729 E 37th St · Baltimore, MD 21218

$114,450

2 bd · 1.0 ba · 986 sqft · Townhouse public records · 281 Days on market

Built 1920 1,491 sqft lot $116/sqft · 37% below area Est $181k · 37% 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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +8.3/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special in Waverly! This 2-bedroom, 1-bathroom townhouse is ready for a full rehab and offers tons of potential. The main level features a living room, dining room, and kitchen. Upstairs you’ll find two bedrooms and a full bath. The unfinished basement provides extra space for storage or future finishing. Enjoy a rear deck and yard with plenty of possibilities. Don’t miss this opportunity—schedule your showing today!

Key facts

• Unfinished basement
• Rear deck
• Extra space

Tags

• UNFINISHED BASEMENT
• REAR DECK
• EXTRA SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $114k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 (+1.6%/yr); 325 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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

• Local home prices are declining (-3.0%/yr); year-one equity from $792 of loan paydown is wiped out by about $3k 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 281 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $114k implies a 541% gain — meaningful room to come down on a strong offer.

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 $100,716 (12.0% below list)

Questions for the listing agent

1. It's been on market 281 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: 1.33% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• GRM: 6.3

CMA / ARV

• ARV (median comp): $181,089
• List price: $114,450
• Delta: -36.80%
• 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
704 E 36th St	0.08mi	2/1.5	976 (-1%)	3mo	$60,000	$61	90
738 E 37th St	0.02mi	3/1.5 (+1)	986 (0%)	3mo	$215,000	$218	89
712 Chestnut Hill Ave	0.07mi	3/1.5 (+1)	1,120 (+14%)	2mo	$151,580	$135	65
3103 Independence St	0.58mi	2/1.0	930 (-6%)	5mo	$145,000	$156	59
3601 Greenway #507	0.56mi	1/1.0 (-1)	926 (-6%)	0mo	$117,500	$127	59
1 E University Pkwy E #1303	0.64mi	2/1.0	916 (-7%)	3mo	$120,500	$132	56
3045 Frisby St	0.54mi	3/1.5 (+1)	1,056 (+7%)	3mo	$162,000	$153	54
616 E 30th St	0.63mi	2/1.0	1,092 (+11%)	1mo	$65,000	$60	51
3132 Ellerslie Ave	0.51mi	3/1.0 (+1)	870 (-12%)	0mo	$170,000	$195	51
616 Montpelier St	0.50mi	3/1.0 (+1)	1,120 (+14%)	2mo	$145,000	$129	47
1 E University Pkwy #410	0.64mi	1/1.0 (-1)	891 (-10%)	5mo	$105,000	$118	45
2956 Greenmount Ave	0.65mi	3/2.0 (+1)	1,130 (+15%)	1mo	$209,395	$185	36

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.02×
• Total profit: $801
• Equity at exit: $17,065

10-year hold

• IRR: 8.8%
• Equity multiple: 1.63×
• Total profit: $20,211
• Equity at exit: $9,896

Cash invested: $32,046 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,520 high
• Mortgage (P&I): −$600
• Tax from tax record: −$218 /mo · $2,614/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $335

Break-even live

Break-even rent $1,096

Max offer price $114,450

Occupancy floor 73%

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: $28,612
• Closing costs: $3,434
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	43d	1	0.12mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,382	$1.54	1d	1	0.14mi
600 E 37th St Apt 2 Baltimore, MD	1.0	1.0	800	$1,350	$1.69	43d	1	0.14mi
600 E 37th St Apt 1 Baltimore, MD	1.0	1.0	720	$1,360	$1.89	16d	1	0.14mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	2d	10	0.29mi
615 Homestead St Unit 1B Baltimore, MD	1.0	1.0	700	$1,225	$1.75	43d	1	0.46mi
956 Argonne Dr Baltimore, MD	1.0–2.0	1.0	662	$1,295	$1.95	4d	6	0.53mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	14d	1	0.55mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	17d	1	0.57mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	43d	1	0.57mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	17d	1	0.57mi
4101 Saint Georges Ave Unit 4212-03 Baltimore, MD	1.0	1.0	742	$750	$1.01	1d	1	0.59mi
4101 Saint Georges Ave Unit 4212-09 Baltimore, MD	1.0	1.0	742	$825	$1.11	2d	1	0.59mi
4101 Saint Georges Ave Unit 4109-01 Baltimore, MD	1.0	1.0	742	$1,250	$1.68	43d	1	0.59mi
815 Gilrubin Ct Baltimore, MD	2.0	1.0	900	$1,695	$1.88	43d	1	0.59mi
812 Nat Ct Apt 12 Baltimore, MD	2.0	1.0	900	$1,295	$1.44	43d	1	0.60mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,142	$2.34	1d	172	0.61mi
3130 Guilford Ave Apt B Baltimore, MD	2.0	1.0	700	$1,790	$2.56	17d	1	0.63mi
3126 Guilford Ave Apt A Baltimore, MD	2.0	1.0	700	$1,770	$2.53	3d	1	0.64mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,100	$2.01	4d	2	0.64mi
3221 The Alameda Unit 2 Baltimore, MD	2.0	1.0	750	$1,200	$1.60	23d	1	0.66mi
3135 N Calvert St Baltimore, MD	1.0	1.0	1000	$1,450	$1.45	17d	1	0.66mi
2821 Mathews St Unit 1-878 Baltimore, MD	1.0	1.0	530	$975	$1.84	23d	1	0.73mi
2821 Mathews St Unit 27-668 Baltimore, MD	2.0	1.0	730	$1,050	$1.44	23d	1	0.73mi
2821 Mathews St Unit 27-666 Baltimore, MD	1.0	1.0	730	$1,050	$1.44	23d	1	0.73mi
2821 Mathews St Unit 1-729 Baltimore, MD	1.0	1.0	530	$975	$1.84	4d	1	0.73mi
436 Ilchester Ave Unit 2 Baltimore, MD	1.0	1.0	985	$1,195	$1.21	43d	1	0.74mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	43d	1	0.74mi
205 E 30th St Baltimore, MD	1.0	1.0	900	$1,450	$1.61	10d	1	0.77mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	12d	5	0.81mi
2938 Saint Paul St Baltimore, MD	1.0	1.0	610	$1,250	$2.05	23d	1	0.84mi
2938 Saint Paul St Baltimore, MD	1.0	1.0	750	$1,350	$1.80	43d	1	0.84mi
835 E Cold Spring Ln Baltimore, MD	2.0	1.5	997	$1,400	$1.40	23d	1	0.85mi
1519 E 28th St Baltimore, MD	3.0	2.0	1100	$1,350	$1.23	43d	1	0.86mi
2933 N Charles St Unit B Baltimore, MD	1.0	1.0	990	$1,700	$1.72	4d	1	0.89mi
4646 York Rd Unit 4 Baltimore, MD	1.0	1.0	800	$1,150	$1.44	17d	1	0.91mi
4654 York Rd Unit 2 Baltimore, MD	1.0	1.0	900	$1,050	$1.17	43d	1	0.92mi
105 W 39th St Baltimore, MD	2.0	1.0	753	$2,250	$2.99	4d	1	0.93mi
112 W University Pkwy Unit 1335981P Baltimore, MD	1.0	1.0	624	$1,923	$3.08	14d	1	0.93mi
509 Richwood Ave Unit 1 Baltimore, MD	1.0	1.0	800	$1,200	$1.50	23d	1	0.98mi

Listing history 17 events

1. 2026-06-18
   days on market $114,450 Active 281 DOM
2. 2026-06-17
   days on market $114,450 Active 280 DOM
3. 2026-06-16
   days on market $114,450 Active 279 DOM
4. 2026-06-15
   days on market $114,450 Active 278 DOM
5. 2026-06-13
   days on market $114,450 Active 276 DOM
6. 2026-06-09
   days on market $114,450 Active 272 DOM
7. 2026-06-08
   days on market $114,450 Active 271 DOM
8. 2026-06-07
   days on market $114,450 Active 270 DOM
9. 2026-06-04
   days on market $114,450 Active 267 DOM
10. 2026-06-03
    days on market $114,450 Active 266 DOM
11. 2026-06-02
    days on market $114,450 Active 265 DOM
12. 2026-06-01
    days on market $114,450 Active 264 DOM
13. 2026-05-31
    days on market $114,450 Active 263 DOM
14. 2026-01-26
    price $114,450 447-char remark

    Show marketing remark (447 chars)

    Investor special in Waverly! This 2-bedroom, 1-bathroom townhouse is ready for a full rehab and offers tons of potential. The main level features a living room, dining room, and kitchen. Upstairs you’ll find two bedrooms and a full bath. The unfinished basement provides extra space for storage or future finishing. Enjoy a rear deck and yard with plenty of possibilities. Don’t miss this opportunity—schedule your showing today!

15. 2025-12-12
    price $114,950 447-char remark

    Show marketing remark (447 chars)

    Investor special in Waverly! This 2-bedroom, 1-bathroom townhouse is ready for a full rehab and offers tons of potential. The main level features a living room, dining room, and kitchen. Upstairs you’ll find two bedrooms and a full bath. The unfinished basement provides extra space for storage or future finishing. Enjoy a rear deck and yard with plenty of possibilities. Don’t miss this opportunity—schedule your showing today!

16. 2025-09-10
    listed $115,000 Active 447-char remark

    Show marketing remark (447 chars)

    Investor special in Waverly! This 2-bedroom, 1-bathroom townhouse is ready for a full rehab and offers tons of potential. The main level features a living room, dining room, and kitchen. Upstairs you’ll find two bedrooms and a full bath. The unfinished basement provides extra space for storage or future finishing. Enjoy a rear deck and yard with plenty of possibilities. Don’t miss this opportunity—schedule your showing today!

17. 1982-12-02
    soldstatus $17,849

ⓘ 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: $2,614 · $218/mo
• Projected year-2 tax: $2,614 · $218/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 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,241
• − Mortgage interest: −$6,411
• − Property taxes: −$2,614
• − Insurance: −$572
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − Depreciation: −$3,329
• Taxable income: $2,396
• Est. tax owed @ 24.0%: −$575
• After-tax cash flow: $3,447/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+541.2% since first listed

4 events — show timeline

• 2026-01-26 Price Changed $114,450 BRIGHT MLS
• 2025-12-12 Price Changed $114,950 BRIGHT MLS
• 2025-09-10 Listed $115,000 BRIGHT MLS
• 1982-12-02 Sold (Public Records) $17,849 Public Records

Property tax history

+2.3%/yr

Latest (2025): $2,614 · +5.8% YoY. Source: county tax records.