3808 Callaway Ave · Baltimore, MD 21215

$299,900

5 bd · 2.5 ba · 2,890 sqft · SingleFamily public records · 3 Days on market

Built 1936 7,000 sqft lot Est $422k · 29% 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 +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.9/10.0
• 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

Exceptionally large greater Ashburton single-family home offering approximately 3,900 finished square feet, an impressive finished lower-level in-law suite, and a flexible layout that is hard to find. Currently arranged with five bedrooms and three full baths, the home could potentially be reconfigured to create up to seven bedrooms, making it a great fit for large households, multi-generational living, guests, home offices, or buyers who simply need more space. The main level features a bright office/study, separate dining room, large living room with fireplace, convenient main-level bedroom, adjacent full bath, hardwood flooring, classic crown molding, French doors, and wide openings. The

Key facts

• Updated appliances
• Separate dining room
• Bright office/study

Tags

• BRIGHT OFFICE/STUDY
• SEPARATE DINING ROOM
• CONVENIENT MAIN-LEVEL BEDROOM
• DARK SOLID-WOOD CABINETRY
• GRANITE COUNTERS
• UPDATED APPLIANCES

Property features AI

Finance

• Other: Fee simple ownership; Ground rent paid annually

Exterior

• Parking: Detached front-entry garage (2 garage spaces); Asphalt and concrete driveway with about 6 driveway spaces; On-street parking; Total of about 8 parking spaces
• Utilities: Public water; Public sewer; Natural gas hot water; Electric service (200+ amp)
• Home design: Detached structure; Very good condition; Effective renovation in 2014; Year built recorded by assessor
• Construction: Brick construction; Brick/mortar foundation; Asphalt shingle roof; Double-hung wood-frame windows with screens and storm windows
• Exterior features: Front yard, rear yard and side yards with landscaping; Porches and balcony; Shed on property; Not in a federal flood zone

Interior

• Kitchen: Dishwasher; Disposal; Built-in microwave; Oven (single) with self-cleaning; Refrigerator; Stainless steel appliances; Exhaust fan
• Bedrooms: Two bedrooms on the main level; Two bedrooms on the upper level; One bedroom on the lower level
• Flooring: Hardwood floors; Ceramic tile
• Bathrooms: Three full bathrooms (one on main level, one on upper level, one on lower level)
• Heating & cooling: Central heating; Central air conditioning; Heat pump(s); Ceiling fans; Electric heating and cooling; 200+ amp electric service; 60+ gallon natural gas hot water tank
• Interior features: Ceiling fans; Built-ins; Tub with shower; Drywall walls and ceilings; Six-panel and storm doors; Fully finished basement with outside entrance and connecting stairway; Brick fireplace with glass doors and wood-burning equipment (1 fireplace)
• Laundry & utility: Washer and dryer; Laundry areas on main floor, upper floor, and basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/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 $297k (0.8% below list).
• Recommended offer: $297k (0.8% below list) — sets the bar for 1% rule.
• 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 (+2.4%/yr); 351 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,975/mo this rent would consume 69% of the median local household income ($52k/yr) (locally 3644% 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 $2k of loan paydown is wiped out by about $9k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 13y 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 $105k; list at $300k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $297,495 (0.8% below list)

Questions for the listing agent

1. Built in 1936 — 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: 0.99% ✗
• Cap rate: 8.23%
• Cash-on-cash: 6.93%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $421,940
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3704 Egerton Rd	0.32mi	4/3.5 (-1)	3,050 (+6%)	1mo	$426,500	$140	66
3703 Egerton Rd	0.35mi	5/4.5	3,051 (+6%)	3mo	$479,900	$157	64
3714 W Cold Spring Ln	0.27mi	5/3.0	2,566 (-11%)	6mo	$318,000	$124	62
3817 Copley Rd	0.13mi	6/4.0 (+1)	3,297 (+14%)	1mo	$372,000	$113	58
3923 Fairview Ave	0.72mi	5/3.0	2,788 (-4%)	1mo	$360,000	$129	58
3504 Callaway Ave	0.23mi	5/4.5	3,314 (+15%)	5mo	$400,000	$121	52
3415 Springdale Ave	0.62mi	6/3.5 (+1)	2,737 (-5%)	2mo	$443,500	$162	51
4403 White Oak Ave	0.44mi	5/3.0	2,498 (-14%)	7mo	$365,000	$146	49
3514 Fairview Ave	0.62mi	5/4.5	3,143 (+9%)	2mo	$515,000	$164	47
3710 W Forest Park Ave	0.46mi	6/4.5 (+1)	3,300 (+14%)	4mo	$520,000	$158	39
4115 Boarman Ave	0.65mi	4/3.5 (-1)	2,504 (-13%)	2mo	$375,000	$150	36
3417 Springdale Ave	0.62mi	5/5.5	3,261 (+13%)	3mo	$459,581	$141	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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-19,528
• Equity at exit: $44,716

10-year hold

• IRR: 2.6%
• Equity multiple: 1.18×
• Total profit: $15,339
• Equity at exit: $25,930

Cash invested: $83,972 (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: 8.4×

Monthly cashflow live

• Estimated rent: $2,975 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$167 /mo · $2,007/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $485

Break-even live

Break-even rent $2,361

Max offer price $299,900

Occupancy floor 79%

Sensitivity live

Price	-10% $655	-5% $570	+0% $485	+5% $400	+10% $316
Rent	-10% $250	-5% $368	+0% $485	+5% $603	+10% $720
Rate	-1.0pp $636	-0.5pp $562	base $485	+0.5pp $408	+1.0pp $329

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4029 Fairview Ave Baltimore, MD	5.0	4.5	2653	$3,200	$1.21	44d	1	0.79mi
2510 Roslyn Ave Baltimore, MD	6.0	5.0	2663	$4,200	$1.58	44d	1	1.04mi
3030 Windsor Ave Baltimore, MD	4.0	1.5	2124	$1,995	$0.94	5d	1	1.42mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $299,900 Pending 3 DOM
2. 2026-06-04
   remarks 699-char remark
3. 2026-06-04
   listed $299,900 Active 1 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: $2,007 · $167/mo
• Projected year-2 tax: $2,638 · $220/mo
• Expected delta: +$631/yr (+$53/mo · 31.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $35,699
• − Mortgage interest: −$16,799
• − Property taxes: −$2,007
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,856
• − Management: −$2,856
• − Depreciation: −$8,724
• Taxable income: $957
• Est. tax owed @ 24.0%: −$230
• After-tax cash flow: $5,594/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

+86.4% since first listed

34 events — show timeline

• 2026-06-03 Listed $299,900 BRIGHT MLS
• 2025-01-24 Listing Removed — BRIGHT MLS
• 2024-12-10 Price Changed $320,750 BRIGHT MLS
• 2024-10-22 Price Changed $331,712 BRIGHT MLS
• 2024-10-07 Price Changed $337,712 BRIGHT MLS
• 2024-09-22 Price Changed $343,721 BRIGHT MLS
• 2024-07-07 Relisted — BRIGHT MLS
• 2024-06-26 Listing Removed — BRIGHT MLS
• 2024-06-26 Relisted — BRIGHT MLS
• 2024-06-07 Pending — BRIGHT MLS
• 2024-05-29 Contingent — BRIGHT MLS
• 2024-05-27 Price Changed $347,217 BRIGHT MLS
• 2024-05-15 Price Changed $337,100 BRIGHT MLS
• 2024-03-11 Listed $337,000 BRIGHT MLS
• 2023-08-29 Price Changed $360,173 BRIGHT MLS
• 2023-07-25 Listing Removed — BRIGHT MLS
• 2023-05-01 Price Changed $371,000 BRIGHT MLS
• 2023-05-01 Relisted — BRIGHT MLS
• 2023-03-22 Listing Removed — BRIGHT MLS
• 2023-02-20 Price Changed $379,900 BRIGHT MLS
• 2023-02-17 Listing Removed — BRIGHT MLS
• 2023-02-14 Listed $399,999 BRIGHT MLS
• 2023-01-25 Listed $399,999 BRIGHT MLS
• 2023-01-19 Coming Soon — BRIGHT MLS
• 2014-06-24 Sold (Public Records) $105,000 Public Records
• 2014-06-15 Delisted — MRIS
• 2014-06-13 Sold (MLS) $105,000 BRIGHT MLS
• 2014-06-13 Sold (MLS) $105,000 MRIS
• 2014-05-25 Listing Removed — BRIGHT MLS
• 2014-04-08 Pending — MRIS
• 2014-04-08 Price Changed $160,900 MRIS
• 2013-12-28 Price Changed $199,900 MRIS
• 2013-03-30 Listed $233,900 MRIS
• 2013-03-30 Listed $160,900 BRIGHT MLS

Property tax history

-5.1%/yr

Latest (2025): $2,007 · +16.3% YoY. Source: county tax records.