504 E 43rd St · Baltimore, MD 21212

$209,000

3 bd · 1.5 ba · 1,783 sqft · Townhouse public records · 71 Days on market

Built 1920 1,600 sqft lot Est $244k · 14% under

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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 +22.1/30.0
• ARV discount +14.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT OPPORTUNITY FOR INVESTMENT PROPERTY. LENDER OWNED PROPERTY. FREE APPRAISAL AND CREDIT REPORT IF FINANCED THRU COUNTRYWIDE.

Key facts

• Gourmet kitchen
• Open concept design
• Renovated townhome

Tags

• RENOVATED TOWNHOME
• OPEN CONCEPT DESIGN
• GOURMET KITCHEN
• PRIVATE EN SUITE BATHROOM
• FENCED REAR YARD

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Brick/mortar foundation; Above-grade and below-grade structures
• Exterior features: Below-grade and above-grade finished space; Located within city limits

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: Two full bathrooms (all upper levels); One half bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $209k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (3.8% below list).
• Recommended offer: $196k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 fast (+4.7%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 71 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $18k (8%) 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 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: 0.96% ✗
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $244,271
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 E 41st St	0.15mi	3/2.0	1,728 (-3%)	1mo	$79,100	$46	85
537 Oakland Ave	0.15mi	3/1.5	1,915 (+7%)	1mo	$220,000	$115	80
4744 Alhambra Ave	0.34mi	3/1.5	1,816 (+2%)	2mo	$155,000	$85	80
617 Willow Ave	0.23mi	3/2.0	1,641 (-8%)	2mo	$235,000	$143	72
4662 Kernwood Ave	0.33mi	3/1.5	1,652 (-7%)	1mo	$240,000	$145	72
608 Radnor Ave	0.47mi	3/2.0	1,837 (+3%)	2mo	$219,000	$119	70
3953 Wilsby Ave	0.34mi	4/2.0 (+1)	1,716 (-4%)	1mo	$235,000	$137	70
3613 Greenmount Ave	0.57mi	3/3.0	1,732 (-3%)	1mo	$207,000	$120	62
923 North Hill Rd	0.47mi	3/2.0	1,652 (-7%)	2mo	$277,500	$168	62
4630 York Rd	0.28mi	4/1.5 (+1)	2,022 (+13%)	2mo	$90,000	$45	58
3628 Elkader Rd	0.65mi	3/1.0	1,675 (-6%)	2mo	$272,000	$162	56
715 Radnor Ave	0.46mi	4/2.0 (+1)	1,600 (-10%)	2mo	$249,900	$156	53

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 · 4.65% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-9,082
• Equity at exit: $31,163

10-year hold

• IRR: 7.2%
• Equity multiple: 1.58×
• Total profit: $33,789
• Equity at exit: $18,071

Cash invested: $58,520 (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 21212

• Rents YoY: 4.7%
• Active inventory: 133
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,010 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$68 /mo · $810/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $337

Break-even live

Break-even rent $1,583

Max offer price $209,000

Occupancy floor 78%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4303 York Rd #3 Baltimore, MD	2.0	1.0	1680	$1,400	$0.83	44d	1	0.02mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	44d	1	0.12mi
4033 Greenmount Ave Baltimore, MD	2.0	2.5	1860	$2,550	$1.37	24d	1	0.14mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	2d	1	0.17mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	44d	1	0.20mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	20d	1	0.20mi
531 Willow Ave Unit Na Baltimore, MD	4.0	1.0	1300	$1,800	$1.38	20d	1	0.26mi
4754 Alhambra Ave Baltimore, MD	3.0	2.0	1876	$1,500	$0.80	24d	1	0.38mi
514 Radnor Ave Baltimore, MD	3.0	1.5	1575	$1,500	$0.95	44d	1	0.49mi
804 Radnor Ave Baltimore, MD	3.0	1.0	1654	$2,000	$1.21	44d	1	0.50mi
510 Winston Ave Baltimore, MD	4.0	2.0	1600	$2,800	$1.75	20d	1	0.64mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	44d	1	0.65mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	13d	5	0.70mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	15d	1	0.73mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	4d	1	0.74mi
108 W 39th St Baltimore, MD	2.0	1.0–2.0	1350	$2,189	$1.62	3d	11	0.74mi
4006 Loch Raven Blvd Baltimore, MD	3.0	2.5	2016	$2,695	$1.34	18d	1	0.80mi
1224 Winston Ave Baltimore, MD	3.0	2.0	1248	$2,100	$1.68	18d	1	0.84mi
3501 Saint Paul St Baltimore, MD	3.0	1.0–2.5	916	$2,700	$2.95	2d	172	0.84mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	44d	1	0.85mi
500 W University Pkwy Baltimore, MD	3.0	1.0–2.0	955	$3,020	$3.16	2d	60	0.86mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	15d	1	0.94mi
3214 Abell Ave Baltimore, MD	3.0	1.5	2300	$2,800	$1.22	24d	1	0.95mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	44d	1	0.96mi
1221 Glenwood Ave Baltimore, MD	3.0	2.0	1390	$2,595	$1.87	44d	1	0.99mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	3d	1	0.99mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	44d	1	1.04mi
5204 Kelway Rd Baltimore, MD	3.0	2.0	1666	$2,350	$1.41	24d	1	1.06mi
1545 E Cold Spring Ln Baltimore, MD	4.0	2.0	1240	$2,000	$1.61	44d	1	1.08mi
1008 Tunbridge Rd Baltimore, MD	3.0	2.0	1732	$2,050	$1.18	24d	1	1.15mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	24d	1	1.15mi
620 Harwood Ave Baltimore, MD	2.0	1.0	2056	$1,350	$0.66	44d	1	1.18mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	4d	1	1.21mi
424 Ilchester Ave Baltimore, MD	3.0	3.0	1976	$1,800	$0.91	15d	1	1.25mi
816 W 37th St Baltimore, MD	3.0	2.5	1468	$2,700	$1.84	4d	1	1.25mi
5622 Midwood Ave Baltimore, MD	3.0	2.0	1452	$2,300	$1.58	44d	1	1.26mi
5626 Midwood Ave Unit 2 Baltimore, MD	2.0	1.0	1452	$1,100	$0.76	24d	1	1.27mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	44d	1	1.29mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	4d	1	1.32mi
1702 E 32nd St Baltimore, MD	3.0	2.0	1344	$2,300	$1.71	44d	1	1.34mi

Listing history 7 events

1. 2026-06-18
   days on market $209,000 Active 71 DOM
2. 2026-06-17
   days on market $209,000 Active 70 DOM
3. 2026-06-16
   days on market $209,000 Active 69 DOM
4. 2026-06-15
   days on market $209,000 Active 68 DOM
5. 2026-06-13
   days on market $209,000 Active 66 DOM
6. 2026-06-10
   remarks 689-char remark
7. 2026-06-10
   listed $209,000 Active 62 DOM

ⓘ 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: $810 · $68/mo
• Projected year-2 tax: $1,544 · $129/mo
• Expected delta: +$734/yr (+$61/mo · 90.6%)

ⓘ 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 · 14 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: $24,120
• − Mortgage interest: −$11,707
• − Property taxes: −$810
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − Depreciation: −$6,080
• Taxable income: $619
• Est. tax owed @ 24.0%: −$148
• After-tax cash flow: $3,899/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): 33,974
• Household income: $96,685
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 769.0

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 0.64)
• Race & ethnicity: White 49% Black 35% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 2% 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: ▼ -392.44%
• Current HPI: 267.4569
• Rent YoY: ▲ 4.65%
• 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

+535.3% since first listed

23 events — show timeline

• 2026-06-09 Relisted — BRIGHT MLS
• 2026-04-27 Listing Removed — BRIGHT MLS
• 2026-04-12 Relisted — BRIGHT MLS
• 2026-04-05 Pending — BRIGHT MLS
• 2026-03-19 Price Changed $209,000 BRIGHT MLS
• 2026-02-17 Listed $227,500 BRIGHT MLS
• 2026-01-23 Listing Removed — BRIGHT MLS
• 2025-12-03 Listed $229,000 BRIGHT MLS
• 2019-01-16 Sold (Public Records) $428,000 Public Records
• 2008-04-15 Sold (MLS) $62,500 MRIS
• 2008-03-21 Delisted — MRIS
• 2008-02-26 Price Changed $73,900 MRIS
• 2008-01-14 Price Changed $77,900 MRIS
• 2007-12-14 Price Changed $81,900 MRIS
• 2007-11-16 Price Changed $85,900 MRIS
• 2007-10-25 Price Changed $90,900 MRIS
• 2007-10-02 Listed $125,900 MRIS
• 2005-07-26 Sold (Public Records) $95,000 Public Records
• 2005-04-08 Delisted — MRIS
• 2005-01-25 Listed — MRIS
• 2004-09-30 Sold (MLS) $28,000 MRIS
• 2004-09-09 Delisted — MRIS
• 2004-08-19 Listed $32,900 MRIS

Property tax history

-7.4%/yr

Latest (2025): $810 · -64.6% YoY. Source: county tax records.