4525 Pennington Ave · Baltimore, MD 21226

$120,000

2 bd · 1.0 ba · 1,316 sqft · Townhouse public records · 261 Days on market

Built 1920 $91/sqft · 6% above area Est $113k · 6% over

---

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 +28.4/30.0
• DSCR +10.0/10.0
• Appreciation +8.9/10.0
• 1% rule +8.2/10.0
• ARV discount +4.8/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

Key facts

• Walkout basement
• Kitchen with balcony
• Versatile bonus room

Tags

• COMBINATION LIVING DINING ROOM
• KITCHEN WITH BALCONY
• FULL BATHROOM WITH SOAKING TUB
• VERSATILE BONUS ROOM
• WALKOUT BASEMENT
• PRIVATE OUTDOOR SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: 45 active listings in the ZIP; 25 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).

Forward outlook

• In year one you build about $10k of equity ($830 loan paydown + $9k appreciation (7.8% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 261 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 10y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 261 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 1920 — 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: 1.32% ✓
• Cap rate: 10.19%
• Cash-on-cash: 13.93%
• DSCR: 1.62
• GRM: 6.3

CMA / ARV

• ARV (median comp): $113,196
• List price: $120,000
• Delta: 6.01%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4613 Pennington Ave	0.04mi	2/1.0	1,344 (+2%)	2mo	$52,000	$39	93
1326 Cypress St	0.22mi	3/1.5 (+1)	1,254 (-5%)	1mo	$226,000	$180	74
1615 Church St	0.13mi	3/2.0 (+1)	1,302 (-1%)	15mo	$150,000	$115	70
1408 Locust	0.21mi	2/1.5	1,240 (-6%)	10mo	$110,000	$89	70
1630 Hazel St	0.11mi	3/2.5 (+1)	1,288 (-2%)	15mo	$160,000	$124	68
4202 Grace Ct	0.19mi	3/2.0 (+1)	1,248 (-5%)	8mo	$45,000	$36	66
1322 Tompkins St	0.33mi	3/2.0 (+1)	1,312 (-0%)	16mo	$171,000	$130	62
1404 Filbert St	0.17mi	3/2.0 (+1)	1,400 (+6%)	14mo	$80,000	$57	61
1628 Plum St	0.27mi	2/2.0	1,236 (-6%)	15mo	$132,500	$107	60
4014 Pennington Ave	0.28mi	2/1.0	1,120 (-15%)	12mo	$142,500	$127	52
3824 W Bay Ave W	0.60mi	3/2.0 (+1)	1,240 (-6%)	7mo	$169,900	$137	48
3714 Saint Margaret	0.70mi	3/2.0 (+1)	1,176 (-11%)	14mo	$175,000	$149	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.4%
• Equity multiple: 3.15×
• Total profit: $72,400
• Equity at exit: $89,132

10-year hold

• IRR: 27.3%
• Equity multiple: 6.70×
• Total profit: $191,658
• Equity at exit: $175,021

Cash invested: $33,600 (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 21226

• Home prices YoY: 2.5%
• Active inventory: 45
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,585 high
• Mortgage (P&I): −$629
• Tax from tax record: −$183 /mo · $2,192/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $390

Break-even live

Break-even rent $1,091

Max offer price $120,000

Occupancy floor 70%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1411 Filbert St Unit 2 Baltimore, MD	2.0	1.0	1428	$1,300	$0.91	43d	1	0.16mi
1517 Sycamore St Curtis Bay, MD	3.0	1.5	1210	$1,999	$1.65	23d	1	0.38mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.52mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.58mi
3816 W Bay Ave Unit 1 Baltimore, MD	2.0	1.0	1364	$1,155	$0.85	3d	1	0.60mi
3828 10th St Brooklyn, MD	3.0	2.0	1215	$2,350	$1.93	43d	1	0.68mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.68mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	17d	1	0.79mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	43d	1	0.79mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.81mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.89mi
4201 Audrey Ave Unit 1 Brooklyn, MD	2.0	1.0	1400	$1,350	$0.96	23d	1	0.96mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.99mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.99mi
3822 6th St Brooklyn, MD	3.0	3.0	1580	$1,850	$1.17	23d	1	1.05mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	1.08mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	1.08mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	1.08mi
603 Maude Ave Unit A Baltimore, MD	1.0	1.0	1294	$950	$0.73	4d	1	1.13mi
3428 7th St Unit B Baltimore, MD	1.0	1.0	1294	$1,150	$0.89	43d	1	1.14mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	1.15mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	1.17mi
3569 4th St Brooklyn, MD	2.0	1.5	1256	$1,200	$0.96	17d	1	1.26mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	1.34mi
140 Bethlehem Pl Brooklyn, MD	3.0	3.5	1120	$1,500	$1.34	43d	1	1.46mi

Listing history 38 events

1. 2026-06-18
   days on market $120,000 Active 261 DOM
2. 2026-06-17
   days on market $120,000 Active 260 DOM
3. 2026-06-16
   days on market $120,000 Active 259 DOM
4. 2026-06-15
   days on market $120,000 Active 258 DOM
5. 2026-06-13
   days on market $120,000 Active 256 DOM
6. 2026-06-09
   days on market $120,000 Active 252 DOM
7. 2026-06-08
   days on market $120,000 Active 251 DOM
8. 2026-06-07
   days on market $120,000 Active 250 DOM
9. 2026-06-04
   days on market $120,000 Active 247 DOM
10. 2026-06-03
    days on market $120,000 Active 246 DOM
11. 2026-06-02
    days on market $120,000 Active 245 DOM
12. 2026-06-01
    days on market $120,000 Active 244 DOM
13. 2026-05-31
    days on market $120,000 Active 243 DOM
14. 2026-03-24
    status Active 766-char remark

    Show marketing remark (766 chars)

    This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

15. 2026-03-17
    status Pending 766-char remark

    Show marketing remark (766 chars)

    This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

16. 2025-11-03
    price $120,000 766-char remark

    Show marketing remark (766 chars)

    This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

17. 2025-10-10
    price $130,000 766-char remark

    Show marketing remark (766 chars)

    This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

18. 2025-09-23
    listed $135,000 Active 766-char remark

    Show marketing remark (766 chars)

    This charming 2-bedroom Baltimore City townhome blends classic comfort with modern convenience. The main floor features an open living-dining layout and a bright kitchen that opens to a private balcony—perfect for your morning coffee. Upstairs, you’ll find two well-sized bedrooms with ample closet space and a full bathroom featuring a relaxing soaking tub. The lower level offers a versatile walk-out bonus room—ideal for a family room, home office, or extra bedroom—with direct access to your private outdoor space. Convenience is key with a dedicated laundry room and hassle-free parking available both off-street and at the rear of the home. Whether you're entertaining or enjoying a quiet night in, this home is the perfect city retreat

19. 2023-06-15
    historical
20. 2023-06-15
    listed $89,900 Active
21. 2022-08-09
    soldstatus $119,000
22. 2022-06-10
    soldstatus $119,000 Closed
23. 2022-05-05
    status Pending
24. 2022-04-29
    listed $119,900 Active
25. 2020-02-27
    historical
26. 2018-08-03
    listed $80,000 Active
27. 2018-01-22
    historical Withdrawn
28. 2017-10-19
    listed Active
29. 2017-10-19
    listed $70,000 Active
30. 2017-08-29
    historical
31. 2017-08-29
    historical Withdrawn
32. 2017-05-19
    price
33. 2017-03-28
    listed Active
34. 2017-03-28
    listed $65,000
35. 2016-07-12
    historical
36. 2016-07-12
    historical Withdrawn
37. 2016-06-23
    listed Active
38. 2016-06-22
    listed $60,000

ⓘ 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: $2,192 · $183/mo
• Projected year-2 tax: $2,192 · $183/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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,017
• − Mortgage interest: −$6,722
• − Property taxes: −$2,192
• − Insurance: −$600
• − Repairs & maintenance: −$1,521
• − Management: −$1,521
• − Depreciation: −$3,491
• Taxable income: $2,969
• Est. tax owed @ 24.0%: −$713
• After-tax cash flow: $3,967/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
• City population: 588,727
• Population (ZIP): 6,593

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 0.61)
• Race & ethnicity: White 59% Black 18% Two or more races 13% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 7% Romanian 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 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: ▲ 7.75%
• Current HPI: 318.79
• Rent YoY: —
• Metro: —
• 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

+100.0% since first listed

25 events — show timeline

• 2026-03-24 Relisted — BRIGHT MLS
• 2026-03-17 Pending — BRIGHT MLS
• 2025-11-03 Price Changed $120,000 BRIGHT MLS
• 2025-10-10 Price Changed $130,000 BRIGHT MLS
• 2025-09-23 Listed $135,000 BRIGHT MLS
• 2023-06-15 Listed $89,900 BRIGHT MLS
• 2023-06-15 Listing Removed — BRIGHT MLS
• 2022-08-09 Sold (Public Records) $119,000 Public Records
• 2022-06-10 Sold (MLS) $119,000 BRIGHT MLS
• 2022-05-05 Pending — BRIGHT MLS
• 2022-04-29 Listed $119,900 BRIGHT MLS
• 2020-02-27 Listing Removed — BRIGHT MLS
• 2018-08-03 Listed $80,000 BRIGHT MLS
• 2018-01-22 Delisted — MRIS
• 2017-10-19 Listed — MRIS
• 2017-10-19 Listed $70,000 BRIGHT MLS
• 2017-08-29 Delisted — MRIS
• 2017-08-29 Listing Removed — BRIGHT MLS
• 2017-05-19 Price Changed — MRIS
• 2017-03-28 Listed — MRIS
• 2017-03-28 Listed $65,000 BRIGHT MLS
• 2016-07-12 Delisted — MRIS
• 2016-07-12 Listing Removed — BRIGHT MLS
• 2016-06-23 Listed — MRIS
• 2016-06-22 Listed $60,000 BRIGHT MLS

Property tax history

+3.5%/yr

Latest (2025): $2,192 · +51.4% YoY. Source: county tax records.