6438 Hartwait St · Baltimore, MD 21224

$155,000

3 bd · 1.0 ba · 1,274 sqft · Townhouse public records · 5 Days on market

Built 1953 2,756 sqft lot Est $166k · 6% 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 +30.0/30.0
• ARV discount +10.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR ALERT!This solid brick end-of-group townhome presents an incredible opportunity for investors, first-time buyers using a 203(k) renovation loan, or anyone with vision. With the right updates and a little sweat equity, this home has the potential to be transformed. This end of group home features a generous main-level layout with spacious living and dining areas filled with natural light. The existing floor plan offers a strong foundation for modernization, redesign, and customization to fit your style and needs. Upstairs you will find three bedrooms and a full bath. The lower level is finished and offers a full bath. Outside, enjoy excellent outdoor space with plenty of potential f

Key facts

• Natural light
• Finished lower level
• Built 1953

Tags

• GENEROUS MAIN-LEVEL LAYOUT
• NATURAL LIGHT
• FINISHED LOWER LEVEL
• EXCELLENT OUTDOOR SPACE
• POTENTIAL FOR ENTERTAINING

Property features AI

Finance

• Other: Total below-grade area: 512 (includes finished and unfinished spaces); Above-grade finished area recorded by assessor
• Financial info: Improvement and land assessed values recorded (assessor sources)
• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas for heating and hot water
• Home design: End of row/townhouse; Fee simple ownership; In city limits (Baltimore City)
• Construction: Brick construction; Concrete perimeter foundation; Built year source: Assessor
• Exterior features: End-of-row townhouse; Above-grade and below-grade structures

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms (one on the upper level, one on the lower level)
• Heating & cooling: Forced air heating; Natural gas heating and hot water; Central air conditioning (electric)
• Interior features: Full basement; Living area source: Assessor; Average property condition; Pets allowed with no restrictions
• Laundry & utility: Washer; Electric dryer; Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $155k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 11.5% 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 (+1.3%/yr); 391 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 $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 + 1.3% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $155,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.77%
• DSCR: 1.84
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $165,620
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6618 Marne Ave	0.15mi	3/2.0	1,274 (0%)	6mo	$147,000	$115	84
6622 Marne Ave	0.15mi	3/1.0	1,274 (0%)	11mo	$153,200	$120	84
1526 Charlotte Ave	0.28mi	3/1.0	1,274 (0%)	8mo	$99,900	$78	80
6826 Boston Ave	0.53mi	3/1.5	1,274 (0%)	2mo	$216,700	$170	72
1518 Elrino St	0.35mi	2/2.0 (-1)	1,190 (-7%)	4mo	$116,000	$97	61
6714 Boston Ave	0.38mi	3/2.0	1,170 (-8%)	6mo	$175,000	$150	59
6833 Boston Ave	0.54mi	3/1.5	1,356 (+6%)	5mo	$245,000	$181	58
6713 1/2 German Hill Rd	0.47mi	3/1.5	1,420 (+12%)	0mo	$185,000	$130	57
6424 Bushey St	0.57mi	3/2.0	1,350 (+6%)	4mo	$175,000	$130	56
1509 Charlotte Ave	0.28mi	3/1.0	1,088 (-15%)	11mo	$110,000	$101	54
6824 Duluth Ave	0.52mi	3/1.5	1,176 (-8%)	12mo	$244,000	$207	51
1548 Elrino St	0.34mi	2/1.5 (-1)	1,140 (-10%)	11mo	$163,000	$143	50

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.33×
• Total profit: $14,449
• Equity at exit: $23,111

10-year hold

• IRR: 16.4%
• Equity multiple: 2.24×
• Total profit: $53,703
• Equity at exit: $13,402

Cash invested: $43,400 (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 21224

• Rents YoY: 1.3%
• Active inventory: 391
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,214 high
• Mortgage (P&I): −$813
• Tax from tax record: −$193 /mo · $2,312/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $679

Break-even live

Break-even rent $1,355

Max offer price $155,000

Occupancy floor 64%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1504 Elrino St Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	4d	1	0.33mi
6722 Brentwood Ave Unit 2FL Dundalk, MD	3.0	1.0	900	$1,750	$1.94	43d	1	0.38mi
1207 Anglesea St Baltimore, MD	2.0	2.0	1162	$2,150	$1.85	4d	1	0.62mi
638 Villager Cir Dundalk, MD	3.0	3.5	1572	$2,450	$1.56	18d	1	0.64mi
6710 Hudson St Baltimore, MD	4.0	4.0	1156	$3,500	$3.03	24d	1	0.64mi
1533 Leslie Rd Dundalk, MD	4.0	1.0	1270	$2,000	$1.57	43d	1	0.73mi
643 47th St Baltimore, MD	2.0	2.0	1620	$2,100	$1.30	12d	1	0.80mi
1955 Walnut Ave Dundalk, MD	3.0	1.0	950	$2,300	$2.42	43d	1	0.85mi
530 47th St Baltimore, MD	3.0	1.0	1424	$1,750	$1.23	24d	1	0.95mi
442 Folcroft St Unit A Baltimore, MD	2.0	1.5	1071	$1,600	$1.49	3d	1	0.96mi
416 Hornel St Unit 2 Baltimore, MD	2.0	1.0	1470	$1,400	$0.95	24d	1	0.96mi
434 Folcroft St Unit A Baltimore, MD	3.0	1.5	1260	$1,500	$1.19	43d	1	0.97mi
334 Kane St Baltimore, MD	2.0	2.0	1050	$1,675	$1.60	24d	1	1.01mi
560 Bayview Blvd Baltimore, MD	1.0–3.0	1.0–3.0	1108	$3,372	$3.04	2d	25	1.02mi
708 Umbra St Baltimore, MD	3.0	1.5	1274	$2,000	$1.57	18d	1	1.03mi
340 Gusryan St Baltimore, MD	3.0	2.0	1300	$2,500	$1.92	43d	1	1.05mi
338 Gusryan St Baltimore, MD	2.0	1.5	1218	$1,700	$1.40	24d	1	1.05mi
6802 Conley St Baltimore, MD	2.0	1.5	939	$1,750	$1.86	22d	1	1.06mi
328 Folcroft St Baltimore, MD	3.0	2.0	1460	$2,300	$1.58	24d	1	1.08mi
266 Saint Helena Ave Dundalk, MD	3.0	1.0	1305	$1,900	$1.46	12d	1	1.09mi
335 Drew St Unit 1 Baltimore, MD	2.0	1.0	1460	$1,600	$1.10	24d	1	1.09mi
6552 Parnell Ave Dundalk, MD	2.0	1.5	885	$1,500	$1.69	18d	1	1.13mi
301 Cornwall St Baltimore, MD	4.0	2.0	1520	$2,750	$1.81	11d	1	1.16mi
301 Cornwall St Baltimore, MD	4.0	2.0	1520	$2,900	$1.91	43d	1	1.16mi
523 Rappolla St Baltimore, MD	3.0	2.0	1650	$2,100	$1.27	24d	1	1.19mi
6537 Baltimore Ave Baltimore, MD	3.0	1.0	1272	$1,700	$1.34	2d	1	1.20mi
7124 Gough St Baltimore, MD	2.0	1.5	1096	$1,700	$1.55	22d	1	1.25mi
12 Leeway Dundalk, MD	3.0	1.0	1358	$1,750	$1.29	43d	1	1.25mi
727 S Macon St Baltimore, MD	3.0	2.5	1600	$3,450	$2.16	43d	1	1.27mi
611 Oldham St Baltimore, MD	2.0	1.0	1148	$1,800	$1.57	12d	1	1.28mi
608 Oldham St Baltimore, MD	3.0	3.5	1640	$2,500	$1.52	24d	1	1.30mi
2624 Liberty Pkwy Dundalk, MD	3.0	1.5	1110	$1,856	$1.67	43d	1	1.32mi
7219 Conley St Baltimore, MD	4.0	1.5	1440	$1,950	$1.35	15d	1	1.32mi
7058 Eastbrook Ave Baltimore, MD	3.0	2.0	1228	$1,700	$1.38	11d	1	1.34mi
4500 Fait Ave Baltimore, MD	3.0	3.5	1792	$2,800	$1.56	43d	1	1.35mi
7230 Conley St Unit 1 Baltimore, MD	3.0	1.5	1144	$2,100	$1.84	3d	1	1.35mi
7230 Conley St Unit 1 Baltimore, MD	3.0	1.5	1144	$2,100	$1.84	24d	1	1.35mi
4505 Foster Ave Baltimore, MD	3.0	3.0	1376	$2,650	$1.93	24d	1	1.37mi
7261 Bridgewood Dr Baltimore, MD	3.0	2.0	896	$2,495	$2.78	24d	1	1.38mi
527 S Lehigh St Baltimore, MD	3.0	2.0	1320	$2,325	$1.76	43d	1	1.40mi

Listing history 3 events

1. 2026-06-01
   status $155,000 Pending 5 DOM
2. 2026-05-31
   days on market $155,000 Active 5 DOM
3. 2026-05-26
   listed $155,000 Active

ⓘ 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: $2,312 · $193/mo
• Projected year-2 tax: $2,312 · $193/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 ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,567
• − Mortgage interest: −$8,682
• − Property taxes: −$2,312
• − Insurance: −$775
• − Repairs & maintenance: −$2,125
• − Management: −$2,125
• − Depreciation: −$4,509
• Taxable income: $6,037
• Est. tax owed @ 24.0%: −$1,449
• After-tax cash flow: $6,697/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

1 event — show timeline

• 2026-05-26 Listed $155,000 BRIGHT MLS

Property tax history

-0.0%/yr

Latest (2025): $2,312 · +5.1% YoY. Source: county tax records.