2029 Annapolis Rd · Baltimore, MD 21230

$40,000

3 bd · 1.0 ba · 1,272 sqft · Townhouse public records · 26 Days on market

Built 1920 2,016 sqft lot $31/sqft · 37% below area Est $64k · 37% under

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD Owned Home, case number 241-948224. HUD Homes are sold "as is, subject to appraisal. Discover a wonderful investment opportunity in the heart of the Westport community! This semi-detached home, built in 1920, features a brick exterior and offers 1,272 sq. ft. of living space. Venture inside to find a living room that leads to the dining area and kitchen, three bedrooms, a full bathroom and an unfinished basement that provides endless possibilities for expansion or additional storage. The exterior features include sidewalks and a front porch, ideal for enjoying warm evenings or morning coffee. With off-street and on-street parking options, accessibility is a breeze for residents. This property is close in proximity to amenities, local dining and shopping. It is also near the Patapsco River, providing water access for recreational activities such as kayaking or fishing. This desirable location not only enhances the lifestyle appeal but also positions the property for potential appreciation and strong rental returns. Don't miss your chance to invest on this unique opportunity!

Key facts

• Brick exterior
• Unfinished basement
• Front porch

Tags

• BRICK EXTERIOR
• UNFINISHED BASEMENT
• FRONT PORCH
• WATER ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $40k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 52.9% 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 soft (-1.0%/yr); 362 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 31% of the median local income ($92k/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 $277 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: property tax is 3.6% of price; 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 $39,400 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.02% ✓
• Cap rate: 52.93%
• Cash-on-cash: 166.57%
• DSCR: 8.41
• GRM: 1.4

CMA / ARV

• ARV (median comp): $63,620
• List price: $40,000
• Delta: -37.13%
• 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
2113 Sidney Ave	0.13mi	3/1.0	1,260 (-1%)	2mo	$72,500	$58	91
2317 Annapolis Rd	0.28mi	3/1.0	1,372 (+8%)	5mo	$40,000	$29	70
2625 Waterview Ave	0.55mi	3/1.0	1,260 (-1%)	6mo	$94,200	$75	68
2239 Annapolis Rd	0.22mi	3/1.5	1,370 (+8%)	8mo	$40,000	$29	68
2318 Sidney Ave	0.28mi	3/1.0	1,120 (-12%)	2mo	$72,500	$65	65
2405 Westport St	0.38mi	2/2.0 (-1)	1,200 (-6%)	0mo	$75,000	$63	64
2316 Cedley St	0.29mi	3/2.0	1,144 (-10%)	4mo	$140,000	$122	62
2348 Sidney Ave	0.32mi	3/1.0	1,120 (-12%)	11mo	$115,000	$103	56
2512 Ridgely St	0.74mi	3/1.5	1,152 (-9%)	10mo	$145,000	$126	40
2439 Ridgely St	0.71mi	4/2.5 (+1)	1,152 (-9%)	4mo	$222,000	$193	37
2105 Maisel St	0.68mi	3/1.0	1,456 (+14%)	11mo	$180,000	$124	35
2400 Ridgely St	0.66mi	3/2.5	1,440 (+13%)	10mo	$243,000	$169	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.64×
• Total profit: $85,564
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 16.63×
• Total profit: $175,074
• Equity at exit: $3,458

Cash invested: $11,200 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $2,407 high
• Mortgage (P&I): −$210
• Tax from tax record: −$120 /mo · $1,444/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $1,555

Break-even live

Break-even rent $439

Max offer price $40,000

Occupancy floor 30%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	43d	1	0.88mi
111 W Heath St Baltimore, MD	2.0	1.0–2.5	1263	$2,850	$2.26	3d	7	0.88mi
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	22d	1	0.90mi
1900 S Hanover St Baltimore, MD	3.0	1.0–2.0	875	$3,932	$4.49	2d	66	0.91mi
1746 S Hanover St Baltimore, MD	3.0	2.0	1490	$2,700	$1.81	11d	1	0.93mi
1110 S Paca St Baltimore, MD	2.0	3.5	1557	$2,150	$1.38	43d	1	0.93mi
1718 S Hanover St Baltimore, MD	2.0	2.5	1296	$2,700	$2.08	24d	1	0.93mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	24d	1	0.93mi
1108 Sterrett St Baltimore, MD	2.0	1.0	1400	$2,300	$1.64	24d	1	0.94mi
1516 Clarkson St Baltimore, MD	2.0	1.5	1050	$1,795	$1.71	24d	1	0.95mi
1725 S Hanover St Baltimore, MD	3.0	3.5	1704	$3,090	$1.81	43d	1	0.96mi
1403 Race St Baltimore, MD	3.0	3.0	1008	$2,200	$2.18	43d	1	0.96mi
1608 S Hanover St Baltimore, MD	3.0	3.5	1346	$3,000	$2.23	18d	1	0.96mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	0.97mi
1402 Clarkson St Baltimore, MD	2.0	2.0	1557	$2,400	$1.54	24d	1	0.98mi
1931 Griffis Ave Baltimore, MD	2.0	1.0	912	$1,349	$1.48	4d	1	0.98mi
1601 S Hanover St Apt 1R Baltimore, MD	2.0	1.0	900	$1,600	$1.78	2d	1	0.99mi
126 Burnett St Baltimore, MD	2.0	2.5	984	$2,200	$2.24	24d	1	0.99mi
117 E Cromwell St Unit A Baltimore, MD	3.0	2.5	1603	$3,750	$2.34	43d	1	1.00mi
1839 S Charles St Baltimore, MD	3.0	2.5	1238	$2,600	$2.10	43d	1	1.00mi
1815 S Charles St Baltimore, MD	2.0	2.0	1208	$2,100	$1.74	43d	1	1.01mi
1631 S Charles St Baltimore, MD	2.0	3.0	1460	$2,607	$1.79	4d	1	1.03mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	24d	1	1.03mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	1.04mi
2500 Insulator Dr Baltimore, MD	3.0	1.0–2.0	988	$4,786	$4.84	2d	152	1.04mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	1.05mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	1.05mi
22 E Heath St Baltimore, MD	3.0	2.5	1800	$2,900	$1.61	12d	1	1.05mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	15d	1	1.06mi
1942 Light St Baltimore, MD	2.0	2.5	1150	$2,200	$1.91	22d	1	1.06mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	1.07mi
8 E Randall St Baltimore, MD	2.0	2.5	1148	$2,600	$2.26	4d	1	1.07mi
101 W Cross St Baltimore, MD	2.0	1.0–2.0	937	$3,332	$3.55	2d	23	1.07mi
1703 Patapsco St Baltimore, MD	4.0	4.5	960	$3,000	$3.12	24d	1	1.07mi
1503 S Charles St Unit 2 Baltimore, MD	2.0	2.0	1100	$2,375	$2.16	43d	1	1.07mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	24d	1	1.08mi
2 W Clement St Baltimore, MD	3.0	3.5	1866	$3,400	$1.82	18d	1	1.08mi
709 Scott St Baltimore, MD	3.0	2.5	1448	$2,500	$1.73	24d	1	1.08mi
709 Scott St Baltimore, MD	3.0	3.0	1448	$2,500	$1.73	15d	1	1.08mi
1617 Patapsco St Baltimore, MD	3.0	3.0	1537	$2,500	$1.63	2d	1	1.08mi

Listing history 4 events

1. 2026-05-14
   status Pending 1099-char remark

   Show marketing remark (1099 chars)

   HUD Owned Home, case number 241-948224. HUD Homes are sold "as is, subject to appraisal. Discover a wonderful investment opportunity in the heart of the Westport community! This semi-detached home, built in 1920, features a brick exterior and offers 1,272 sq. ft. of living space. Venture inside to find a living room that leads to the dining area and kitchen, three bedrooms, a full bathroom and an unfinished basement that provides endless possibilities for expansion or additional storage. The exterior features include sidewalks and a front porch, ideal for enjoying warm evenings or morning coffee. With off-street and on-street parking options, accessibility is a breeze for residents. This property is close in proximity to amenities, local dining and shopping. It is also near the Patapsco River, providing water access for recreational activities such as kayaking or fishing. This desirable location not only enhances the lifestyle appeal but also positions the property for potential appreciation and strong rental returns. Don't miss your chance to invest on this unique opportunity!

2. 2026-05-11
   status Active 1099-char remark

   Show marketing remark (1099 chars)

   HUD Owned Home, case number 241-948224. HUD Homes are sold "as is, subject to appraisal. Discover a wonderful investment opportunity in the heart of the Westport community! This semi-detached home, built in 1920, features a brick exterior and offers 1,272 sq. ft. of living space. Venture inside to find a living room that leads to the dining area and kitchen, three bedrooms, a full bathroom and an unfinished basement that provides endless possibilities for expansion or additional storage. The exterior features include sidewalks and a front porch, ideal for enjoying warm evenings or morning coffee. With off-street and on-street parking options, accessibility is a breeze for residents. This property is close in proximity to amenities, local dining and shopping. It is also near the Patapsco River, providing water access for recreational activities such as kayaking or fishing. This desirable location not only enhances the lifestyle appeal but also positions the property for potential appreciation and strong rental returns. Don't miss your chance to invest on this unique opportunity!

3. 2026-05-08
   status Pending 1099-char remark

   Show marketing remark (1099 chars)

   HUD Owned Home, case number 241-948224. HUD Homes are sold "as is, subject to appraisal. Discover a wonderful investment opportunity in the heart of the Westport community! This semi-detached home, built in 1920, features a brick exterior and offers 1,272 sq. ft. of living space. Venture inside to find a living room that leads to the dining area and kitchen, three bedrooms, a full bathroom and an unfinished basement that provides endless possibilities for expansion or additional storage. The exterior features include sidewalks and a front porch, ideal for enjoying warm evenings or morning coffee. With off-street and on-street parking options, accessibility is a breeze for residents. This property is close in proximity to amenities, local dining and shopping. It is also near the Patapsco River, providing water access for recreational activities such as kayaking or fishing. This desirable location not only enhances the lifestyle appeal but also positions the property for potential appreciation and strong rental returns. Don't miss your chance to invest on this unique opportunity!

4. 2026-04-15
   listed $40,000 Active 1099-char remark

   Show marketing remark (1099 chars)

   HUD Owned Home, case number 241-948224. HUD Homes are sold "as is, subject to appraisal. Discover a wonderful investment opportunity in the heart of the Westport community! This semi-detached home, built in 1920, features a brick exterior and offers 1,272 sq. ft. of living space. Venture inside to find a living room that leads to the dining area and kitchen, three bedrooms, a full bathroom and an unfinished basement that provides endless possibilities for expansion or additional storage. The exterior features include sidewalks and a front porch, ideal for enjoying warm evenings or morning coffee. With off-street and on-street parking options, accessibility is a breeze for residents. This property is close in proximity to amenities, local dining and shopping. It is also near the Patapsco River, providing water access for recreational activities such as kayaking or fishing. This desirable location not only enhances the lifestyle appeal but also positions the property for potential appreciation and strong rental returns. Don't miss your chance to invest on this unique opportunity!

ⓘ 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: $1,444 · $120/mo
• Projected year-2 tax: $1,444 · $120/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 3/10 Moderate FEMA zone X (shaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $28,883
• − Mortgage interest: −$2,241
• − Property taxes: −$1,444
• − Insurance: −$200
• − Repairs & maintenance: −$2,311
• − Management: −$2,311
• − Depreciation: −$1,164
• Taxable income: $19,213
• Est. tax owed @ 24.0%: −$4,611
• After-tax cash flow: $14,045/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

4 events — show timeline

• 2026-05-14 Pending — BRIGHT MLS
• 2026-05-11 Relisted — BRIGHT MLS
• 2026-05-08 Pending — BRIGHT MLS
• 2026-04-15 Listed $40,000 BRIGHT MLS

Property tax history

+4.8%/yr

Latest (2025): $1,444 · +69.7% YoY. Source: county tax records.