133 Denison St · Baltimore, MD 21229

$175,000

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 22 Days on market

Built 1942 Est $182k · at est.

---

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 +9.3/15.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

REAL ESTATE AUCTION ON SITE WED. MAY 17, 2017 AT 11:45 AM. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

Key facts

• Built 1942
• Listed 22 days

Property features AI

Finance

• Other: Located within city limits (Baltimore City)
• Financial info: Improvement assessed by assessor; Land assessed separately
• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Property in very good condition; Built year per assessor
• Construction: Brick/mortar foundation
• Exterior features: Brick construction; Above grade and below grade structures

Interior

• Bedrooms: Two 2-bedroom units
• Heating & cooling: Heating system: Other; Natural gas heating; Natural gas hot water
• Interior features: Full basement; Main-level ramp for accessibility

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $548/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 (+5.4%/yr); 252 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,985/mo this rent would consume 60% of the median local household income ($60k/yr) (locally 2776% 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 $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.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% 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 $172,375 (1.5% below list)

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 1942 — 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: 1.71% ✓
• Cap rate: 13.80%
• Cash-on-cash: 26.83%
• DSCR: 2.19
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $182,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3711 W Franklin St	0.28mi	4/—	1,470 (-3%)	8mo	$175,000	$119	75
3708 W Franklin St	0.30mi	4/2.0	1,540 (+1%)	15mo	$185,000	$120	72

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 · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 2.00×
• Total profit: $48,804
• Equity at exit: $26,093

10-year hold

• IRR: 32.9%
• Equity multiple: 4.35×
• Total profit: $164,177
• Equity at exit: $15,131

Cash invested: $49,000 (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 21229

• Rents YoY: 5.4%
• Active inventory: 252
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,985 high
• Mortgage (P&I): −$918
• Tax from tax record: −$272 /mo · $3,266/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $1,095

Break-even live

Break-even rent $1,598

Max offer price $175,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,984
Total (2 units)			$2,985

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	4d	1	0.10mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	23d	1	0.10mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	23d	1	0.14mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	4d	1	0.22mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	23d	1	0.25mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	43d	1	0.33mi
3619 Edmondson Ave Baltimore, MD	4.0	3.5	1962	$2,800	$1.43	43d	1	0.34mi
409 Normandy Ave Baltimore, MD	4.0	1.0	1640	$1,500	$0.91	23d	1	0.35mi
623 N Grantley St Baltimore, MD	4.0	2.0	1250	$2,000	$1.60	23d	1	0.42mi
730 Linnard St Unit 1 Baltimore, MD	4.0	1.0	1360	$1,750	$1.29	23d	1	0.48mi
117 Collins Ave Baltimore, MD	3.0	3.0	1617	$2,350	$1.45	43d	1	0.49mi
3712 Gelston Dr Baltimore, MD	3.0	2.0	1250	$2,500	$2.00	23d	1	0.50mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	43d	1	0.53mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	23d	1	0.53mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	43d	1	0.56mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	23d	1	0.57mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	23d	1	0.59mi
3700 Woodridge Rd Baltimore, MD	3.0	1.5	1955	$1,950	$1.00	43d	1	0.60mi
4020 Gelston Dr Baltimore, MD	3.0	2.0	1270	$1,875	$1.48	43d	1	0.61mi
715 N Rosedale St Baltimore, MD	5.0	3.0	1542	$2,550	$1.65	43d	1	0.66mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	0.68mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	43d	1	0.69mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	0.75mi
111 Upmanor Rd Baltimore, MD	3.0	1.5	1224	$2,163	$1.77	43d	1	0.76mi
3238 Westmont Ave Baltimore, MD	3.0	1.0	1280	$1,600	$1.25	43d	1	0.88mi
917 Kevin Rd Baltimore, MD	3.0	2.0	1151	$1,795	$1.56	2d	1	0.88mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	43d	1	0.91mi
4113 Mountwood Rd Baltimore, MD	3.0	1.0	1520	$1,795	$1.18	43d	1	0.93mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	23d	1	0.93mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	23d	1	1.01mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	23d	1	1.01mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	3d	1	1.03mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	1.03mi
19 S Tremont Rd Baltimore, MD	3.0	1.0	1350	$1,850	$1.37	43d	1	1.08mi
2 S Tremont Rd Baltimore, MD	3.0	2.0	1450	$1,800	$1.24	10d	1	1.10mi
2 S Tremont Rd Baltimore, MD	3.0	2.0	1450	$1,800	$1.24	23d	1	1.10mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	23d	1	1.11mi
3309 Brighton St Baltimore, MD	3.0	1.0	1134	$1,700	$1.50	43d	1	1.11mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	3d	1	1.13mi
1513 N Ellamont St Baltimore, MD	3.0	1.0	1700	$1,700	$1.00	23d	1	1.13mi

Listing history 23 events

1. 2026-06-18
   days on market $175,000 Active 22 DOM
2. 2026-06-17
   days on market $175,000 Active 21 DOM
3. 2026-06-16
   days on market $175,000 Active 20 DOM
4. 2026-06-15
   days on market $175,000 Active 19 DOM
5. 2026-06-13
   days on market $175,000 Active 17 DOM
6. 2026-06-09
   days on market $175,000 Active 13 DOM
7. 2026-06-08
   days on market $175,000 Active 12 DOM
8. 2026-06-07
   days on market $175,000 Active 11 DOM
9. 2026-06-04
   days on market $175,000 Active 8 DOM
10. 2026-06-03
    days on market $175,000 Active 7 DOM
11. 2026-06-02
    days on market $175,000 Active 6 DOM
12. 2026-06-01
    days on market $175,000 Active 5 DOM
13. 2026-05-31
    days on market $175,000 Active 4 DOM
14. 2026-05-27
    listed $175,000 Active
15. 2024-11-22
    soldstatus $295,000
16. 2019-01-10
    soldstatus $125,000
17. 2018-11-15
    soldstatus $355,000
18. 2018-11-04
    historical
19. 2018-11-04
    listed $125,000
20. 2018-11-01
    soldstatus $125,000
21. 2017-05-17
    status Contract 254-char remark

    Show marketing remark (254 chars)

    REAL ESTATE AUCTION ON SITE WED. MAY 17, 2017 AT 11:45 AM. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

22. 2017-05-17
    soldstatus $32,000 Sold 254-char remark

    Show marketing remark (254 chars)

    REAL ESTATE AUCTION ON SITE WED. MAY 17, 2017 AT 11:45 AM. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

23. 2017-04-20
    listed $2,500 Active 254-char remark

    Show marketing remark (254 chars)

    REAL ESTATE AUCTION ON SITE WED. MAY 17, 2017 AT 11:45 AM. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

ⓘ 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: $3,266 · $272/mo
• Projected year-2 tax: $3,266 · $272/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 · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 24% 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: $35,820
• − Mortgage interest: −$9,803
• − Property taxes: −$3,266
• − Insurance: −$875
• − Repairs & maintenance: −$2,866
• − Management: −$2,866
• − Depreciation: −$5,091
• Taxable income: $11,055
• Est. tax owed @ 24.0%: −$2,653
• After-tax cash flow: $10,492/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): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

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 (73%)
• Race & ethnicity: Black 73% White 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 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: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• 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

+6900.0% since first listed

10 events — show timeline

• 2026-05-27 Listed $175,000 BRIGHT MLS
• 2024-11-22 Sold (Public Records) $295,000 Public Records
• 2019-01-10 Sold (Public Records) $125,000 Public Records
• 2018-11-15 Sold (Public Records) $355,000 Public Records
• 2018-11-04 Listing Removed — BRIGHT MLS
• 2018-11-04 Listed $125,000 BRIGHT MLS
• 2018-11-01 Sold (MLS) $125,000 BRIGHT MLS
• 2017-05-17 Pending — MRIS
• 2017-05-17 Sold (MLS) $32,000 MRIS
• 2017-04-20 Listed $2,500 MRIS

Property tax history

+1.3%/yr

Latest (2025): $3,266 · +8.8% YoY. Source: county tax records.