211 S Bouldin St · Baltimore, MD 21224

$195,000

2 bd · 1.0 ba · 1,160 sqft · Townhouse public records · 39 Days on market

Built 1900 952 sqft lot Est $266k · 27% under ↓ 7% since listing

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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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Highlandtown! Centrally located in a vibrant and diverse community, just blocks from Patterson Park and Eastern Ave. Walk to market, church, and myriad cultural activities and dining experiences. Easy access to public transportation, and to all the major traffic arteries if you work out-of-town. Your children can walk to the elementary school, located at the end of the block. This house has been in the same family since 1966, and will require an overhaul. The floorplans approximate the current layout.

Key facts

• Built 1900
• Listed 39 days

Tags

• BLOCKS FROM PATTERSON PARK
• WALK TO ELEMENTARY SCHOOL

Property features AI

Finance

• Other: Lot dimensions approximately 13-6 x 70 (estimated); Road frontage approximately 13 feet; Pets allowed with no restrictions; Building not winterized
• Financial info: Fee simple ownership; Property listed as needing major rehab

Exterior

• Parking: Alley access; On-street parking; Off-street parking
• Utilities: Public water; Public sewer; Natural gas hot water; 200+ amp electric service; Municipal trash service available
• Home design: Interior townhouse / rowhouse; Three total levels; Main entrance faces west; Entry level is 1
• Construction: Brick construction; Brick/mortar foundation; Roof condition unknown; Above-grade area estimated (finished)
• Exterior features: Level lot with rear yard; Chain link fencing; Not in a federal flood zone; Middle-of-block location

Interior

• Bedrooms: Two bedrooms on the first upper level
• Flooring: Wood floors
• Bathrooms: One full bathroom (upper level); One half bathroom (lower level)
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Wood ceilings; Plaster walls; Paneled walls; Masonry and some unfinished walls; Basement with interior access and poured concrete

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $195k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+1.3%/yr); 393 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); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 39 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1900 — 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: 1.05% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $265,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
149 N Highland Ave	0.38mi	2/1.0	1,170 (+1%)	1mo	$75,000	$64	80
280 S Robinson St	0.11mi	2/1.0	1,282 (+10%)	1mo	$294,000	$229	77
14 S Curley St	0.30mi	2/1.0	1,092 (-6%)	1mo	$269,000	$246	75
134 N Curley St	0.42mi	2/2.0	1,170 (+1%)	1mo	$270,000	$231	74
122 Ellwood Ave	0.35mi	3/1.5 (+1)	1,200 (+3%)	0mo	$235,000	$196	71
922 S Bouldin St	0.52mi	2/2.0	1,202 (+4%)	1mo	$352,000	$293	65
2933 Hudson St	0.54mi	2/2.0	1,120 (-3%)	1mo	$235,000	$210	64
806 S Bouldin St	0.44mi	2/2.5	1,080 (-7%)	1mo	$360,000	$333	61
309 S Fagley St	0.34mi	2/2.0	1,030 (-11%)	1mo	$225,000	$218	61
2731 Fait Ave	0.57mi	2/2.0	1,097 (-5%)	0mo	$285,000	$260	60
629 N Kenwood Ave	0.74mi	2/1.5	1,100 (-5%)	1mo	$76,500	$70	54
2428 Fleet St	0.66mi	2/2.5	1,300 (+12%)	1mo	$285,000	$219	42

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-16,734
• Equity at exit: $29,075

10-year hold

• IRR: -1.3%
• Equity multiple: 0.92×
• Total profit: $-4,545
• Equity at exit: $16,860

Cash invested: $54,600 (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 21224

• Rents YoY: 1.3%
• Active inventory: 393
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,047 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$226 /mo · $2,715/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $287

Break-even live

Break-even rent $1,684

Max offer price $195,000

Occupancy floor 81%

Sensitivity live

Price	-10% $397	-5% $342	+0% $287	+5% $232	+10% $176
Rent	-10% $125	-5% $206	+0% $287	+5% $368	+10% $448
Rate	-1.0pp $385	-0.5pp $336	base $287	+0.5pp $236	+1.0pp $185

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 S Highland Ave Baltimore, MD	2.0	1.5	1222	$2,000	$1.64	25d	1	0.11mi
127 S Robinson St Baltimore, MD	2.0	1.5	1400	$2,000	$1.43	45d	1	0.14mi
400 S Highland Ave Unit 402 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	45d	1	0.14mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	21d	1	0.14mi
3232 Eastern Ave Baltimore, MD	1.0	1.5	874	$2,260	$2.59	3d	1	0.16mi
400 S Conkling St Unit 3 Baltimore, MD	1.0	1.0	700	$1,700	$2.43	45d	1	0.21mi
201 S Conkling St Baltimore, MD	1.0	1.0	740	$1,500	$2.03	3d	2	0.22mi
3413 Leverton Ave Baltimore, MD	2.0	1.0	832	$1,000	$1.20	25d	1	0.23mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	25d	1	0.26mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	25d	1	0.26mi
102 S Curley St Baltimore, MD	2.0	1.5	1200	$1,800	$1.50	5d	1	0.28mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	25d	1	0.29mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	25d	1	0.29mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	25d	1	0.31mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	45d	1	0.33mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	17d	1	0.33mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	25d	1	0.35mi
321 Fagley St Baltimore, MD	2.0	1.0	800	$1,650	$2.06	21d	1	0.36mi
643 S Potomac St Baltimore, MD	2.0	1.0	785	$1,650	$2.10	45d	1	0.36mi
3200 Fait Ave Baltimore, MD	1.0	1.0	800	$1,700	$2.12	3d	1	0.37mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,350	$2.58	3d	20	0.39mi
3245 Fait Ave Baltimore, MD	3.0	2.0	1470	$2,900	$1.97	45d	1	0.40mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	25d	1	0.41mi
10 N Streeper St Baltimore, MD	3.0	2.5	1440	$2,500	$1.74	25d	1	0.41mi
223 Grundy St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	25d	1	0.41mi
3801 Fleet St Unit 209 Baltimore, MD	1.0	1.5	814	$1,899	$2.33	45d	1	0.42mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	25d	1	0.43mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	19d	1	0.45mi
3036 Hudson St Baltimore, MD	2.0	2.5	1428	$2,600	$1.82	45d	1	0.46mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	45d	1	0.47mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	25d	1	0.49mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	17d	1	0.49mi
611 Grundy St Baltimore, MD	3.0	2.0	1434	$2,700	$1.88	25d	1	0.49mi
825 S Linwood Ave Baltimore, MD	1.0	1.0	1000	$2,150	$2.15	25d	1	0.49mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	25d	1	0.51mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	17d	1	0.51mi
3610 Dillon St Baltimore, MD	1.0–2.0	1.0–2.0	828	$2,820	$3.41	45d	1	0.55mi
9 N Luzerne Ave Baltimore, MD	3.0	2.5	1380	$2,450	$1.78	5d	1	0.55mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	3d	1	0.56mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	4d	1	0.58mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $195,000 Pending 39 DOM
2. 2026-06-09
   days on market $195,000 Active 37 DOM
3. 2026-06-08
   days on market $195,000 Active 36 DOM
4. 2026-06-07
   days on market $195,000 Active 35 DOM
5. 2026-06-04
   days on market $195,000 Active 32 DOM
6. 2026-06-03
   days on market $195,000 Active 31 DOM
7. 2026-06-02
   days on market $195,000 Active 30 DOM
8. 2026-06-01
   days on market $195,000 Active 29 DOM
9. 2026-05-31
   days on market $195,000 Active 28 DOM
10. 2026-05-14
    price $195,000
11. 2026-05-03
    listed $210,000 Active

ⓘ 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: $2,715 · $226/mo
• Projected year-2 tax: $2,715 · $226/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 8/10 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: $24,561
• − Mortgage interest: −$10,923
• − Property taxes: −$2,715
• − Insurance: −$975
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − Depreciation: −$5,673
• Taxable income: $345
• Est. tax owed @ 24.0%: −$83
• After-tax cash flow: $3,359/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

-7.1% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $195,000 BRIGHT MLS
• 2026-05-03 Listed $210,000 BRIGHT MLS

Property tax history

-0.5%/yr

Latest (2025): $2,715 · +4.4% YoY. Source: county tax records.