301 N Calhoun St · Baltimore, MD 21223

$100,000

5 bd · 3.0 ba · 1,500 sqft · Townhouse · 18 Days on market

Built 1920 871 sqft lot $67/sqft · 33% below area Est $150k · 33% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover a prime investment opportunity with this traditional end-of-row townhouse, built in 1920 and brimming with potential. Featuring 5 spacious bedrooms and 3 full bathrooms, this property offers ample living space for tenants, enhancing rental appeal. The fully finished basement adds significant value, providing extra room for storage or recreation, which can attract higher rental rates. With a compact lot size of 0.02 acres, maintenance is manageable, making it an ideal choice for investors seeking low overhead costs. The brick construction ensures durability and minimal upkeep, while on-street parking enhances convenience for residents. Located in a vibrant neighborhood, this propert

Key facts

• Built 1920
• Listed 18 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick construction; Brick/mortar foundation; Estimated year built
• Exterior features: Property is within city limits; No tidal water on the lot; Above-grade structures present

Interior

• Bedrooms: 5 bedrooms on the main level
• Bathrooms: 3 full bathrooms on the main level; 3 full bathrooms total
• Heating & cooling: 90% forced air heating; Natural gas heating; Natural gas hot water; Central air conditioning
• Interior features: Fully finished basement

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.4% 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 fast (+7.5%/yr); 422 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,268/mo this rent would consume 59% of the median local household income ($46k/yr) (locally 1755% 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 $691 of loan paydown is wiped out by about $3k 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 + 7.5% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 31y ago; this cycle's ask is 54% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $45k; list at $100k implies a 122% gain — meaningful room to come down on a strong offer.

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 $98,500 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.27% ✓
• Cap rate: 20.37%
• Cash-on-cash: 50.26%
• DSCR: 3.24
• GRM: 3.7

CMA / ARV

• ARV (median comp): $150,070
• List price: $100,000
• Delta: -33.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 W Lombard St	0.47mi	4/2.0 (-1)	1,550 (+3%)	3mo	$138,500	$89	61
706 Brune St	0.54mi	4/2.5 (-1)	1,428 (-5%)	9mo	$182,500	$128	52
511 N Pulaski St	0.58mi	4/2.0 (-1)	1,500 (0%)	15mo	$55,000	$37	51
1214 W Lanvale St	0.40mi	4/2.0 (-1)	1,580 (+5%)	15mo	$125,000	$79	51
1933 W Pratt St	0.68mi	4/— (-1)	1,365 (-9%)	2mo	$30,000	$22	47
907 Mchenry St	0.66mi	4/2.0 (-1)	1,568 (+4%)	12mo	$262,500	$167	43
1143 Myrtle Ave	0.59mi	6/3.0 (+1)	1,340 (-11%)	9mo	$299,000	$223	42
1218 Myrtle Ave	0.58mi	5/2.0	1,680 (+12%)	10mo	$75,000	$45	41
821 W Lombard St	0.70mi	6/3.0 (+1)	1,614 (+8%)	13mo	$400,000	$248	39
1 N Smallwood St	0.69mi	4/1.0 (-1)	1,352 (-10%)	10mo	$39,000	$29	30
1127 N Stricker St	0.65mi	4/2.0 (-1)	1,710 (+14%)	10mo	$170,000	$99	29
2033 W Lanvale St	0.67mi	4/3.5 (-1)	1,300 (-13%)	13mo	$22,000	$17	29

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 52.9%
• Equity multiple: 3.47×
• Total profit: $69,243
• Equity at exit: $14,910

10-year hold

• IRR: 59.8%
• Equity multiple: 8.32×
• Total profit: $204,908
• Equity at exit: $8,646

Cash invested: $28,000 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$524
• Tax from tax record: −$53 /mo · $634/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $1,173

Break-even live

Break-even rent $783

Max offer price $100,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,229	-5% $1,201	+0% $1,173	+5% $1,145	+10% $1,116
Rent	-10% $994	-5% $1,083	+0% $1,173	+5% $1,262	+10% $1,352
Rate	-1.0pp $1,223	-0.5pp $1,198	base $1,173	+0.5pp $1,147	+1.0pp $1,121

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.29mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	5d	1	0.29mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.31mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	0.48mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.58mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	0.70mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	0.76mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	18d	1	0.77mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	0.77mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	4d	1	0.77mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	13d	1	0.79mi
324 Scott St Baltimore, MD	4.0	2.5	1656	$3,000	$1.81	44d	1	0.81mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	0.84mi
610 Scott St Baltimore, MD	5.0	3.0	1700	$2,750	$1.62	13d	1	0.92mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	44d	1	0.92mi
636 Portland St Baltimore, MD	4.0	2.0	1545	$2,650	$1.72	24d	1	0.93mi
662 Washington Blvd Baltimore, MD	4.0	2.5	1300	$2,700	$2.08	44d	1	0.95mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	1.02mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	5d	1	1.03mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	1.16mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	11d	1	1.16mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	1.17mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	1.34mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	2d	1	1.42mi
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	5d	1	1.47mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	5d	1	1.47mi

Listing history 10 events

1. 2026-05-12
   price $100,000 1011-char remark
2. 2026-05-12
   status Active 1011-char remark
3. 2026-05-11
   historical 1011-char remark
4. 2026-05-09
   status Active 1011-char remark
5. 2026-05-07
   historical 1011-char remark
6. 2026-05-07
   listed $65,000 1011-char remark
7. 1996-05-13
   soldstatus $45,000
8. 1996-04-30
   soldstatus $45,000
9. 1996-02-23
   historical
10. 1995-11-17
    listed $45,000

ⓘ 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: $634 · $53/mo
• Projected year-2 tax: $862 · $72/mo
• Expected delta: +$228/yr (+$19/mo · 35.9%)

ⓘ 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: $27,217
• − Mortgage interest: −$5,602
• − Property taxes: −$634
• − Insurance: −$500
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$2,909
• Taxable income: $13,217
• Est. tax owed @ 24.0%: −$3,172
• After-tax cash flow: $10,902/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+122.2% since first listed

11 events — show timeline

• 2026-05-28 Pending — BRIGHT MLS
• 2026-05-12 Price Changed $100,000 BRIGHT MLS
• 2026-05-12 Relisted — BRIGHT MLS
• 2026-05-11 Listing Removed — BRIGHT MLS
• 2026-05-09 Relisted — BRIGHT MLS
• 2026-05-07 Listed $65,000 BRIGHT MLS
• 2026-05-07 Listing Removed — BRIGHT MLS
• 1996-05-13 Sold (Public Records) $45,000 Public Records
• 1996-04-30 Sold (MLS) $45,000 MRIS
• 1996-02-23 Delisted — MRIS
• 1995-11-17 Listed $45,000 MRIS

Property tax history

+0.4%/yr

Latest (2025): $634 · +0.0% YoY. Source: county tax records.