2233 Homewood Ave · Baltimore, MD 21218

$209,900

3 bd · 2.0 ba · 1,650 sqft · Townhouse · 98 Days on market

Built 1920 $127/sqft · 14% above area Est $185k · 14% over

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Why this score? — see what drove the D 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 +19.2/30.0
• DSCR +6.1/10.0
• 1% rule +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this beautifully updated two-bedroom, one-bath home in the heart of Baltimore City, featuring high-end finishes throughout. Enjoy your morning coffee on one of two private balconies or relax on the welcoming front porch. Inside, you’ll find new appliances, elegant quartz countertops, and the warm ambiance of an electronic fireplace. Plus, you’ll have the convenience of off-street parking. Perfect for those who appreciate a touch of luxury and comfort in every detail.

Key facts

• Built 1920
• Listed 98 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $210k.

Deal economics

• At list price, monthly cash flow is $229 ($3k/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 $207k (1.6% below list).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 6.0% in Baltimore — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+1.6%/yr); 325 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 40% of the median local income ($62k/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 $6k 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 98 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $150k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $191,009 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• GRM: 8.5

CMA / ARV

• ARV (median comp): $184,539
• List price: $209,900
• Delta: 13.74%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2227 Cecil Ave	0.17mi	3/2.0	1,764 (+7%)	2mo	$195,000	$111	79
310 E 25th St	0.35mi	3/3.0	1,560 (-6%)	1mo	$308,999	$198	69
326 E 26th St	0.39mi	3/2.0	1,496 (-9%)	2mo	$170,000	$114	64
435 Ilchester Ave	0.53mi	3/2.0	1,531 (-7%)	2mo	$123,000	$80	62
422 E Lanvale St	0.46mi	4/3.0 (+1)	1,566 (-5%)	1mo	$280,000	$179	60
3009 Guilford Ave	0.73mi	3/1.5	1,598 (-3%)	2mo	$416,500	$261	57
2535 N Howard St	0.71mi	2/3.0 (-1)	1,680 (+2%)	2mo	$288,000	$171	54
2701 Guilford Ave	0.49mi	3/1.5	1,862 (+13%)	2mo	$331,000	$178	52
707 E Preston St	0.74mi	3/2.5	1,762 (+7%)	2mo	$275,000	$156	50
1821 N Bond St	0.62mi	3/3.5	1,800 (+9%)	4mo	$245,000	$136	47
1433 E Federal St	0.67mi	3/3.0	1,814 (+10%)	2mo	$181,900	$100	46
3035 Frisby St	0.70mi	3/2.5	1,456 (-12%)	4mo	$163,000	$112	43

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-22,264
• Equity at exit: $31,297

10-year hold

• IRR: -3.2%
• Equity multiple: 0.80×
• Total profit: $-11,850
• Equity at exit: $18,148

Cash invested: $58,772 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,066 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$215 /mo · $2,584/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $229

Break-even live

Break-even rent $1,777

Max offer price $209,900

Occupancy floor 84%

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
646 Cokesbury Ave Baltimore, MD	2.0	1.5	1200	$1,299	$1.08	43d	1	0.08mi
534 E 23rd St Baltimore, MD	3.0	2.5	1700	$2,350	$1.38	43d	1	0.09mi
324 E 23rd St Baltimore, MD	3.0	1.5	2018	$2,200	$1.09	23d	1	0.27mi
312 E 25th St Baltimore, MD	4.0	3.5	1960	$2,800	$1.43	43d	1	0.36mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	43d	1	0.39mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	23d	1	0.39mi
2300 N Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	1100	$1,995	$1.81	2d	2	0.40mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	23d	1	0.40mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	43d	1	0.40mi
1827 Guilford Ave Unit G-1809 Baltimore, MD	3.0	3.5	1920	$2,750	$1.43	23d	1	0.41mi
1823 Guilford Ave Unit G-1823 Baltimore, MD	3.0	3.5	1920	$2,750	$1.43	43d	1	0.41mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	20d	1	0.42mi
1813 Guilford Ave Unit G-1813 Baltimore, MD	3.0	3.5	1920	$2,750	$1.43	43d	1	0.42mi
1809 Guilford Ave Unit G-1809 Baltimore, MD	3.0	3.5	1920	$2,750	$1.43	43d	1	0.42mi
1807 Guilford Ave Unit G-1807 Baltimore, MD	3.0	3.5	1920	$2,750	$1.43	43d	1	0.42mi
1801 Guilford Ave Baltimore, MD	3.0	3.5	1921	$2,595	$1.35	23d	3	0.43mi
412 E Lanvale St Baltimore, MD	3.0	2.0	1600	$3,100	$1.94	4d	1	0.43mi
1333 E North Ave Baltimore, MD	4.0	2.5	1860	$2,200	$1.18	23d	1	0.45mi
437 Pitman Pl Baltimore, MD	2.0	3.0	1520	$1,650	$1.09	4d	1	0.48mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	4d	1	0.48mi
458 E Federal St Baltimore, MD	2.0	2.5	1300	$1,850	$1.42	4d	1	0.49mi
456 E Federal St Baltimore, MD	2.0	2.0	1450	$1,850	$1.28	43d	1	0.49mi
412 E Federal St Baltimore, MD	2.0	2.5	1100	$1,700	$1.55	23d	1	0.51mi
1243 E Lanvale St Baltimore, MD	3.0	1.5	1281	$1,750	$1.37	2d	1	0.51mi
1243 E Lanvale St Baltimore, MD	3.0	1.5	1281	$1,750	$1.37	16d	1	0.51mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	43d	1	0.55mi
1803 N Dallas St Baltimore, MD	2.0	2.5	1250	$2,100	$1.68	23d	1	0.58mi
424 Ilchester Ave Baltimore, MD	3.0	3.0	1976	$1,800	$0.91	14d	1	0.58mi
2606 Cecil Ave Baltimore, MD	2.0	1.5	1200	$1,500	$1.25	43d	1	0.59mi
1512 E Lafayette Ave Baltimore, MD	3.0	2.5	1476	$1,950	$1.32	43d	1	0.59mi
1514 E Lafayette Ave Baltimore, MD	3.0	1.5	1215	$2,000	$1.65	23d	1	0.59mi
1704 Saint Paul St Unit 1 Baltimore, MD	2.0	1.0	1141	$1,550	$1.36	4d	1	0.60mi
1511 E Lafayette Ave Baltimore, MD	4.0	3.5	1988	$2,650	$1.33	4d	1	0.60mi
1607 Cliftview Ave Baltimore, MD	3.0	1.0	1200	$1,475	$1.23	43d	1	0.61mi
908 E Preston St Baltimore, MD	3.0	2.0	1560	$1,300	$0.83	43d	1	0.69mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	23d	1	0.70mi
1312 Guilford Ave Baltimore, MD	1.0–2.0	1.0–2.0	1040	$1,850	$1.78	43d	6	0.74mi
814 Showell Ct Baltimore, MD	3.0	1.0	1152	$2,000	$1.74	21d	1	0.74mi
218 E Preston St Baltimore, MD	2.0	1.0	1250	$1,724	$1.38	43d	1	0.76mi
103 E Mt Royal Ave Baltimore, MD	1.0–3.0	1.0–2.0	850	$2,624	$3.09	1d	17	0.76mi

Listing history 27 events

1. 2026-06-18
   days on market $209,900 Active 98 DOM
2. 2026-06-17
   days on market $209,900 Active 97 DOM
3. 2026-06-16
   days on market $209,900 Active 96 DOM
4. 2026-06-15
   days on market $209,900 Active 95 DOM
5. 2026-06-13
   days on market $209,900 Active 93 DOM
6. 2026-06-09
   days on market $209,900 Active 89 DOM
7. 2026-06-08
   days on market $209,900 Active 88 DOM
8. 2026-06-07
   days on market $209,900 Active 87 DOM
9. 2026-06-04
   days on market $209,900 Active 84 DOM
10. 2026-06-03
    days on market $209,900 Active 83 DOM
11. 2026-06-02
    days on market $209,900 Active 82 DOM
12. 2026-06-01
    days on market $209,900 Active 81 DOM
13. 2026-05-31
    days on market $209,900 Active 80 DOM
14. 2026-03-21
    price $209,900 493-char remark

    Show marketing remark (493 chars)

    Step into this beautifully updated two-bedroom, one-bath home in the heart of Baltimore City, featuring high-end finishes throughout. Enjoy your morning coffee on one of two private balconies or relax on the welcoming front porch. Inside, you’ll find new appliances, elegant quartz countertops, and the warm ambiance of an electronic fireplace. Plus, you’ll have the convenience of off-street parking. Perfect for those who appreciate a touch of luxury and comfort in every detail.

15. 2026-03-13
    listed $219,000 Active 493-char remark

    Show marketing remark (493 chars)

    Step into this beautifully updated two-bedroom, one-bath home in the heart of Baltimore City, featuring high-end finishes throughout. Enjoy your morning coffee on one of two private balconies or relax on the welcoming front porch. Inside, you’ll find new appliances, elegant quartz countertops, and the warm ambiance of an electronic fireplace. Plus, you’ll have the convenience of off-street parking. Perfect for those who appreciate a touch of luxury and comfort in every detail.

16. 2026-03-04
    historical $219,000 493-char remark

    Show marketing remark (493 chars)

    Step into this beautifully updated two-bedroom, one-bath home in the heart of Baltimore City, featuring high-end finishes throughout. Enjoy your morning coffee on one of two private balconies or relax on the welcoming front porch. Inside, you’ll find new appliances, elegant quartz countertops, and the warm ambiance of an electronic fireplace. Plus, you’ll have the convenience of off-street parking. Perfect for those who appreciate a touch of luxury and comfort in every detail.

17. 2026-01-07
    historical
18. 2025-09-22
    listed $219,900 Active
19. 2025-09-19
    historical
20. 2025-08-12
    price $229,900
21. 2025-06-26
    price $239,900
22. 2025-05-13
    listed $265,000 Active
23. 2023-01-20
    soldstatus $149,938
24. 2022-04-05
    soldstatus $47,000
25. 2021-06-30
    soldstatus $47,000 Closed
26. 2021-06-08
    status Pending
27. 2021-04-28
    listed $10,000 Active

ⓘ 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: $2,584 · $215/mo
• Projected year-2 tax: $2,584 · $215/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 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,791
• − Mortgage interest: −$11,758
• − Property taxes: −$2,584
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,983
• − Management: −$1,983
• − Depreciation: −$6,106
• Taxable loss: −$673
• Est. tax savings @ 24.0%: +$161
• After-tax cash flow: $2,904/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+1999.0% since first listed

14 events — show timeline

• 2026-03-21 Price Changed $209,900 BRIGHT MLS
• 2026-03-13 Listed $219,000 BRIGHT MLS
• 2026-03-04 Coming Soon $219,000 BRIGHT MLS
• 2026-01-07 Listing Removed — BRIGHT MLS
• 2025-09-22 Listed $219,900 BRIGHT MLS
• 2025-09-19 Listing Removed — BRIGHT MLS
• 2025-08-12 Price Changed $229,900 BRIGHT MLS
• 2025-06-26 Price Changed $239,900 BRIGHT MLS
• 2025-05-13 Listed $265,000 BRIGHT MLS
• 2023-01-20 Sold (Public Records) $149,938 Public Records
• 2022-04-05 Sold (Public Records) $47,000 Public Records
• 2021-06-30 Sold (MLS) $47,000 BRIGHT MLS
• 2021-06-08 Pending — BRIGHT MLS
• 2021-04-28 Listed $10,000 BRIGHT MLS

Property tax history

+11.1%/yr

Latest (2025): $2,584 · +39.2% YoY. Source: county tax records.