1131 Harlem Ave · Baltimore, MD 21217

$109,000

5 bd · 4.0 ba · 2,200 sqft · Townhouse · 218 Days on market

Built 1920 $50/sqft · 11% below area Est $122k · 11% 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 +12.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hello, thanks for your interest! This property is located on a safe block, walkin distance from Harlem Park. Property offers 3 level above grade levels with a basement. The floor plan is pretty spacious. .. A full rehab is needed to bring back to life. Over the years, this property has been able maintained most of its structural stability and wants to be fixed! If interested, please see details below: Subject Property: 1131 Harlem Ave Baltimore, MD 21217 Specs: 5 bed 4 bath Over 2,000 SF Needs full rehab Asking: $109k ARV: $500k Estimated rehab cost: $180k Potential Profit: $211k Comps: 1315 Harlem Ave, Baltimore, MD 21217 SOLD $500k | January 2026 916 N Arlington Ave, Baltimore, MD 21217 SOLD $555k | August 2025 1041 W Fayette St, Baltimore, MD 21223 SOLD $464k | June 2025 914 N Arlington Ave, Baltimore, MD 21217 SOLD $495k | June 2025 Note: All interested buyers must be able to show POF and place an EMD of 6k to ratify any offer. If interested in visiting this property, please let me know at your earliest convenience. We look forward to doing business together! Thanks, Darren Ricks

Key facts

• 3 levels above grade
• Built 1920
• Listed 218 days

Tags

• 3 LEVELS ABOVE GRADE

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath townhouse listed at $109k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.9% 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 fast (+6.6%/yr); 331 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,486/mo this rent would consume 78% of the median local household income ($38k/yr) (locally 2921% 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 $754 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 + 6.6% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 218 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask is 22% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $11k; list at $109k implies a 882% 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 $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.28% ✓
• Cap rate: 20.87%
• Cash-on-cash: 52.06%
• DSCR: 3.32
• GRM: 3.7

CMA / ARV

• ARV (median comp): $121,853
• List price: $109,000
• Delta: -10.55%
• 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
1013 Harlem Ave	0.11mi	5/3.5	2,117 (-4%)	4mo	$170,000	$80	83
703 George St	0.39mi	4/3.5 (-1)	2,160 (-2%)	5mo	$285,000	$132	68
1344 Division St	0.49mi	5/3.5	2,098 (-5%)	4mo	$49,500	$24	64
1201 N Fulton Ave	0.65mi	5/4.0	2,100 (-4%)	5mo	$280,000	$133	58
329 N Gilmor St	0.40mi	4/2.5 (-1)	2,066 (-6%)	6mo	$315,000	$152	55
719 W Lafayette Ave W	0.24mi	4/1.0 (-1)	2,067 (-6%)	9mo	$120,000	$58	55
900 Argyle Ave	0.49mi	4/3.5 (-1)	2,000 (-9%)	6mo	$240,000	$120	50
1810 Edmondson Ave	0.53mi	4/2.0 (-1)	2,290 (+4%)	8mo	$55,000	$24	49
1030 N Fulton Ave	0.57mi	4/2.5 (-1)	2,010 (-9%)	9mo	$155,000	$77	40
1719 W Fayette St	0.64mi	6/1.0 (+1)	2,343 (+6%)	4mo	$20,000	$9	38
105 N Fulton Ave	0.64mi	4/2.0 (-1)	2,000 (-9%)	6mo	$50,000	$25	37
1319 W Lombard St	0.71mi	4/2.0 (-1)	2,046 (-7%)	7mo	$385,000	$188	36

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 53.8%
• Equity multiple: 3.49×
• Total profit: $76,043
• Equity at exit: $16,252

10-year hold

• IRR: 60.3%
• Equity multiple: 8.09×
• Total profit: $216,285
• Equity at exit: $9,424

Cash invested: $30,520 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,486 high
• Mortgage (P&I): −$572
• Tax from tax record: −$23 /mo · $274/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $1,324

Break-even live

Break-even rent $810

Max offer price $109,000

Occupancy floor 42%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.20mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.38mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.38mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	44d	1	0.60mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	0.64mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	0.65mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	0.73mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	0.94mi
324 Scott St Baltimore, MD	4.0	2.5	1656	$3,000	$1.81	44d	1	1.00mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	12d	1	1.00mi
147 W Lafayette Ave Baltimore, MD	4.0	2.5	2400	$3,250	$1.35	44d	1	1.01mi
636 Portland St Baltimore, MD	4.0	2.0	1545	$2,650	$1.72	24d	1	1.03mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	1.10mi
610 Scott St Baltimore, MD	5.0	3.0	1700	$2,750	$1.62	12d	1	1.13mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	3d	1	1.14mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	1.14mi
2534 McCulloh St Unit 1 Baltimore, MD	4.0	2.0	2861	$3,300	$1.15	24d	1	1.15mi
2511 Madison Ave Unit 1 Baltimore, MD	4.0	2.0	2700	$2,700	$1.00	44d	1	1.17mi
914 Whitelock St Baltimore, MD	4.0	3.5	2880	$2,250	$0.78	4d	1	1.23mi
10 E Chase St Baltimore, MD	4.0	2.5	2626	$3,499	$1.33	44d	1	1.23mi
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	4d	1	1.33mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	4d	1	1.33mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	44d	1	1.34mi
2302 Mount Royal Ter Baltimore, MD	4.0	3.5	2351	$3,000	$1.28	24d	1	1.34mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	1.40mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	18d	1	1.43mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	44d	1	1.43mi

Listing history 19 events

1. 2026-06-03
   days on market $109,000 Active 218 DOM
2. 2026-06-02
   days on market $109,000 Active 217 DOM
3. 2026-06-01
   days on market $109,000 Active 216 DOM
4. 2026-05-31
   days on market $109,000 Active 215 DOM
5. 2026-02-03
   price $109,000 1114-char remark

   Show marketing remark (1114 chars)

   Hello, thanks for your interest! This property is located on a safe block, walkin distance from Harlem Park. Property offers 3 level above grade levels with a basement. The floor plan is pretty spacious. .. A full rehab is needed to bring back to life. Over the years, this property has been able maintained most of its structural stability and wants to be fixed! If interested, please see details below: Subject Property: 1131 Harlem Ave Baltimore, MD 21217 Specs: 5 bed 4 bath Over 2,000 SF Needs full rehab Asking: $109k ARV: $500k Estimated rehab cost: $180k Potential Profit: $211k Comps: 1315 Harlem Ave, Baltimore, MD 21217 SOLD $500k | January 2026 916 N Arlington Ave, Baltimore, MD 21217 SOLD $555k | August 2025 1041 W Fayette St, Baltimore, MD 21223 SOLD $464k | June 2025 914 N Arlington Ave, Baltimore, MD 21217 SOLD $495k | June 2025 Note: All interested buyers must be able to show POF and place an EMD of 6k to ratify any offer. If interested in visiting this property, please let me know at your earliest convenience. We look forward to doing business together! Thanks, Darren Ricks

6. 2025-10-28
   listed $89,000 Active 1114-char remark

   Show marketing remark (1114 chars)

   Hello, thanks for your interest! This property is located on a safe block, walkin distance from Harlem Park. Property offers 3 level above grade levels with a basement. The floor plan is pretty spacious. .. A full rehab is needed to bring back to life. Over the years, this property has been able maintained most of its structural stability and wants to be fixed! If interested, please see details below: Subject Property: 1131 Harlem Ave Baltimore, MD 21217 Specs: 5 bed 4 bath Over 2,000 SF Needs full rehab Asking: $109k ARV: $500k Estimated rehab cost: $180k Potential Profit: $211k Comps: 1315 Harlem Ave, Baltimore, MD 21217 SOLD $500k | January 2026 916 N Arlington Ave, Baltimore, MD 21217 SOLD $555k | August 2025 1041 W Fayette St, Baltimore, MD 21223 SOLD $464k | June 2025 914 N Arlington Ave, Baltimore, MD 21217 SOLD $495k | June 2025 Note: All interested buyers must be able to show POF and place an EMD of 6k to ratify any offer. If interested in visiting this property, please let me know at your earliest convenience. We look forward to doing business together! Thanks, Darren Ricks

7. 2009-12-28
   historical Withdrawn
8. 2009-12-28
   historical
9. 2009-06-02
   price
10. 2009-06-02
    status
11. 2009-05-08
    historical
12. 2009-02-24
    listed
13. 2009-02-24
    listed $52,500
14. 2004-06-28
    soldstatus $11,100
15. 2001-08-21
    soldstatus $3,000
16. 2001-07-11
    historical
17. 2001-07-11
    historical
18. 2001-05-21
    listed $3,900
19. 2000-08-22
    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: $274 · $23/mo
• Projected year-2 tax: $731 · $61/mo
• Expected delta: +$457/yr (+$38/mo · 166.8%)

ⓘ 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: $29,831
• − Mortgage interest: −$6,106
• − Property taxes: −$274
• − Insurance: −$545
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − Depreciation: −$3,171
• Taxable income: $14,963
• Est. tax owed @ 24.0%: −$3,591
• After-tax cash flow: $12,297/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+2694.9% since first listed

15 events — show timeline

• 2026-02-03 Price Changed $109,000 ForSaleByOwner.com
• 2025-10-28 Listed $89,000 ForSaleByOwner.com
• 2009-12-28 Delisted — MRIS
• 2009-12-28 Listing Removed — BRIGHT MLS
• 2009-06-02 Relisted — MRIS
• 2009-06-02 Price Changed — MRIS
• 2009-05-08 Delisted — MRIS
• 2009-02-24 Listed — MRIS
• 2009-02-24 Listed $52,500 BRIGHT MLS
• 2004-06-28 Sold (Public Records) $11,100 Public Records
• 2001-08-21 Sold (MLS) $3,000 MRIS
• 2001-07-11 Delisted — MRIS
• 2001-07-11 Delisted — MRIS
• 2001-05-21 Listed $3,900 MRIS
• 2000-08-22 Listed — MRIS

Property tax history

+9.4%/yr

Latest (2025): $274 · +12.9% YoY. Source: county tax records.