113 W Edgevale Rd, Baltimore, MD 21225 — 32.4% Cash-on-Cash

About this property

113 W Edgevale Rd is a 6-bedroom, 3-bath single-family property in Baltimore's 21225 ZIP, offering nearly 3,000 square feet on a 9,375-square-foot lot.

Built in 1931 and carrying 2,962 square feet of living area, the property has been substantially updated. The 2024 renovation scope was unusually broad: new electrical, plumbing, HVAC, insulation, and full asbestos abatement — the kind of capital expenditure list that removes the deferred-maintenance discount a 90-year-old structure would otherwise carry. A new pool liner was also included, preserving an in-ground pool that most comparable listings at this price point don't offer.

The lower level is fully finished with a second kitchen, which is the detail that changes the investment calculus most. A self-contained lower unit creates a path to house-hacking or a separate rental income stream without structural conversion work. The upper level features a deck with Baltimore skyline views, and the listing notes a functioning fireplace prepped for gas connection.

At 12 days on market with no price reduction from the original listing, the property hasn't been sitting. The tax-assessed value of $407,800 against a $460,000 ask puts the listing at roughly a 13% premium to assessed value — modest for a fully renovated asset with this feature set. Public records confirm non-owner-occupied status, signaling the property is already positioned as an income asset.

The investment case

A 32.4% cash-on-cash return against a ZIP 21225 average of 7.5% makes this the highest-returning deal in the ZIP code — and the financial structure behind that number is worth unpacking.

List Price

$460,000

Monthly Payment (PITI+HOA)

$3,111

Principal & Interest

$2,358

Property Tax

$600

Insurance

$153

HOA

$0

PMI

$0

Est. Monthly Rent

$5,592

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

32.4%

Cap Rate

14.2%

Monthly Cash Flow

$2,481

Gross Rent Multiplier

6.9

DSCR

2.3

At a $460,000 purchase price with 20% down, the total monthly payment comes to $3,111 — principal and interest at $2,358, property tax at $600, and insurance at $153. Against an estimated monthly rent of $5,592, that leaves $2,481 in monthly cash flow before maintenance reserves and vacancy.

The cap rate of 14.2% and net operating income of $5,439 per month are the numbers that frame this as a genuine income property rather than a speculative hold. A gross rent multiplier of 6.9 means the property pays for itself in under seven years of gross rent — well below the 12-to-15 range common in competitive urban markets. The debt service coverage ratio of 2.3 means the property generates $2.30 in NOI for every dollar of debt service, giving a lender — and an investor — substantial cushion against vacancy or rent softness.

The second kitchen on the lower level is the structural feature that supports the rent estimate. A property that can credibly be rented as two units, or marketed to large multigenerational households commanding premium rents, has a different ceiling than a standard 6-bedroom layout. That flexibility is priced into the $5,592 estimate.

Figures exclude depreciation tax benefits, which vary by individual tax situation.

The cash-on-cash return here isn't a rounding-error outlier — it's driven by a combination of competitive pricing relative to income potential and a property configuration that supports above-market rent.

Annual return outlook

The 5-year total ROI of 40.4% is front-loaded with cash flow, with appreciation and mortgage paydown providing secondary but meaningful contributions.

Cash flow contributes 32.4% of the 40.4% five-year total — meaning the property earns most of its return from income, not price appreciation. That's a structurally different risk profile than appreciation-dependent plays, where the investor is betting on market conditions five years out.

Appreciation adds an estimated 3.9% annually to the return picture. This figure is a modeled estimate rather than a data-scraped trend, so it should be treated as directional rather than precise. Baltimore has experienced uneven appreciation across neighborhoods, and a 3.9% annual rate is plausible but not guaranteed. The contribution to total ROI from appreciation is 3.9% of the five-year stack.

Mortgage paydown contributes 4.1% over the five-year period — the equity accumulation from principal reduction at a 6.66% rate on a 30-year fixed. It's the quietest component of the three, but it's also the most predictable: it happens regardless of market conditions or tenant behavior.

The takeaway for underwriting purposes: even if appreciation comes in flat, cash flow alone at 32.4% makes a compelling standalone case. The appreciation and paydown components are upside, not load-bearing assumptions.

How it compares to nearby for-sale listings

Five comparable for-sale listings in the surrounding area provide a pricing reference, with a comp median of $525,000 against this property's $460,000 ask.

At $460,000 for 2,962 square feet, this property prices at roughly $155 per square foot. The comp set tells a more nuanced story. The closest size-comparable — a 6-bedroom, 5-bath property at 2,472 square feet in Catonsville — is listed at $525,000, or approximately $212 per square foot. A 5-bedroom at 2,027 square feet lists at $395,000, around $195 per square foot.

On a price-per-square-foot basis, 113 W Edgevale is priced at a discount to the comp set, which skews toward smaller properties at higher per-foot rates. The $525,000 comp median is 14% above this property's ask, which is notable given that this property has more bedrooms than most comps and a larger lot.

Days on market across the comp set range from 1 to 47 days, with this property at 12 days and no price reduction. The 47-day listing at $659,900 is the outlier — a 5-bedroom at $283 per square foot that appears to be testing the upper ceiling of the market. The faster-moving comps are priced below $525,000, which suggests the current ask of $460,000 is positioned in the more liquid range of the market.

The combination of below-comp pricing per square foot, a larger-than-average lot, and a renovated condition profile makes the valuation defensible relative to the peer set.

Rental demand in this zip

There are no directly comparable 6-bedroom rental listings on record in ZIP 21225, which means the $5,592 monthly rent estimate carries higher uncertainty than a comp-supported figure would.

The absence of rental comps for 6-bedroom units in 21225 is a real data gap. It doesn't mean the rent estimate is wrong — large homes with second kitchens and pool amenities are uncommon enough that they simply don't generate a thick comparable set. It means the estimate is modeled rather than market-tested, and an investor should treat it as a ceiling to validate rather than a floor to assume.

There are two practical paths to stress-testing the $5,592 figure. First, the property's second kitchen creates the option to rent it as two separate units — a 3-bedroom upper and a 3-bedroom lower, for example — where comp data for smaller units is more available. If two 3-bedroom units in 21225 each rent for $2,500 to $2,800, the blended rent would bracket the estimate. Second, the property could be marketed to large family or multigenerational household tenants, where the premium for a 6-bedroom with outdoor amenities and a pool is real but harder to quantify precisely.

At the current $3,111 monthly payment, the property cash-flows positively even if actual rent comes in 20% below the estimate — a $4,474 rent would still generate roughly $1,360 per month in cash flow. That downside buffer is meaningful when the rental comp set is thin.

Who this property suits + risks to weigh

This property suits an income-focused investor comfortable with large-unit management and willing to validate rent assumptions before closing.

Best fit

The investor profile here is someone prioritizing current yield over appreciation optionality. A 32.4% cash-on-cash return at a $460,000 price point requires 20% down — $92,000 — and generates $2,481 per month in projected cash flow. That's a high-yield profile typically associated with smaller markets or distressed assets, not a renovated single-family with a 2024 mechanical overhaul.

The dual-kitchen layout makes this particularly well-suited to a house-hacker who wants to live in one unit while renting the other, or a landlord targeting multigenerational family tenants who need the space and amenities. The pool, skyline deck, and large lot are genuine differentiators in the rental market that support premium positioning.

The non-owner-occupied status on public record means the property has presumably been operated as a rental before, which is a minor operational signal — the layout has been tested in the market even if recent comp data is sparse.

Risks to weigh

The primary risk is rent assumption. With zero 6-bedroom rental comps in 21225, the $5,592 estimate is modeled, not market-confirmed. An investor should run independent rental market research before underwriting to that number. A 15% rent miss changes the cash-on-cash return materially, though the property still cash-flows positively at that haircut.

The property was built in 1931. Despite the 2024 renovation, a 90-plus-year structure carries latent risk in components not touched by the upgrade — foundation, roof condition, and any systems outside the listed scope. The asbestos abatement is a positive disclosure, but it also confirms the property had legacy materials that required remediation.

Vacancy risk on a large, specialized unit is also higher than on a 2-bedroom apartment. A 6-bedroom rental has a narrower tenant pool, and extended vacancy would erode the cash-flow thesis faster than it would on a smaller unit.