2318-2324 N Charles St · Baltimore, MD 21218

$1,350,000

340 bd · None ba · 4,716 sqft · MultiFamily public records · 13 Days on market

Built 1900 0.28 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare opportunity to acquire a 20-unit mixed-use portfolio along North Charles Street in Old Goucher. Comprised of four connected buildings with approximately 82 feet of frontage, the property includes 5 commercial spaces, 14 licensed apartments, and 1 unlicensed carriage house apartment with attached garage. The asset has been under the same ownership for approximately 50 years with limited capital improvements, resulting in deferred maintenance and below-market residential rents. Investors may pursue multiple value-creation strategies, including bringing existing apartments to market rents, renovating units over time, re-tenanting commercial spaces, or undertaking more significant property

Key facts

• Attached garage
• Direct connectivity
• 0.28 acre lot

Tags

• ATTACHED GARAGE
• PROXIMITY TO CHARLES VILLAGE
• DIRECT CONNECTIVITY

Property features AI

Finance

• Other: Lot dimensions estimated (multiple parcel dimensions provided); Property is in Baltimore City limits
• Financial info: Total of 4 units in the building; 20 units leased (multi-unit count indicates units leased: 20); Finished above-grade area estimated at 19,518; Total below-grade area 1,572 (unfinished); Total actual rent reported as $179,332; Improvement assessed value reported; Land assessed value reported
• HOA & community: Details not provided

Exterior

• Parking: Six off-street parking spaces (total 6 garage/parking spaces)
• Security: Details not provided
• Utilities: Public water; Public sewer
• Home design: End of row/townhouse style; Fee simple ownership; Year built reported by assessor
• Construction: Brick construction; Brick/mortar foundation; Rubber roof
• Exterior features: Above-grade and below-grade structures

Interior

• Kitchen: Details not provided
• Bedrooms: Thirteen 1-bedroom units; Two 2-bedroom units
• Flooring: Details not provided
• Bathrooms: Details not provided
• Heating & cooling: Hot water heating; Natural gas heating fuel; Natural gas hot water
• Interior features: Estimated living area
• Laundry & utility: Details not provided

What this means for you Summary

Snapshot

• This is a 20 × 1-bed/1.5-bath units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $11k ($129k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.35M).
• Cap rate 15.9% 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 (+1.6%/yr); 325 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $23,682/mo this rent would consume 455% of the median local household income ($62k/yr) (locally 2564% 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 $9k of loan paydown is wiped out by about $40k 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $378k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,350,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.75% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.24%
• DSCR: 2.52
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 28.2%
• Equity multiple: 2.15×
• Total profit: $435,554
• Equity at exit: $201,289

10-year hold

• IRR: 34.8%
• Equity multiple: 4.00×
• Total profit: $1,133,304
• Equity at exit: $116,723

Cash invested: $378,000 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 95.0×

Monthly cashflow live

• Estimated rent: $23,682 high
• Mortgage (P&I): −$7,080
• Tax from tax record: −$280 /mo · $3,357/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,973
• Net cashflow: $10,787

Break-even live

Break-even rent $10,028

Max offer price $1,350,000

Occupancy floor 49%

20-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 20× units	1	1.5	$23,680
Total (20 units)			$23,682

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: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $1,350,000 Active 13 DOM
2. 2026-06-17
   days on market $1,350,000 Active 12 DOM
3. 2026-06-16
   days on market $1,350,000 Active 11 DOM
4. 2026-06-15
   days on market $1,350,000 Active 10 DOM
5. 2026-06-13
   days on market $1,350,000 Active 8 DOM
6. 2026-06-09
   days on market $1,350,000 Active 4 DOM
7. 2026-06-08
   days on market $1,350,000 Active 3 DOM
8. 2026-06-07
   remarks 699-char remark
9. 2026-06-07
   listed $1,350,000 Active 2 DOM

ⓘ 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: $3,357 · $280/mo
• Projected year-2 tax: $9,036 · $753/mo
• Expected delta: +$5,679/yr (+$473/mo · 169.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $284,184
• − Mortgage interest: −$75,621
• − Property taxes: −$3,357
• − Insurance: −$6,750
• − Repairs & maintenance: −$22,735
• − Management: −$22,735
• − Depreciation: −$39,273
• Taxable income: $113,713
• Est. tax owed @ 24.0%: −$27,291
• After-tax cash flow: $102,152/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

1 event — show timeline

• 2026-06-05 Listed $1,350,000 BRIGHT MLS

Property tax history

-10.5%/yr

Latest (2012): $3,357 · -19.3% YoY. Source: county tax records.