4321 Annapolis Rd · Baltimore Highlands, MD 21227

$199,900

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 43 Days on market

Built 1940 7,446 sqft lot $149/sqft · 43% below area Est $348k · 43% under

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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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this 3-bedroom, 1-bathroom detached home nestled in the serene Baltimore Highlands. Built in 1940, this residence seamlessly blends classic character with modern comforts, making it an ideal retreat for those seeking a cozy yet functional living space. Step inside to find a warm interior featuring hardwood floors that flow from the main living room with large bay window, to the dining area and bedrooms. The eat-in kitchen is perfect for casual dining, while the spacious dining area sets the stage for memorable gatherings. Relax in the well-appointed bathrooms, complete with a tub shower for unwinding after a long day. Natural light pours in through bay windows, enhancing the home's welcoming ambiance. Outside, the property boasts a generous 0.17-acre lot, offering a front yard that invites gardening and a rear yard that provides a peaceful escape for outdoor activities. The partly wooded area adds a touch of nature, creating a serene backdrop for your personal oasis. Located in a friendly neighborhood with sidewalks and streetlights, this home is perfect for those who appreciate a sense of community. In addition, the residence is within walking distance to local dining and a few minutes car travel to Patapsco Market and Walmart Supercenter. With its blend of convenience and style, this property is a perfect opportunity for investment!

Key facts

• 7,446 sq ft lot
• Built 1940
• Listed 43 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (3.6% below list).
• Recommended offer: $193k (3.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#54 in MD, #1,984 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime D-.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.2%/yr); 100 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,511 units permitted in Baltimore County in 2024 (643 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 $6k of value loss. Plan a longer hold.
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $200k implies a 150% 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: 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 $192,699 (3.6% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 0.96% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.40%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (median comp): $348,140
• List price: $199,900
• Delta: -42.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2912 Illinois Ave	0.20mi	3/1.0	1,420 (+6%)	19mo	$305,000	$215	66
2855 Tennessee Ave	0.48mi	3/2.0	1,402 (+4%)	2mo	$332,500	$237	65
2926 Vermont Ave	0.31mi	3/1.5	1,280 (-5%)	18mo	$300,000	$234	60
3016 Pennsylvania Ave	0.50mi	4/2.0 (+1)	1,298 (-3%)	8mo	$320,000	$247	55
2826 Tennessee Ave	0.50mi	2/2.5 (-1)	1,294 (-4%)	20mo	$350,000	$270	43
2807 Manoff Rd	0.54mi	3/1.0	1,170 (-13%)	23mo	$300,000	$256	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 · 1.17% rent growth · sell at horizon

5-year hold

• IRR: -13.0%
• Equity multiple: 0.54×
• Total profit: $-25,758
• Equity at exit: $29,806

10-year hold

• IRR: -7.1%
• Equity multiple: 0.59×
• Total profit: $-23,133
• Equity at exit: $17,284

Cash invested: $55,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 21227

• Rents YoY: 1.2%
• Active inventory: 100
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,927 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$232 /mo · $2,786/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $159

Break-even live

Break-even rent $1,726

Max offer price $199,900

Occupancy floor 87%

Sensitivity live

Price	-10% $272	-5% $215	+0% $159	+5% $102	+10% $45
Rent	-10% $6	-5% $82	+0% $159	+5% $235	+10% $311
Rate	-1.0pp $259	-0.5pp $209	base $159	+0.5pp $107	+1.0pp $54

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3010 Alabama Ave Halethorpe, MD	2.0	1.0	900	$2,200	$2.44	18d	1	0.53mi
902 Catawba Ct Halethorpe, MD	3.0	1.0	906	$1,495	$1.65	22d	1	0.67mi
3111 Bero Rd Halethorpe, MD	3.0	2.0	1024	$1,750	$1.71	44d	1	0.74mi
3167 Ryerson Cir Halethorpe, MD	3.0	1.5	1116	$1,995	$1.79	5d	1	0.93mi
3269 Ryerson Cir Halethorpe, MD	3.0	2.0	1303	$1,700	$1.30	11d	1	1.03mi
732 Old Riverside Rd Brooklyn, MD	3.0	2.5	1570	$1,900	$1.21	44d	1	1.09mi
4369 Hollins Ferry Rd Halethorpe, MD	3.0	1.0	1152	$1,900	$1.65	44d	1	1.12mi
303 Arden Rd W Brooklyn, MD	3.0	2.0	1388	$2,500	$1.80	18d	1	1.23mi
2200 W Patapsco Ave Baltimore, MD	3.0	1.0	890	$1,569	$1.76	44d	1	1.25mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	24d	1	1.29mi
202 W Edgevale Rd Unit A Baltimore, MD	3.0	1.0	1824	$1,650	$0.90	5d	1	1.34mi
2715 Hammonds Ferry Rd Halethorpe, MD	2.0	1.0	992	$1,500	$1.51	44d	1	1.45mi
2600 W Patapsco Ave Baltimore, MD	1.0–2.0	1.0	856	$1,309	$1.53	3d	24	1.46mi
3207 Bryant Ave Halethorpe, MD	3.0	2.0	1808	$2,350	$1.30	44d	1	1.48mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	15d	1	1.48mi

Listing history 3 events

1. 2026-05-07
   price $199,900 1365-char remark

   Show marketing remark (1365 chars)

   Discover this 3-bedroom, 1-bathroom detached home nestled in the serene Baltimore Highlands. Built in 1940, this residence seamlessly blends classic character with modern comforts, making it an ideal retreat for those seeking a cozy yet functional living space. Step inside to find a warm interior featuring hardwood floors that flow from the main living room with large bay window, to the dining area and bedrooms. The eat-in kitchen is perfect for casual dining, while the spacious dining area sets the stage for memorable gatherings. Relax in the well-appointed bathrooms, complete with a tub shower for unwinding after a long day. Natural light pours in through bay windows, enhancing the home's welcoming ambiance. Outside, the property boasts a generous 0.17-acre lot, offering a front yard that invites gardening and a rear yard that provides a peaceful escape for outdoor activities. The partly wooded area adds a touch of nature, creating a serene backdrop for your personal oasis. Located in a friendly neighborhood with sidewalks and streetlights, this home is perfect for those who appreciate a sense of community. In addition, the residence is within walking distance to local dining and a few minutes car travel to Patapsco Market and Walmart Supercenter. With its blend of convenience and style, this property is a perfect opportunity for investment!

2. 2026-04-07
   listed $219,900 Active 1365-char remark

   Show marketing remark (1365 chars)

   Discover this 3-bedroom, 1-bathroom detached home nestled in the serene Baltimore Highlands. Built in 1940, this residence seamlessly blends classic character with modern comforts, making it an ideal retreat for those seeking a cozy yet functional living space. Step inside to find a warm interior featuring hardwood floors that flow from the main living room with large bay window, to the dining area and bedrooms. The eat-in kitchen is perfect for casual dining, while the spacious dining area sets the stage for memorable gatherings. Relax in the well-appointed bathrooms, complete with a tub shower for unwinding after a long day. Natural light pours in through bay windows, enhancing the home's welcoming ambiance. Outside, the property boasts a generous 0.17-acre lot, offering a front yard that invites gardening and a rear yard that provides a peaceful escape for outdoor activities. The partly wooded area adds a touch of nature, creating a serene backdrop for your personal oasis. Located in a friendly neighborhood with sidewalks and streetlights, this home is perfect for those who appreciate a sense of community. In addition, the residence is within walking distance to local dining and a few minutes car travel to Patapsco Market and Walmart Supercenter. With its blend of convenience and style, this property is a perfect opportunity for investment!

3. 1994-08-10
   soldstatus $80,000

ⓘ 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: $2,786 · $232/mo
• Projected year-2 tax: $2,786 · $232/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 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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,124
• − Mortgage interest: −$11,198
• − Property taxes: −$2,786
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,850
• − Management: −$1,850
• − Depreciation: −$5,815
• Taxable loss: −$1,374
• Est. tax savings @ 24.0%: +$330
• After-tax cash flow: $2,233/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 County Public Schools
• NCES district ID: 2400120
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 34% ▼ -5.00%
• Median HH income: $66,746
• Composite: 23.17/100
• National rank: #7948
• State rank: #11 of 24 in MD

Livability — Baltimore Highlands

• Score: 79/100
• State rank: #54
• US rank: #1984

Category grades

Amenities A+ Commute A+ Cost of living B- Crime D- Employment C+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baltimore Highlands, MD
• County: Baltimore County · 769,527 people
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,907
• Household income: $85,986
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 930.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 885,518 people
• By 2030: 909,272 · +2.7%
• By 2040: 951,547 · +7.5%
• By 2050: 990,955 · +11.9%
• By 2075: 1,086,411 · +22.7%
• By 2100: 1,135,078 · +28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 61% Black 16% Hispanic / Latino 12% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 2% Italian 2% Slovak 2%
• Foreign-born: 13% · Canada, Philippines, China
• Languages at home: 83% English-only · Spanish 10% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Baltimore

• 2024 margin: Strong D (+24.5) · D 61.0% · R 36.5% · Other 2.5%
• 2008→2024 swing: +9.9pp toward D · 2008: 14.6pp · 2024: 24.5pp
• All cycles: 2024: D+24.5 2020: D+27.0 2016: D+17.4 2012: D+16.4 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -294.07%
• Current HPI: 281.9628
• Rent YoY: ▲ 1.17%
• 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

+149.9% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $199,900 BRIGHT MLS
• 2026-04-07 Listed $219,900 BRIGHT MLS
• 1994-08-10 Sold (Public Records) $80,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,786 · -28.9% YoY. Source: county tax records.