4203 Audrey Ave · Baltimore, MD 21225

$109,900

2 bd · 2.0 ba · 1,380 sqft · Townhouse public records · 62 Days on market

Built 1943 1,656 sqft lot $80/sqft · 41% below area Est $186k · 41% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATION! Great rental property to add on to your rental portfolio, This property is already separated into two units (separated meters, heaters. ) Each rental unit can be rented for $900-1000 monthly, $24,000 yearly. CASH, Hard Money and Private Financing ONLY. Call showing contact for showings and inquiries. Present contracts directly to listing agent. Property sold As-Is, Buyer to verify all listing information. Buyer to verify ownership interest. Schedule appointments with time in advance.

Key facts

• Built 1943
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $110k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 (+4.1%/yr); 165 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 35% of the median local income ($54k/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 $760 of loan paydown is wiped out by about $3k 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 + 4.1% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1943 — 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 $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1943 — 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: 1.42% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.87%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $185,639
• List price: $109,900
• Delta: -40.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3822 6th St	0.30mi	3/2.0 (+1)	1,380 (0%)	6mo	$185,000	$134	76
3511 6th St	0.62mi	2/2.0	1,294 (-6%)	2mo	$140,000	$108	59
3808 6th St	0.32mi	3/1.0 (+1)	1,260 (-9%)	3mo	$220,000	$175	59
207 Riverview #207	0.74mi	3/2.0 (+1)	1,392 (+1%)	1mo	$260,000	$187	58
179 W Meadow Rd	0.67mi	3/1.5 (+1)	1,340 (-3%)	4mo	$180,000	$134	54
435 Seward Ave	0.65mi	3/1.0 (+1)	1,324 (-4%)	1mo	$215,500	$163	53
532 Pontiac Ave	0.43mi	3/3.0 (+1)	1,540 (+12%)	2mo	$203,000	$132	49
516 Arsan Ave	0.71mi	3/3.0 (+1)	1,294 (-6%)	2mo	$190,000	$147	46
3541 3rd St	0.63mi	2/1.5	1,190 (-14%)	2mo	$167,500	$141	44
322 Arundel Rd W	0.75mi	3/1.0 (+1)	1,240 (-10%)	0mo	$158,000	$127	39
1326 Tompkins St	0.72mi	3/2.0 (+1)	1,554 (+13%)	3mo	$205,000	$132	38
303 Arden Rd W	0.74mi	3/1.0 (+1)	1,240 (-10%)	5mo	$145,000	$117	35

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.43×
• Total profit: $13,133
• Equity at exit: $16,386

10-year hold

• IRR: 20.6%
• Equity multiple: 2.83×
• Total profit: $56,370
• Equity at exit: $9,502

Cash invested: $30,772 (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 21225

• Home prices YoY: -31.9%
• Rents YoY: 4.1%
• Active inventory: 165
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,564 high
• Mortgage (P&I): −$576
• Tax from tax record: −$156 /mo · $1,866/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $458

Break-even live

Break-even rent $984

Max offer price $109,900

Occupancy floor 66%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4201 Audrey Ave Unit 1 Brooklyn, MD	2.0	1.0	1400	$1,350	$0.96	23d	1	0.03mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.05mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.05mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	0.21mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.32mi
3822 6th St Brooklyn, MD	3.0	3.0	1580	$1,850	$1.17	23d	1	0.33mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.35mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	17d	1	0.35mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	43d	1	0.35mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	0.37mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	0.37mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	0.37mi
3828 10th St Brooklyn, MD	3.0	2.0	1215	$2,350	$1.93	43d	1	0.45mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.45mi
3816 W Bay Ave Unit 1 Baltimore, MD	2.0	1.0	1364	$1,155	$0.85	3d	1	0.53mi
3569 4th St Brooklyn, MD	2.0	1.5	1256	$1,200	$0.96	17d	1	0.59mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	0.63mi
603 Maude Ave Unit A Baltimore, MD	1.0	1.0	1294	$950	$0.73	4d	1	0.66mi
49 Talbott St Brooklyn, MD	2.0	1.0	1300	$1,300	$1.00	23d	1	0.68mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	0.70mi
202 W Edgevale Rd Unit B Baltimore, MD	1.0	1.0	1824	$1,200	$0.66	4d	1	0.73mi
202 W Edgevale Rd Unit A Baltimore, MD	3.0	1.0	1824	$1,650	$0.90	4d	1	0.73mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.75mi
3428 7th St Unit B Baltimore, MD	1.0	1.0	1294	$1,150	$0.89	43d	1	0.75mi
303 Arden Rd W Brooklyn, MD	3.0	2.0	1388	$2,500	$1.80	17d	1	0.75mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	23d	1	0.77mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.77mi
1411 Filbert St Unit 2 Baltimore, MD	2.0	1.0	1428	$1,300	$0.91	43d	1	0.80mi
1517 Sycamore St Curtis Bay, MD	3.0	1.5	1210	$1,999	$1.65	23d	1	0.83mi
732 Old Riverside Rd Brooklyn, MD	3.0	2.5	1570	$1,900	$1.21	43d	1	0.88mi
90 Hammonds Ln Brooklyn Park, MD	1.0–2.0	1.0–2.0	757	$1,964	$2.59	1d	4	1.08mi
140 Bethlehem Pl Brooklyn, MD	3.0	3.5	1120	$1,500	$1.34	43d	1	1.34mi

Listing history 47 events

1. 2026-06-18
   days on market $109,900 Active 62 DOM
2. 2026-06-17
   days on market $109,900 Active 61 DOM
3. 2026-06-16
   days on market $109,900 Active 60 DOM
4. 2026-06-15
   days on market $109,900 Active 59 DOM
5. 2026-06-13
   days on market $109,900 Active 57 DOM
6. 2026-06-09
   days on market $109,900 Active 53 DOM
7. 2026-06-08
   days on market $109,900 Active 52 DOM
8. 2026-06-07
   days on market $109,900 Active 51 DOM
9. 2026-06-04
   days on market $109,900 Active 48 DOM
10. 2026-06-03
    days on market $109,900 Active 47 DOM
11. 2026-06-02
    days on market $109,900 Active 46 DOM
12. 2026-06-01
    days on market $109,900 Active 45 DOM
13. 2026-05-31
    days on market $109,900 Active 44 DOM
14. 2026-04-17
    listed $109,900 Active 498-char remark

    Show marketing remark (498 chars)

    LOCATION! Great rental property to add on to your rental portfolio, This property is already separated into two units (separated meters, heaters. ) Each rental unit can be rented for $900-1000 monthly, $24,000 yearly. CASH, Hard Money and Private Financing ONLY. Call showing contact for showings and inquiries. Present contracts directly to listing agent. Property sold As-Is, Buyer to verify all listing information. Buyer to verify ownership interest. Schedule appointments with time in advance.

15. 2026-04-17
    listed $109,900 Active 498-char remark

    Show marketing remark (498 chars)

    LOCATION! Great rental property to add on to your rental portfolio, This property is already separated into two units (separated meters, heaters. ) Each rental unit can be rented for $900-1000 monthly, $24,000 yearly. CASH, Hard Money and Private Financing ONLY. Call showing contact for showings and inquiries. Present contracts directly to listing agent. Property sold As-Is, Buyer to verify all listing information. Buyer to verify ownership interest. Schedule appointments with time in advance.

16. 2022-07-19
    status Pending
17. 2022-07-08
    historical
18. 2022-06-24
    historical Active Under Contract
19. 2022-06-03
    price $100,000
20. 2022-05-20
    listed $110,000 Active
21. 2020-02-07
    soldstatus $98,000
22. 2011-01-08
    historical
23. 2011-01-08
    historical
24. 2010-09-25
    historical Expired
25. 2010-09-25
    historical
26. 2010-01-05
    price
27. 2010-01-05
    price
28. 2009-11-19
    price
29. 2009-11-19
    price
30. 2009-09-17
    price
31. 2009-09-17
    price
32. 2009-09-14
    listed Active
33. 2009-09-14
    price
34. 2009-09-14
    price
35. 2009-09-14
    listed $54,900
36. 2009-09-08
    price
37. 2009-01-05
    listed
38. 2009-01-05
    listed $54,900
39. 2008-05-21
    soldstatus $90,000
40. 2008-03-14
    historical
41. 2008-02-29
    listed
42. 2007-07-01
    historical
43. 2006-06-30
    listed
44. 2005-06-17
    soldstatus $86,220
45. 1999-07-22
    soldstatus $60,000
46. 1998-02-11
    soldstatus $175,300
47. 1988-06-14
    soldstatus $50,000

ⓘ 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: $1,866 · $156/mo
• Projected year-2 tax: $1,866 · $156/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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,774
• − Mortgage interest: −$6,156
• − Property taxes: −$1,866
• − Insurance: −$550
• − Repairs & maintenance: −$1,502
• − Management: −$1,502
• − Depreciation: −$3,197
• Taxable income: $4,001
• Est. tax owed @ 24.0%: −$960
• After-tax cash flow: $4,539/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: Anne Arundel County · 535,653 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,062
• Household income: $54,020
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1440.0

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 0.68)
• Race & ethnicity: Black 42% White 32% Hispanic / Latino 20% Two or more races 8% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1% 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: ▼ -119.44%
• Current HPI: 254.5089
• Rent YoY: ▲ 4.08%
• 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

+119.8% since first listed

34 events — show timeline

• 2026-04-17 Listed $109,900 BRIGHT MLS
• 2026-04-17 Listed $109,900 BRIGHT MLS
• 2022-07-19 Pending — BRIGHT MLS
• 2022-07-08 Listing Removed — BRIGHT MLS
• 2022-06-24 Contingent — BRIGHT MLS
• 2022-06-03 Price Changed $100,000 BRIGHT MLS
• 2022-05-20 Listed $110,000 BRIGHT MLS
• 2020-02-07 Sold (Public Records) $98,000 Public Records
• 2011-01-08 Listing Removed — BRIGHT MLS
• 2011-01-08 Delisted — MRIS
• 2010-09-25 Delisted — MRIS
• 2010-09-25 Listing Removed — BRIGHT MLS
• 2010-01-05 Price Changed — MRIS
• 2010-01-05 Price Changed — MRIS
• 2009-11-19 Price Changed — MRIS
• 2009-11-19 Price Changed — MRIS
• 2009-09-17 Price Changed — MRIS
• 2009-09-17 Price Changed — MRIS
• 2009-09-14 Listed — MRIS
• 2009-09-14 Price Changed — MRIS
• 2009-09-14 Price Changed — MRIS
• 2009-09-14 Listed $54,900 BRIGHT MLS
• 2009-09-08 Price Changed — MRIS
• 2009-01-05 Listed — MRIS
• 2009-01-05 Listed $54,900 BRIGHT MLS
• 2008-05-21 Sold (Public Records) $90,000 Public Records
• 2008-03-14 Delisted — MRIS
• 2008-02-29 Listed — MRIS
• 2007-07-01 Delisted — MRIS
• 2006-06-30 Listed — MRIS
• 2005-06-17 Sold (Public Records) $86,220 Public Records
• 1999-07-22 Sold (Public Records) $60,000 Public Records
• 1998-02-11 Sold (Public Records) $175,300 Public Records
• 1988-06-14 Sold (Public Records) $50,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,866 · +3.6% YoY. Source: county tax records.