338 Martingale Ave · Baltimore, MD 21229

$165,000

3 bd · 1.0 ba · 1,080 sqft · Townhouse public records · 4 Days on market

Built 1941 1,306 sqft lot Est $159k · at est.

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Why this score? — see what drove the C- 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 +23.9/30.0
• DSCR +7.7/10.0
• 1% rule +5.7/10.0
• ARV discount +5.7/15.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Buyers financing fell thru!! Great Bones! This well kept property in Irvington is ready for a new owner. Perfect for the savvy Investor or the handy Homeowner willing to put in a little sweat equity. Being sold "as is".

Key facts

• Built 1941
• Listed 3 days

Property features AI

Finance

• Other: Below-grade unfinished area 540 (assessor); Above-grade finished area 1,080 (assessor); Total below grade area 540; Ownership interest: Fee simple

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Other foundation; Above-grade and below-grade structures; Built year per assessor
• Exterior features: No tidal water

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bath; One half bath
• Heating & cooling: Radiator heating; Natural gas fuel; Other hot water system
• Interior features: Unfinished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 8.6% 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 (+5.4%/yr); 256 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% of the median local income ($60k/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 $1k of loan paydown is wiped out by about $5k 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 + 5.4% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y 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 $62k; list at $165k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wind risk, 24% 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 $165,000

Questions for the listing agent

1. Built in 1941 — 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: 1.07% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.28%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $158,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
377 Marydell Rd	0.07mi	2/1.0 (-1)	1,040 (-4%)	2mo	$145,000	$139	84
4413 Parkton St	0.19mi	2/1.5 (-1)	1,120 (+4%)	3mo	$130,000	$116	76
708 Woodington Rd S	0.35mi	2/1.5 (-1)	1,120 (+4%)	1mo	$100,000	$89	70
5141 Stafford Rd	0.55mi	3/1.5	1,140 (+6%)	0mo	$120,100	$105	63
5212 Fredcrest Rd	0.65mi	3/1.5	1,120 (+4%)	0mo	$195,000	$174	61
586 Lucia Ave	0.42mi	3/1.5	1,178 (+9%)	3mo	$175,000	$149	60
118 Upmanor Rd	0.55mi	3/2.0	1,024 (-5%)	2mo	$235,000	$229	60
38 Hillvale Rd	0.36mi	3/1.0	1,224 (+13%)	3mo	$160,000	$131	58
48 Hillvale Rd	0.38mi	3/1.5	1,224 (+13%)	2mo	$180,000	$147	56
40 Hillvale Rd	0.37mi	3/2.0	1,224 (+13%)	2mo	$230,000	$188	55
44 N Athol Ave	0.49mi	3/1.0	1,224 (+13%)	3mo	$121,600	$99	52
4865 Melbourne Rd	0.67mi	2/2.0 (-1)	1,232 (+14%)	2mo	$214,000	$174	34

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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-2,102
• Equity at exit: $24,602

10-year hold

• IRR: 10.8%
• Equity multiple: 1.93×
• Total profit: $42,963
• Equity at exit: $14,266

Cash invested: $46,200 (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 21229

• Rents YoY: 5.4%
• Active inventory: 256
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,769 high
• Mortgage (P&I): −$865
• Tax from tax record: −$145 /mo · $1,738/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $319

Break-even live

Break-even rent $1,366

Max offer price $165,000

Occupancy floor 77%

Sensitivity live

Price	-10% $412	-5% $366	+0% $319	+5% $272	+10% $225
Rent	-10% $179	-5% $249	+0% $319	+5% $389	+10% $459
Rate	-1.0pp $402	-0.5pp $361	base $319	+0.5pp $276	+1.0pp $233

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 Colleen Rd Baltimore, MD	1.0–2.0	1.0	910	$1,450	$1.59	4d	11	0.22mi
4431 Eldone Rd Baltimore, MD	3.0	2.0	896	$2,000	$2.23	25d	1	0.24mi
500 Lucia Ave Baltimore, MD	3.0	2.0	1472	$2,100	$1.43	17d	1	0.28mi
19 S Tremont Rd Baltimore, MD	3.0	1.0	1350	$1,850	$1.37	45d	1	0.28mi
4301 Parkton St Baltimore, MD	1.0–3.0	1.0	730	$1,550	$2.12	45d	1	0.28mi
2 S Tremont Rd Baltimore, MD	3.0	2.0	1450	$1,800	$1.24	12d	1	0.33mi
2 S Tremont Rd Baltimore, MD	3.0	2.0	1450	$1,800	$1.24	25d	1	0.33mi
565 Brisbane Rd Baltimore, MD	2.0	2.0	1146	$1,675	$1.46	25d	1	0.40mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	45d	1	0.40mi
501 Hazlett Ave Baltimore, MD	2.0–3.0	1.5–2.0	1044	$1,879	$1.80	3d	8	0.40mi
4601 Pen Lucy Rd Unit 4615-G Baltimore, MD	2.0	1.0	798	$1,200	$1.50	23d	1	0.41mi
738 Yale Ave Baltimore, MD	2.0	1.0	1346	$1,900	$1.41	25d	1	0.41mi
4601 Pen Lucy Rd Unit 4714-B Baltimore, MD	2.0	1.0	730	$1,205	$1.65	16d	1	0.41mi
4601 Pen Lucy Rd Unit 103-H Baltimore, MD	2.0	1.0	798	$1,315	$1.65	25d	1	0.41mi
4601 Pen Lucy Rd Unit 4718-F Baltimore, MD	2.0	1.0	879	$1,225	$1.39	3d	1	0.41mi
586 Lucia Ave Baltimore, MD	3.0	1.5	1178	$2,100	$1.78	19d	1	0.42mi
751 Yale Ave Baltimore, MD	3.0	1.5	1024	$1,750	$1.71	45d	1	0.44mi
114 S Rock Glen Rd Baltimore, MD	4.0	1.5	1160	$2,350	$2.03	14d	1	0.45mi
2 N Woodington Rd Baltimore, MD	1.0–2.0	1.0	738	$1,335	$1.81	4d	5	0.47mi
2 S Woodington Rd Baltimore, MD	2.0	1.0	856	$1,160	$1.36	16d	1	0.47mi
627 Lucia Ave Baltimore, MD	3.0	1.0	892	$1,750	$1.96	25d	1	0.47mi
613 S Beechfield Ave Baltimore, MD	3.0	1.5	1080	$1,950	$1.81	45d	1	0.49mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	25d	1	0.49mi
219 Atholgate Ln Baltimore, MD	1.0–3.0	1.0–1.5	814	$1,500	$1.84	4d	2	0.51mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	45d	1	0.52mi
5147 Frederick Ave Baltimore, MD	3.0	2.0	1216	$1,950	$1.60	5d	1	0.54mi
111 Upmanor Rd Baltimore, MD	3.0	1.5	1224	$2,163	$1.77	45d	1	0.56mi
131 N Bend Rd Unit 131-1B Baltimore, MD	2.0	1.5	910	$1,225	$1.35	23d	1	0.78mi
4520 Scarlet Oak Ln Baltimore, MD	2.0	1.0	1025	$1,500	$1.46	45d	1	0.80mi
5364 Jamestowne Ct Baltimore, MD	3.0	1.0–1.5	787	$1,905	$2.42	5d	13	0.89mi
220 Stonecroft Rd Unit 232-I Baltimore, MD	2.0	1.5	900	$1,295	$1.44	19d	1	0.92mi
220 Stonecroft Rd Unit 230-D Baltimore, MD	2.0	1.5	900	$1,395	$1.55	23d	1	0.92mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	25d	1	0.99mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	5d	1	1.03mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	25d	1	1.05mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	25d	1	1.07mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	25d	1	1.09mi
3706 W Franklin St Unit 1 Baltimore, MD	2.0	1.0	735	$1,100	$1.50	5d	1	1.09mi
3704 Coolidge Ave Baltimore, MD	2.0	1.0	1262	$2,000	$1.58	21d	1	1.13mi
24 Laurence Brooke Rd Catonsville, MD	4.0	3.0	1440	$2,800	$1.94	14d	1	1.15mi

Listing history 3 events

1. 2026-06-21
   days on market $165,000 Active 4 DOM
2. 2026-06-17
   remarks 509-char remark
3. 2026-06-17
   listed $165,000 Active 1 DOM

ⓘ 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: $1,738 · $145/mo
• Projected year-2 tax: $1,768 · $147/mo
• Expected delta: +$30/yr (+$3/mo · 1.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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 5/10 Major 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,231
• − Mortgage interest: −$9,243
• − Property taxes: −$1,738
• − Insurance: −$825
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − Depreciation: −$4,800
• Taxable income: $1,229
• Est. tax owed @ 24.0%: −$295
• After-tax cash flow: $3,531/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+179.7% since first listed

10 events — show timeline

• 2026-06-17 Listed $165,000 BRIGHT MLS
• 2020-01-30 Sold (Public Records) $62,000 Public Records
• 2020-01-20 Sold (MLS) $62,000 BRIGHT MLS
• 2019-12-29 Pending — BRIGHT MLS
• 2019-12-23 Relisted — BRIGHT MLS
• 2019-12-18 Pending — BRIGHT MLS
• 2019-10-15 Pending — BRIGHT MLS
• 2019-10-15 Listing Removed — BRIGHT MLS
• 2019-10-11 Listed $65,000 BRIGHT MLS
• 1990-11-15 Sold (Public Records) $59,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $1,738 · +2.0% YoY. Source: county tax records.