515 Callender St · Baltimore, MD 21230

$80,000

1 bd · 1.5 ba · 550 sqft · Townhouse public records · 17 Days on market

Built 1900 414 sqft lot Est $130k · 39% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This property is part of a larger portfolio. Please contact for more details regarding associated listings. Closings will need to be coordinated with the other properties in the portfolio but may sell to individual buyers. Seller will only accept offers from serious buyers who can align with that timeline.

Key facts

• Built 1900
• Listed 17 days

Property features AI

Finance

• Financial info: Improvement assessed separately from land; Assessor provided year built and square footage sources

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: No tidal water on the lot

Interior

• Bedrooms: One bedroom on the first upper level
• Bathrooms: One full bathroom on the first upper level; One half bathroom on the main level
• Heating & cooling: Other heating system; Other heating fuel; Other hot water system
• Interior features: Basement with connecting stairway; Living area verified by assessor

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath townhouse listed at $80k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (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 soft (-1.0%/yr); 362 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $553 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; 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 $78,800 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.97% ✓
• Cap rate: 13.81%
• Cash-on-cash: 26.86%
• DSCR: 2.19
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $130,350
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Callender St	0.01mi	1/2.0	550 (0%)	18mo	$100,000	$182	82
509 Archer St	0.06mi	2/2.0 (+1)	528 (-4%)	14mo	$154,900	$293	72
847 Reinhart St	0.03mi	2/2.0 (+1)	624 (+14%)	3mo	$160,000	$256	67
867 Reinhart St	0.01mi	1/0.5	506 (-8%)	21mo	$120,000	$237	65
1017 Sterrett St	0.24mi	1/2.0	627 (+14%)	3mo	$118,000	$188	61

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.65×
• Total profit: $14,495
• Equity at exit: $11,928

10-year hold

• IRR: 22.7%
• Equity multiple: 2.63×
• Total profit: $36,490
• Equity at exit: $6,917

Cash invested: $22,400 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,573 high
• Mortgage (P&I): −$420
• Tax from tax record: −$288 /mo · $3,458/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $501

Break-even live

Break-even rent $938

Max offer price $80,000

Occupancy floor 63%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1226 W Cross St Unit B Baltimore, MD	—	1.0	400	$1,000	$2.50	12d	1	0.04mi
733 W Pratt St Baltimore, MD	—	1.0	404	$1,724	$4.27	4d	1	0.35mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	10d	9	0.36mi
121 S Fremont Ave Apt 201 Baltimore, MD	—	1.0	552	$1,549	$2.81	17d	1	0.36mi
121 S Fremont Ave Baltimore, MD	1.0	1.0	582	$2,100	$3.61	20d	5	0.36mi
869 Hollins St Unit 3F Baltimore, MD	—	1.0	700	$949	$1.36	12d	1	0.39mi
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	43d	1	0.49mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	2d	2	0.51mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$1,776	$1.71	2d	12	0.59mi
410 W Lombard St Baltimore, MD	1.0	1.0	611	$1,995	$3.26	1d	4	0.63mi
301 W Lombard St Baltimore, MD	1.0	1.0–2.0	499	$1,775	$3.56	1d	30	0.67mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	43d	1	0.71mi
11 S Eutaw St Baltimore, MD	1.0–2.0	1.0–2.0	1023	$1,781	$1.74	1d	11	0.72mi
300 W Lombard St Baltimore, MD	2.0	1.0–2.0	686	$1,565	$2.28	2d	7	0.73mi
1 S Eutaw St Unit 1BR Baltimore, MD	1.0	1.0	600	$1,245	$2.08	14d	1	0.73mi
300 W Redwood St Baltimore, MD	1.0	1.0	565	$2,400	$4.25	17d	1	0.75mi
1712 W Lombard St #4 Baltimore, MD	1.0	1.0	550	$900	$1.64	43d	1	0.77mi
8 N Howard St Baltimore, MD	2.0	1.0–2.0	1433	$2,400	$1.67	1d	36	0.81mi
305 W Fayette St Baltimore, MD	1.0–2.0	1.0–2.0	895	$1,250	$1.40	43d	1	0.82mi
300 W Fayette St Baltimore, MD	3.0	1.0–3.0	1267	$1,480	$1.17	3d	9	0.84mi
101 W Cross St Baltimore, MD	2.0	1.0–2.0	937	$2,566	$2.74	1d	23	0.86mi
2 Hopkins Plaza Baltimore, MD	2.0	1.0–2.0	942	$2,412	$2.56	2d	12	0.88mi
611 S Charles St Baltimore, MD	2.0	1.0–2.0	823	$2,468	$3.00	1d	8	0.89mi
910 S Charles St Unit B Baltimore, MD	2.0	1.0	700	$1,700	$2.43	17d	1	0.90mi
1 E Montgomery St Unit 6 Baltimore, MD	—	1.0	425	$1,750	$4.12	43d	1	0.90mi
1 E Montgomery St Unit 4 Baltimore, MD	1.0	1.0	445	$1,750	$3.93	43d	1	0.90mi
1 E Montgomery St Unit 7 Baltimore, MD	1.0	1.0	535	$1,950	$3.64	43d	1	0.90mi
318 N Paca St Unit 4 Baltimore, MD	—	1.0	600	$900	$1.50	43d	1	0.90mi
318 N Paca St Unit 8 Baltimore, MD	—	1.0	600	$900	$1.50	23d	1	0.90mi
318 N Paca St Unit 9 Baltimore, MD	1.0	1.0	600	$1,000	$1.67	43d	1	0.90mi
318 N Paca St Unit 10 Baltimore, MD	2.0	1.0	600	$1,200	$2.00	21d	1	0.90mi
1 E Montgomery St Baltimore, MD	—	1.0	535	$1,950	$3.64	43d	1	0.91mi
1 E Montgomery St Baltimore, MD	—	1.0	585	$1,750	$2.99	23d	1	0.91mi
101 W Fayette St Baltimore, MD	1.0	1.0	555	$1,800	$3.24	4d	26	0.92mi
7 W Cross St Baltimore, MD	—	1.0	330	$1,257	$3.80	3d	17	0.94mi
109 W Lexington St Baltimore, MD	—	1.0	438	$1,250	$2.85	43d	1	0.97mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	43d	1	0.98mi
100 W Lexington St Apt 204 Baltimore, MD	—	1.0	500	$1,299	$2.60	2d	1	1.01mi
225 Park Ave Baltimore, MD	2.0	1.0	588	$1,292	$2.20	23d	1	1.01mi
506 W Franklin St Baltimore, MD	1.0	1.0	415	$925	$2.23	23d	1	1.01mi

Listing history 12 events

1. 2026-06-18
   days on market $80,000 Active 17 DOM
2. 2026-06-17
   days on market $80,000 Active 16 DOM
3. 2026-06-16
   days on market $80,000 Active 15 DOM
4. 2026-06-15
   days on market $80,000 Active 14 DOM
5. 2026-06-13
   pricedays on market $80,000 Active 12 DOM
6. 2026-06-09
   days on market $90,000 Active 8 DOM
7. 2026-06-08
   days on market $90,000 Active 7 DOM
8. 2026-06-07
   days on market $90,000 Active 6 DOM
9. 2026-06-04
   days on market $90,000 Active 3 DOM
10. 2026-06-03
    days on market $90,000 Active 2 DOM
11. 2026-06-02
    remarks 307-char remark
12. 2026-06-02
    listed $90,000 Active 1 DOM

ⓘ 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: $3,458 · $288/mo
• Projected year-2 tax: $3,458 · $288/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $18,871
• − Mortgage interest: −$4,481
• − Property taxes: −$3,458
• − Insurance: −$400
• − Repairs & maintenance: −$1,510
• − Management: −$1,510
• − Depreciation: −$2,327
• Taxable income: $5,185
• Est. tax owed @ 24.0%: −$1,244
• After-tax cash flow: $4,771/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+190.3% since first listed

4 events — show timeline

• 2026-06-01 Listed $90,000 BRIGHT MLS
• 2018-03-01 Sold (Public Records) $4,552,396 Public Records
• 2008-06-09 Sold (Public Records) $38,181 Public Records
• 2003-12-19 Sold (Public Records) $31,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $3,458 · +5.0% YoY. Source: county tax records.