523 S Dallas St S · Baltimore, MD 21231

$195,000

2 bd · 1.0 ba · 744 sqft · Townhouse public records · 38 Days on market

Built 1870 999 sqft lot $262/sqft · at area comps Est $197k · at est.

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.9/15.0
• 1% rule +6.4/10.0
• 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 MLS

Located in the Fells Point Historic District on a quiet street, this eclectic 2-bedroom, 1-bathroom townhome is loaded with warmth and character. Charm abounds with the exposed brick, built-in nooks, stained glass, exposed beams, wood floors and all around cool vibe. The third floor is especially enchanting with skylights, red brick and wood beams. Use your imagination in creating the perfect green space in the unusually large rear yard. A second floor deck is accessible from the back patio. The kitchen features a newer gas range and plenty of counter space. The HVAC was recently replaced for peace of mind and efficiency. The tankless water heater provides an endless supply of hot water for the bath and kitchen. This home is ready for you to move in and make it your own!

Key facts

• Built 1870
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $195k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 6.0% in Baltimore — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 (+2.3%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 31% of the median local income ($85k/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 38 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $96k; list at $195k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — 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. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.94%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (median comp): $196,730
• List price: $195,000
• Delta: -0.88%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 S Durham St	0.38mi	2/2.0	720 (-3%)	5mo	$181,000	$251	68
207 S Durham St	0.40mi	2/1.0	672 (-10%)	1mo	$157,000	$234	64
233 S Chapel St	0.42mi	1/0.5 (-1)	702 (-6%)	8mo	$82,000	$117	57
511 S Chapel St	0.36mi	1/1.5 (-1)	672 (-10%)	6mo	$233,000	$347	55
318 S Duncan St S	0.53mi	2/2.0	816 (+10%)	2mo	$289,900	$355	54
23 Pierside Dr #410	0.72mi	1/1.0 (-1)	720 (-3%)	5mo	$190,000	$264	52
23 Pierside Dr #311	0.72mi	1/1.0 (-1)	775 (+4%)	3mo	$125,000	$161	52
512 S Chapel St	0.34mi	1/1.0 (-1)	640 (-14%)	5mo	$200,000	$313	52
245 S Madeira St	0.63mi	2/1.5	800 (+8%)	8mo	$235,174	$294	50
2415 Fleet St	0.73mi	2/2.5	780 (+5%)	7mo	$270,000	$346	46
504 S Collington Ave	0.53mi	1/1.0 (-1)	848 (+14%)	2mo	$150,000	$177	45
23 Pierside Dr #111	0.72mi	1/1.0 (-1)	660 (-11%)	0mo	$160,000	$242	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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-4,433
• Equity at exit: $29,075

10-year hold

• IRR: 6.7%
• Equity multiple: 1.49×
• Total profit: $26,614
• Equity at exit: $16,860

Cash invested: $54,600 (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 21231

• Rents YoY: 2.3%
• Active inventory: 133
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$197 /mo · $2,360/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $452

Break-even live

Break-even rent $1,646

Max offer price $195,000

Occupancy floor 75%

Sensitivity live

Price	-10% $563	-5% $507	+0% $452	+5% $397	+10% $342
Rent	-10% $277	-5% $365	+0% $452	+5% $540	+10% $627
Rate	-1.0pp $550	-0.5pp $502	base $452	+0.5pp $402	+1.0pp $350

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 S Caroline St Unit 301 Baltimore, MD	1.0	1.0	625	$2,100	$3.36	5d	1	0.06mi
622 S Broadway Baltimore, MD	2.0	1.0–2.0	953	$2,998	$3.14	3d	8	0.15mi
601 S Broadway Unit 305 Baltimore, MD	1.0	1.0	592	$1,600	$2.70	45d	1	0.16mi
601 S Broadway Unit 305 Baltimore, MD	1.0	1.0	592	$1,600	$2.70	5d	1	0.16mi
1301 Aliceanna St Baltimore, MD	1.0	1.0	758	$2,894	$3.82	3d	3	0.18mi
1742 Fleet St Unit 302 Baltimore, MD	1.0	1.0	524	$1,600	$3.05	5d	1	0.23mi
210 S Caroline St Baltimore, MD	1.0–2.0	1.0	808	$1,965	$2.43	45d	23	0.24mi
1001 Aliceanna St Baltimore, MD	1.0–2.0	1.0–2.0	844	$3,081	$3.65	4d	3	0.25mi
707 President St Baltimore, MD	1.0	1.0–1.5	750	$2,534	$3.38	3d	15	0.32mi
521 S Wolfe St Unit 1R Baltimore, MD	1.0	1.0	500	$1,350	$2.70	12d	1	0.34mi
1405 Point St Baltimore, MD	2.0	1.0–2.0	652	$3,336	$5.11	4d	2	0.34mi
555 President St Baltimore, MD	3.0	1.0–4.0	1352	$4,282	$3.17	3d	1	0.34mi
1901 E Lombard St Apt 3 Baltimore, MD	1.0	1.0	650	$1,750	$2.69	16d	1	0.48mi
1901 E Lombard St Apt 2 Baltimore, MD	1.0	1.0	650	$1,650	$2.54	3d	1	0.48mi
1901 E Lombard St Baltimore, MD	1.0	1.0	660	$1,800	$2.73	23d	1	0.48mi
1901 E Lombard St Apt 4 Baltimore, MD	1.0	1.0	650	$1,750	$2.69	23d	1	0.48mi
1901 E Lombard St Baltimore, MD	1.0	1.0	650	$1,750	$2.69	25d	1	0.48mi
1901 E Lombard St Apt 3 Baltimore, MD	1.0	1.0	650	$1,750	$2.69	5d	1	0.48mi
1901 E Lombard St Baltimore, MD	1.0	1.0	702	$1,750	$2.49	45d	1	0.48mi
305 S Collington Ave Baltimore, MD	3.0	2.5	722	$2,895	$4.01	18d	1	0.58mi
2309 Eastern Ave Unit B Baltimore, MD	1.0	1.0	550	$1,295	$2.35	45d	1	0.65mi
107 S Collington Ave Unit 2 REAR Baltimore, MD	1.0	1.0	600	$1,800	$3.00	5d	1	0.65mi
103 S Gay St Baltimore, MD	1.0	1.0	670	$1,420	$2.12	4d	7	0.70mi
23 Pierside Dr Baltimore, MD	1.0–2.0	1.0–2.0	975	$3,050	$3.13	45d	1	0.76mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$2,700	$3.59	3d	6	0.76mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$2,650	$3.53	4d	7	0.76mi
1110 Key Hwy Baltimore, MD	1.0–2.0	1.0–2.5	1197	$3,696	$3.09	3d	33	0.81mi
520 Somerset St Baltimore, MD	1.0–2.0	1.0–2.0	634	$1,578	$2.49	45d	1	0.85mi
420 Aisquith St Baltimore, MD	1.0	1.0	721	$1,226	$1.70	45d	1	0.86mi
207 E Redwood St Baltimore, MD	1.0	1.0	503	$1,650	$3.28	4d	31	0.89mi
26 S Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	669	$1,705	$2.55	5d	9	0.92mi
7 N Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	1000	$1,815	$1.81	5d	7	0.92mi
900 E Fort Ave Baltimore, MD	2.0	1.0–2.0	836	$3,684	$4.40	3d	18	0.94mi
100 E Redwood St Baltimore, MD	3.0	1.0–2.0	950	$3,785	$3.98	3d	23	0.96mi
10 N Calvert St Baltimore, MD	2.0	1.0–2.0	758	$2,350	$3.10	4d	53	0.97mi
1111 Light St Baltimore, MD	2.0	1.0–2.0	982	$2,449	$2.49	5d	13	0.98mi
1265 Riverside Ave Unit 1st Floor Baltimore, MD	1.0	1.0	700	$1,350	$1.93	25d	1	0.98mi
222 E Saratoga St Baltimore, MD	2.0	1.0–2.0	1034	$2,665	$2.58	19d	6	0.99mi
225 N Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	835	$2,232	$2.67	4d	19	0.99mi
114 E Lexington St Baltimore, MD	2.0	1.0–2.0	810	$1,850	$2.28	4d	4	1.00mi

Listing history 16 events

1. 2026-06-08
   status $195,000 Pending 38 DOM
2. 2026-06-07
   days on market $195,000 Active 38 DOM
3. 2026-06-04
   days on market $195,000 Active 35 DOM
4. 2026-06-03
   days on market $195,000 Active 34 DOM
5. 2026-06-02
   days on market $195,000 Active 33 DOM
6. 2026-06-01
   days on market $195,000 Active 32 DOM
7. 2026-05-31
   days on market $195,000 Active 31 DOM
8. 2026-05-07
   status Pending 781-char remark

   Show marketing remark (781 chars)

   Located in the Fells Point Historic District on a quiet street, this eclectic 2-bedroom, 1-bathroom townhome is loaded with warmth and character. Charm abounds with the exposed brick, built-in nooks, stained glass, exposed beams, wood floors and all around cool vibe. The third floor is especially enchanting with skylights, red brick and wood beams. Use your imagination in creating the perfect green space in the unusually large rear yard. A second floor deck is accessible from the back patio. The kitchen features a newer gas range and plenty of counter space. The HVAC was recently replaced for peace of mind and efficiency. The tankless water heater provides an endless supply of hot water for the bath and kitchen. This home is ready for you to move in and make it your own!

9. 2026-05-05
   historical 781-char remark

   Show marketing remark (781 chars)

   Located in the Fells Point Historic District on a quiet street, this eclectic 2-bedroom, 1-bathroom townhome is loaded with warmth and character. Charm abounds with the exposed brick, built-in nooks, stained glass, exposed beams, wood floors and all around cool vibe. The third floor is especially enchanting with skylights, red brick and wood beams. Use your imagination in creating the perfect green space in the unusually large rear yard. A second floor deck is accessible from the back patio. The kitchen features a newer gas range and plenty of counter space. The HVAC was recently replaced for peace of mind and efficiency. The tankless water heater provides an endless supply of hot water for the bath and kitchen. This home is ready for you to move in and make it your own!

10. 2026-04-08
    listed $195,000 Active 781-char remark

    Show marketing remark (781 chars)

    Located in the Fells Point Historic District on a quiet street, this eclectic 2-bedroom, 1-bathroom townhome is loaded with warmth and character. Charm abounds with the exposed brick, built-in nooks, stained glass, exposed beams, wood floors and all around cool vibe. The third floor is especially enchanting with skylights, red brick and wood beams. Use your imagination in creating the perfect green space in the unusually large rear yard. A second floor deck is accessible from the back patio. The kitchen features a newer gas range and plenty of counter space. The HVAC was recently replaced for peace of mind and efficiency. The tankless water heater provides an endless supply of hot water for the bath and kitchen. This home is ready for you to move in and make it your own!

11. 2000-05-30
    soldstatus $96,000
12. 2000-05-17
    soldstatus $96,000
13. 2000-04-03
    historical
14. 2000-02-22
    listed $99,900
15. 1989-11-02
    soldstatus $40,000
16. 1981-07-01
    soldstatus $18,000

ⓘ 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: $2,360 · $197/mo
• Projected year-2 tax: $2,360 · $197/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 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 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: $26,623
• − Mortgage interest: −$10,923
• − Property taxes: −$2,360
• − Insurance: −$975
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − Depreciation: −$5,673
• Taxable income: $2,433
• Est. tax owed @ 24.0%: −$584
• After-tax cash flow: $4,842/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): 14,969
• Household income: $85,254
• Rent vs Own: 65.8% rent · 34.2% own
• Severe rent burden: 1147.0

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 0.62)
• Race & ethnicity: White 53% Black 29% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -545.26%
• Current HPI: 351.3778
• Rent YoY: ▲ 2.26%
• 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

+983.3% since first listed

9 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-05-05 Listing Removed — BRIGHT MLS
• 2026-04-08 Listed $195,000 BRIGHT MLS
• 2000-05-30 Sold (MLS) $96,000 MRIS
• 2000-05-17 Sold (Public Records) $96,000 Public Records
• 2000-04-03 Delisted — MRIS
• 2000-02-22 Listed $99,900 MRIS
• 1989-11-02 Sold (Public Records) $40,000 Public Records
• 1981-07-01 Sold (Public Records) $18,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $2,360 · +4.6% YoY. Source: county tax records.