48 N Ellamont St N · Baltimore, MD 21229

$119,900

2 bd · 1.0 ba · 972 sqft · Townhouse public records · 41 Days on market

Built 1927 1,095 sqft lot $123/sqft · 40% above area Est $86k · 40% over

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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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.5/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming, well-maintained brick rowhome offering timeless curb appeal and spacious, flexible living. A covered front porch with stone accents and lush greenery sets the tone, inviting you into a sun-filled living room with rich wood flooring, central air, and a seamless flow into the dining area—perfect for everyday living and entertaining. The kitchen offers ample cabinet storage, gas cooking, and direct access to the rear yard, creating an easy indoor-outdoor connection. Upstairs, you’ll find two comfortable bedrooms filled with natural light and a full bath, providing a functional and inviting layout. The finished lower level significantly expands your living

Key facts

• Built 1927
• Listed 41 days

Property features AI

Finance

• Other: Property in good condition; Total below-grade area 552 (unfinished); Above-grade finished area 972 (assessor source); Ownership interest: Ground Rent
• Financial info: Ground rent $100

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available; Electric available
• Home design: Interior townhouse/rowhouse; Flat roof
• Construction: Brick construction; Concrete perimeter foundation
• Exterior features: Rear fencing; Two or more access exits

Interior

• Bedrooms: Two bedrooms on the first upper level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom; One half bathroom on the lower level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: Dining area; Traditional and open floor plan; Wood floors throughout
• Laundry & utility: Laundry in the basement; Basement present

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $18k; list at $120k implies a 566% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1927 — 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: 1.25% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $85,505
• List price: $119,900
• Delta: 40.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 Hilton St	0.08mi	2/2.0	1,040 (+7%)	0mo	$211,000	$203	80
23 N Morley St	0.15mi	3/1.0 (+1)	1,041 (+7%)	6mo	$85,000	$82	71
3302 W Franklin St	0.44mi	3/1.0 (+1)	960 (-1%)	2mo	$50,000	$52	71
3306 W Franklin St	0.44mi	3/2.0 (+1)	960 (-1%)	1mo	$51,500	$54	67
107 N Monastery Ave	0.29mi	2/1.5	1,080 (+11%)	2mo	$65,000	$60	64
133 N Monastery Ave	0.28mi	2/2.0	1,080 (+11%)	3mo	$142,000	$131	62
3005 Harlem Ave	0.63mi	2/2.0	912 (-6%)	3mo	$50,000	$55	54
335 N Grantley St	0.45mi	2/2.0	840 (-14%)	2mo	$85,000	$101	51
3039 Harlem Ave	0.62mi	3/1.0 (+1)	1,070 (+10%)	1mo	$27,500	$26	48
209 Mount Holly St	0.51mi	3/2.0 (+1)	1,080 (+11%)	2mo	$228,000	$211	47
427 Gwynn Ave	0.42mi	3/1.5 (+1)	1,116 (+15%)	5mo	$152,650	$137	45
907 N Rosedale St	0.75mi	3/1.0 (+1)	1,088 (+12%)	4mo	$90,000	$83	37

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: 4.7%
• Equity multiple: 1.19×
• Total profit: $6,338
• Equity at exit: $17,877

10-year hold

• IRR: 16.3%
• Equity multiple: 2.48×
• Total profit: $49,845
• Equity at exit: $10,367

Cash invested: $33,572 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,495 high
• Mortgage (P&I): −$629
• Tax from tax record: −$156 /mo · $1,870/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $347

Break-even live

Break-even rent $1,056

Max offer price $119,900

Occupancy floor 72%

Sensitivity live

Price	-10% $414	-5% $381	+0% $347	+5% $313	+10% $279
Rent	-10% $228	-5% $288	+0% $347	+5% $406	+10% $465
Rate	-1.0pp $407	-0.5pp $377	base $347	+0.5pp $316	+1.0pp $284

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	24d	1	0.12mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	5d	1	0.39mi
3706 W Franklin St Unit 1 Baltimore, MD	2.0	1.0	735	$1,100	$1.50	5d	1	0.59mi
600 Linnard St Baltimore, MD	1.0	1.0	600	$1,300	$2.17	44d	1	0.60mi
709 Denison St Baltimore, MD	2.0	2.0	840	$1,630	$1.94	24d	1	0.61mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	24d	1	0.69mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	0.74mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.75mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.76mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	44d	1	0.80mi
304 Collins Ave Unit 1 Baltimore, MD	1.0	1.0	845	$1,600	$1.89	44d	1	0.80mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.81mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	44d	1	0.82mi
4215 Connecticut Ave Baltimore, MD	1.0	1.0	625	$950	$1.52	24d	1	0.85mi
2 S Woodington Rd Baltimore, MD	2.0	1.0	856	$1,160	$1.36	15d	1	0.86mi
2 S Woodington Rd Baltimore, MD	1.0	1.0	620	$1,135	$1.83	5d	1	0.86mi
2 S Woodington Rd Baltimore, MD	1.0	1.0	620	$1,310	$2.11	44d	1	0.86mi
2 N Woodington Rd Baltimore, MD	1.0–2.0	1.0	738	$1,335	$1.81	3d	5	0.86mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	24d	1	0.92mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.93mi
1042 Ellicott Dr Baltimore, MD	2.0	1.0	900	$1,450	$1.61	44d	1	0.93mi
4301 Parkton St Baltimore, MD	1.0–3.0	1.0	730	$1,264	$1.73	44d	1	1.07mi
1307 Wildwood Pkwy Baltimore, MD	2.0	1.0	725	$1,295	$1.79	44d	1	1.17mi
4103 Mountwood Rd Baltimore, MD	3.0	2.0	1030	$1,700	$1.65	44d	1	1.17mi
4520 Scarlet Oak Ln Baltimore, MD	2.0	1.0	1025	$1,500	$1.46	44d	1	1.19mi
1216 N Augusta Ave Baltimore, MD	3.0	1.0	1024	$1,550	$1.51	24d	1	1.20mi
4601 Pen Lucy Rd Unit 103-H Baltimore, MD	2.0	1.0	798	$1,315	$1.65	24d	1	1.26mi
4601 Pen Lucy Rd Unit 4718-F Baltimore, MD	2.0	1.0	879	$1,225	$1.39	2d	1	1.26mi
4601 Pen Lucy Rd Unit 4714-B Baltimore, MD	2.0	1.0	730	$1,205	$1.65	15d	1	1.26mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,375	$1.60	44d	1	1.26mi
4601 Pen Lucy Rd Unit 4615-G Baltimore, MD	2.0	1.0	798	$1,200	$1.50	22d	1	1.26mi
4103 Stokes Dr Apt 1 Baltimore, MD	2.0	1.0	725	$1,095	$1.51	44d	1	1.27mi
3127 Baker St Baltimore, MD	3.0	1.0	1000	$1,300	$1.30	44d	1	1.29mi
4431 Eldone Rd Baltimore, MD	3.0	2.0	896	$2,000	$2.23	24d	1	1.29mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	1.30mi
751 Yale Ave Baltimore, MD	3.0	1.5	1024	$1,750	$1.71	44d	1	1.35mi
219 Atholgate Ln Baltimore, MD	1.0–3.0	1.0–1.5	814	$1,300	$1.60	3d	2	1.37mi
402 Colleen Rd Baltimore, MD	1.0–2.0	1.0	910	$1,450	$1.59	3d	11	1.39mi
1712 W Lombard St #4 Baltimore, MD	1.0	1.0	550	$900	$1.64	44d	1	1.44mi
627 Lucia Ave Baltimore, MD	3.0	1.0	892	$1,750	$1.96	24d	1	1.47mi

Listing history 24 events

1. 2026-06-18
   days on market $119,900 Active 41 DOM
2. 2026-06-17
   days on market $119,900 Active 40 DOM
3. 2026-06-16
   days on market $119,900 Active 39 DOM
4. 2026-06-15
   days on market $119,900 Active 38 DOM
5. 2026-06-13
   days on market $119,900 Active 36 DOM
6. 2026-06-09
   days on market $119,900 Active 32 DOM
7. 2026-06-08
   days on market $119,900 Active 31 DOM
8. 2026-06-07
   days on market $119,900 Active 30 DOM
9. 2026-06-04
   days on market $119,900 Active 27 DOM
10. 2026-06-03
    days on market $119,900 Active 26 DOM
11. 2026-06-02
    days on market $119,900 Active 25 DOM
12. 2026-06-01
    days on market $119,900 Active 24 DOM
13. 2026-05-31
    days on market $119,900 Active 23 DOM
14. 2026-05-08
    listed $119,900 Active 1279-char remark
15. 2026-05-08
    historical
16. 2026-04-03
    listed $129,900 Active
17. 2026-04-03
    historical
18. 2025-09-19
    price $130,000
19. 2025-08-14
    listed $140,000 Active
20. 2025-08-12
    historical
21. 2003-11-17
    soldstatus $18,000
22. 2003-08-25
    historical
23. 2003-01-31
    listed $18,000
24. 1987-10-28
    soldstatus $27,500

ⓘ 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: $1,870 · $156/mo
• Projected year-2 tax: $1,870 · $156/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 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: $17,942
• − Mortgage interest: −$6,716
• − Property taxes: −$1,870
• − Insurance: −$600
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$3,488
• Taxable income: $2,397
• Est. tax owed @ 24.0%: −$575
• After-tax cash flow: $3,584/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

+336.0% since first listed

11 events — show timeline

• 2026-05-08 Listing Removed — BRIGHT MLS
• 2026-05-08 Listed $119,900 BRIGHT MLS
• 2026-04-03 Listing Removed — BRIGHT MLS
• 2026-04-03 Listed $129,900 BRIGHT MLS
• 2025-09-19 Price Changed $130,000 BRIGHT MLS
• 2025-08-14 Listed $140,000 BRIGHT MLS
• 2025-08-12 Coming Soon — BRIGHT MLS
• 2003-11-17 Sold (MLS) $18,000 MRIS
• 2003-08-25 Delisted — MRIS
• 2003-01-31 Listed $18,000 MRIS
• 1987-10-28 Sold (Public Records) $27,500 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,870 · +15.0% YoY. Source: county tax records.