2809 Orleans St · Baltimore, MD 21224

$109,290

5 bd · 1.0 ba · 1,300 sqft · Townhouse public records · 39 Days on market

Built 1920 $84/sqft · 36% below area Est $172k · 36% 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
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

Key facts

• Flexible layout
• Enhanced curb appeal
• Corner rowhome

Tags

• CORNER ROWHOME
• FLEXIBLE LAYOUT
• UPPER LEVEL
• ADDITIONAL BEDROOMS
• ENHANCED CURB APPEAL

Property features AI

Finance

• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service; Natural gas service
• Home design: Fee simple ownership
• Construction: Brick construction; Block foundation; Assessor records for year built and living area
• Exterior features: End of row townhouse; Above-grade and below-grade structures noted; Located within city limits

Interior

• Bedrooms: Three bedrooms on the upper level; Two bedrooms on the lower level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Fully finished basement; Multiple access exits (2+)

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $109k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% 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; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 39% of the median local income ($89k/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 $756 of loan paydown is wiped out by about $3k 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 + 1.3% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $41k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $109k implies a 446% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $106,011 (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 1920 — 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: 2.67% ✓
• Cap rate: 23.16%
• Cash-on-cash: 60.26%
• DSCR: 3.68
• GRM: 3.1

CMA / ARV

• ARV (median comp): $171,864
• List price: $109,290
• Delta: -36.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
606 N Belnord Ave	0.19mi	5/2.0	1,300 (0%)	5mo	$108,000	$83	83
532 N Streeper St	0.15mi	4/1.5 (-1)	1,340 (+3%)	12mo	$115,000	$86	71
813 N Linwood	0.33mi	4/1.0 (-1)	1,270 (-2%)	11mo	$149,900	$118	66
407 N Lakewood Ave	0.10mi	4/3.0 (-1)	1,344 (+3%)	14mo	$290,000	$216	65
626 N Decker Ave	0.26mi	4/1.0 (-1)	1,170 (-10%)	5mo	$135,000	$115	62
2421 E Madison St	0.42mi	4/3.0 (-1)	1,300 (0%)	6mo	$158,000	$122	62
400 N Curley St	0.08mi	6/2.0 (+1)	1,176 (-10%)	13mo	$134,990	$115	60
228 S East Ave S	0.51mi	4/3.5 (-1)	1,316 (+1%)	4mo	$370,000	$281	56
21 N Clinton St	0.38mi	4/1.5 (-1)	1,196 (-8%)	7mo	$135,000	$113	56
139 N Highland Ave	0.43mi	4/2.0 (-1)	1,365 (+5%)	9mo	$206,000	$151	55
127 S East Ave	0.46mi	4/3.0 (-1)	1,344 (+3%)	12mo	$435,000	$324	50
211 S Chester St	0.71mi	4/1.5 (-1)	1,356 (+4%)	7mo	$159,900	$118	47

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: 57.1%
• Equity multiple: 3.46×
• Total profit: $75,325
• Equity at exit: $16,295

10-year hold

• IRR: 61.4%
• Equity multiple: 6.64×
• Total profit: $172,453
• Equity at exit: $9,449

Cash invested: $30,601 (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: 3.1×

Monthly cashflow live

• Estimated rent: $2,921 high
• Mortgage (P&I): −$573
• Tax from tax record: −$152 /mo · $1,830/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $1,537

Break-even live

Break-even rent $976

Max offer price $109,290

Occupancy floor 42%

Sensitivity live

Price	-10% $1,598	-5% $1,568	+0% $1,537	+5% $1,506	+10% $1,475
Rent	-10% $1,306	-5% $1,421	+0% $1,537	+5% $1,652	+10% $1,767
Rate	-1.0pp $1,592	-0.5pp $1,564	base $1,537	+0.5pp $1,508	+1.0pp $1,479

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: $27,322
• Closing costs: $3,279
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	44d	1	0.16mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	44d	1	0.17mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	44d	1	0.17mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	44d	1	0.27mi
10 N Ellwood Ave Baltimore, MD	4.0	2.5	1768	$2,500	$1.41	44d	1	0.29mi
2431 McElderry St Baltimore, MD	4.0	2.5	1600	$2,100	$1.31	44d	1	0.33mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	21d	1	0.40mi
143 N Patterson Park Ave Baltimore, MD	4.0	3.5	1650	$3,700	$2.24	25d	1	0.43mi
3306 Fleet St Baltimore, MD	4.0	3.0	1308	$3,500	$2.68	44d	1	0.81mi
513 S Chester St Baltimore, MD	4.0	4.5	1534	$3,000	$1.96	19d	1	0.89mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$3,290	$3.62	3d	20	0.92mi
1816 Gough St Baltimore, MD	4.0	2.0	1248	$3,500	$2.80	25d	1	0.94mi
1911 Eastern Ave Baltimore, MD	4.0	4.0	1520	$2,600	$1.71	25d	1	0.99mi
822 S Highland Ave Baltimore, MD	4.0	3.0	1508	$3,500	$2.32	23d	1	1.00mi
1418 E Monument St Baltimore, MD	2.0–4.0	1.0–2.0	1265	$1,920	$1.52	16d	5	1.19mi
1317 E Eager St Baltimore, MD	4.0	1.5	1400	$1,900	$1.36	23d	1	1.28mi
1814 E Lafayette Ave Baltimore, MD	4.0	2.0	1200	$1,995	$1.66	25d	1	1.32mi
1200 N Eden St Baltimore, MD	5.0	4.5	1208	$1,400	$1.16	5d	1	1.35mi
424 S Eden St Baltimore, MD	4.0	3.5	1830	$3,200	$1.75	25d	1	1.36mi
3603 Ravenwood Ave Unit 1 Baltimore, MD	4.0	1.0	1566	$1,600	$1.02	44d	1	1.40mi
624 Stirling St Baltimore, MD	4.0	3.0	1812	$2,450	$1.35	44d	1	1.44mi

Listing history 23 events

1. 2026-06-13
   statusdays on market $109,290 Pending 39 DOM
2. 2026-06-09
   days on market $109,290 Active 38 DOM
3. 2026-06-08
   days on market $109,290 Active 37 DOM
4. 2026-06-07
   days on market $109,290 Active 36 DOM
5. 2026-06-04
   days on market $109,290 Active 33 DOM
6. 2026-06-03
   days on market $109,290 Active 32 DOM
7. 2026-06-02
   days on market $109,290 Active 31 DOM
8. 2026-06-01
   days on market $109,290 Active 30 DOM
9. 2026-05-31
   days on market $109,290 Active 29 DOM
10. 2026-05-18
    price $129,290 874-char remark
11. 2026-05-04
    price $141,290 874-char remark
12. 2026-05-02
    listed $149,900 Active 874-char remark
13. 2013-03-06
    status Contract 206-char remark

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

14. 2013-02-28
    soldstatus $20,000 Sold 206-char remark

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

15. 2013-02-28
    soldstatus $20,000

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

16. 2013-02-08
    price $17,500 206-char remark

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

17. 2013-01-11
    listed $19,900 Active 206-char remark

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

18. 2013-01-11
    listed $17,500

    Show marketing remark (206 chars)

    Good investment property, sold asis, seller will make no repairs. Proof of funds and earnest money deposit required by seller. Earnest money deposit must be held by seller's title company, Land Castle Title

19. 2006-12-05
    soldstatus $74,000
20. 2006-12-05
    soldstatus $74,000
21. 2006-10-06
    soldstatus $74,000
22. 2006-09-12
    historical
23. 2006-06-01
    listed $75,000

ⓘ 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: $1,830 · $152/mo
• Projected year-2 tax: $1,830 · $152/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: $35,054
• − Mortgage interest: −$6,122
• − Property taxes: −$1,830
• − Insurance: −$546
• − Repairs & maintenance: −$2,804
• − Management: −$2,804
• − Depreciation: −$3,179
• Taxable income: $17,768
• Est. tax owed @ 24.0%: −$4,264
• After-tax cash flow: $14,175/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

+45.7% since first listed

17 events — show timeline

• 2026-06-13 Pending — BRIGHT MLS
• 2026-06-10 Listing Removed — BRIGHT MLS
• 2026-05-26 Price Changed $109,290 BRIGHT MLS
• 2026-05-18 Price Changed $129,290 BRIGHT MLS
• 2026-05-04 Price Changed $141,290 BRIGHT MLS
• 2026-05-02 Listed $149,900 BRIGHT MLS
• 2013-03-06 Pending — MRIS
• 2013-02-28 Sold (MLS) $20,000 BRIGHT MLS
• 2013-02-28 Sold (MLS) $20,000 MRIS
• 2013-02-08 Price Changed $17,500 MRIS
• 2013-01-11 Listed $19,900 MRIS
• 2013-01-11 Listed $17,500 BRIGHT MLS
• 2006-12-05 Sold (Public Records) $74,000 Public Records
• 2006-12-05 Sold (Public Records) $74,000 Public Records
• 2006-10-06 Sold (MLS) $74,000 MRIS
• 2006-09-12 Delisted — MRIS
• 2006-06-01 Listed $75,000 MRIS

Property tax history

+0.5%/yr

Latest (2025): $1,830 · +8.6% YoY. Source: county tax records.