1123 Elbank Ave · Baltimore, MD 21239

$180,000

4 bd · 2.5 ba · 1,516 sqft · Townhouse public records · 27 Days on market

Built 1953 Est $252k · 28% under

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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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +7.3/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully maintained end-of-row townhouse in Baltimore, where classic charm meets thoughtful updates. The inviting stone-accented entryway sets the tone, leading into a bright and airy interior featuring gleaming hardwood floors throughout. The upgraded kitchen offers a perfect blend of style and functionality, complete with modern finishes and plenty of counter space for cooking and entertaining. Upstairs, you’ll find three comfortable bedrooms and a full bathroom, while the fully finished basement provides a private fourth bedroom, an additional full bathroom, and versatile living space ideal for guests, a home office, or recreation. Outside, enjoy a grassy front y

Key facts

• Built 1953
• Listed 27 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+2.9%/yr); 71 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 43% of the median local income ($63k/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 $5k 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 27 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 30y ago; this cycle's ask is 8471% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,300 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.23% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.39%
• DSCR: 1.37
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $251,656
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5811 The Alameda	0.15mi	4/2.0	1,420 (-6%)	1mo	$250,000	$176	79
854 Bradhurst Rd	0.55mi	4/2.5	1,516 (0%)	0mo	$275,000	$181	74
1506 Gleneagle Rd	0.53mi	3/2.0 (-1)	1,520 (+0%)	1mo	$300,000	$197	67
1014 Upnor Rd	0.54mi	3/2.0 (-1)	1,512 (-0%)	2mo	$265,000	$175	66
1600 Walterswood Rd	0.72mi	4/2.0	1,520 (+0%)	2mo	$231,000	$152	62
1020 Dartmouth Rd	0.31mi	3/2.5 (-1)	1,680 (+11%)	2mo	$275,000	$164	61
1526 Wadsworth Way	0.62mi	4/2.0	1,600 (+6%)	1mo	$279,900	$175	59
912 Evesham Ave	0.36mi	3/2.0 (-1)	1,352 (-11%)	2mo	$224,900	$166	57
830 Saint Dunstans Rd	0.47mi	3/1.0 (-1)	1,394 (-8%)	1mo	$161,000	$115	52
5606 Clearspring Rd	0.73mi	3/1.5 (-1)	1,554 (+2%)	2mo	$140,000	$90	52
1200 Woodbourne Ave	0.73mi	4/3.0	1,364 (-10%)	2mo	$196,100	$144	46
5906 Ayleshire Rd	0.57mi	3/1.5 (-1)	1,690 (+12%)	1mo	$155,900	$92	45

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 · 2.86% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-6,915
• Equity at exit: $26,839

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $22,118
• Equity at exit: $15,563

Cash invested: $50,400 (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 21239

• Rents YoY: 2.9%
• Active inventory: 71
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$944
• Tax from tax record: −$382 /mo · $4,585/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $352

Break-even live

Break-even rent $1,773

Max offer price $180,000

Occupancy floor 79%

Sensitivity live

Price	-10% $454	-5% $403	+0% $352	+5% $301	+10% $250
Rent	-10% $177	-5% $265	+0% $352	+5% $440	+10% $528
Rate	-1.0pp $443	-0.5pp $398	base $352	+0.5pp $306	+1.0pp $258

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6149 Dunroming Rd Baltimore, MD	3.0	1.5	1400	$1,895	$1.35	11d	1	0.27mi
1020 Dartmouth Glen Way Baltimore, MD	3.0	2.5	1152	$2,250	$1.95	24d	1	0.32mi
917 Reverdy Rd Unit A Baltimore, MD	3.0	1.0	1200	$2,100	$1.75	44d	1	0.34mi
6189 Northwood Dr Baltimore, MD	4.0	2.0	1400	$2,200	$1.57	44d	1	0.38mi
6159 Parkway Dr Apt 1 Baltimore, MD	4.0	2.0	1408	$2,200	$1.56	24d	1	0.40mi
6159 Parkway Dr Baltimore, MD	4.0	2.0	1408	$2,200	$1.56	22d	1	0.40mi
828 Saint Dunstans Rd Baltimore, MD	3.0	2.0	1544	$2,000	$1.30	24d	1	0.47mi
5622 Midwood Ave Baltimore, MD	3.0	2.0	1452	$2,300	$1.58	44d	1	0.54mi
1508 Gleneagle Rd Baltimore, MD	3.0	2.0	1824	$2,180	$1.20	5d	1	0.55mi
1444 Meridene Dr Baltimore, MD	3.0	1.5	1520	$1,950	$1.28	44d	1	0.61mi
5520 Sagra Rd Baltimore, MD	3.0	1.5	1650	$1,900	$1.15	44d	1	0.62mi
6008 Clearspring Rd Baltimore, MD	4.0	2.5	1758	$3,600	$2.05	24d	1	0.64mi
1008 Tunbridge Rd Baltimore, MD	3.0	2.0	1732	$2,050	$1.18	24d	1	0.65mi
506 Cedarcroft Rd Baltimore, MD	5.0	3.0	1695	$3,100	$1.83	12d	1	0.71mi
6405 Loch Crest Rd Idlewylde, MD	3.0	2.5	1440	$2,257	$1.57	44d	1	0.75mi
1646 Wadsworth Way Baltimore, MD	3.0	1.0	1520	$2,100	$1.38	11d	1	0.84mi
1221 Glenwood Ave Baltimore, MD	3.0	2.0	1390	$2,595	$1.87	44d	1	0.89mi
6518 Loch Hill Ct Loch Hill, MD	3.0	1.5	1580	$2,050	$1.30	24d	1	0.94mi
5204 Kelway Rd Baltimore, MD	3.0	2.0	1666	$2,350	$1.41	24d	1	0.95mi
1726 E Belvedere Ave Baltimore, MD	3.0	2.0	1140	$1,895	$1.66	22d	1	0.95mi
1908 E Belvedere Ave Baltimore, MD	4.0	2.0	1425	$1,950	$1.37	20d	1	1.05mi
5200 Ready Ave Baltimore, MD	3.0	1.5	1116	$1,950	$1.75	4d	1	1.05mi
711 1/2 McCabe Ave Baltimore, MD	4.0	3.0	1204	$2,350	$1.95	5d	1	1.05mi
1224 Winston Ave Baltimore, MD	3.0	2.0	1248	$2,100	$1.68	18d	1	1.08mi
1915 Hillenwood Rd Baltimore, MD	5.0	2.0	2199	$3,200	$1.46	5d	1	1.09mi
1804 Winford Rd Baltimore, MD	3.0	1.5	1600	$2,100	$1.31	24d	1	1.11mi
5781 Edgepark Rd Baltimore, MD	3.0	2.0	1568	$1,975	$1.26	17d	1	1.18mi
543 Chateau Ave Baltimore, MD	3.0	2.0	1152	$1,900	$1.65	5d	1	1.18mi
2028 Hillenwood Rd Baltimore, MD	4.0	2.0	1820	$2,100	$1.15	22d	1	1.20mi
214 Overbrook Rd Baltimore, MD	3.0	2.0	1896	$2,900	$1.53	4d	1	1.22mi
510 Winston Ave Baltimore, MD	4.0	2.0	1600	$2,800	$1.75	21d	1	1.23mi
5001 Govane Ave Baltimore, MD	5.0	2.5	1200	$1,800	$1.50	24d	1	1.24mi
100 E Melrose Ave Baltimore, MD	2.0–3.0	2.0–2.5	1750	$3,345	$1.91	5d	2	1.29mi
804 Radnor Ave Baltimore, MD	3.0	1.0	1654	$2,000	$1.21	44d	1	1.30mi
2106 Cloville Ave Baltimore, MD	3.0	1.5	1080	$1,700	$1.57	44d	1	1.34mi
514 Radnor Ave Baltimore, MD	3.0	1.5	1575	$1,500	$0.95	45d	1	1.36mi
1545 E Cold Spring Ln Baltimore, MD	4.0	2.0	1240	$2,000	$1.61	44d	1	1.37mi
4754 Alhambra Ave Baltimore, MD	3.0	2.0	1876	$1,500	$0.80	24d	1	1.42mi
372 Old Trail Rd Baltimore, MD	3.0	1.5	1530	$2,500	$1.63	44d	1	1.46mi

Listing history 36 events

1. 2026-03-09
   status Pending
2. 2026-03-04
   historical $2,100
3. 2026-03-03
   price $180,000
4. 2026-02-13
   listed $2,100
5. 2026-02-10
   listed $250,000 Active
6. 2026-01-27
   historical $250,000
7. 2025-08-27
   historical
8. 2025-08-13
   historical
9. 2025-03-18
   price $159,000
10. 2025-03-18
    price $162,000
11. 2025-03-04
    status Pending
12. 2025-03-04
    historical
13. 2025-02-17
    listed $175,000 Active
14. 2020-06-16
    soldstatus $190,000
15. 2020-04-17
    soldstatus $190,000 Closed
16. 2020-02-28
    soldstatus $360,807
17. 2020-02-24
    historical Active Under Contract
18. 2020-02-17
    price $184,900
19. 2020-02-05
    listed $189,000 Active
20. 2019-11-08
    soldstatus $95,000 Closed
21. 2019-10-08
    status Pending
22. 2019-09-16
    status Active
23. 2019-07-31
    status Pending
24. 2019-05-31
    price $102,300
25. 2019-05-02
    price $107,600
26. 2019-03-27
    listed $113,200 Active
27. 2005-04-13
    soldstatus $89,900
28. 2003-06-22
    historical
29. 2003-01-29
    listed
30. 2003-01-29
    historical
31. 2003-01-28
    listed
32. 1996-08-08
    soldstatus $73,000
33. 1996-08-07
    soldstatus $73,000
34. 1996-05-20
    historical
35. 1996-04-25
    listed $73,900
36. 1988-10-24
    soldstatus $63,900

ⓘ 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: $4,585 · $382/mo
• Projected year-2 tax: $4,585 · $382/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 · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,632
• − Mortgage interest: −$10,083
• − Property taxes: −$4,585
• − Insurance: −$900
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$5,236
• Taxable income: $1,567
• Est. tax owed @ 24.0%: −$376
• After-tax cash flow: $3,851/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): 27,346
• Household income: $62,650
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1103.0

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 (76%)
• Race & ethnicity: Black 76% White 12% Asian 4% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 1% Romanian 1% Russian 1%
• Foreign-born: 10% · Canada, United Kingdom, China
• Languages at home: 88% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -164.48%
• Current HPI: 258.094
• Rent YoY: ▲ 2.86%
• 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

-96.7% since first listed

36 events — show timeline

• 2026-03-09 Pending — BRIGHT MLS
• 2026-03-04 Rental Removed $2,100 BRIGHTMLS
• 2026-03-03 Price Changed $180,000 BRIGHT MLS
• 2026-02-13 Listed for Rent $2,100 BRIGHTMLS
• 2026-02-10 Listed $250,000 BRIGHT MLS
• 2026-01-27 Coming Soon $250,000 BRIGHT MLS
• 2025-08-27 Listing Removed — BRIGHT MLS
• 2025-08-13 Coming Soon — BRIGHT MLS
• 2025-03-18 Price Changed $159,000 BRIGHT MLS
• 2025-03-18 Price Changed $162,000 BRIGHT MLS
• 2025-03-04 Pending — BRIGHT MLS
• 2025-03-04 Listing Removed — BRIGHT MLS
• 2025-02-17 Listed $175,000 BRIGHT MLS
• 2020-06-16 Sold (Public Records) $190,000 Public Records
• 2020-04-17 Sold (MLS) $190,000 BRIGHT MLS
• 2020-02-28 Sold (Public Records) $360,807 Public Records
• 2020-02-24 Contingent — BRIGHT MLS
• 2020-02-17 Price Changed $184,900 BRIGHT MLS
• 2020-02-05 Listed $189,000 BRIGHT MLS
• 2019-11-08 Sold (MLS) $95,000 BRIGHT MLS
• 2019-10-08 Pending — BRIGHT MLS
• 2019-09-16 Relisted — BRIGHT MLS
• 2019-07-31 Pending — BRIGHT MLS
• 2019-05-31 Price Changed $102,300 BRIGHT MLS
• 2019-05-02 Price Changed $107,600 BRIGHT MLS
• 2019-03-27 Listed $113,200 BRIGHT MLS
• 2005-04-13 Sold (Public Records) $89,900 Public Records
• 2003-06-22 Delisted — MRIS
• 2003-01-29 Delisted — MRIS
• 2003-01-29 Listed — MRIS
• 2003-01-28 Listed — MRIS
• 1996-08-08 Sold (Public Records) $73,000 Public Records
• 1996-08-07 Sold (MLS) $73,000 MRIS
• 1996-05-20 Delisted — MRIS
• 1996-04-25 Listed $73,900 MRIS
• 1988-10-24 Sold (Public Records) $63,900 Public Records

Property tax history

+2.1%/yr

Latest (2025): $4,585 · +5.1% YoY. Source: county tax records.