3819 Park Heights Ave · Baltimore, MD 21215

$149,999

3 bd · 2.0 ba · 3,000 sqft · Townhouse · 245 Days on market

Built 1920 2,794 sqft lot $50/sqft · 39% below area Est $244k · 39% under ↓ 32% since listing

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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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.5/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible investment opportunity in the heart of Baltimore! This spacious 3-bedroom, 2 full-bath home offers approximately 3,000 square feet of living space with a large footprint, flexible layout, and solid structure — a true blank canvas ready for your vision. Whether you're looking for a fix-and-flip, a buy-and-hold rental, or a full rehab project, this property delivers serious upside potential. Conveniently located near public transportation, shopping, and major commuter routes, this home sits in an area poised for growth and appreciation. Baltimore's steady rental demand and ongoing revitalization efforts make this an ideal entry point for investors looking to build long-term equity and create strong cash-flowing assets. Renovate and rent, or restore and sell for profit — the opportunity is yours to shape. Property is being sold strictly as-is. Inspections for informational purposes only. Don't miss your chance to secure a value-add asset in one of Baltimore's most promising investment corridors. Conveniently located near public transportation, shopping, and commuter routes, these homes sit in an area poised for growth and appreciation. Don’t miss this rare “Buy One, Get One Free” investment package — a true value-add opportunity that doesn’t come along often. Secure both properties today and set yourself up for strong returns in one of Baltimore’s most promising investment corridors.

Key facts

• Flexible layout
• Shopping
• Solid structure

Tags

• TWO SPACIOUS PROPERTIES
• LARGE FOOTPRINT
• FLEXIBLE LAYOUT
• SOLID STRUCTURE
• PUBLIC TRANSPORTATION
• SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (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: Rents rising (+2.4%/yr); 351 active listings in the ZIP; 13 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 40% 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 $1k 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

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 $131,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 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: 1.15% ✓
• Cap rate: 10.15%
• Cash-on-cash: 13.79%
• DSCR: 1.61
• GRM: 7.3

CMA / ARV

• ARV (median comp): $244,412
• List price: $149,999
• Delta: -38.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3922 Reisterstown Rd	0.16mi	4/2.5 (+1)	2,600 (-13%)	1mo	$265,000	$102	62
2620 Park Heights Ter	0.41mi	4/1.5 (+1)	2,576 (-14%)	23mo	$225,000	$87	31

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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $5,337
• Equity at exit: $22,365

10-year hold

• IRR: 12.3%
• Equity multiple: 1.95×
• Total profit: $39,808
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,718 high
• Mortgage (P&I): −$787
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $483

Break-even live

Break-even rent $1,107

Max offer price $149,999

Occupancy floor 67%

Sensitivity live

Price	-10% $567	-5% $525	+0% $483	+5% $268	+10% $217
Rent	-10% $347	-5% $415	+0% $483	+5% $550	+10% $618
Rate	-1.0pp $558	-0.5pp $521	base $483	+0.5pp $444	+1.0pp $404

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3600 Malden Ave Baltimore, MD	2.0	1.0	2256	$1,999	$0.89	44d	1	0.55mi
3213 Dorchester Rd Baltimore, MD	2.0	1.0	2640	$1,850	$0.70	24d	1	0.72mi
3411 Fairview Ave Baltimore, MD	2.0	1.0	2949	$1,600	$0.54	18d	1	1.10mi
2805 Oakley Ave Baltimore, MD	2.0	1.0	2400	$1,500	$0.62	15d	1	1.11mi
3213 Vickers Rd Unit 1 Baltimore, MD	2.0	1.0	2568	$1,700	$0.66	24d	1	1.20mi
3914 Maine Ave Unit 3 Baltimore, MD	2.0	1.0	2127	$1,150	$0.54	44d	1	1.33mi
3414 Alto Rd Unit 2ND Baltimore, MD	3.0	1.0	2824	$2,000	$0.71	24d	1	1.34mi
3414 Alto Rd Unit 1ST Baltimore, MD	2.0	1.0	2824	$1,850	$0.66	24d	1	1.34mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	3132	$1,650	$0.53	24d	1	1.36mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	3132	$1,400	$0.45	24d	1	1.36mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	3132	$1,400	$0.45	24d	1	1.36mi
3030 Windsor Ave Baltimore, MD	4.0	1.5	2124	$1,995	$0.94	5d	1	1.48mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	44d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $149,999 Active 245 DOM
2. 2026-06-17
   days on market $149,999 Active 244 DOM
3. 2026-06-16
   days on market $149,999 Active 243 DOM
4. 2026-06-15
   days on market $149,999 Active 242 DOM
5. 2026-06-13
   days on market $149,999 Active 240 DOM
6. 2026-06-09
   days on market $149,999 Active 236 DOM
7. 2026-06-08
   pricedays on market $149,999 Active 235 DOM
8. 2026-06-07
   days on market $160,000 Active 234 DOM
9. 2026-06-04
   days on market $160,000 Active 231 DOM
10. 2026-06-03
    days on market $160,000 Active 230 DOM
11. 2026-06-02
    days on market $160,000 Active 229 DOM
12. 2026-06-01
    days on market $160,000 Active 228 DOM
13. 2026-05-31
    days on market $160,000 Active 227 DOM
14. 2026-04-27
    price $170,000 1462-char remark

    Show marketing remark (1462 chars)

    Incredible investment opportunity in the heart of Baltimore! This spacious 3-bedroom, 2 full-bath home offers approximately 3,000 square feet of living space with a large footprint, flexible layout, and solid structure — a true blank canvas ready for your vision. Whether you're looking for a fix-and-flip, a buy-and-hold rental, or a full rehab project, this property delivers serious upside potential. Conveniently located near public transportation, shopping, and major commuter routes, this home sits in an area poised for growth and appreciation. Baltimore's steady rental demand and ongoing revitalization efforts make this an ideal entry point for investors looking to build long-term equity and create strong cash-flowing assets. Renovate and rent, or restore and sell for profit — the opportunity is yours to shape. Property is being sold strictly as-is. Inspections for informational purposes only. Don't miss your chance to secure a value-add asset in one of Baltimore's most promising investment corridors. Conveniently located near public transportation, shopping, and commuter routes, these homes sit in an area poised for growth and appreciation. Don’t miss this rare “Buy One, Get One Free” investment package — a true value-add opportunity that doesn’t come along often. Secure both properties today and set yourself up for strong returns in one of Baltimore’s most promising investment corridors.

15. 2025-12-18
    price $225,000 1462-char remark

    Show marketing remark (1462 chars)

    Incredible investment opportunity in the heart of Baltimore! This spacious 3-bedroom, 2 full-bath home offers approximately 3,000 square feet of living space with a large footprint, flexible layout, and solid structure — a true blank canvas ready for your vision. Whether you're looking for a fix-and-flip, a buy-and-hold rental, or a full rehab project, this property delivers serious upside potential. Conveniently located near public transportation, shopping, and major commuter routes, this home sits in an area poised for growth and appreciation. Baltimore's steady rental demand and ongoing revitalization efforts make this an ideal entry point for investors looking to build long-term equity and create strong cash-flowing assets. Renovate and rent, or restore and sell for profit — the opportunity is yours to shape. Property is being sold strictly as-is. Inspections for informational purposes only. Don't miss your chance to secure a value-add asset in one of Baltimore's most promising investment corridors. Conveniently located near public transportation, shopping, and commuter routes, these homes sit in an area poised for growth and appreciation. Don’t miss this rare “Buy One, Get One Free” investment package — a true value-add opportunity that doesn’t come along often. Secure both properties today and set yourself up for strong returns in one of Baltimore’s most promising investment corridors.

16. 2025-10-16
    listed $250,000 Active 1462-char remark

    Show marketing remark (1462 chars)

    Incredible investment opportunity in the heart of Baltimore! This spacious 3-bedroom, 2 full-bath home offers approximately 3,000 square feet of living space with a large footprint, flexible layout, and solid structure — a true blank canvas ready for your vision. Whether you're looking for a fix-and-flip, a buy-and-hold rental, or a full rehab project, this property delivers serious upside potential. Conveniently located near public transportation, shopping, and major commuter routes, this home sits in an area poised for growth and appreciation. Baltimore's steady rental demand and ongoing revitalization efforts make this an ideal entry point for investors looking to build long-term equity and create strong cash-flowing assets. Renovate and rent, or restore and sell for profit — the opportunity is yours to shape. Property is being sold strictly as-is. Inspections for informational purposes only. Don't miss your chance to secure a value-add asset in one of Baltimore's most promising investment corridors. Conveniently located near public transportation, shopping, and commuter routes, these homes sit in an area poised for growth and appreciation. Don’t miss this rare “Buy One, Get One Free” investment package — a true value-add opportunity that doesn’t come along often. Secure both properties today and set yourself up for strong returns in one of Baltimore’s most promising investment corridors.

ⓘ 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: $303 · $25/mo
• Projected year-2 tax: $969 · $81/mo
• Expected delta: +$666/yr (+$55/mo · 219.4%)

ⓘ 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 ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $20,611
• − Mortgage interest: −$8,402
• − Property taxes: −$303
• − Insurance: −$750
• − Repairs & maintenance: −$1,649
• − Management: −$1,649
• − Depreciation: −$4,364
• Taxable income: $3,494
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $4,951/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

-32.0% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $170,000 BRIGHT MLS
• 2025-12-18 Price Changed $225,000 BRIGHT MLS
• 2025-10-16 Listed $250,000 BRIGHT MLS

Property tax history

-6.7%/yr

Latest (2025): $303 · +0.3% YoY. Source: county tax records.