3507 Mount Pleasant Ave · Baltimore, MD 21224

$129,900

3 bd · 1.0 ba · 934 sqft · Townhouse public records · 21 Days on market

Built 1922 Est $157k · 17% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

This unit is perfect for a first time investor. Original hardwood floors that are firm. Basement and roof is dry by sight; and the basement ceilings have a great height to add more living space. Large back yard that could be converted to a parking pad. The home is located in a historic district that is trending positively, due to constant redevelopment. Don't miss out on another great flip.

Key facts

• 2 parking spots
• Built 1922
• Listed 20 days

Property features AI

Finance

• Other: Below-grade finished area approximately 467 (source: estimated); Above-grade finished area approximately 934 (source: assessor); Ownership interest: Ground Rent
• HOA & community: Ground rent $90 annually

Exterior

• Parking: Two total garage/parking spaces; Two driveway spaces; Paved parking with concrete driveway; On-street and off-street parking available
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Effective renovation in 2018
• Construction: Brick construction; Concrete perimeter foundation; Built (year source: assessor)
• Exterior features: Not in a federal flood zone; Above-grade and below-grade finished areas

Interior

• Kitchen: Kitchen combined with dining area
• Bedrooms: Two bedrooms on the upper level; One bedroom on the lower level
• Bathrooms: Two full bathrooms (both on upper level); One half bathroom (on lower level)
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); 60+ gallon hot water tank
• Interior features: Combination kitchen and dining area; Finished basement with interior access

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% 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); 393 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $898 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 + 1.3% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask is 88% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $62k; list at $130k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — 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: 1.51% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $156,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3534 E Fairmount Ave	0.21mi	2/1.0 (-1)	1,018 (+9%)	2mo	$86,000	$84	69
441 N East Ave	0.48mi	3/1.5	976 (+4%)	2mo	$175,000	$179	66
530 N Curley St	0.64mi	3/1.0	960 (+3%)	2mo	$85,000	$89	64
615 N Clinton St	0.57mi	2/1.0 (-1)	920 (-2%)	3mo	$60,500	$66	63
447 N Bouldin St	0.46mi	2/1.0 (-1)	976 (+4%)	4mo	$92,500	$95	63
20 N Decker Ave	0.37mi	3/1.0	1,040 (+11%)	2mo	$149,000	$143	62
309 S Fagley St	0.24mi	2/2.0 (-1)	1,030 (+10%)	1mo	$225,000	$218	62
155 N Streeper St	0.54mi	2/2.0 (-1)	912 (-2%)	0mo	$220,000	$241	62
423 N Curley St	0.57mi	3/1.0	1,008 (+8%)	4mo	$55,000	$55	57
26 N Decker Ave	0.38mi	2/1.0 (-1)	1,040 (+11%)	2mo	$175,000	$168	57
602 S Curley St	0.55mi	2/1.0 (-1)	1,008 (+8%)	3mo	$290,000	$288	53
813 S Curley St	0.66mi	2/1.0 (-1)	1,056 (+13%)	3mo	$200,000	$189	40

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: 11.2%
• Equity multiple: 1.43×
• Total profit: $15,759
• Equity at exit: $19,369

10-year hold

• IRR: 18.8%
• Equity multiple: 2.44×
• Total profit: $52,454
• Equity at exit: $11,231

Cash invested: $36,372 (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: 393
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,961 high
• Mortgage (P&I): −$681
• Tax from tax record: −$185 /mo · $2,224/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $629

Break-even live

Break-even rent $1,165

Max offer price $129,900

Occupancy floor 63%

Sensitivity live

Price	-10% $702	-5% $666	+0% $629	+5% $592	+10% $555
Rent	-10% $474	-5% $551	+0% $629	+5% $706	+10% $784
Rate	-1.0pp $694	-0.5pp $662	base $629	+0.5pp $595	+1.0pp $561

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3413 Leverton Ave Baltimore, MD	2.0	1.0	832	$1,000	$1.20	25d	1	0.06mi
223 Grundy St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	25d	1	0.26mi
400 S Highland Ave Unit 402 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	45d	1	0.26mi
321 Fagley St Baltimore, MD	2.0	1.0	800	$1,650	$2.06	21d	1	0.27mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	25d	1	0.30mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	25d	1	0.32mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,820	$3.10	3d	20	0.33mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	25d	1	0.39mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	45d	1	0.41mi
643 S Potomac St Baltimore, MD	2.0	1.0	785	$1,650	$2.10	45d	1	0.56mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	45d	1	0.57mi
3610 Dillon St Baltimore, MD	1.0–2.0	1.0–2.0	828	$2,820	$3.41	45d	1	0.64mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	4d	1	0.66mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	25d	1	0.67mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	16d	1	0.69mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	25d	1	0.73mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	25d	1	0.73mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	45d	1	0.74mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	19d	1	0.77mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	19d	1	0.78mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	21d	1	0.78mi
3518 Elliott St Baltimore, MD	3.0	2.5	1036	$2,800	$2.70	19d	1	0.78mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	25d	1	0.80mi
3850 Boston St Baltimore, MD	2.0	1.0–2.0	854	$3,378	$3.96	3d	22	0.82mi
1200 S Conkling St Baltimore, MD	1.0–2.0	1.0–2.0	1085	$2,933	$2.70	3d	16	0.83mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	45d	1	0.84mi
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	5d	1	0.84mi
3700 Toone St Baltimore, MD	1.0–2.0	1.0–2.0	1093	$3,218	$2.94	3d	28	0.85mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	5d	1	0.87mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	4d	1	0.89mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	45d	1	0.90mi
211 S Madeira St Baltimore, MD	2.0	1.0	819	$1,650	$2.01	5d	1	0.93mi
227 S Madeira St Baltimore, MD	2.0	2.5	1100	$2,200	$2.00	45d	1	0.93mi
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	45d	1	0.96mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	45d	1	0.96mi
305 S Collington Ave Baltimore, MD	3.0	2.5	722	$2,895	$4.01	18d	1	0.98mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	45d	1	0.99mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	16d	1	0.99mi
2639 Boston St #210 Baltimore, MD	2.0	2.0	784	$2,150	$2.74	45d	1	0.99mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	45d	1	1.00mi

Listing history 32 events

1. 2026-06-21
   days on market $129,900 Active 21 DOM
2. 2026-06-18
   days on market $129,900 Active 18 DOM
3. 2026-06-17
   days on market $129,900 Active 17 DOM
4. 2026-06-16
   days on market $129,900 Active 16 DOM
5. 2026-06-15
   days on market $129,900 Active 15 DOM
6. 2026-06-13
   days on market $129,900 Active 13 DOM
7. 2026-06-09
   days on market $129,900 Active 9 DOM
8. 2026-06-08
   days on market $129,900 Active 8 DOM
9. 2026-06-07
   days on market $129,900 Active 7 DOM
10. 2026-06-04
    days on market $129,900 Active 4 DOM
11. 2026-06-03
    days on market $129,900 Active 3 DOM
12. 2026-06-02
    days on market $129,900 Active 2 DOM
13. 2026-06-01
    statusdays on market $129,900 Active 1 DOM
14. 2026-05-31
    days on market $129,900 Coming Soon 16 DOM
15. 2026-05-16
    historical $129,900
16. 2018-11-21
    soldstatus $62,000 Closed 393-char remark

    Show marketing remark (393 chars)

    This unit is perfect for a first time investor. Original hardwood floors that are firm. Basement and roof is dry by sight; and the basement ceilings have a great height to add more living space. Large back yard that could be converted to a parking pad. The home is located in a historic district that is trending positively, due to constant redevelopment. Don't miss out on another great flip.

17. 2018-11-06
    status Pending 393-char remark

    Show marketing remark (393 chars)

    This unit is perfect for a first time investor. Original hardwood floors that are firm. Basement and roof is dry by sight; and the basement ceilings have a great height to add more living space. Large back yard that could be converted to a parking pad. The home is located in a historic district that is trending positively, due to constant redevelopment. Don't miss out on another great flip.

18. 2018-07-17
    listed $69,000 Active 393-char remark

    Show marketing remark (393 chars)

    This unit is perfect for a first time investor. Original hardwood floors that are firm. Basement and roof is dry by sight; and the basement ceilings have a great height to add more living space. Large back yard that could be converted to a parking pad. The home is located in a historic district that is trending positively, due to constant redevelopment. Don't miss out on another great flip.

19. 2018-04-11
    historical
20. 2018-04-11
    historical Withdrawn
21. 2018-03-28
    listed $20,000 Active
22. 2018-03-28
    listed Active
23. 2014-08-27
    soldstatus $36,200
24. 2014-08-25
    soldstatus $36,200 Sold
25. 2014-08-25
    soldstatus $36,200
26. 2014-08-04
    status Contract
27. 2014-08-04
    historical
28. 2014-07-31
    listed $34,630 Active
29. 2014-07-31
    listed $34,630
30. 2007-09-08
    historical
31. 2007-03-13
    listed
32. 1990-06-08
    soldstatus $38,900

ⓘ 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: $2,224 · $185/mo
• Projected year-2 tax: $2,224 · $185/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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,536
• − Mortgage interest: −$7,276
• − Property taxes: −$2,224
• − Insurance: −$650
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − Depreciation: −$3,779
• Taxable income: $5,841
• Est. tax owed @ 24.0%: −$1,402
• After-tax cash flow: $6,143/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

+233.9% since first listed

18 events — show timeline

• 2026-05-16 Coming Soon $129,900 BRIGHT MLS
• 2018-11-21 Sold (MLS) $62,000 BRIGHT MLS
• 2018-11-06 Pending — BRIGHT MLS
• 2018-07-17 Listed $69,000 BRIGHT MLS
• 2018-04-11 Listing Removed — BRIGHT MLS
• 2018-04-11 Delisted — MRIS
• 2018-03-28 Listed — MRIS
• 2018-03-28 Listed $20,000 BRIGHT MLS
• 2014-08-27 Sold (Public Records) $36,200 Public Records
• 2014-08-25 Sold (MLS) $36,200 BRIGHT MLS
• 2014-08-25 Sold (MLS) $36,200 MRIS
• 2014-08-04 Pending — MRIS
• 2014-08-04 Listing Removed — BRIGHT MLS
• 2014-07-31 Listed $34,630 MRIS
• 2014-07-31 Listed $34,630 BRIGHT MLS
• 2007-09-08 Delisted — MRIS
• 2007-03-13 Listed — MRIS
• 1990-06-08 Sold (Public Records) $38,900 Public Records

Property tax history

+0.3%/yr

Latest (2025): $2,224 · +6.3% YoY. Source: county tax records.