEEL APPLIANCES
• CUSTOM TILE WORK
• RECESS LIGHTING
• CENTRAL AC

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $129k.

Deal economics

• At list price, monthly cash flow is $-172 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (23.6% below list).
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $99k (23.6% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 6.0% in Baltimore — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+2.4%/yr); 351 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 42% of the median local income ($52k/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 $892 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.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 31y ago; this cycle's ask has dropped $21k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $129k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• 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 $98,607 (23.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 4.69%
• Cash-on-cash: -5.72%
• DSCR: 0.75
• GRM: 5.9

CMA / ARV

• ARV (median comp): $150,091
• List price: $129,000
• Delta: -14.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -26.8%
• Equity multiple: 0.10×
• Total profit: $-32,467
• Equity at exit: $19,234

10-year hold

• IRR: -26.8%
• Equity multiple: -0.24×
• Total profit: $-44,834
• Equity at exit: $11,154

Cash invested: $36,120 (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 21215

• Rents YoY: 2.4%
• Active inventory: 351
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,826 high
• Mortgage (P&I): −$676
• Tax from tax record: −$245 /mo · $2,936/yr
• Insurance: −$54
• HOA: −$640
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $-172

Break-even live

Break-even rent $2,044

Max offer price $98,607

Occupancy floor —

Sensitivity live

Price	-10% $-99	-5% $-136	+0% $-172	+5% $-209	+10% $-245
Rent	-10% $-316	-5% $-244	+0% $-172	+5% $-100	+10% $-28
Rate	-1.0pp $-107	-0.5pp $-139	base $-172	+0.5pp $-205	+1.0pp $-239

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3700 Seven Mile Ln Pikesville, MD	1.0–2.0	1.0–2.0	1063	$1,723	$1.62	2d	13	0.19mi
7220 Park Heights Ave Pikesville, MD	2.0	2.0	1050	$1,565	$1.49	3d	2	0.22mi
7307 Park Heights Ave Pikesville, MD	2.0	2.0–2.5	1251	$2,506	$2.00	2d	5	0.33mi
3607 Labyrinth Rd Baltimore, MD	1.0–3.0	1.0–2.0	925	$1,600	$1.73	20d	5	0.34mi
3809 Clarks Ln Unit 301 Baltimore, MD	2.0	2.0	1057	$1,600	$1.51	24d	1	0.50mi
3505 Clarks Ln Unit D2 Baltimore, MD	3.0	2.0	1750	$2,500	$1.43	44d	1	0.51mi
6936 Blanche Rd Baltimore, MD	3.0	1.5	1410	$1,800	$1.28	44d	1	0.64mi
7008 Deerfield Rd Pikesville, MD	3.0	1.5	1664	$2,300	$1.38	44d	1	0.70mi
19 Warren Park Dr Pikesville, MD	3.0	1.0–2.0	903	$1,467	$1.62	3d	10	0.73mi
6609 Eberle Dr Baltimore, MD	1.0–3.0	1.0–2.0	1011	$1,478	$1.46	2d	25	0.77mi
6317 Pearce Ave Baltimore, MD	2.0	2.0	1140	$1,600	$1.40	44d	1	0.79mi
515 Marshall Ave Pikesville, MD	3.0	2.0	1200	$2,750	$2.29	44d	1	0.82mi
220 Brightside Ave Pikesville, MD	3.0	1.5	1233	$2,500	$2.03	18d	1	1.01mi
2900 Taney Rd Apt 1A Baltimore, MD	2.0	2.0	1200	$1,600	$1.33	24d	1	1.18mi
7248 Early Golden Ln Unit 7248 Pikesville, MD	3.0	2.5	1280	$2,500	$1.95	24d	1	1.18mi
5807 Gist Ave Baltimore, MD	2.0	1.5	2100	$1,395	$0.66	24d	1	1.29mi
6310 Greenspring Ave Baltimore, MD	2.0–3.0	1.5–2.0	1080	$1,525	$1.41	3d	6	1.33mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	44d	1	1.36mi

HOA detail condo

• Monthly dues: $640 · $7,680/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $129,000 Active 122 DOM
2. 2026-06-17
   pricedays on market $129,000 Active 121 DOM
3. 2026-06-16
   days on market $139,900 Active 120 DOM
4. 2026-06-15
   days on market $139,900 Active 119 DOM
5. 2026-06-13
   days on market $139,900 Active 117 DOM
6. 2026-06-09
   days on market $139,900 Active 113 DOM
7. 2026-06-08
   days on market $139,900 Active 112 DOM
8. 2026-06-07
   days on market $139,900 Active 111 DOM
9. 2026-06-04
   days on market $139,900 Active 108 DOM
10. 2026-06-03
    days on market $139,900 Active 107 DOM
11. 2026-06-02
    days on market $139,900 Active 106 DOM
12. 2026-06-01
    days on market $139,900 Active 105 DOM
13. 2026-05-31
    days on market $139,900 Active 104 DOM
14. 2026-05-04
    price $139,900 361-char remark

    Show marketing remark (361 chars)

    Street level walk-in private entrance, fully renovated 2BR condo, large kitchen w/ island and granite counters, stainless steel appliances. Spacious bedrooms, closets, and storage. Huge living area, 2 full baths with custom tile work, recess lighting, central AC, front load washer/dryer included. Take advantage of Baltimore City grant money, call for details.

15. 2026-05-03
    status Active 361-char remark

    Show marketing remark (361 chars)

    Street level walk-in private entrance, fully renovated 2BR condo, large kitchen w/ island and granite counters, stainless steel appliances. Spacious bedrooms, closets, and storage. Huge living area, 2 full baths with custom tile work, recess lighting, central AC, front load washer/dryer included. Take advantage of Baltimore City grant money, call for details.

16. 2026-04-30
    historical 361-char remark

    Show marketing remark (361 chars)

    Street level walk-in private entrance, fully renovated 2BR condo, large kitchen w/ island and granite counters, stainless steel appliances. Spacious bedrooms, closets, and storage. Huge living area, 2 full baths with custom tile work, recess lighting, central AC, front load washer/dryer included. Take advantage of Baltimore City grant money, call for details.

17. 2026-02-13
    listed $149,900 Active 361-char remark

    Show marketing remark (361 chars)

    Street level walk-in private entrance, fully renovated 2BR condo, large kitchen w/ island and granite counters, stainless steel appliances. Spacious bedrooms, closets, and storage. Huge living area, 2 full baths with custom tile work, recess lighting, central AC, front load washer/dryer included. Take advantage of Baltimore City grant money, call for details.

18. 2017-09-13
    soldstatus $55,000
19. 2017-08-15
    soldstatus $55,000 378-char remark

    Show marketing remark (378 chars)

    LISTED AND SOLD SIMULTANEOUSLY. Spacious 2BR unit on the mail level. large kitchen, sep laundry. Walk in access exterior. Unit needs extensive work. Being sold AS-IS. Cash or conventional-no FHA or VA. No exceptions-sold strictly as-is. Unit will be transferred in current, property condition & possession clause struck from contract. Great opportunity for instant equity.

20. 2017-08-15
    soldstatus $55,000 Sold

    Show marketing remark (378 chars)

    LISTED AND SOLD SIMULTANEOUSLY. Spacious 2BR unit on the mail level. large kitchen, sep laundry. Walk in access exterior. Unit needs extensive work. Being sold AS-IS. Cash or conventional-no FHA or VA. No exceptions-sold strictly as-is. Unit will be transferred in current, property condition & possession clause struck from contract. Great opportunity for instant equity.

21. 2017-07-26
    listed $70,000
22. 2017-07-26
    historical
23. 1996-03-05
    soldstatus $54,000
24. 1996-02-20
    soldstatus $54,000
25. 1996-01-17
    historical
26. 1995-08-28
    listed $57,000

ⓘ 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: $2,936 · $245/mo
• Projected year-2 tax: $2,936 · $245/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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,917
• − Mortgage interest: −$7,226
• − Property taxes: −$2,936
• − Insurance: −$645
• − Repairs & maintenance: −$1,753
• − Management: −$1,753
• − HOA: −$7,680
• − Depreciation: −$3,753
• Taxable loss: −$3,830
• Est. tax savings @ 24.0%: +$919
• After-tax cash flow: $-1,145/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): 52,229
• Household income: $51,587
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 3644.0

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 17% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Italian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% 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: ▼ -318.58%
• Current HPI: 291.4926
• Rent YoY: ▲ 2.41%
• 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

+145.4% since first listed

13 events — show timeline

• 2026-05-04 Price Changed $139,900 BRIGHT MLS
• 2026-05-03 Relisted — BRIGHT MLS
• 2026-04-30 Listing Removed — BRIGHT MLS
• 2026-02-13 Listed $149,900 BRIGHT MLS
• 2017-09-13 Sold (Public Records) $55,000 Public Records
• 2017-08-15 Sold (MLS) $55,000 MRIS
• 2017-08-15 Sold (MLS) $55,000 BRIGHT MLS
• 2017-07-26 Delisted — MRIS
• 2017-07-26 Listed $70,000 MRIS
• 1996-03-05 Sold (Public Records) $54,000 Public Records
• 1996-02-20 Sold (MLS) $54,000 MRIS
• 1996-01-17 Delisted — MRIS
• 1995-08-28 Listed $57,000 MRIS

Property tax history

+2.9%/yr

Latest (2025): $2,936 · +12.8% YoY. Source: county tax records.