2841 E Federal St · Baltimore, MD 21213

$225,000

4 bd · 2.5 ba · 1,672 sqft · Townhouse public records · 309 Days on market

Built 1950 $135/sqft · at area comps Est $177k · 27% 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 +15.7/30.0
• DSCR +4.8/10.0
• Appreciation +4.7/10.0
• 1% rule +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

Key facts

• Renovated home
• Laundry room
• Tree lined street

Tags

• RENOVATED HOME
• TREE LINED STREET
• UPGRADED KITCHEN
• FINISHED BASEMENT
• LAUNDRY ROOM
• ADDITIONAL STORAGE AREA

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/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 $205k (9.1% below list).
• Recommended offer: $198k (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: 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 fast (+5.2%/yr); 319 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); 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).
• At $2,045/mo this rent would consume 48% of the median local household income ($51k/yr) (locally 1868% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $278 of equity ($2k loan paydown + $-1k appreciation (-0.6% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 5.2% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 309 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $225k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 309 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 1950 — 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: 0.91% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.88%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

• ARV (median comp): $176,943
• List price: $225,000
• Delta: 27.16%
• 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
3022 E Federal St	0.12mi	4/2.5	1,726 (+3%)	3mo	$250,000	$145	87
3040 E Federal St	0.15mi	4/2.0	1,600 (-4%)	3mo	$100,700	$63	81
1501 N Ellwood Ave	0.18mi	3/2.5 (-1)	1,820 (+9%)	1mo	$240,000	$132	71
3506 Elmora Ave	0.55mi	4/2.0	1,767 (+6%)	3mo	$248,000	$140	60
1106 N Lakewood Ave	0.36mi	3/1.0 (-1)	1,538 (-8%)	3mo	$50,000	$33	56
2901 Edison Hwy	0.63mi	4/3.5	1,760 (+5%)	4mo	$275,000	$156	55
1240 N Ellwood Ave	0.24mi	5/2.0 (+1)	1,908 (+14%)	5mo	$226,000	$118	54
825 N Montford Ave	0.69mi	4/3.0	1,800 (+8%)	1mo	$280,000	$156	52
3620 Erdman Ave	0.70mi	3/2.0 (-1)	1,600 (-4%)	2mo	$120,000	$75	52
2220 Henneman Ave	0.59mi	3/2.5 (-1)	1,440 (-14%)	1mo	$190,000	$132	44
3514 Elmora Ave	0.56mi	3/1.5 (-1)	1,472 (-12%)	3mo	$110,000	$75	42
3564 Elmora Ave	0.61mi	3/1.5 (-1)	1,478 (-12%)	1mo	$133,500	$90	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.57% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-1,501
• Equity at exit: $59,015

10-year hold

• IRR: 7.4%
• Equity multiple: 1.80×
• Total profit: $50,128
• Equity at exit: $66,075

Cash invested: $63,000 (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 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 319
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,045 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$243 /mo · $2,922/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $99

Break-even live

Break-even rent $1,920

Max offer price $225,000

Occupancy floor 90%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1403 N Linwood Ave Baltimore, MD	3.0	2.0	1660	$1,995	$1.20	43d	1	0.12mi
2621 E Oliver St Baltimore, MD	3.0	2.0	1600	$1,700	$1.06	23d	1	0.20mi
2626 E Preston St Baltimore, MD	3.0	1.0	1136	$1,800	$1.58	43d	1	0.27mi
1215 N Ellwood Ave Baltimore, MD	3.0	1.0	1128	$1,795	$1.59	23d	1	0.29mi
2706 E Biddle St Baltimore, MD	3.0	2.0	1577	$1,395	$0.88	43d	1	0.30mi
1829 N Port St Baltimore, MD	3.0	1.5	2000	$1,625	$0.81	43d	1	0.41mi
3326 Elmora Ave Baltimore, MD	3.0	1.0	1200	$1,450	$1.21	23d	1	0.49mi
2113 Belair Rd Baltimore, MD	3.0	1.0	1344	$1,795	$1.34	43d	1	0.52mi
3222 Lyndale Ave Unit 1 Baltimore, MD	3.0	1.5	1500	$2,200	$1.47	12d	1	0.53mi
3512 Elmora Ave Baltimore, MD	3.0	1.5	1472	$1,900	$1.29	20d	1	0.55mi
809 N Curley St Baltimore, MD	3.0	1.0	1746	$1,400	$0.80	21d	1	0.58mi
3914 Erdman Ave #1 Baltimore, MD	3.0	1.0	1200	$1,319	$1.10	17d	1	0.62mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	43d	1	0.63mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	4d	1	0.63mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	4d	1	0.64mi
3603 Ravenwood Ave Unit 1 Baltimore, MD	4.0	1.0	1566	$1,600	$1.02	43d	1	0.65mi
3551 Elmley Ave Baltimore, MD	3.0	1.5	1872	$2,095	$1.12	23d	1	0.65mi
2202 Prentiss Pl Baltimore, MD	3.0	2.0	1400	$2,400	$1.71	43d	1	0.66mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	21d	1	0.74mi
3005 Belair Rd Baltimore, MD	3.0	2.0	2000	$1,600	$0.80	17d	1	0.74mi
1629 N Wolfe St Baltimore, MD	3.0	3.0	1561	$1,800	$1.15	23d	1	0.77mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	23d	1	0.78mi
821 N Collington Ave Baltimore, MD	3.0	2.0	1150	$1,950	$1.70	43d	1	0.79mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	43d	1	0.79mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	43d	1	0.80mi
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	43d	1	0.80mi
539 N Luzerne Ave Baltimore, MD	3.0	2.5	1702	$2,300	$1.35	43d	1	0.81mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	14d	1	0.82mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	43d	1	0.82mi
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	43d	1	0.84mi
1814 E Lafayette Ave Baltimore, MD	4.0	2.0	1200	$1,995	$1.66	23d	1	0.84mi
1627 Rutland Ave Unit 1 Baltimore, MD	3.0	2.0	1200	$2,350	$1.96	43d	1	0.84mi
1627 Rutland Ave Baltimore, MD	3.0	2.0	1100	$1,950	$1.77	23d	1	0.84mi
2431 McElderry St Baltimore, MD	4.0	2.5	1600	$2,100	$1.31	43d	1	0.85mi
3525 Kentucky Ave Baltimore, MD	3.0	1.5	1536	$1,950	$1.27	43d	1	0.86mi
3519 Kentucky Ave Baltimore, MD	3.0	2.0	1536	$2,100	$1.37	10d	1	0.87mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	14d	1	0.90mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	17d	1	0.90mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	23d	1	0.91mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.91mi

Listing history 7 events

1. 2026-02-28
   price $225,000 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

2. 2026-01-02
   status Active 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

3. 2025-12-31
   historical 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

4. 2025-10-16
   price $235,000 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

5. 2025-07-23
   price $245,000 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

6. 2025-07-22
   listed $240,000 Active 785-char remark

   Show marketing remark (785 chars)

   Price adjustment ALERT, come see this beautifully renovated home with ample space for a large multi- family! This beautiful row home has tons of space! Home is located on a tree-lined street and has been updated to include new flooring, upgraded kitchen with an island, and renovated bathrooms. The home boasts four bedrooms with the potential option of a 5th bedroom. The main level has one bedroom and a half bath for immediate convenience. The basement is fully finished with a laundry room with a new washer/dryer, additional storage area, and fully renovated bathroom. The renovated kitchen has ample space for a table and an island for additional entertaining and eating space. The three upper-level bedrooms boast a great space. This is a beauty, come see it before it's gone.

7. 2025-01-08
   soldstatus $90,000

ⓘ 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: $2,922 · $243/mo
• Projected year-2 tax: $2,922 · $243/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: $24,543
• − Mortgage interest: −$12,603
• − Property taxes: −$2,922
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$6,545
• Taxable loss: −$2,580
• Est. tax savings @ 24.0%: +$619
• After-tax cash flow: $1,802/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): 28,058
• Household income: $51,344
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 1868.0

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 (86%)
• Race & ethnicity: Black 86% White 6% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -0.57%
• Current HPI: 427.4453
• Rent YoY: ▲ 5.25%
• 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

+150.0% since first listed

7 events — show timeline

• 2026-02-28 Price Changed $225,000 BRIGHT MLS
• 2026-01-02 Relisted — BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-10-16 Price Changed $235,000 BRIGHT MLS
• 2025-07-23 Price Changed $245,000 BRIGHT MLS
• 2025-07-22 Listed $240,000 BRIGHT MLS
• 2025-01-08 Sold (Public Records) $90,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,922 · +45.0% YoY. Source: county tax records.