4204 Bonner · Baltimore, MD 21216

$169,999

4 bd · 1.5 ba · 1,380 sqft · Townhouse public records · 65 Days on market

Built 1956 2,118 sqft lot $123/sqft · 14% below area Est $155k · 10% 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.8/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• ARV discount +3.2/15.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is being sold "AS IS". LOCATION, LOCATION AND LOCATION! Being sold strictly "AS IS" Property will not be delivered in broom-swept condition; personal items may convey. This property is in need of a renovations \ updates. Townhouse with a Front Porch and Back Porch perfect for enjoying the neighborhood. 4 Bedrooms and 1.5 Bathrooms. 3 Levels include an open main level with a large Living Room which connects to the eat in Kitchen. The Kitchen features room for a breakfast table and access to the backyard. Upstairs includes 3 Bedrooms and 1 Full Bathroom. The Basement has an additional bedroom with closet and half bath. Laundry & Utility Room with access to the Backyard. Great Location! Major Commuter routes include West Cold Spring Metro-rail, I-695 and I-83 close to everything.

Key facts

• Built 1956
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+6.1%/yr); 252 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,999/mo this rent would consume 57% of the median local household income ($42k/yr) (locally 2264% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 6.1% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $118k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% 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 $159,799 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — 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: 1.18% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.73%
• DSCR: 1.43
• GRM: 7.1

CMA / ARV

• ARV (median comp): $155,026
• List price: $169,999
• Delta: 9.66%
• 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
4119 Fairview Ave	0.04mi	4/2.0	1,340 (-3%)	3mo	$235,000	$175	89
4222 Bonner Rd	0.04mi	3/1.5 (-1)	1,380 (0%)	9mo	$155,000	$112	86
4110 Fairview Ave	0.10mi	3/1.5 (-1)	1,464 (+6%)	0mo	$150,000	$102	80
4145 Fairfax Rd	0.11mi	4/2.0	1,260 (-9%)	5mo	$230,500	$183	74
4002 Woodhaven Ave	0.22mi	4/3.5	1,354 (-2%)	13mo	$268,000	$198	67
4311 Chatham Rd	0.64mi	4/1.5	1,404 (+2%)	6mo	$240,000	$171	62
2914 Chelsea Ter	0.30mi	3/2.0 (-1)	1,327 (-4%)	14mo	$258,000	$194	61
4008 Bonner Rd	0.15mi	3/2.0 (-1)	1,564 (+13%)	5mo	$145,000	$93	60
3929 Duvall Ave	0.24mi	3/2.5 (-1)	1,248 (-10%)	6mo	$270,000	$216	59
3849 W Forest Park Ave	0.34mi	4/1.0	1,584 (+15%)	7mo	$55,500	$35	52
3425 Liberty Heights Ave	0.75mi	4/2.5	1,320 (-4%)	6mo	$75,000	$57	49
3816 Bonner Rd	0.31mi	4/3.0	1,554 (+13%)	13mo	$259,500	$167	48

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 · 6.1% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $3,500
• Equity at exit: $25,347

10-year hold

• IRR: 14.3%
• Equity multiple: 2.32×
• Total profit: $62,984
• Equity at exit: $14,698

Cash invested: $47,600 (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 21216

• Rents YoY: 6.1%
• Active inventory: 252
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$891
• Tax from tax record: −$231 /mo · $2,776/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $386

Break-even live

Break-even rent $1,511

Max offer price $169,999

Occupancy floor 76%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3904 Gwynns Falls Pkwy Baltimore, MD	3.0	2.0	1772	$2,600	$1.47	43d	1	0.63mi
2103 Chelsea Ter Unit 2 Baltimore, MD	3.0	1.5	1500	$2,100	$1.40	15d	1	0.84mi
3601 Howard Park Ave Unit 2 Baltimore, MD	3.0	1.0	1000	$1,650	$1.65	43d	1	0.92mi
2742 N Rosedale St Baltimore, MD	3.0	1.0	1024	$1,350	$1.32	43d	2	0.99mi
4998 W Forest Park Ave Baltimore, MD	3.0	1.0–2.0	790	$1,875	$2.37	15d	15	1.00mi
3001 Carlisle Ave Baltimore, MD	3.0	1.0	1024	$1,300	$1.27	43d	1	1.02mi
2738 N Longwood St Baltimore, MD	3.0	1.0	1024	$1,399	$1.37	43d	1	1.04mi
3028 Hanlon Ave Baltimore, MD	3.0	2.0	1200	$1,711	$1.43	24d	1	1.06mi
3727 Milford Ave Gwynn Oak, MD	3.0	1.0	900	$1,450	$1.61	43d	1	1.07mi
5006 Windsor Mill Rd Baltimore, MD	1.0–3.0	1.0–2.0	776	$1,899	$2.45	2d	18	1.09mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	43d	1	1.20mi
5136 Oaklawn Rd Gwynn Oak, MD	1.0–3.0	1.0	896	$1,710	$1.91	2d	22	1.30mi
4037 Cedardale Rd Baltimore, MD	5.0	3.0	1500	$2,800	$1.87	15d	1	1.31mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	24d	1	1.31mi
2917 Clifton Ave Baltimore, MD	4.0	4.0	1700	$2,150	$1.26	24d	1	1.38mi
3807 Bowers Ave Gwynn Oak, MD	3.0	1.5	1152	$2,200	$1.91	43d	1	1.38mi
5215 Muth Ave Gwynn Oak, MD	3.0	3.0	1205	$2,700	$2.24	15d	1	1.40mi
2812 Clifton Ave Baltimore, MD	3.0	1.5	1650	$1,850	$1.12	43d	1	1.44mi
3309 Brighton St Baltimore, MD	3.0	1.0	1134	$1,700	$1.50	43d	1	1.45mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	18d	1	1.48mi
3127 Baker St Baltimore, MD	3.0	1.0	1000	$1,300	$1.30	43d	1	1.48mi
4113 Mountwood Rd Baltimore, MD	3.0	1.0	1520	$1,795	$1.18	43d	1	1.49mi
4103 Mountwood Rd Baltimore, MD	3.0	2.0	1030	$1,700	$1.65	43d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $169,999 Active 65 DOM
2. 2026-06-17
   days on market $169,999 Active 64 DOM
3. 2026-06-16
   days on market $169,999 Active 63 DOM
4. 2026-06-15
   days on market $169,999 Active 62 DOM
5. 2026-06-13
   days on market $169,999 Active 60 DOM
6. 2026-06-09
   days on market $169,999 Active 56 DOM
7. 2026-06-08
   days on market $169,999 Active 55 DOM
8. 2026-06-07
   days on market $169,999 Active 54 DOM
9. 2026-06-04
   days on market $169,999 Active 51 DOM
10. 2026-06-03
    days on market $169,999 Active 50 DOM
11. 2026-06-02
    days on market $169,999 Active 49 DOM
12. 2026-06-01
    days on market $169,999 Active 48 DOM
13. 2026-05-31
    days on market $169,999 Active 47 DOM
14. 2026-04-15
    listed $169,999 Active 822-char remark

    Show marketing remark (822 chars)

    Property is being sold "AS IS". LOCATION, LOCATION AND LOCATION! Being sold strictly "AS IS" Property will not be delivered in broom-swept condition; personal items may convey. This property is in need of a renovations \ updates. Townhouse with a Front Porch and Back Porch perfect for enjoying the neighborhood. 4 Bedrooms and 1.5 Bathrooms. 3 Levels include an open main level with a large Living Room which connects to the eat in Kitchen. The Kitchen features room for a breakfast table and access to the backyard. Upstairs includes 3 Bedrooms and 1 Full Bathroom. The Basement has an additional bedroom with closet and half bath. Laundry & Utility Room with access to the Backyard. Great Location! Major Commuter routes include West Cold Spring Metro-rail, I-695 and I-83 close to everything.

15. 2026-04-14
    price $169,999 822-char remark

    Show marketing remark (822 chars)

    Property is being sold "AS IS". LOCATION, LOCATION AND LOCATION! Being sold strictly "AS IS" Property will not be delivered in broom-swept condition; personal items may convey. This property is in need of a renovations \ updates. Townhouse with a Front Porch and Back Porch perfect for enjoying the neighborhood. 4 Bedrooms and 1.5 Bathrooms. 3 Levels include an open main level with a large Living Room which connects to the eat in Kitchen. The Kitchen features room for a breakfast table and access to the backyard. Upstairs includes 3 Bedrooms and 1 Full Bathroom. The Basement has an additional bedroom with closet and half bath. Laundry & Utility Room with access to the Backyard. Great Location! Major Commuter routes include West Cold Spring Metro-rail, I-695 and I-83 close to everything.

16. 2026-03-28
    historical $149,999 822-char remark

    Show marketing remark (822 chars)

    Property is being sold "AS IS". LOCATION, LOCATION AND LOCATION! Being sold strictly "AS IS" Property will not be delivered in broom-swept condition; personal items may convey. This property is in need of a renovations \ updates. Townhouse with a Front Porch and Back Porch perfect for enjoying the neighborhood. 4 Bedrooms and 1.5 Bathrooms. 3 Levels include an open main level with a large Living Room which connects to the eat in Kitchen. The Kitchen features room for a breakfast table and access to the backyard. Upstairs includes 3 Bedrooms and 1 Full Bathroom. The Basement has an additional bedroom with closet and half bath. Laundry & Utility Room with access to the Backyard. Great Location! Major Commuter routes include West Cold Spring Metro-rail, I-695 and I-83 close to everything.

17. 2011-02-24
    soldstatus $117,900
18. 2011-02-16
    soldstatus $117,900 Sold 363-char remark

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

19. 2011-02-16
    soldstatus $117,900

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

20. 2010-12-13
    status Contract 363-char remark

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

21. 2010-11-30
    historical
22. 2010-11-19
    price $115,900 363-char remark

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

23. 2010-11-19
    price $117,900 363-char remark

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

24. 2010-09-23
    listed $119,900 Active 363-char remark

    Show marketing remark (363 chars)

    Elegant and upgraded home that shows like a page from a home interior magazine! A real mind-blower! Beautiful hardwood floors, gourmet kitchen w/ s. steel appliances, gorgeous bathrooms, lovely entertainment rm. in bsmt. , top-of-the-line everything, recessed lighting, energy efficient windows, pass through from kitchen to DR, features too numerous to list all.

25. 2010-09-22
    listed $115,900

ⓘ 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: $2,776 · $231/mo
• Projected year-2 tax: $2,776 · $231/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 6/10 Major 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,993
• − Mortgage interest: −$9,523
• − Property taxes: −$2,776
• − Insurance: −$850
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − Depreciation: −$4,945
• Taxable income: $2,060
• Est. tax owed @ 24.0%: −$494
• After-tax cash flow: $4,136/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): 29,426
• Household income: $42,031
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 2264.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 4% Two or more races 3% White 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% 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: ▼ -107.42%
• Current HPI: 164.3933
• Rent YoY: ▲ 6.10%
• 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

+46.7% since first listed

12 events — show timeline

• 2026-04-15 Listed $169,999 BRIGHT MLS
• 2026-04-14 Price Changed $169,999 BRIGHT MLS
• 2026-03-28 Coming Soon $149,999 BRIGHT MLS
• 2011-02-24 Sold (Public Records) $117,900 Public Records
• 2011-02-16 Sold (MLS) $117,900 BRIGHT MLS
• 2011-02-16 Sold (MLS) $117,900 MRIS
• 2010-12-13 Pending — MRIS
• 2010-11-30 Listing Removed — BRIGHT MLS
• 2010-11-19 Price Changed $115,900 MRIS
• 2010-11-19 Price Changed $117,900 MRIS
• 2010-09-23 Listed $119,900 MRIS
• 2010-09-22 Listed $115,900 BRIGHT MLS

Property tax history

+0.9%/yr

Latest (2025): $2,776 · +4.9% YoY. Source: county tax records.