1035 N Carey St · Baltimore, MD 21217

$199,000

4 bd · 0.0 ba · — sqft · Townhouse · 75 Days on market

Built 1920 1,306 sqft lot Est $145k · 37% over ↓ 42% since listing

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Why this score? — see what drove the F 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 +14.4/30.0
• 1% rule +4.4/10.0
• DSCR +4.4/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey Fully Leased Duplex – Immediate Cash Flow Investor opportunity in Baltimore! 1035 N Carey Street is a fully leased two-unit duplex generating immediate rental income. This classic brick Baltimore rowhome features two self-contained units with separate entrances, making it an ideal addition to a rental portfolio or a long-term hold asset. Both units offer functional layouts with separate living areas, kitchens, and bedrooms, appealing to long-term tenants and providing stable occupancy. With the property already leased, investors can benefit from day-one income with potential upside through future rent growth and light improvements. Located just minutes from Coppin State University, downtown Baltimore, major commuter routes, and public transportation, the property sits in an area with consistent rental demand. Property Highlights • Fully leased duplex • Immediate rental income • Two separate units with private entrances • Classic Baltimore brick construction • Strong rental demand area • Value-add and rent growth potential Perfect for investors seeking cash flow today with appreciation potential tomorrow.

Key facts

• Two separate units
• Private entrances
• Fully leased duplex

Tags

• FULLY LEASED DUPLEX
• IMMEDIATE RENTAL INCOME
• TWO SEPARATE UNITS
• PRIVATE ENTRANCES
• STRONG RENTAL DEMAND AREA

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath townhouse listed at $199k.

Deal economics

• At list price, monthly cash flow is $38 ($460/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 $187k (6.1% below list).
• Recommended offer: $187k (6.1% below list) — sets the bar for 1% rule.

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 (+6.6%/yr); 331 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,869/mo this rent would consume 58% of the median local household income ($38k/yr) (locally 2921% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 75 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $36k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $186,919 (6.1% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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: 0.94% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• GRM: 8.9

CMA / ARV

• ARV (median comp): $145,036
• List price: $199,000
• Delta: 37.21%
• 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
1523 Argyle Ave	0.25mi	3/1.5 (-1)	—	1mo	$56,100	—	64
531 Wilson St	0.34mi	3/1.5 (-1)	—	1mo	$144,999	—	60
1121 Mckean Ave	0.44mi	3/1.0 (-1)	792	1mo	$40,000	$51	58
519 N Carrollton Ave	0.43mi	4/2.5	—	0mo	$295,000	—	57
721 W Lafayette Ave	0.27mi	5/4.0 (+1)	2,857	0mo	$196,000	$69	55
536 Laurens St	0.38mi	3/3.0 (-1)	1,768	0mo	$250,000	$141	52
1912 Division St	0.38mi	5/3.0 (+1)	—	1mo	$245,000	—	52
1934 W Lafayette Ave	0.56mi	3/1.0 (-1)	—	1mo	$60,000	—	52
1905 Mcculloh St	0.53mi	5/2.0 (+1)	—	0mo	$105,000	—	50
605 N Fremont Ave N	0.48mi	3/3.0 (-1)	1,440	0mo	$185,000	$128	48
1647 W North Ave	0.67mi	4/2.0	—	1mo	$36,000	—	48
1835 Madison Ave	0.58mi	5/4.0 (+1)	3,672	0mo	$450,000	$123	40

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.59×
• Total profit: $-22,664
• Equity at exit: $29,672

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $14,967
• Equity at exit: $17,206

Cash invested: $55,720 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,869 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$312 /mo · $3,742/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $38

Break-even live

Break-even rent $1,821

Max offer price $199,000

Occupancy floor 93%

Sensitivity live

Price	-10% $151	-5% $95	+0% $38	+5% $-18	+10% $-74
Rent	-10% $-109	-5% $-36	+0% $38	+5% $112	+10% $186
Rate	-1.0pp $139	-0.5pp $89	base $38	+0.5pp $-13	+1.0pp $-66

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1025 N Carey St Baltimore, MD	4.0	2.0	—	$550	—	24d	1	0.03mi
1317 W Lafayette Ave Baltimore, MD	4.0	2.0	—	$1,800	—	5d	1	0.15mi
1199 Whatcoat St Baltimore, MD	3.0	2.0	—	$2,500	—	44d	1	0.15mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.17mi
834 N Stricker St Baltimore, MD	4.0	1.5	—	$1,595	—	5d	1	0.21mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	0.21mi
1326 N Stockton St Baltimore, MD	4.0	2.5	—	$2,000	—	24d	1	0.24mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	24d	1	0.25mi
1224 N Gilmor St Baltimore, MD	3.0	1.5	—	$1,600	—	24d	1	0.27mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	44d	1	0.31mi
1033 N Fulton Ave Baltimore, MD	4.0	3.0	—	$1,995	—	44d	1	0.36mi
913 N Fulton Ave Baltimore, MD	2.0–4.0	1.0–2.0	—	$1,400	—	44d	1	0.37mi
1108 N Fulton Ave Baltimore, MD	5.0	5.0	—	$800	—	24d	1	0.39mi
1049 Brantley Ave Unit 2 Baltimore, MD	3.0	1.0	1200	$1,350	$1.12	24d	1	0.39mi
610 N Arlington Ave Unit B Baltimore, MD	3.0	1.0	—	$1,795	—	4d	1	0.39mi
549 Mosher St Baltimore, MD	3.0	1.0	2200	$1,350	$0.61	44d	1	0.39mi
1703 Lorman St Baltimore, MD	3.0	1.5	—	$1,000	—	5d	1	0.39mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	24d	1	0.42mi
1005 Edmondson Ave Unit 2 Baltimore, MD	3.0	2.0	—	$1,650	—	18d	1	0.46mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	0.46mi
1924 Druid Hill Ave Baltimore, MD	3.0	1.5	—	$2,600	—	4d	1	0.46mi
1020 Bennett Pl Baltimore, MD	3.0	1.0	—	$1,195	—	22d	1	0.47mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	15d	1	0.47mi
1900 Mosher St Baltimore, MD	3.0	2.5	—	$2,000	—	44d	1	0.47mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	5d	1	0.47mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.47mi
1199 W Franklin St Baltimore, MD	3.0	1.5	—	$1,900	—	44d	1	0.48mi
1927 Druid Hill Ave #2 Baltimore, MD	3.0	2.0	3312	$2,350	$0.71	44d	1	0.49mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	0.49mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.50mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	5d	1	0.50mi
1614 McCulloh St #1 Baltimore, MD	3.0	3.0	2885	$2,400	$0.83	44d	1	0.50mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	3d	1	0.50mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	11d	1	0.50mi
1004 Appleton St Baltimore, MD	3.0	1.5	—	$1,650	—	17d	1	0.52mi
1810 Presstman St Baltimore, MD	3.0	1.0	—	$1,300	—	3d	1	0.52mi
1929 McCulloh St Baltimore, MD	3.0	2.5	3293	$2,595	$0.79	44d	1	0.55mi
399 N Calhoun St Baltimore, MD	4.0	2.5	—	$2,800	—	44d	1	0.55mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	44d	1	0.55mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.57mi

Listing history 21 events

1. 2026-05-06
   price $199,000 1165-char remark

   Show marketing remark (1165 chars)

   Turnkey Fully Leased Duplex – Immediate Cash Flow Investor opportunity in Baltimore! 1035 N Carey Street is a fully leased two-unit duplex generating immediate rental income. This classic brick Baltimore rowhome features two self-contained units with separate entrances, making it an ideal addition to a rental portfolio or a long-term hold asset. Both units offer functional layouts with separate living areas, kitchens, and bedrooms, appealing to long-term tenants and providing stable occupancy. With the property already leased, investors can benefit from day-one income with potential upside through future rent growth and light improvements. Located just minutes from Coppin State University, downtown Baltimore, major commuter routes, and public transportation, the property sits in an area with consistent rental demand. Property Highlights • Fully leased duplex • Immediate rental income • Two separate units with private entrances • Classic Baltimore brick construction • Strong rental demand area • Value-add and rent growth potential Perfect for investors seeking cash flow today with appreciation potential tomorrow.

2. 2026-03-15
   listed $235,000 Active 1165-char remark

   Show marketing remark (1165 chars)

   Turnkey Fully Leased Duplex – Immediate Cash Flow Investor opportunity in Baltimore! 1035 N Carey Street is a fully leased two-unit duplex generating immediate rental income. This classic brick Baltimore rowhome features two self-contained units with separate entrances, making it an ideal addition to a rental portfolio or a long-term hold asset. Both units offer functional layouts with separate living areas, kitchens, and bedrooms, appealing to long-term tenants and providing stable occupancy. With the property already leased, investors can benefit from day-one income with potential upside through future rent growth and light improvements. Located just minutes from Coppin State University, downtown Baltimore, major commuter routes, and public transportation, the property sits in an area with consistent rental demand. Property Highlights • Fully leased duplex • Immediate rental income • Two separate units with private entrances • Classic Baltimore brick construction • Strong rental demand area • Value-add and rent growth potential Perfect for investors seeking cash flow today with appreciation potential tomorrow.

3. 2024-05-18
   historical
4. 2024-04-16
   price $210,000
5. 2024-03-19
   status Active
6. 2024-03-09
   historical
7. 2024-02-29
   listed $235,000 Active
8. 2024-02-20
   historical
9. 2023-07-10
   price $239,900
10. 2023-05-24
    listed $263,000 Active
11. 2023-05-06
    historical
12. 2022-08-12
    soldstatus $200,000
13. 2022-06-24
    historical
14. 2022-06-15
    soldstatus $200,000 Closed
15. 2022-05-13
    status Pending
16. 2022-04-28
    listed $199,900 Active
17. 2013-09-06
    historical Withdrawn
18. 2013-09-06
    historical
19. 2013-07-30
    listed Active
20. 2013-07-30
    listed $169,575
21. 2005-12-15
    soldstatus $341,000

ⓘ 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: $3,742 · $312/mo
• Projected year-2 tax: $3,742 · $312/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $22,430
• − Mortgage interest: −$11,147
• − Property taxes: −$3,742
• − Insurance: −$995
• − Repairs & maintenance: −$1,794
• − Management: −$1,794
• − Depreciation: −$5,789
• Taxable loss: −$2,832
• Est. tax savings @ 24.0%: +$680
• After-tax cash flow: $1,139/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

-41.6% since first listed

21 events — show timeline

• 2026-05-06 Price Changed $199,000 BRIGHT MLS
• 2026-03-15 Listed $235,000 BRIGHT MLS
• 2024-05-18 Listing Removed — BRIGHT MLS
• 2024-04-16 Price Changed $210,000 BRIGHT MLS
• 2024-03-19 Relisted — BRIGHT MLS
• 2024-03-09 Listing Removed — BRIGHT MLS
• 2024-02-29 Listed $235,000 BRIGHT MLS
• 2024-02-20 Listing Removed — BRIGHT MLS
• 2023-07-10 Price Changed $239,900 BRIGHT MLS
• 2023-05-24 Listed $263,000 BRIGHT MLS
• 2023-05-06 Coming Soon — BRIGHT MLS
• 2022-08-12 Sold (Public Records) $200,000 Public Records
• 2022-06-24 Listing Removed — BRIGHT MLS
• 2022-06-15 Sold (MLS) $200,000 BRIGHT MLS
• 2022-05-13 Pending — BRIGHT MLS
• 2022-04-28 Listed $199,900 BRIGHT MLS
• 2013-09-06 Delisted — MRIS
• 2013-09-06 Listing Removed — BRIGHT MLS
• 2013-07-30 Listed — MRIS
• 2013-07-30 Listed $169,575 BRIGHT MLS
• 2005-12-15 Sold (Public Records) $341,000 Public Records

Property tax history

+9.6%/yr

Latest (2025): $3,742 · +61.5% YoY. Source: county tax records.