3948 Brooklyn Ave · Baltimore, MD 21225

$89,900

3 bd · 1.0 ba · 1,350 sqft · Townhouse public records · 163 Days on market

Built 1940 1,800 sqft lot $67/sqft · 56% below area Est $162k · 45% under

---

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 +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

Key facts

• Brick townhome
• Water heater
• Galley style kitchen

Tags

• BRICK TOWNHOME
• GALLEY STYLE KITCHEN
• BREAKFAST BAR
• UNFINISHED LOWER LEVEL
• NEW ROOF
• WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 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.
• Zoned schools: Maree Garnett Farring Elementary/Middle (math 3% / reading 8%, grade F, #761 of 860 statewide, top 89%, 694 students, 62% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 53% FRL vs 79% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 42% at this address vs 12% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.1%/yr); 165 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $622 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $75k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.98% ✓
• Cap rate: 16.22%
• Cash-on-cash: 35.45%
• DSCR: 2.58
• GRM: 4.2

CMA / ARV

• ARV (median comp): $162,230
• List price: $89,900
• Delta: -44.58%
• 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
4128 Audrey Ave	0.11mi	3/2.0	1,380 (+2%)	7mo	$99,000	$72	82
3822 6th St	0.19mi	3/2.0	1,380 (+2%)	6mo	$185,000	$134	79
4135 Doris Ave	0.16mi	3/1.5	1,392 (+3%)	9mo	$211,000	$152	78
3808 6th St	0.20mi	3/1.0	1,260 (-7%)	3mo	$220,000	$175	77
3715 3rd St	0.42mi	2/1.0 (-1)	1,344 (-0%)	7mo	$132,000	$98	69
3614 Saint Margaret	0.42mi	4/2.0 (+1)	1,265 (-6%)	0mo	$185,000	$146	61
3511 6th St	0.48mi	2/2.0 (-1)	1,294 (-4%)	2mo	$140,000	$108	60
179 W Meadow Rd	0.71mi	3/1.5	1,340 (-1%)	4mo	$180,000	$134	60
3824 W Bay Ave W	0.38mi	3/2.0	1,240 (-8%)	7mo	$169,900	$137	59
516 Arsan Ave	0.57mi	3/3.0	1,294 (-4%)	2mo	$190,000	$147	57
532 Pontiac Ave	0.31mi	3/3.0	1,540 (+14%)	2mo	$203,000	$132	52
3541 3rd St	0.54mi	2/1.5 (-1)	1,190 (-12%)	2mo	$167,500	$141	46

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: 29.3%
• Equity multiple: 2.24×
• Total profit: $31,289
• Equity at exit: $13,404

10-year hold

• IRR: 37.3%
• Equity multiple: 4.66×
• Total profit: $92,197
• Equity at exit: $7,773

Cash invested: $25,172 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,776 high
• Mortgage (P&I): −$471
• Tax from tax record: −$150 /mo · $1,804/yr
• Insurance: −$37
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $688

Break-even live

Break-even rent $905

Max offer price $89,900

Occupancy floor 56%

Sensitivity live

Price	-10% $739	-5% $713	+0% $688	+5% $663	+10% $637
Rent	-10% $548	-5% $618	+0% $688	+5% $758	+10% $828
Rate	-1.0pp $733	-0.5pp $711	base $688	+0.5pp $665	+1.0pp $641

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	6d	1	0.15mi
4201 Audrey Ave Unit 1 Brooklyn, MD	2.0	1.0	1400	$1,350	$0.96	25d	1	0.15mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	25d	1	0.16mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	45d	1	0.16mi
3822 6th St Brooklyn, MD	3.0	3.0	1580	$1,850	$1.17	25d	1	0.19mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	21d	1	0.23mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	6d	1	0.23mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	25d	1	0.23mi
3828 10th St Brooklyn, MD	3.0	2.0	1215	$2,350	$1.93	45d	1	0.30mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	25d	1	0.31mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	45d	1	0.33mi
3816 W Bay Ave Unit 1 Baltimore, MD	2.0	1.0	1364	$1,155	$0.85	5d	1	0.40mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	19d	1	0.47mi
3569 4th St Brooklyn, MD	2.0	1.5	1256	$1,200	$0.96	19d	1	0.47mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	45d	1	0.47mi
3544 4th St Brooklyn, MD	4.0	2.5	1800	$1,940	$1.08	25d	1	0.53mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	19d	1	0.57mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	6d	1	0.60mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	19d	1	0.64mi
4216 Prudence St Curtis Bay, MD	4.0	3.0	1116	$2,100	$1.88	45d	1	0.67mi
49 Talbott St Brooklyn, MD	2.0	1.0	1300	$1,300	$1.00	25d	1	0.67mi
1517 Sycamore St Curtis Bay, MD	3.0	1.5	1210	$1,999	$1.65	25d	1	0.72mi
202 W Edgevale Rd Unit A Baltimore, MD	3.0	1.0	1824	$1,650	$0.90	6d	1	0.75mi
1411 Filbert St Unit 2 Baltimore, MD	2.0	1.0	1428	$1,300	$0.91	45d	1	0.77mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	25d	1	0.80mi
303 Arden Rd W Brooklyn, MD	3.0	2.0	1388	$2,500	$1.80	19d	1	0.82mi
732 Old Riverside Rd Brooklyn, MD	3.0	2.5	1570	$1,900	$1.21	45d	1	0.96mi
90 Hammonds Ln Brooklyn Park, MD	1.0–2.0	1.0–2.0	757	$1,964	$2.59	0d	3	1.26mi
130 Reedbird Ave Brooklyn, MD	2.0	1.0	1152	$1,700	$1.48	25d	1	1.44mi
140 Bethlehem Pl Brooklyn, MD	3.0	3.5	1120	$1,500	$1.34	45d	1	1.49mi

Listing history 11 events

1. 2026-05-14
   status Pending 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

2. 2026-04-27
   price $89,900 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

3. 2026-03-23
   price $116,900 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

4. 2026-02-19
   price $129,900 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

5. 2026-01-20
   price $144,900 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

6. 2025-12-02
   listed $164,900 Active 454-char remark

   Show marketing remark (454 chars)

   Interior brick townhome residence located in the BROOKLYN neighborhood features a living room, separate dining room and galley style kitchen w/ breakfast bar on the main level. Upper level has 3 bedrooms and 1 full bathroom. Unfinished lower level has potential to be finished for additional living space, possible 4th bedroom and 2nd full bath. Recent Updates include: New Roof, Water Heater, Boiler, Windows, Ext Doors, Carpet & 200 AMP electric.

7. 2006-07-10
   soldstatus $102,500
8. 2006-06-19
   soldstatus $102,500 280-char remark

   Show marketing remark (280 chars)

   New Carpet, Fresh Paint. .. Move in condition!!! Newer replacement windows, fully fenced back yard, covered back porch with a brick patio and a fully enclosed front porch. Ceiling fans in nearly every room. Just a short walk to public transportation. Make your appointment NOW!!!

9. 2006-05-27
   historical 280-char remark

   Show marketing remark (280 chars)

   New Carpet, Fresh Paint. .. Move in condition!!! Newer replacement windows, fully fenced back yard, covered back porch with a brick patio and a fully enclosed front porch. Ceiling fans in nearly every room. Just a short walk to public transportation. Make your appointment NOW!!!

10. 2006-05-24
    listed $99,000 280-char remark

    Show marketing remark (280 chars)

    New Carpet, Fresh Paint. .. Move in condition!!! Newer replacement windows, fully fenced back yard, covered back porch with a brick patio and a fully enclosed front porch. Ceiling fans in nearly every room. Just a short walk to public transportation. Make your appointment NOW!!!

11. 1994-10-11
    soldstatus $65,500

ⓘ 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: $1,804 · $150/mo
• Projected year-2 tax: $1,804 · $150/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 7/10 Severe FEMA zone X (unshaded) · 99% 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: $21,309
• − Mortgage interest: −$5,036
• − Property taxes: −$1,804
• − Insurance: −$1,116
• − Repairs & maintenance: −$1,705
• − Management: −$1,705
• − Depreciation: −$2,615
• Taxable income: $7,328
• Est. tax owed @ 24.0%: −$1,759
• After-tax cash flow: $6,498/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

+37.3% since first listed

11 events — show timeline

• 2026-05-14 Pending — BRIGHT MLS
• 2026-04-27 Price Changed $89,900 BRIGHT MLS
• 2026-03-23 Price Changed $116,900 BRIGHT MLS
• 2026-02-19 Price Changed $129,900 BRIGHT MLS
• 2026-01-20 Price Changed $144,900 BRIGHT MLS
• 2025-12-02 Listed $164,900 BRIGHT MLS
• 2006-07-10 Sold (Public Records) $102,500 Public Records
• 2006-06-19 Sold (MLS) $102,500 MRIS
• 2006-05-27 Delisted — MRIS
• 2006-05-24 Listed $99,000 MRIS
• 1994-10-11 Sold (Public Records) $65,500 Public Records

Property tax history

+0.3%/yr

Latest (2025): $1,804 · +4.5% YoY. Source: county tax records.