1618 E 29th St · Baltimore, MD 21218

$140,000

3 bd · 2.0 ba · 1,500 sqft · Townhouse · 44 Days on market

Built 1922 1,306 sqft lot $93/sqft · 32% below area Est $205k · 32% 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 +29.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in Baltimore City’s Coldstream Homestead Montebello neighborhood! This 3-bedroom, 2-bath brick rowhome is currently set up as a single-family home but offers excellent potential for additional income or future flexibility. Featuring a functional layout and solid structure, this property is perfect for a homeowner looking to build equity or an investor seeking their next rental or value-add project. With two electric meters already in place, there is potential for multi-unit use (buyer to verify). The home also includes basement area and is conveniently located near major commuter routes, shopping, and local amenities. Priced to sell and full of potential—don’t miss this opportunity!

Key facts

• Built 1922
• Listed 44 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Year built per assessor
• Construction: Brick construction; Other foundation type; Above- and below-grade structures noted
• Exterior features: Located within city limits

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: Two full bathrooms (one on main level, one on first upper level)
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Partial basement; Living area is an estimated value

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 (+1.6%/yr); 330 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); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($62k/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 $968 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 + 1.6% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $25k; list at $140k implies a 460% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1922 — 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: 1.31% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.37%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $204,832
• List price: $140,000
• Delta: -31.65%
• 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
1812 E 28th St	0.13mi	3/1.5	1,580 (+5%)	5mo	$150,000	$95	79
1841 E 30th St	0.16mi	3/1.5	1,400 (-7%)	4mo	$175,000	$125	76
1723 E 32nd St	0.14mi	3/2.0	1,280 (-15%)	2mo	$128,000	$100	67
1632 E 31st St	0.10mi	3/1.0	1,280 (-15%)	0mo	$94,500	$74	67
1809 E 32nd St	0.17mi	3/1.5	1,280 (-15%)	1mo	$82,000	$64	65
831 E 33rd St	0.65mi	3/2.0	1,470 (-2%)	2mo	$300,000	$204	64
1707 E 32nd St	0.13mi	3/3.0	1,280 (-15%)	7mo	$260,000	$203	60
2545 Cecil Ave	0.52mi	3/2.5	1,318 (-12%)	1mo	$215,000	$163	53
2560 Cecil Ave	0.50mi	3/3.0	1,300 (-13%)	3mo	$210,000	$162	48
3314 Ellerslie Ave	0.69mi	4/3.5 (+1)	1,440 (-4%)	6mo	$339,000	$235	45
3712 Monterey Rd	0.67mi	3/2.0	1,705 (+14%)	5mo	$254,000	$149	42
3626 Kimble Rd	0.73mi	3/1.0	1,280 (-15%)	2mo	$310,000	$242	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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.17×
• Total profit: $6,819
• Equity at exit: $20,874

10-year hold

• IRR: 12.8%
• Equity multiple: 1.95×
• Total profit: $37,219
• Equity at exit: $12,105

Cash invested: $39,200 (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 21218

• Rents YoY: 1.6%
• Active inventory: 330
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,837 high
• Mortgage (P&I): −$734
• Tax from tax record: −$157 /mo · $1,881/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $502

Break-even live

Break-even rent $1,202

Max offer price $140,000

Occupancy floor 68%

Sensitivity live

Price	-10% $581	-5% $542	+0% $502	+5% $463	+10% $423
Rent	-10% $357	-5% $430	+0% $502	+5% $575	+10% $647
Rate	-1.0pp $573	-0.5pp $538	base $502	+0.5pp $466	+1.0pp $429

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 E 28th St Baltimore, MD	3.0	1.0	1300	$1,600	$1.23	25d	1	0.10mi
1832 E 28th St Baltimore, MD	3.0	1.0	1066	$1,495	$1.40	25d	1	0.14mi
1702 E 32nd St Baltimore, MD	3.0	2.0	1344	$2,300	$1.71	45d	1	0.14mi
1519 E 28th St Baltimore, MD	3.0	2.0	1100	$1,350	$1.23	45d	1	0.15mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1800	$1,995	$1.11	45d	1	0.22mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1900	$1,899	$1.00	5d	1	0.22mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	4d	1	0.22mi
2606 Cecil Ave Baltimore, MD	2.0	1.5	1200	$1,500	$1.25	45d	1	0.47mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	45d	1	0.48mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	25d	1	0.63mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	45d	1	0.66mi
1607 Cliftview Ave Baltimore, MD	3.0	1.0	1200	$1,475	$1.23	45d	1	0.71mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	16d	1	0.83mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	12d	1	0.84mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	45d	1	0.87mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	5d	1	0.88mi
2113 Belair Rd Baltimore, MD	3.0	1.0	1344	$1,795	$1.34	45d	1	0.90mi
4006 Loch Raven Blvd Baltimore, MD	3.0	2.5	2016	$2,695	$1.34	19d	1	0.93mi
3213 Elmley Ave Baltimore, MD	2.0	1.0	1188	$1,395	$1.17	45d	1	0.93mi
3005 Belair Rd Baltimore, MD	3.0	2.0	2000	$1,600	$0.80	19d	1	0.96mi
3436 Cardenas Ave Baltimore, MD	2.0	1.0	1146	$1,395	$1.22	45d	1	0.96mi
3222 Lyndale Ave Unit 1 Baltimore, MD	3.0	1.5	1500	$2,200	$1.47	13d	1	0.96mi
1814 E Lafayette Ave Baltimore, MD	4.0	2.0	1200	$1,995	$1.66	25d	1	0.97mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	3d	1	0.97mi
3515 Parklawn Ave Baltimore, MD	3.0	2.0	1240	$1,700	$1.37	4d	1	0.97mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	16d	1	0.98mi
424 Ilchester Ave Baltimore, MD	3.0	3.0	1976	$1,800	$0.91	16d	1	1.00mi
2828 Lake Ave Baltimore, MD	3.0	2.0	1164	$1,850	$1.59	5d	1	1.01mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	45d	1	1.01mi
1333 E North Ave Baltimore, MD	4.0	2.5	1860	$2,200	$1.18	25d	1	1.01mi
1829 N Port St Baltimore, MD	3.0	1.5	2000	$1,625	$0.81	45d	1	1.01mi
1803 N Dallas St Baltimore, MD	2.0	2.5	1250	$2,100	$1.68	25d	1	1.01mi
646 Cokesbury Ave Baltimore, MD	2.0	1.5	1200	$1,299	$1.08	45d	1	1.02mi
1514 E Lafayette Ave Baltimore, MD	3.0	1.5	1215	$2,000	$1.65	25d	1	1.03mi
1512 E Lafayette Ave Baltimore, MD	3.0	2.5	1476	$1,950	$1.32	45d	1	1.03mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	45d	1	1.03mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	45d	1	1.03mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	45d	1	1.03mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	25d	1	1.03mi
1617 Argonne Dr Baltimore, MD	4.0	2.0	1200	$2,550	$2.12	45d	1	1.04mi

Listing history 20 events

1. 2026-06-21
   days on market $140,000 Active 44 DOM
2. 2026-06-18
   days on market $140,000 Active 41 DOM
3. 2026-06-17
   days on market $140,000 Active 40 DOM
4. 2026-06-16
   days on market $140,000 Active 39 DOM
5. 2026-06-15
   days on market $140,000 Active 38 DOM

   Show marketing remark (728 chars)

   Great opportunity in Baltimore City’s Coldstream Homestead Montebello neighborhood! This 3-bedroom, 2-bath brick rowhome is currently set up as a single-family home but offers excellent potential for additional income or future flexibility. Featuring a functional layout and solid structure, this property is perfect for a homeowner looking to build equity or an investor seeking their next rental or value-add project. With two electric meters already in place, there is potential for multi-unit use (buyer to verify). The home also includes basement area and is conveniently located near major commuter routes, shopping, and local amenities. Priced to sell and full of potential—don’t miss this opportunity!

6. 2026-06-13
   days on market $140,000 Active 36 DOM
7. 2026-06-09
   days on market $140,000 Active 32 DOM
8. 2026-06-08
   days on market $140,000 Active 31 DOM
9. 2026-06-07
   days on market $140,000 Active 30 DOM
10. 2026-06-04
    days on market $140,000 Active 27 DOM
11. 2026-06-03
    days on market $140,000 Active 26 DOM
12. 2026-06-02
    days on market $140,000 Active 25 DOM
13. 2026-06-01
    days on market $140,000 Active 24 DOM
14. 2026-05-31
    days on market $140,000 Active 23 DOM
15. 2026-05-08
    listed $140,000 Active 728-char remark
16. 2026-04-28
    historical $140,000 728-char remark
17. 2022-04-01
    status Pending
18. 2022-04-01
    listed $172,000 Active
19. 2022-04-01
    historical
20. 1981-02-05
    soldstatus $25,000

ⓘ 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: $1,881 · $157/mo
• Projected year-2 tax: $1,881 · $157/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 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: $22,048
• − Mortgage interest: −$7,842
• − Property taxes: −$1,881
• − Insurance: −$700
• − Repairs & maintenance: −$1,764
• − Management: −$1,764
• − Depreciation: −$4,073
• Taxable income: $4,024
• Est. tax owed @ 24.0%: −$966
• After-tax cash flow: $5,061/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+460.0% since first listed

7 events — show timeline

• 2026-06-15 Listed $140,000 BRIGHT MLS
• 2026-05-08 Listed $140,000 BRIGHT MLS
• 2026-04-28 Coming Soon $140,000 BRIGHT MLS
• 2022-04-01 Pending — BRIGHT MLS
• 2022-04-01 Listed $172,000 BRIGHT MLS
• 2022-04-01 Listing Removed — BRIGHT MLS
• 1981-02-05 Sold (Public Records) $25,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,881 · +22.5% YoY. Source: county tax records.