4204 Kenwood Ave · Baltimore, MD 21206

$270,000

3 bd · 2.0 ba · 1,504 sqft · SingleFamily public records · 444 Days on market

Built 1925 5,249 sqft lot $180/sqft · 13% below area Est $312k · 13% 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).

• ARV discount +13.6/15.0
• Cash flow +12.1/30.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• Rent growth +3.6/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large Well Maintained 2 Apartment Home that can Easily be Converted back to a Single Family Home. Live in One and Rent the Other to Help Pay your Mortgage! 2nd Floor offers 1 Bedroom, Large Closets, Full Kitchen and Bath. New Tub Enclosure and Floor in Bath, New Kitchen Floor, Living Room and Large Storage room. 1st Floor features New Floors and New Carpet, Large Closets in every room (Some Walk In), French Doors between Living Room and Dining Room, Foyer, Full Unfinished Lower Level, Covered Front Porch, Side Entrance and Driveway. Separate Meters. Zoned. Must See! If possible prefer to use Cardinal Title Group.

Key facts

• New floors
• Covered front porch
• New tub enclosure

Tags

• NEW TUB ENCLOSURE
• NEW KITCHEN FLOOR
• NEW FLOORS
• NEW CARPET
• FRENCH DOORS
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-57 ($-683/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (16.5% below list).
• Recommended offer: $226k (16.5% below list) — sets the bar for 1% rule.

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: Glenmount Elementary/Middle (math 6% / reading 15%, grade F, #590 of 860 statewide, top 70%, 657 students, 76% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 60% FRL vs 79% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 44% at this address vs 12% district-wide (+32 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 (+4.4%/yr); 180 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 42% of the median local income ($65k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 444 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y 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.
• Current owner paid $50k; list at $270k implies a 440% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $225,560 (16.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 444 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
9. 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.
10. 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.
11. 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: 0.84% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.90%
• DSCR: 0.96
• GRM: 10.0

CMA / ARV

• ARV (median comp): $312,057
• List price: $270,000
• Delta: -13.48%
• 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
6105 Walther Ave	0.74mi	3/2.0	1,500 (-0%)	1mo	$250,000	$167	64
4412 Springwood Ave	0.40mi	3/1.5	1,624 (+8%)	3mo	$295,000	$182	64
3800 E Northern Pkwy	0.37mi	4/2.0 (+1)	1,408 (-6%)	4mo	$305,000	$217	64
524 Elmwood Rd	0.42mi	3/1.5	1,650 (+10%)	1mo	$319,000	$193	62
4103 Glenmore Ave	0.31mi	4/2.5 (+1)	1,666 (+11%)	2mo	$280,000	$168	59
4422 Forest View Ave	0.27mi	4/2.0 (+1)	1,686 (+12%)	4mo	$150,000	$89	59
3814 Walnut Ave	0.47mi	3/2.0	1,290 (-14%)	0mo	$299,000	$232	54
4502 Parkmont Ave	0.51mi	4/2.0 (+1)	1,642 (+9%)	4mo	$325,000	$198	52
4433 Raspe Ave	0.37mi	4/2.5 (+1)	1,720 (+14%)	6mo	$309,000	$180	47
713 Dale Ave	0.46mi	4/2.0 (+1)	1,304 (-13%)	7mo	$371,000	$285	46
13 Elmont Ave	0.67mi	3/2.0	1,716 (+14%)	2mo	$375,000	$219	43
6000 Glen Falls Ave	0.71mi	4/2.0 (+1)	1,282 (-15%)	3mo	$205,000	$160	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 · 4.43% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-44,068
• Equity at exit: $40,258

10-year hold

• IRR: -5.6%
• Equity multiple: 0.62×
• Total profit: $-29,064
• Equity at exit: $23,345

Cash invested: $75,600 (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 21206

• Rents YoY: 4.4%
• Active inventory: 180
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,256 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$310 /mo · $3,725/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $-57

Break-even live

Break-even rent $2,328

Max offer price $259,946

Occupancy floor 98%

Sensitivity live

Price	-10% $96	-5% $20	+0% $-57	+5% $-133	+10% $-210
Rent	-10% $-235	-5% $-146	+0% $-57	+5% $32	+10% $121
Rate	-1.0pp $79	-0.5pp $12	base $-57	+0.5pp $-127	+1.0pp $-198

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29 E Elm Ave Baltimore, MD	3.0	2.0	2052	$3,000	$1.46	6d	1	0.47mi
6410 Walther Ave Baltimore, MD	2.0	1.0–2.0	1195	$1,995	$1.67	45d	7	0.59mi
5938 Clayton Ave Baltimore, MD	4.0	2.0	1296	$2,872	$2.22	18d	1	0.70mi
35-C Mopec Cir Nottingham, MD	2.0	1.0	1100	$1,445	$1.31	0d	9	0.71mi
3412 Fleetwood Ave Baltimore, MD	3.0	2.5	1620	$2,195	$1.35	45d	1	0.71mi
4111 Century Rd Baltimore, MD	3.0	1.5	1432	$2,500	$1.75	45d	1	0.78mi
5 Belhaven Dr Nottingham, MD	4.0	1.5	1554	$2,000	$1.29	45d	1	0.81mi
5926 Belle Vista Ave Baltimore, MD	3.0	2.0	1248	$2,250	$1.80	0d	1	0.82mi
100 Elinor Ave Nottingham, MD	4.0	2.5	1800	$2,800	$1.56	25d	1	0.90mi
5110 Kenwood Ave Baltimore, MD	3.0	1.5	1406	$2,500	$1.78	45d	1	0.90mi
101 Elinor Ave Nottingham, MD	4.0	2.0	1476	$2,900	$1.96	45d	1	0.92mi
3158 Woodring Ave Parkville, MD	3.0	1.5	1500	$1,950	$1.30	25d	1	0.98mi
4308 Hamilton Ave Baltimore, MD	2.0	1.0	1110	$1,416	$1.28	25d	1	1.12mi
5307 Valiquet Ave Unit A Baltimore, MD	2.0	1.0	1672	$1,375	$0.82	45d	1	1.15mi
5632 Belair Rd Baltimore, MD	3.0	1.5	1260	$2,100	$1.67	25d	1	1.19mi
5676 Utrecht Rd Baltimore, MD	3.0	2.0	1334	$2,195	$1.65	0d	1	1.20mi
3108 Glendale Ave Parkville, MD	3.0	3.0	1224	$2,550	$2.08	25d	1	1.28mi
3510 Hamilton Ave Baltimore, MD	3.0	2.5	2100	$2,300	$1.10	25d	1	1.37mi
5413 Pembroke Ave Baltimore, MD	3.0	2.0	1350	$1,895	$1.40	0d	1	1.37mi
3026 Lavender Ave Parkville, MD	2.0	2.0	2000	$1,850	$0.93	25d	1	1.41mi
3617 Double Rock Ln Parkville, MD	3.0	2.5	2000	$2,395	$1.20	6d	1	1.43mi
3721 Frankford Ave Baltimore, MD	3.0	2.0	1600	$2,050	$1.28	45d	1	1.46mi

Listing history 19 events

1. 2026-06-21
   days on market $270,000 Active 444 DOM
2. 2026-06-18
   days on market $270,000 Active 441 DOM
3. 2026-06-17
   days on market $270,000 Active 440 DOM
4. 2026-06-16
   days on market $270,000 Active 439 DOM
5. 2026-06-15
   days on market $270,000 Active 438 DOM
6. 2026-06-13
   pricedays on market $270,000 Active 436 DOM
7. 2026-06-09
   days on market $280,000 Active 432 DOM
8. 2026-06-08
   days on market $280,000 Active 431 DOM
9. 2026-06-07
   days on market $280,000 Active 430 DOM
10. 2026-06-04
    days on market $280,000 Active 427 DOM
11. 2026-06-03
    days on market $280,000 Active 426 DOM
12. 2026-06-02
    days on market $280,000 Active 425 DOM
13. 2026-06-01
    days on market $280,000 Active 424 DOM
14. 2026-05-31
    days on market $280,000 Active 423 DOM
15. 2025-04-03
    listed $280,000 Active 621-char remark

    Show marketing remark (623 chars)

    Large Well Maintained 2 Apartment Home that can Easily be Converted back to a Single Family Home. Live in One and Rent the Other to Help Pay your Mortgage! 2nd Floor offers 1 Bedroom, Large Closets, Full Kitchen and Bath. New Tub Enclosure and Floor in Bath, New Kitchen Floor, Living Room and Large Storage room. 1st Floor features New Floors and New Carpet, Large Closets in every room (Some Walk In), French Doors between Living Room and Dining Room, Foyer, Full Unfinished Lower Level, Covered Front Porch, Side Entrance and Driveway. Separate Meters. Zoned. Must See! If possible prefer to use Cardinal Title Group.

16. 2025-04-03
    listed $280,000 Active 623-char remark

    Show marketing remark (623 chars)

    Large Well Maintained 2 Apartment Home that can Easily be Converted back to a Single Family Home. Live in One and Rent the Other to Help Pay your Mortgage! 2nd Floor offers 1 Bedroom, Large Closets, Full Kitchen and Bath. New Tub Enclosure and Floor in Bath, New Kitchen Floor, Living Room and Large Storage room. 1st Floor features New Floors and New Carpet, Large Closets in every room (Some Walk In), French Doors between Living Room and Dining Room, Foyer, Full Unfinished Lower Level, Covered Front Porch, Side Entrance and Driveway. Separate Meters. Zoned. Must See! If possible prefer to use Cardinal Title Group.

17. 1998-12-31
    historical
18. 1998-03-17
    listed
19. 1987-01-12
    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: $3,725 · $310/mo
• Projected year-2 tax: $3,725 · $310/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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,067
• − Mortgage interest: −$15,124
• − Property taxes: −$3,725
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − Depreciation: −$7,855
• Taxable loss: −$5,317
• Est. tax savings @ 24.0%: +$1,276
• After-tax cash flow: $593/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): 48,902
• Household income: $64,531
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 2317.0

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: Predominantly Black (73%)
• Race & ethnicity: Black 73% White 20% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Ukrainian 1%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Spanish 2% Arabic 2% Other Indo-European 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: ▼ -191.83%
• Current HPI: 284.5645
• Rent YoY: ▲ 4.43%
• 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

+460.0% since first listed

5 events — show timeline

• 2025-04-03 Listed $280,000 BRIGHT MLS
• 2025-04-03 Listed $280,000 BRIGHT MLS
• 1998-12-31 Delisted — MRIS
• 1998-03-17 Listed — MRIS
• 1987-01-12 Sold (Public Records) $50,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $3,725 · +5.5% YoY. Source: county tax records.