2808 Waldorf Ave · Baltimore, MD 21215

$149,900

3 bd · 1.5 ba · 1,316 sqft · Townhouse · 164 Days on market

Built 1920 1,550 sqft lot $114/sqft · 23% below area Est $194k · 23% under

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• 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

Beautifully updated end-of-row townhome offering 3 bedrooms and 1.5 baths, ideally located in Northwest Baltimore 🏡✨. The open-concept living and dining areas create a bright, welcoming space perfect for everyday living or entertaining. The main level also features an additional room ideal for a home office, den, or flex space to suit your needs 💻. The modern kitchen includes stainless steel appliances and opens directly to the private fenced backyard through a rear door—perfect for outdoor gatherings or relaxing 🌿. The unfinished basement provides ample storage and future potential. Updated systems include HVAC, plumbing, electric, water heater, some windows, and all appliances. Stra

Key facts

• Built 1920
• Listed 164 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

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: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 62% FRL vs 79% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 43% 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 (+2.4%/yr); 354 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $9k; list at $150k implies a 1566% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 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 1920 — 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: 1.21% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.88%
• DSCR: 1.66
• GRM: 6.9

CMA / ARV

• ARV (median comp): $194,326
• List price: $149,900
• Delta: -22.86%
• 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
3709 Columbus Dr	0.26mi	3/1.5	1,200 (-9%)	0mo	$133,900	$112	73
3741 Boarman Ave	0.52mi	3/1.0	1,280 (-3%)	3mo	$115,000	$90	67
3716 Columbus Dr	0.24mi	4/2.0 (+1)	1,200 (-9%)	3mo	$242,000	$202	65
4912 Palmer Ave	0.51mi	3/2.0	1,400 (+6%)	1mo	$60,000	$43	63
5118 Nelson Ave	0.54mi	3/2.0	1,386 (+5%)	3mo	$219,000	$158	61
3906 Grantley Rd	0.47mi	3/1.5	1,178 (-10%)	1mo	$127,000	$108	60
2523 Boarman Ave	0.46mi	3/1.0	1,450 (+10%)	3mo	$82,500	$57	57
4911 Queensberry Ave	0.60mi	4/1.5 (+1)	1,390 (+6%)	2mo	$155,000	$112	55
3716 Beehler Ave	0.24mi	4/4.0 (+1)	1,445 (+10%)	3mo	$265,000	$183	55
4027 Annellen Rd	0.53mi	4/2.0 (+1)	1,452 (+10%)	3mo	$220,900	$152	49
4023 Reisterstown Rd	0.56mi	4/4.0 (+1)	1,400 (+6%)	2mo	$250,000	$179	47
3223 Spaulding Ave	0.54mi	4/2.0 (+1)	1,500 (+14%)	0mo	$219,900	$147	44

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: 4.8%
• Equity multiple: 1.18×
• Total profit: $7,729
• Equity at exit: $22,351

10-year hold

• IRR: 13.7%
• Equity multiple: 2.07×
• Total profit: $44,862
• Equity at exit: $12,961

Cash invested: $41,972 (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: 354
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,817 high
• Mortgage (P&I): −$786
• Tax from tax record: −$67 /mo · $799/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $520

Break-even live

Break-even rent $1,158

Max offer price $149,900

Occupancy floor 66%

Sensitivity live

Price	-10% $605	-5% $563	+0% $520	+5% $478	+10% $435
Rent	-10% $377	-5% $449	+0% $520	+5% $592	+10% $664
Rate	-1.0pp $596	-0.5pp $558	base $520	+0.5pp $481	+1.0pp $442

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3735 Manchester Ave Baltimore, MD	2.0	1.0	1000	$1,350	$1.35	6d	1	0.28mi
4828 Beaufort Ave Baltimore, MD	2.0	2.5	1200	$1,850	$1.54	25d	1	0.32mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	25d	1	0.33mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	19d	1	0.34mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	19d	1	0.46mi
5000 Litchfield Ave #1 Baltimore, MD	2.0	1.0	1100	$1,100	$1.00	45d	1	0.49mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	25d	1	0.51mi
2824 Edgecombe Cir S Baltimore, MD	2.0	2.0	950	$1,475	$1.55	23d	1	0.56mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	25d	1	0.60mi
2415 Loyola Southway Baltimore, MD	3.0	1.5	1200	$2,033	$1.69	45d	1	0.72mi
4714 Greenspring Ave Baltimore, MD	2.0	1.0	890	$1,295	$1.46	45d	1	0.76mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	45d	1	0.77mi
4010 Fernhill Ave Unit 2 Baltimore, MD	2.0	1.0	1100	$1,500	$1.36	45d	1	0.78mi
2530 Edgecombe Cir N Baltimore, MD	2.0–3.0	1.0	920	$1,325	$1.44	4d	4	0.79mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	45d	1	0.81mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	45d	1	0.82mi
3508 Grantley Rd Baltimore, MD	2.0	1.0	1250	$1,350	$1.08	25d	1	0.82mi
5301 Maple Ave Baltimore, MD	3.0	1.0	960	$1,700	$1.77	45d	1	0.84mi
5340 Maple Ave Baltimore, MD	2.0	1.0	1200	$1,950	$1.62	45d	1	0.89mi
5343 Nelson Ave Baltimore, MD	2.0	1.0	1000	$1,215	$1.22	25d	1	0.91mi
3915 Liberty Heights Ave Gwynn Oak, MD	1.0–2.0	1.0–2.0	680	$1,345	$1.98	14d	5	1.09mi
3617 Mohawk Ave Baltimore, MD	2.0	1.0	1000	$1,595	$1.59	45d	1	1.21mi
3615 Mohawk Ave Gwynn Oak, MD	2.0	1.0	1000	$1,610	$1.61	45d	1	1.21mi
2001 W Cold Spring Ln Baltimore, MD	1.0–3.0	1.0–2.0	1154	$3,505	$3.04	3d	31	1.23mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	45d	1	1.25mi
2080 Rockrose Ave Unit 2080-201 Baltimore, MD	2.0	2.0	1080	$2,100	$1.94	25d	1	1.30mi
3632 Parkdale Ave Baltimore, MD	3.0	1.0	1400	$3,000	$2.14	45d	1	1.33mi
4320 Roland Heights Ave Baltimore, MD	3.0	2.5	1800	$3,300	$1.83	19d	1	1.37mi
2432 Everton Rd Unit 2435 A Baltimore, MD	2.0	1.5	1000	$1,500	$1.50	25d	1	1.37mi
4322 Roland Heights Ave Baltimore, MD	3.0	3.0	1800	$3,000	$1.67	45d	1	1.37mi
2078 Druid Park Dr Baltimore, MD	2.0	3.0	1500	$2,500	$1.67	45d	1	1.38mi
2078 Druid Park Dr Unit 4 Baltimore, MD	2.0	2.5	1500	$2,500	$1.67	45d	1	1.38mi
3727 Milford Ave Gwynn Oak, MD	3.0	1.0	900	$1,450	$1.61	45d	1	1.42mi
4319 Medfield Ave Baltimore, MD	3.0	2.5	1800	$3,100	$1.72	45d	1	1.42mi
3403 Carlisle Ave Apt 1 Baltimore, MD	2.0	1.0	1100	$1,600	$1.45	12d	1	1.45mi
3601 Howard Park Ave Unit 2 Baltimore, MD	3.0	1.0	1000	$1,650	$1.65	45d	1	1.47mi
3001 Carlisle Ave Baltimore, MD	3.0	1.0	1024	$1,300	$1.27	45d	1	1.50mi

Listing history 31 events

1. 2026-06-21
   days on market $149,900 Active 164 DOM
2. 2026-06-18
   days on market $149,900 Active 161 DOM
3. 2026-06-17
   days on market $149,900 Active 160 DOM
4. 2026-06-16
   days on market $149,900 Active 159 DOM
5. 2026-06-15
   days on market $149,900 Active 158 DOM
6. 2026-06-13
   days on market $149,900 Active 156 DOM
7. 2026-06-09
   days on market $149,900 Active 152 DOM
8. 2026-06-08
   days on market $149,900 Active 151 DOM
9. 2026-06-07
   days on market $149,900 Active 150 DOM
10. 2026-06-04
    days on market $149,900 Active 147 DOM
11. 2026-06-03
    days on market $149,900 Active 146 DOM
12. 2026-06-02
    days on market $149,900 Active 145 DOM
13. 2026-06-01
    days on market $149,900 Active 144 DOM
14. 2026-05-31
    days on market $149,900 Active 143 DOM
15. 2026-04-21
    price $149,900
16. 2026-01-08
    listed $154,900 Active
17. 2025-12-29
    historical
18. 2025-10-24
    status Active
19. 2025-10-22
    historical
20. 2025-08-18
    price $159,999
21. 2025-08-05
    status Active
22. 2025-07-28
    historical Active Under Contract
23. 2025-06-30
    listed $164,900 Active
24. 2025-06-26
    historical
25. 2025-06-05
    price $155,000
26. 2025-04-28
    price $165,500
27. 2025-03-05
    price $174,500
28. 2025-01-03
    listed $179,500 Active
29. 2024-11-28
    historical
30. 1990-12-04
    soldstatus $9,000
31. 1983-11-08
    soldstatus $13,000

ⓘ 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: $799 · $67/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$418/yr (+$35/mo · 52.3%)

ⓘ 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 ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $21,804
• − Mortgage interest: −$8,397
• − Property taxes: −$799
• − Insurance: −$750
• − Repairs & maintenance: −$1,744
• − Management: −$1,744
• − Depreciation: −$4,361
• Taxable income: $4,009
• Est. tax owed @ 24.0%: −$962
• After-tax cash flow: $5,281/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

+1053.1% since first listed

17 events — show timeline

• 2026-04-21 Price Changed $149,900 BRIGHT MLS
• 2026-01-08 Listed $154,900 BRIGHT MLS
• 2025-12-29 Listing Removed — BRIGHT MLS
• 2025-10-24 Relisted — BRIGHT MLS
• 2025-10-22 Listing Removed — BRIGHT MLS
• 2025-08-18 Price Changed $159,999 BRIGHT MLS
• 2025-08-05 Relisted — BRIGHT MLS
• 2025-07-28 Contingent — BRIGHT MLS
• 2025-06-30 Listed $164,900 BRIGHT MLS
• 2025-06-26 Listing Removed — BRIGHT MLS
• 2025-06-05 Price Changed $155,000 BRIGHT MLS
• 2025-04-28 Price Changed $165,500 BRIGHT MLS
• 2025-03-05 Price Changed $174,500 BRIGHT MLS
• 2025-01-03 Listed $179,500 BRIGHT MLS
• 2024-11-28 Coming Soon — BRIGHT MLS
• 1990-12-04 Sold (Public Records) $9,000 Public Records
• 1983-11-08 Sold (Public Records) $13,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $799 · +22.9% YoY. Source: county tax records.