506 E 43rd St · Baltimore, MD 21212

$149,900

3 bd · 1.0 ba · 1,506 sqft · Townhouse public records · 70 Days on market

Built 1920 $100/sqft · 7% below area Est $161k · 7% 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 +29.8/30.0
• ARV discount +10.6/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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

Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

Key facts

• Built 1920
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 21d 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 $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 + 4.7% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $10k (6%) 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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: 1.35% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $160,842
• List price: $149,900
• Delta: -6.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4662 Kernwood Ave	0.33mi	3/1.5	1,652 (+10%)	1mo	$240,000	$145	66
609 E 41st St	0.15mi	3/2.0	1,728 (+15%)	1mo	$79,100	$46	64
3801 Canterbury Rd #904	0.74mi	2/2.0 (-1)	1,498 (-0%)	1mo	$365,000	$244	55
4100 N Charles St N #803	0.57mi	2/2.0 (-1)	1,421 (-6%)	2mo	$305,000	$215	54
3953 Wilsby Ave	0.34mi	4/2.0 (+1)	1,716 (+14%)	1mo	$235,000	$137	51
3628 Elkader Rd	0.65mi	3/1.0	1,675 (+11%)	2mo	$272,000	$162	50
4100 N Charles St #1110	0.57mi	2/2.0 (-1)	1,363 (-10%)	0mo	$339,000	$249	49
3825 Elkader Rd	0.56mi	4/2.0 (+1)	1,352 (-10%)	1mo	$275,000	$203	47
3807 Elkader Rd	0.58mi	4/2.0 (+1)	1,352 (-10%)	0mo	$235,000	$174	47
646 E 37th St	0.54mi	3/2.0	1,284 (-15%)	0mo	$94,000	$73	46
609 Melville Ave	0.68mi	4/2.0 (+1)	1,364 (-9%)	1mo	$120,000	$88	42
3633 Elkader Rd	0.67mi	2/1.5 (-1)	1,304 (-13%)	1mo	$265,000	$203	39

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: 8.4%
• Equity multiple: 1.34×
• Total profit: $14,151
• Equity at exit: $22,351

10-year hold

• IRR: 19.0%
• Equity multiple: 2.72×
• Total profit: $72,043
• Equity at exit: $12,961

Cash invested: $41,972 (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 21212

• Rents YoY: 4.7%
• Active inventory: 133
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,026 high
• Mortgage (P&I): −$786
• Tax from tax record: −$203 /mo · $2,437/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $549

Break-even live

Break-even rent $1,331

Max offer price $149,900

Occupancy floor 68%

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: $37,475
• Closing costs: $4,497
• 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	20d	1	0.20mi
4407 Old York Rd Baltimore, MD	3.0	1.5	1356	$1,574	$1.16	44d	1	0.20mi
720 Springfield Ave Baltimore, MD	3.0	1.0	1160	$2,000	$1.72	44d	1	0.21mi
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
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	2d	1	0.47mi
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
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	44d	1	0.65mi
543 Chateau Ave Baltimore, MD	3.0	2.0	1152	$1,900	$1.65	4d	1	0.66mi
3811 Canterbury Rd Baltimore, MD	2.0	1.0–2.0	975	$2,495	$2.56	12d	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
105 W 39th St Baltimore, MD	2.0	1.0	753	$2,250	$2.99	4d	1	0.77mi
711 1/2 McCabe Ave Baltimore, MD	4.0	3.0	1204	$2,350	$1.95	4d	1	0.78mi
1 E University Pkwy Baltimore, MD	1.0–3.0	1.0–2.0	1045	$2,500	$2.39	4d	2	0.78mi
4006 Loch Raven Blvd Baltimore, MD	3.0	2.5	2016	$2,695	$1.34	18d	1	0.80mi
5200 Ready Ave Baltimore, MD	3.0	1.5	1116	$1,950	$1.75	3d	1	0.84mi
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
5307 York Rd Baltimore, MD	2.0	1.0	1120	$1,200	$1.07	44d	1	0.91mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	15d	1	0.94mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	44d	1	0.96mi
1617 Argonne Dr Baltimore, MD	4.0	2.0	1200	$2,550	$2.12	44d	1	0.98mi
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
3925 Beech Ave Unit 314 Baltimore, MD	2.0	2.0	1050	$1,950	$1.86	4d	1	0.99mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	11d	1	1.02mi
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

Listing history 28 events

1. 2026-06-18
   days on market $149,900 Active 70 DOM
2. 2026-06-17
   days on market $149,900 Active 69 DOM
3. 2026-06-16
   days on market $149,900 Active 68 DOM
4. 2026-06-15
   days on market $149,900 Active 67 DOM
5. 2026-06-13
   days on market $149,900 Active 65 DOM
6. 2026-06-09
   days on market $149,900 Active 61 DOM
7. 2026-06-08
   days on market $149,900 Active 60 DOM
8. 2026-06-07
   pricedays on market $149,900 Active 59 DOM
9. 2026-06-04
   days on market $154,900 Active 56 DOM
10. 2026-06-03
    days on market $154,900 Active 55 DOM
11. 2026-06-02
    days on market $154,900 Active 54 DOM
12. 2026-06-01
    days on market $154,900 Active 53 DOM
13. 2026-05-31
    days on market $154,900 Active 52 DOM
14. 2026-04-22
    price $154,900
15. 2026-04-09
    listed $160,000 Active
16. 2024-01-12
    soldstatus $210,000
17. 2018-06-10
    soldstatus $464,000
18. 2018-06-01
    soldstatus $464,000
19. 2011-10-03
    soldstatus $30,000 214-char remark

    Show marketing remark (214 chars)

    Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

20. 2011-10-03
    soldstatus $30,000 Sold

    Show marketing remark (214 chars)

    Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

21. 2011-09-08
    status Contract

    Show marketing remark (214 chars)

    Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

22. 2011-09-08
    historical 214-char remark

    Show marketing remark (214 chars)

    Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

23. 2011-09-02
    listed $30,000 Active
24. 2011-09-01
    listed $30,000 214-char remark

    Show marketing remark (214 chars)

    Recently Renovated, Great investment opportunity. Large rooms through out, tons of storage space. .. .tons of potential. Located just minutes from Hopkins, Loyola, Morgan State and College of Notre Dame. SOLD AS-IS

25. 2004-01-30
    historical
26. 2003-10-22
    listed
27. 2003-04-07
    historical
28. 2002-10-07
    listed

ⓘ 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: $2,437 · $203/mo
• Projected year-2 tax: $2,437 · $203/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 7/10 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: $24,317
• − Mortgage interest: −$8,397
• − Property taxes: −$2,437
• − Insurance: −$750
• − Repairs & maintenance: −$1,945
• − Management: −$1,945
• − Depreciation: −$4,361
• Taxable income: $4,482
• Est. tax owed @ 24.0%: −$1,076
• After-tax cash flow: $5,515/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

+416.3% since first listed

15 events — show timeline

• 2026-04-22 Price Changed $154,900 BRIGHT MLS
• 2026-04-09 Listed $160,000 BRIGHT MLS
• 2024-01-12 Sold (Public Records) $210,000 Public Records
• 2018-06-10 Sold (Public Records) $464,000 Public Records
• 2018-06-01 Sold (Public Records) $464,000 Public Records
• 2011-10-03 Sold (MLS) $30,000 MRIS
• 2011-10-03 Sold (MLS) $30,000 BRIGHT MLS
• 2011-09-08 Pending — MRIS
• 2011-09-08 Listing Removed — BRIGHT MLS
• 2011-09-02 Listed $30,000 MRIS
• 2011-09-01 Listed $30,000 BRIGHT MLS
• 2004-01-30 Delisted — MRIS
• 2003-10-22 Listed — MRIS
• 2003-04-07 Delisted — MRIS
• 2002-10-07 Listed — MRIS

Property tax history

+0.8%/yr

Latest (2025): $2,437 · +59.4% YoY. Source: county tax records.