414 Freeman St · Baltimore, MD 21225

$120,000

2 bd · 1.0 ba · 752 sqft · Townhouse public records · 57 Days on market

Built 1923 875 sqft lot $160/sqft · 25% above area Est $96k · 25% over

---

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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bed 1 bath interior unit townhome now available in Brooklyn!

Key facts

• Built 1923
• Listed 57 days

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 $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+4.1%/yr); 165 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 ($54k/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 $830 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 + 4.1% 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 57 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y 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 $56k; list at $120k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1923 — 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: 1.32% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.12%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (median comp): $95,707
• List price: $120,000
• Delta: 25.38%
• 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
3571 Horton Ave	0.09mi	2/1.0	826 (+10%)	1mo	$25,000	$30	78
3750 Saint Margaret St	0.57mi	2/1.0	784 (+4%)	1mo	$140,000	$179	65
3727 Saint Margaret St	0.58mi	2/1.0	784 (+4%)	6mo	$65,000	$83	61
3708 10th St	0.51mi	2/1.0	810 (+8%)	6mo	$88,500	$109	59
3832 Saint Margaret St	0.59mi	2/1.0	810 (+8%)	2mo	$90,000	$111	58
3622 Saint Victor St	0.46mi	2/1.0	810 (+8%)	14mo	$85,000	$105	54
3614 10th St	0.50mi	2/1.0	810 (+8%)	17mo	$115,000	$142	50
3825 10th St	0.57mi	3/1.0 (+1)	810 (+8%)	10mo	$110,000	$136	47
3829 Saint Margaret St	0.61mi	2/1.0	810 (+8%)	14mo	$115,000	$142	47
3816 10th St	0.54mi	2/1.0	864 (+15%)	9mo	$126,800	$147	42
3723 Saint Victor St	0.49mi	2/1.0	864 (+15%)	14mo	$119,250	$138	40
3608 Saint Victor St	0.45mi	3/2.0 (+1)	864 (+15%)	11mo	$150,000	$174	36

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.28×
• Total profit: $9,294
• Equity at exit: $17,892

10-year hold

• IRR: 17.3%
• Equity multiple: 2.49×
• Total profit: $50,231
• Equity at exit: $10,375

Cash invested: $33,600 (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 21225

• Home prices YoY: -31.9%
• Rents YoY: 4.1%
• Active inventory: 165
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,586 high
• Mortgage (P&I): −$629
• Tax from tax record: −$150 /mo · $1,804/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $423

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 68%

Sensitivity live

Price	-10% $491	-5% $457	+0% $423	+5% $390	+10% $356
Rent	-10% $298	-5% $361	+0% $423	+5% $486	+10% $549
Rate	-1.0pp $484	-0.5pp $454	base $423	+0.5pp $392	+1.0pp $361

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	18d	1	0.10mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	18d	1	0.12mi
520 Baltic Ave Unit B Baltimore, MD	1.0	1.0	800	$1,050	$1.31	44d	1	0.20mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	5d	1	0.26mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	0.26mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	24d	1	0.26mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	5d	1	0.39mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	18d	1	0.48mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	44d	1	0.48mi
807 Stoll St Unit 1 Baltimore, MD	1.0	1.0	658	$1,000	$1.52	44d	1	0.53mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	24d	1	0.56mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	5d	1	0.57mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	44d	1	0.58mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	24d	1	0.58mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	44d	1	0.60mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	44d	1	0.62mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	24d	1	0.72mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	5d	1	0.73mi
205 Arundel Rd W Brooklyn, MD	1.0	1.0	608	$1,200	$1.97	44d	1	0.75mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	18d	1	0.80mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	44d	1	0.96mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	44d	1	0.98mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	24d	1	1.01mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	22d	1	1.02mi
1628 Plum St Apt B (CB) Baltimore, MD	1.0	1.0	800	$850	$1.06	24d	1	1.10mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	2d	22	1.27mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	44d	1	1.44mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	15d	1	1.47mi

Listing history 26 events

1. 2026-06-18
   days on market $120,000 Active 57 DOM
2. 2026-06-17
   days on market $120,000 Active 56 DOM
3. 2026-06-16
   days on market $120,000 Active 55 DOM
4. 2026-06-15
   days on market $120,000 Active 54 DOM
5. 2026-06-13
   days on market $120,000 Active 52 DOM
6. 2026-06-09
   days on market $120,000 Active 48 DOM
7. 2026-06-08
   days on market $120,000 Active 47 DOM
8. 2026-06-07
   days on market $120,000 Active 46 DOM
9. 2026-06-04
   days on market $120,000 Active 43 DOM
10. 2026-06-03
    days on market $120,000 Active 42 DOM
11. 2026-06-02
    days on market $120,000 Active 41 DOM
12. 2026-06-01
    days on market $120,000 Active 40 DOM
13. 2026-05-31
    days on market $120,000 Active 39 DOM
14. 2026-04-22
    listed $120,000 Active 62-char remark

    Show marketing remark (62 chars)

    2 bed 1 bath interior unit townhome now available in Brooklyn!

15. 2025-02-28
    soldstatus $56,000 Closed 80-char remark

    Show marketing remark (80 chars)

    Well priced investment property sold as is . Rental ready but could use some TLC

16. 2025-01-09
    status Pending 80-char remark

    Show marketing remark (80 chars)

    Well priced investment property sold as is . Rental ready but could use some TLC

17. 2024-10-23
    listed $85,000 Active 80-char remark

    Show marketing remark (80 chars)

    Well priced investment property sold as is . Rental ready but could use some TLC

18. 2024-10-22
    historical $85,000 80-char remark

    Show marketing remark (80 chars)

    Well priced investment property sold as is . Rental ready but could use some TLC

19. 2004-11-15
    soldstatus $32,000
20. 2002-09-26
    soldstatus $11,500
21. 2002-08-19
    historical
22. 2002-08-13
    listed $11,900
23. 1997-06-10
    soldstatus $15,000
24. 1997-05-22
    soldstatus $15,000
25. 1997-04-01
    historical
26. 1996-09-22
    listed $21,900

ⓘ 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: $1,804 · $150/mo
• Projected year-2 tax: $1,804 · $150/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 ≥102°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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,035
• − Mortgage interest: −$6,722
• − Property taxes: −$1,804
• − Insurance: −$600
• − Repairs & maintenance: −$1,523
• − Management: −$1,523
• − Depreciation: −$3,491
• Taxable income: $3,372
• Est. tax owed @ 24.0%: −$809
• After-tax cash flow: $4,273/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: Anne Arundel County · 535,653 people
• City population: 34,062
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,062
• Household income: $54,020
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1440.0

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 0.68)
• Race & ethnicity: Black 42% White 32% Hispanic / Latino 20% Two or more races 8% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -119.44%
• Current HPI: 254.5089
• Rent YoY: ▲ 4.08%
• 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

+447.9% since first listed

13 events — show timeline

• 2026-04-22 Listed $120,000 BRIGHT MLS
• 2025-02-28 Sold (MLS) $56,000 BRIGHT MLS
• 2025-01-09 Pending — BRIGHT MLS
• 2024-10-23 Listed $85,000 BRIGHT MLS
• 2024-10-22 Coming Soon $85,000 BRIGHT MLS
• 2004-11-15 Sold (Public Records) $32,000 Public Records
• 2002-09-26 Sold (MLS) $11,500 MRIS
• 2002-08-19 Delisted — MRIS
• 2002-08-13 Listed $11,900 MRIS
• 1997-06-10 Sold (Public Records) $15,000 Public Records
• 1997-05-22 Sold (MLS) $15,000 MRIS
• 1997-04-01 Delisted — MRIS
• 1996-09-22 Listed $21,900 MRIS

Property tax history

+3.8%/yr

Latest (2025): $1,804 · +4.5% YoY. Source: county tax records.