3651 Glengyle Ave Unit 2F

Baltimore, MD 21215

$129,000D

2 bd · 2.0 ba · 1,705 sqft · Built 1965 · Condo · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,826/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$298
• HOA: −$640
• Vac / Maint / Mgmt: −$384
• Net cashflow: $-172/mo
• Annual: $-2,065/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.72%
• DSCR: 0.75
• 1% rule: 1.42%
• Cash to close: $36,120

Investor read

• This is a 2-bed/2.0-bath condo listed at $129k.
• 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).
• It's been on market 125 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (23.6% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents rising (+2.4%/yr); 354 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).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• 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.
• This rent runs 42% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 125 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?