2535 Ashton St · Baltimore, MD 21223

$110,000

4 bd · 1.0 ba · 1,710 sqft · Townhouse public records · 35 Days on market

Built 1920 $64/sqft · 77% above area

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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
• 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 MLS

IGNORE DAYS ON THE MARKET, CONTRACT FELL THROUGH. GREAT INVESTMENT PROPERTY, OR PERFECT FOR FIRST TIME HOME BUYER. PROPERTY NEEDS SOME MINOR WORK, BUT SHOWS WELL. SELLER IS OFFERING $3,000 IN CLOSING HELP. PROPERTY BEING SOLD AS IS. THANKS FOR SHOWING AND PLEASE LEAVE A BUSINESS CARD. GROUND RENT TO BE VERIFIED.

Key facts

• Natural lighting
• Fenced-in backyard
• Excellent location

Tags

• NATURAL LIGHTING
• FENCED-IN BACKYARD
• EXCELLENT LOCATION

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas for heating and hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade structures; Built year per assessor
• Exterior features: No tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level; Two bedrooms on the second upper level
• Bathrooms: One full bathroom
• Heating & cooling: Central heating; Natural gas heating and hot water; Ceiling fan cooling (electric)
• Interior features: Full basement, partially finished

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $110k.

Deal economics

• At list price, monthly cash flow is $758 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 fast (+7.5%/yr); 422 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,869/mo this rent would consume 49% 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 $761 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 $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 29y 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 $60k; list at $110k implies a 83% 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 $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1920 — 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: 1.70% ✓
• Cap rate: 14.57%
• Cash-on-cash: 29.54%
• DSCR: 2.31
• GRM: 4.9

CMA / ARV

• ARV (median comp): $62,066
• List price: $110,000
• Delta: 77.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2542 W Pratt St	0.33mi	4/1.5	1,700 (-1%)	1mo	$115,000	$68	80
503 Millington Ave	0.03mi	3/1.0 (-1)	1,703 (-0%)	22mo	$19,501	$11	75
2733 Wilkens Ave	0.26mi	3/2.0 (-1)	1,620 (-5%)	3mo	$135,000	$83	68
2005 Frederick Ave	0.56mi	3/1.0 (-1)	1,710 (0%)	10mo	$49,900	$29	60
420 S Bentalou St	0.24mi	3/1.0 (-1)	1,620 (-5%)	20mo	$51,000	$31	58
2807 Frederick Ave	0.37mi	3/2.0 (-1)	1,680 (-2%)	16mo	$63,000	$38	58
2717 Wilkens Ave	0.23mi	4/3.5	1,880 (+10%)	7mo	$190,000	$101	57
2211 W Pratt St	0.40mi	3/1.0 (-1)	1,500 (-12%)	2mo	$30,000	$20	54
2456 W Baltimore	0.54mi	3/1.5 (-1)	1,464 (-14%)	11mo	$92,000	$63	35
1621 Ramsay St	0.75mi	3/1.0 (-1)	1,500 (-12%)	10mo	$30,500	$20	32
2108 W Baltimore St	0.63mi	3/1.5 (-1)	1,484 (-13%)	13mo	$170,000	$115	31

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: 28.9%
• Equity multiple: 2.28×
• Total profit: $39,338
• Equity at exit: $16,401

10-year hold

• IRR: 38.8%
• Equity multiple: 5.43×
• Total profit: $136,386
• Equity at exit: $9,511

Cash invested: $30,800 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,869 high
• Mortgage (P&I): −$577
• Tax from tax record: −$95 /mo · $1,145/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $758

Break-even live

Break-even rent $909

Max offer price $110,000

Occupancy floor 54%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	3d	1	0.05mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	11d	1	0.07mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	0.07mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.21mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	18d	1	0.24mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	44d	1	0.24mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	44d	1	0.25mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	4d	1	0.26mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	0.43mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	3d	1	0.43mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	44d	1	0.45mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.46mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.48mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.57mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.59mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.64mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	3d	1	0.64mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	0.70mi
1633 Sexton St Baltimore, MD	4.0	3.0	1748	$1,999	$1.14	44d	1	0.76mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.82mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.86mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.91mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	18d	1	0.95mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.97mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	1.00mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	24d	1	1.02mi
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	22d	1	1.04mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	4d	1	1.06mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	12d	1	1.06mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	1.09mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	1.10mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	24d	1	1.10mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	1.12mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	1.13mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	1.13mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	44d	1	1.14mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	44d	1	1.17mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	1.18mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	2d	1	1.20mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	1.22mi

Listing history 30 events

1. 2026-06-18
   days on market $110,000 Active 35 DOM
2. 2026-06-17
   days on market $110,000 Active 34 DOM
3. 2026-06-16
   days on market $110,000 Active 33 DOM
4. 2026-06-15
   days on market $110,000 Active 32 DOM
5. 2026-06-13
   days on market $110,000 Active 30 DOM
6. 2026-06-09
   days on market $110,000 Active 26 DOM
7. 2026-06-08
   days on market $110,000 Active 25 DOM
8. 2026-06-07
   days on market $110,000 Active 24 DOM
9. 2026-06-04
   days on market $110,000 Active 21 DOM
10. 2026-06-03
    days on market $110,000 Active 20 DOM
11. 2026-06-02
    days on market $110,000 Active 19 DOM
12. 2026-06-01
    days on market $110,000 Active 18 DOM
13. 2026-05-31
    days on market $110,000 Active 17 DOM
14. 2026-05-14
    listed $110,000 Active 817-char remark
15. 2006-07-10
    soldstatus $60,000
16. 2006-06-01
    soldstatus $60,000 313-char remark

    Show marketing remark (313 chars)

    IGNORE DAYS ON THE MARKET, CONTRACT FELL THROUGH. GREAT INVESTMENT PROPERTY, OR PERFECT FOR FIRST TIME HOME BUYER. PROPERTY NEEDS SOME MINOR WORK, BUT SHOWS WELL. SELLER IS OFFERING $3,000 IN CLOSING HELP. PROPERTY BEING SOLD AS IS. THANKS FOR SHOWING AND PLEASE LEAVE A BUSINESS CARD. GROUND RENT TO BE VERIFIED.

17. 2006-04-29
    historical 313-char remark

    Show marketing remark (313 chars)

    IGNORE DAYS ON THE MARKET, CONTRACT FELL THROUGH. GREAT INVESTMENT PROPERTY, OR PERFECT FOR FIRST TIME HOME BUYER. PROPERTY NEEDS SOME MINOR WORK, BUT SHOWS WELL. SELLER IS OFFERING $3,000 IN CLOSING HELP. PROPERTY BEING SOLD AS IS. THANKS FOR SHOWING AND PLEASE LEAVE A BUSINESS CARD. GROUND RENT TO BE VERIFIED.

18. 2005-12-20
    listed $60,000 313-char remark

    Show marketing remark (313 chars)

    IGNORE DAYS ON THE MARKET, CONTRACT FELL THROUGH. GREAT INVESTMENT PROPERTY, OR PERFECT FOR FIRST TIME HOME BUYER. PROPERTY NEEDS SOME MINOR WORK, BUT SHOWS WELL. SELLER IS OFFERING $3,000 IN CLOSING HELP. PROPERTY BEING SOLD AS IS. THANKS FOR SHOWING AND PLEASE LEAVE A BUSINESS CARD. GROUND RENT TO BE VERIFIED.

19. 2005-11-28
    historical
20. 2005-11-15
    listed
21. 2005-10-27
    historical
22. 2005-09-16
    listed
23. 1999-03-01
    soldstatus $48,900
24. 1999-01-13
    soldstatus $48,900
25. 1998-10-14
    listed $48,900
26. 1998-10-14
    historical
27. 1998-09-28
    historical
28. 1997-09-22
    listed
29. 1997-09-19
    historical
30. 1997-04-16
    listed

ⓘ 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: $1,145 · $95/mo
• Projected year-2 tax: $1,172 · $98/mo
• Expected delta: +$27/yr (+$2/mo · 2.4%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,425
• − Mortgage interest: −$6,162
• − Property taxes: −$1,145
• − Insurance: −$550
• − Repairs & maintenance: −$1,794
• − Management: −$1,794
• − Depreciation: −$3,200
• Taxable income: $7,781
• Est. tax owed @ 24.0%: −$1,867
• After-tax cash flow: $7,232/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

+124.9% since first listed

17 events — show timeline

• 2026-05-14 Listed $110,000 BRIGHT MLS
• 2006-07-10 Sold (Public Records) $60,000 Public Records
• 2006-06-01 Sold (MLS) $60,000 MRIS
• 2006-04-29 Delisted — MRIS
• 2005-12-20 Listed $60,000 MRIS
• 2005-11-28 Delisted — MRIS
• 2005-11-15 Listed — MRIS
• 2005-10-27 Delisted — MRIS
• 2005-09-16 Listed — MRIS
• 1999-03-01 Sold (Public Records) $48,900 Public Records
• 1999-01-13 Sold (MLS) $48,900 MRIS
• 1998-10-14 Listed $48,900 MRIS
• 1998-10-14 Delisted — MRIS
• 1998-09-28 Delisted — MRIS
• 1997-09-22 Listed — MRIS
• 1997-09-19 Delisted — MRIS
• 1997-04-16 Listed — MRIS

Property tax history

+4.5%/yr

Latest (2025): $1,145 · +2.9% YoY. Source: county tax records.