1604 Lemmon St · Baltimore, MD 21223

$24,900

1 bd · 1.0 ba · 744 sqft · Townhouse public records · 85 Days on market

Built 1880 Est $22k · 15% over

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Why this score? — see what drove the D- 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Vacant, was previously rented for $700/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

Key facts

• Access to parks
• Full basement
• Built 1880

Tags

• FULL BASEMENT
• CONVENIENT ACCESS TO SCHOOLS
• ACCESS TO PARKS
• ACCESS TO SHOPPING CENTERS
• KEY TRANSPORTATION ROUTES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Electric hot water; Public sewer; Public water
• Home design: Brick construction; Fee simple ownership
• Construction: Brick exterior; Permanent foundation; Above-grade and below-grade structures
• Exterior features: End of row townhouse; No tidal water

Interior

• Bedrooms: One bedroom on the first upper level
• Bathrooms: One full bathroom
• Interior features: Basement with interior access; Sump pump in basement; Unfinished basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Cap rate 48.4% 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 (+7.5%/yr); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 35% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 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 + 7.5% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — 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 $23,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 5.32% ✓
• Cap rate: 48.41%
• Cash-on-cash: 150.42%
• DSCR: 7.69
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $21,576
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1604 Lemmon St	0.00mi	1/1.0	744 (0%)	1mo	$20,000	$27	99
1606 Lemmon St	0.00mi	2/1.0 (+1)	744 (0%)	1mo	$20,000	$27	94
1608 Lemmon St	0.00mi	2/1.0 (+1)	744 (0%)	1mo	$20,000	$27	94
1610 Lemmon St	0.01mi	2/1.0 (+1)	744 (0%)	1mo	$20,000	$27	94
1612 Lemmon St	0.01mi	2/1.0 (+1)	744 (0%)	1mo	$20,000	$27	94
1609 Lemmon St	0.01mi	1/1.0	686 (-8%)	1mo	$20,000	$29	86
1611 Lemmon St	0.01mi	2/1.0 (+1)	686 (-8%)	1mo	$20,000	$29	81
1613 Lemmon St	0.01mi	2/1.0 (+1)	686 (-8%)	1mo	$20,000	$29	81
1605 Lemmon St	0.01mi	2/3.0 (+1)	686 (-8%)	1mo	$20,000	$29	73
119 S Carrollton Ave	0.34mi	2/1.5 (+1)	800 (+8%)	4mo	$83,000	$104	62
623 Archer St	0.75mi	2/2.0 (+1)	720 (-3%)	4mo	$190,000	$264	47
1241 Sargeant St	0.51mi	2/2.5 (+1)	816 (+10%)	4mo	$160,000	$196	45

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.31×
• Total profit: $57,930
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 22.59×
• Total profit: $150,495
• Equity at exit: $2,153

Cash invested: $6,972 (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 21223

• Rents YoY: 7.5%
• Active inventory: 425
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,324 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $874

Break-even live

Break-even rent $218

Max offer price $24,900

Occupancy floor 29%

Sensitivity live

Price	-10% $891	-5% $883	+0% $874	+5% $865	+10% $857
Rent	-10% $769	-5% $822	+0% $874	+5% $926	+10% $979
Rate	-1.0pp $887	-0.5pp $880	base $874	+0.5pp $868	+1.0pp $861

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1712 W Lombard St #4 Baltimore, MD	1.0	1.0	550	$900	$1.64	45d	1	0.07mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	45d	1	0.27mi
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	45d	1	0.34mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$1,776	$1.71	3d	12	0.59mi
869 Hollins St Unit 3F Baltimore, MD	—	1.0	700	$949	$1.36	13d	1	0.63mi
1226 W Cross St Unit B Baltimore, MD	—	1.0	400	$1,000	$2.50	13d	1	0.66mi
709 N Carrollton Ave Unit 1A Baltimore, MD	1.0	1.0	500	$800	$1.60	17d	1	0.83mi
121 S Fremont Ave Apt 201 Baltimore, MD	—	1.0	552	$1,549	$2.81	19d	1	0.85mi
121 S Fremont Ave Baltimore, MD	1.0	1.0	582	$2,100	$3.61	21d	5	0.85mi
733 W Pratt St Baltimore, MD	—	1.0	404	$1,724	$4.27	5d	1	0.86mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	11d	9	0.88mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	13d	1	0.90mi
910 N Arlington Ave Unit 1 Baltimore, MD	1.0	1.0	551	$999	$1.81	19d	1	1.02mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	3d	2	1.07mi
410 W Lombard St Baltimore, MD	1.0	1.0	611	$1,995	$3.26	3d	4	1.14mi
318 N Paca St Unit 10 Baltimore, MD	2.0	1.0	600	$1,200	$2.00	23d	1	1.20mi
318 N Paca St Unit 9 Baltimore, MD	1.0	1.0	600	$1,000	$1.67	45d	1	1.20mi
318 N Paca St Unit 4 Baltimore, MD	—	1.0	600	$900	$1.50	45d	1	1.20mi
318 N Paca St Unit 8 Baltimore, MD	—	1.0	600	$900	$1.50	25d	1	1.20mi
1 S Eutaw St Unit 1BR Baltimore, MD	1.0	1.0	600	$1,245	$2.08	16d	1	1.21mi
301 W Lombard St Baltimore, MD	1.0	1.0–2.0	499	$1,775	$3.56	3d	30	1.22mi
11 S Eutaw St Baltimore, MD	1.0–2.0	1.0–2.0	1023	$1,781	$1.74	3d	11	1.23mi
300 W Redwood St Baltimore, MD	1.0	1.0	565	$2,400	$4.25	19d	1	1.25mi
300 W Lombard St Baltimore, MD	2.0	1.0–2.0	686	$1,565	$2.28	3d	7	1.25mi
506 W Franklin St Baltimore, MD	1.0	1.0	415	$925	$2.23	25d	1	1.26mi
305 W Fayette St Baltimore, MD	1.0–2.0	1.0–2.0	895	$1,250	$1.40	45d	1	1.27mi
8 N Howard St Baltimore, MD	2.0	1.0–2.0	1433	$2,400	$1.67	3d	36	1.27mi
300 W Fayette St Baltimore, MD	3.0	1.0–3.0	1267	$1,480	$1.17	4d	9	1.27mi
1719 Pennsylvania Ave Baltimore, MD	1.0	1.0	540	$1,200	$2.22	19d	1	1.32mi
319 W Franklin St Unit 301-0506 Baltimore, MD	1.0	1.0	708	$1,350	$1.91	16d	1	1.33mi
319 W Franklin St Unit 301-0104 Baltimore, MD	—	1.0	482	$1,200	$2.49	45d	1	1.33mi
628 N Eutaw St Baltimore, MD	1.0–3.0	1.0–2.0	824	$1,356	$1.65	3d	6	1.35mi
301 W Franklin St Baltimore, MD	1.0	1.0	586	$1,600	$2.73	13d	5	1.36mi
301 W Franklin St Unit SJ-0307 Baltimore, MD	—	1.0	459	$1,300	$2.83	45d	1	1.36mi
301 W Franklin St Unit SJ-0506 Baltimore, MD	1.0	1.0	708	$1,500	$2.12	45d	1	1.36mi
301 W Franklin St Unit 319-204 Baltimore, MD	—	1.0	517	$1,250	$2.42	45d	1	1.36mi
301 W Franklin St Unit SJ-0411 Baltimore, MD	1.0	1.0	551	$1,450	$2.63	45d	1	1.36mi
306 W Franklin St Baltimore, MD	1.0–2.0	1.0–2.0	733	$1,500	$2.04	4d	5	1.37mi
2 Hopkins Plaza Baltimore, MD	2.0	1.0–2.0	942	$2,412	$2.56	3d	12	1.38mi
1306 McCulloh St #1 Baltimore, MD	1.0	1.0	750	$1,200	$1.60	45d	1	1.40mi

Listing history 11 events

1. 2026-04-30
   status Pending
2. 2026-03-10
   price $24,900
3. 2026-02-04
   listed $29,900 Active
4. 2025-11-07
   soldstatus $500,000
5. 2020-11-22
   status Pending
6. 2020-11-22
   historical
7. 2020-11-06
   listed $150,000 Active
8. 2020-01-27
   soldstatus $212,000
9. 2019-12-31
   soldstatus $21,200 Closed 379-char remark

   Show marketing remark (379 chars)

   REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Vacant, was previously rented for $700/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

10. 2019-11-05
    status Pending 379-char remark

    Show marketing remark (379 chars)

    REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Vacant, was previously rented for $700/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

11. 2019-09-27
    listed $10,000 Active 379-char remark

    Show marketing remark (379 chars)

    REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Vacant, was previously rented for $700/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,889
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$724
• Taxable income: $10,730
• Est. tax owed @ 24.0%: −$2,575
• After-tax cash flow: $7,912/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+149.0% since first listed

11 events — show timeline

• 2026-04-30 Pending — BRIGHT MLS
• 2026-03-10 Price Changed $24,900 BRIGHT MLS
• 2026-02-04 Listed $29,900 BRIGHT MLS
• 2025-11-07 Sold (Public Records) $500,000 Public Records
• 2020-11-22 Pending — BRIGHT MLS
• 2020-11-22 Listing Removed — BRIGHT MLS
• 2020-11-06 Listed $150,000 BRIGHT MLS
• 2020-01-27 Sold (Public Records) $212,000 Public Records
• 2019-12-31 Sold (MLS) $21,200 BRIGHT MLS
• 2019-11-05 Pending — BRIGHT MLS
• 2019-09-27 Listed $10,000 BRIGHT MLS

Property tax history

-0.8%/yr

Latest (2025): $1,467 · +4.4% YoY. Source: county tax records.