2331 E Federal St · Baltimore, MD 21213

$100,000

1 bd · 1.0 ba · 780 sqft · Townhouse public records · 166 Days on market

Built 1914 $128/sqft · 9% below area Est $190k · 47% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Appreciation +4.7/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

An established mixed-use building in Baltimore’s Broadway East neighborhood. It qualifies for owner-occupant FHA financing since the majority of the building is residential. Get the building + reno money rolled into a single mortgage using FHA’s 203k loan program. Seller seeks to rent-back the 1st floor store for $1,000/month for the first 6 months. Bring this retail store back to life or use it as space for your business. The property includes a spacious one-bedroom apartment above the store. The property needs renovation. It is eligible for FHA’s 203k renovation loan program. The renovation money is rolled into the loan. Any buyer eligible for a normal FHA mortgage can use it. This is a standard 30-year mortgage program. Assuming a reno budget of $115k, the monthly payments on this mortgage would be $1,625/month. The area has high foot traffic and it offers both stability and growth potential. The foot and vehicle traffic is high enough that a local carwashing business chose this location in summer 2025. Come see it today.

Key facts

• Built 1914
• Listed 165 days

🏷️ Possibly a rental listed for sale. The $100,000 price doesn't fit this home's estimated sale value (~$189,563) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 (+5.2%/yr); 319 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 32% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $123 of equity ($691 loan paydown + $-568 appreciation (-0.6% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 5.2% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 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 1914 — 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: 1.39% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.36%
• DSCR: 1.86
• GRM: 6.0

CMA / ARV

• ARV (median comp): $189,563
• List price: $100,000
• Delta: -47.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2709 E Hoffman St	0.29mi	2/1.0 (+1)	840 (+8%)	1mo	$115,000	$137	68
3338 Elmora Ave	0.68mi	2/1.0 (+1)	896 (+15%)	2mo	$149,500	$167	37
3315 Lyndale Ave	0.68mi	2/1.5 (+1)	896 (+15%)	1mo	$145,000	$162	36
3409 Lyndale Ave	0.72mi	2/1.0 (+1)	896 (+15%)	6mo	$66,000	$74	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.57% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 1.94×
• Total profit: $26,412
• Equity at exit: $26,229

10-year hold

• IRR: 26.1%
• Equity multiple: 4.00×
• Total profit: $84,029
• Equity at exit: $29,367

Cash invested: $28,000 (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 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 319
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$524
• Tax from tax record: −$78 /mo · $940/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $452

Break-even live

Break-even rent $816

Max offer price $100,000

Occupancy floor 62%

Sensitivity live

Price	-10% $508	-5% $480	+0% $452	+5% $423	+10% $395
Rent	-10% $342	-5% $397	+0% $452	+5% $507	+10% $561
Rate	-1.0pp $502	-0.5pp $477	base $452	+0.5pp $426	+1.0pp $399

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1600 N Chester St Baltimore, MD	1.0	1.0	715	$636	$0.89	24d	1	0.25mi
2221 E Preston St Baltimore, MD	2.0	1.0	658	$1,200	$1.82	24d	1	0.27mi
1323 N Kenwood Ave Unit 2 Baltimore, MD	1.0	1.0	600	$950	$1.58	44d	1	0.34mi
1323 N Kenwood Ave Unit 1 Baltimore, MD	2.0	1.5	1060	$1,350	$1.27	24d	1	0.34mi
2125 Cliftwood Ave Baltimore, MD	1.0	2.0	1020	$1,450	$1.42	44d	1	0.38mi
2000 E North Ave Baltimore, MD	1.0	1.0	639	$836	$1.31	5d	4	0.42mi
1401 N Potomac St Unit 1 Baltimore, MD	1.0	1.0	700	$1,099	$1.57	18d	1	0.47mi
1310 N Ellwood Ave Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	13d	1	0.56mi
1756 E North Ave Baltimore, MD	1.0	1.0	800	$1,000	$1.25	44d	1	0.56mi
1310 N Ellwood Ave #1 Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	22d	1	0.56mi
3221 Lyndale Ave Baltimore, MD	2.0	2.0	1020	$1,700	$1.67	24d	1	0.61mi
3343 Ravenwood Ave Unit 3343 Baltimore, MD	2.0	2.0	948	$1,855	$1.96	18d	1	0.61mi
3315 Lyndale Ave Baltimore, MD	2.0	1.5	896	$1,650	$1.84	18d	1	0.64mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.66mi
1923 Ashland Ave Baltimore, MD	2.0	2.0	862	$1,770	$2.05	20d	2	0.67mi
1923 Ashland Ave Unit 401 Baltimore, MD	2.0	2.0	850	$1,795	$2.11	20d	1	0.67mi
712 N Duncan St Baltimore, MD	2.0	1.5	1000	$2,000	$2.00	44d	1	0.70mi
1209 N Caroline St Unit 2 Baltimore, MD	1.0	1.0	600	$1,300	$2.17	5d	1	0.80mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	24d	1	0.83mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	20d	1	0.84mi
1222 N Spring St Baltimore, MD	1.0	1.0	900	$1,600	$1.78	44d	1	0.85mi
802 N Broadway Unit B Baltimore, MD	1.0	1.0	910	$1,800	$1.98	44d	1	0.86mi
802 N Broadway #1 Baltimore, MD	2.0	1.0	1120	$1,800	$1.61	18d	1	0.86mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.90mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	44d	1	0.92mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	24d	1	0.92mi
400 N Rose St #1 Baltimore, MD	1.0	1.0	588	$1,080	$1.84	44d	1	0.92mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	44d	1	0.94mi
3902 Erdman Ave Unit 1 Baltimore, MD	2.0	1.0	1000	$1,275	$1.27	24d	1	0.94mi
3902 Erdman Ave Unit 2 Baltimore, MD	1.0	1.0	700	$1,175	$1.68	15d	1	0.94mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	18d	1	0.96mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	18d	1	0.96mi
1010 N Central Ave Baltimore, MD	2.0	1.0	1023	$1,650	$1.61	24d	1	1.00mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	15d	1	1.01mi
3646 Lyndale Ave Baltimore, MD	2.0	1.5	840	$1,475	$1.76	44d	1	1.04mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	3d	1	1.06mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	24d	1	1.07mi
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	44d	1	1.08mi
3727 Bonview Ave Baltimore, MD	1.0	1.0	540	$1,199	$2.22	24d	1	1.08mi
1418 E Monument St Baltimore, MD	2.0–4.0	1.0–2.0	1265	$1,283	$1.01	15d	5	1.10mi

Listing history 6 events

1. 2026-06-03
   days on market $100,000 Active 166 DOM
2. 2026-06-02
   days on market $100,000 Active 165 DOM
3. 2026-06-01
   days on market $100,000 Active 164 DOM
4. 2026-05-31
   days on market $100,000 Active 163 DOM
5. 2025-12-19
   listed $100,000 Active 1059-char remark

   Show marketing remark (1059 chars)

   An established mixed-use building in Baltimore’s Broadway East neighborhood. It qualifies for owner-occupant FHA financing since the majority of the building is residential. Get the building + reno money rolled into a single mortgage using FHA’s 203k loan program. Seller seeks to rent-back the 1st floor store for $1,000/month for the first 6 months. Bring this retail store back to life or use it as space for your business. The property includes a spacious one-bedroom apartment above the store. The property needs renovation. It is eligible for FHA’s 203k renovation loan program. The renovation money is rolled into the loan. Any buyer eligible for a normal FHA mortgage can use it. This is a standard 30-year mortgage program. Assuming a reno budget of $115k, the monthly payments on this mortgage would be $1,625/month. The area has high foot traffic and it offers both stability and growth potential. The foot and vehicle traffic is high enough that a local carwashing business chose this location in summer 2025. Come see it today.

6. 2025-12-19
   historical $100,000 1059-char remark

   Show marketing remark (1059 chars)

   An established mixed-use building in Baltimore’s Broadway East neighborhood. It qualifies for owner-occupant FHA financing since the majority of the building is residential. Get the building + reno money rolled into a single mortgage using FHA’s 203k loan program. Seller seeks to rent-back the 1st floor store for $1,000/month for the first 6 months. Bring this retail store back to life or use it as space for your business. The property includes a spacious one-bedroom apartment above the store. The property needs renovation. It is eligible for FHA’s 203k renovation loan program. The renovation money is rolled into the loan. Any buyer eligible for a normal FHA mortgage can use it. This is a standard 30-year mortgage program. Assuming a reno budget of $115k, the monthly payments on this mortgage would be $1,625/month. The area has high foot traffic and it offers both stability and growth potential. The foot and vehicle traffic is high enough that a local carwashing business chose this location in summer 2025. Come see it today.

ⓘ 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: $940 · $78/mo
• Projected year-2 tax: $1,015 · $85/mo
• Expected delta: +$75/yr (+$6/mo · 8.0%)

ⓘ 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,650
• − Mortgage interest: −$5,602
• − Property taxes: −$940
• − Insurance: −$500
• − Repairs & maintenance: −$1,332
• − Management: −$1,332
• − Depreciation: −$2,909
• Taxable income: $4,036
• Est. tax owed @ 24.0%: −$969
• After-tax cash flow: $4,452/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): 28,058
• Household income: $51,344
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 1868.0

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 (86%)
• Race & ethnicity: Black 86% White 6% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -0.57%
• Current HPI: 427.4453
• Rent YoY: ▲ 5.25%
• 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

+0.0% since first listed

2 events — show timeline

• 2025-12-19 Listed $100,000 BRIGHT MLS
• 2025-12-19 Coming Soon $100,000 BRIGHT MLS

Property tax history

+18.7%/yr

Latest (2025): $940 · +1.4% YoY. Source: county tax records.