3938 Oakford Ave · Baltimore, MD 21215

$138,000

3 bd · 1.0 ba · 1,020 sqft · Townhouse public records · 62 Days on market

Built 1940 2,178 sqft lot $135/sqft · at area comps Est $137k · 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 +22.8/30.0
• DSCR +7.3/10.0
• ARV discount +7.3/15.0
• 1% rule +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the charm of this delightful 3-bedroom, 2-bathroom townhouse nestled in the heart of Baltimore City. Built in 1940, this traditional brick home exudes character and warmth, offering a perfect blend of vintage appeal and modern convenience. With 1,020 square feet of potential, this residence invites you to create lasting memories. Step inside to find an inviting layout that maximizes space and functionality. The unfinished basement provides endless possibilities! Enjoy the comfort of in-unit laundry, eliminating the hassle of shared facilities. The on-street parking ensures that you'll always have a spot waiting for you after a long day. Whether you're looking for a peaceful retreat or a vibrant community, this townhouse offers the best of both worlds. Imagine sipping your morning coffee on the porch or hosting friends for a weekend barbecue in your backyard. This home is not just a place to live; it's a canvas for your dreams. Needs minor fixes like painting and deep cleaning. Priced to sell, being sold as is. Don't miss the opportunity to make this charming townhouse your own!!! Schedule a showing today and envision the possibilities!!!

Key facts

• Porch
• Unfinished basement
• Backyard

Tags

• UNFINISHED BASEMENT
• IN UNIT LAUNDRY
• ON STREET PARKING
• PORCH
• BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $138k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+2.4%/yr); 351 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 36% of the median local income ($52k/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 $954 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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $53k; list at $138k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% 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 $129,719 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1940 — 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: 1.11% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.47%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

• ARV (median comp): $137,464
• List price: $138,000
• Delta: 0.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3934 Oakford Ave	0.01mi	3/1.5	1,020 (0%)	16mo	$130,000	$127	84
3914 Ridgewood Ave	0.05mi	3/1.5	1,110 (+9%)	6mo	$95,400	$86	76
3903 Ridgewood Ave	0.04mi	3/1.5	1,110 (+9%)	13mo	$108,500	$98	71
3824 Beehler Ave	0.49mi	3/1.5	1,080 (+6%)	3mo	$88,000	$81	63
3754 Columbus Dr	0.39mi	3/1.5	1,152 (+13%)	14mo	$135,000	$117	47
3331 Belle Ave	0.60mi	3/1.5	1,116 (+9%)	22mo	$101,000	$91	36

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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-7,914
• Equity at exit: $20,576

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $9,300
• Equity at exit: $11,932

Cash invested: $38,640 (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 21215

• Rents YoY: 2.4%
• Active inventory: 351
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$724
• Tax from tax record: −$194 /mo · $2,323/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $241

Break-even live

Break-even rent $1,234

Max offer price $138,000

Occupancy floor 79%

Sensitivity live

Price	-10% $319	-5% $280	+0% $241	+5% $201	+10% $162
Rent	-10% $119	-5% $180	+0% $241	+5% $301	+10% $362
Rate	-1.0pp $310	-0.5pp $276	base $241	+0.5pp $205	+1.0pp $168

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4010 Fernhill Ave Unit 2 Baltimore, MD	2.0	1.0	1100	$1,500	$1.36	44d	1	0.18mi
3904 Penhurst Ave Baltimore, MD	2.0	1.0	760	$1,175	$1.55	44d	1	0.24mi
3908 Groveland Ave Apt F Baltimore, MD	2.0	1.0	815	$1,695	$2.08	44d	1	0.35mi
3701 Garrison Blvd Unit 3 Baltimore, MD	2.0	1.0	820	$1,399	$1.71	24d	1	0.38mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	24d	1	0.39mi
3600 Garrison Blvd Unit T2 Baltimore, MD	2.0	1.0	750	$1,149	$1.53	24d	1	0.44mi
3600 Garrison Blvd Apt T1 Baltimore, MD	2.0	1.0	800	$1,125	$1.41	3d	1	0.44mi
3617 Mohawk Ave Baltimore, MD	2.0	1.0	1000	$1,595	$1.59	44d	1	0.52mi
3615 Mohawk Ave Gwynn Oak, MD	2.0	1.0	1000	$1,610	$1.61	44d	1	0.52mi
3915 Liberty Heights Ave Gwynn Oak, MD	1.0–2.0	1.0–2.0	680	$1,345	$1.98	13d	5	0.57mi
3735 Manchester Ave Baltimore, MD	2.0	1.0	1000	$1,350	$1.35	5d	1	0.60mi
5000 Litchfield Ave #1 Baltimore, MD	2.0	1.0	1100	$1,100	$1.00	44d	1	0.66mi
3508 Grantley Rd Baltimore, MD	2.0	1.0	1250	$1,350	$1.08	24d	1	0.69mi
4828 Beaufort Ave Baltimore, MD	2.0	2.5	1200	$1,850	$1.54	24d	1	0.70mi
3727 Milford Ave Gwynn Oak, MD	3.0	1.0	900	$1,450	$1.61	44d	1	0.74mi
3601 Howard Park Ave Unit 2 Baltimore, MD	3.0	1.0	1000	$1,650	$1.65	44d	1	0.78mi
5343 Nelson Ave Baltimore, MD	2.0	1.0	1000	$1,215	$1.22	24d	1	0.85mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	18d	1	0.87mi
4016 N Rogers Ave Baltimore, MD	2.0	1.0	717	$1,195	$1.67	44d	1	0.89mi
4008 Hilton Rd Unit 1st Fl Baltimore, MD	2.0	1.0	750	$1,295	$1.73	44d	1	0.91mi
4037 Edgewood Rd Unit 1 Baltimore, MD	2.0	1.0	726	$1,100	$1.52	44d	1	0.91mi
5009 Norwood Ave Gwynn Oak, MD	2.0	1.0	800	$1,150	$1.44	44d	1	0.98mi
4309 Norfolk Ave Unit 1st Floor Baltimore, MD	2.0	1.0	1470	$1,500	$1.02	11d	1	0.99mi
3016 Thorndale Ave Baltimore, MD	1.0–3.0	1.0	700	$1,200	$1.71	5d	14	1.05mi
3807 Bowers Ave Gwynn Oak, MD	3.0	1.5	1152	$2,200	$1.91	44d	1	1.07mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	44d	1	1.09mi
2905 Garrison Blvd Unit 21 Baltimore, MD	2.0	1.0	800	$1,175	$1.47	44d	1	1.10mi
5301 Maple Ave Baltimore, MD	3.0	1.0	960	$1,700	$1.77	44d	1	1.12mi
5340 Maple Ave Baltimore, MD	2.0	1.0	1200	$1,950	$1.62	44d	1	1.14mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	18d	1	1.16mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	24d	1	1.17mi
3601 Parkview Ave Gwynn Oak, MD	2.0	1.0	849	$1,412	$1.66	3d	6	1.25mi
2700 Roslyn Ave Unit 8 Baltimore, MD	2.0	1.0	800	$1,500	$1.88	5d	1	1.25mi
2700 Roslyn Ave Unit 5 Baltimore, MD	2.0	1.0	800	$1,500	$1.88	18d	1	1.25mi
3403 Carlisle Ave Apt 1 Baltimore, MD	2.0	1.0	1100	$1,600	$1.45	11d	1	1.26mi
2824 Edgecombe Cir S Baltimore, MD	2.0	2.0	950	$1,475	$1.55	22d	1	1.26mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	44d	1	1.27mi
4515 Fairfax Rd Baltimore, MD	2.0	1.0	700	$1,250	$1.79	24d	1	1.27mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	24d	1	1.28mi
4738 Wakefield Rd Baltimore, MD	2.0	1.0	884	$1,200	$1.36	24d	1	1.32mi

Listing history 28 events

1. 2026-06-18
   days on market $138,000 Active 62 DOM
2. 2026-06-17
   days on market $138,000 Active 61 DOM
3. 2026-06-16
   days on market $138,000 Active 60 DOM
4. 2026-06-15
   days on market $138,000 Active 59 DOM
5. 2026-06-13
   days on market $138,000 Active 57 DOM
6. 2026-06-10
   price $138,000 Active 53 DOM
7. 2026-06-09
   days on market $140,000 Active 53 DOM
8. 2026-06-08
   days on market $140,000 Active 52 DOM
9. 2026-06-07
   days on market $140,000 Active 51 DOM
10. 2026-06-04
    days on market $140,000 Active 48 DOM
11. 2026-06-03
    days on market $140,000 Active 47 DOM
12. 2026-06-02
    days on market $140,000 Active 46 DOM
13. 2026-06-01
    days on market $140,000 Active 45 DOM
14. 2026-05-31
    days on market $140,000 Active 44 DOM
15. 2026-04-17
    listed $140,000 Active 1165-char remark

    Show marketing remark (1165 chars)

    Discover the charm of this delightful 3-bedroom, 2-bathroom townhouse nestled in the heart of Baltimore City. Built in 1940, this traditional brick home exudes character and warmth, offering a perfect blend of vintage appeal and modern convenience. With 1,020 square feet of potential, this residence invites you to create lasting memories. Step inside to find an inviting layout that maximizes space and functionality. The unfinished basement provides endless possibilities! Enjoy the comfort of in-unit laundry, eliminating the hassle of shared facilities. The on-street parking ensures that you'll always have a spot waiting for you after a long day. Whether you're looking for a peaceful retreat or a vibrant community, this townhouse offers the best of both worlds. Imagine sipping your morning coffee on the porch or hosting friends for a weekend barbecue in your backyard. This home is not just a place to live; it's a canvas for your dreams. Needs minor fixes like painting and deep cleaning. Priced to sell, being sold as is. Don't miss the opportunity to make this charming townhouse your own!!! Schedule a showing today and envision the possibilities!!!

16. 2001-11-30
    soldstatus $53,000
17. 2001-11-28
    soldstatus $53,000
18. 2001-10-17
    historical
19. 2001-06-28
    listed $59,900
20. 2001-04-16
    soldstatus $14,000
21. 2001-03-23
    historical
22. 2001-03-17
    historical
23. 2001-03-12
    listed $15,900
24. 2000-10-05
    listed
25. 2000-10-02
    historical
26. 2000-07-18
    listed
27. 1995-08-17
    soldstatus $33,200
28. 1984-10-24
    soldstatus $33,900

ⓘ 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: $2,323 · $194/mo
• Projected year-2 tax: $2,323 · $194/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 5/10 Major 23% 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: $18,461
• − Mortgage interest: −$7,730
• − Property taxes: −$2,323
• − Insurance: −$690
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$4,015
• Taxable income: $749
• Est. tax owed @ 24.0%: −$180
• After-tax cash flow: $2,707/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): 52,229
• Household income: $51,587
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 3644.0

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 17% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Italian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% 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: ▼ -318.58%
• Current HPI: 291.4926
• Rent YoY: ▲ 2.41%
• 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

+313.0% since first listed

14 events — show timeline

• 2026-04-17 Listed $140,000 BRIGHT MLS
• 2001-11-30 Sold (MLS) $53,000 MRIS
• 2001-11-28 Sold (Public Records) $53,000 Public Records
• 2001-10-17 Delisted — MRIS
• 2001-06-28 Listed $59,900 MRIS
• 2001-04-16 Sold (MLS) $14,000 MRIS
• 2001-03-23 Delisted — MRIS
• 2001-03-17 Delisted — MRIS
• 2001-03-12 Listed $15,900 MRIS
• 2000-10-05 Listed — MRIS
• 2000-10-02 Delisted — MRIS
• 2000-07-18 Listed — MRIS
• 1995-08-17 Sold (Public Records) $33,200 Public Records
• 1984-10-24 Sold (Public Records) $33,900 Public Records

Property tax history

+0.8%/yr

Latest (2025): $2,323 · +2011.6% YoY. Source: county tax records.