635 S Eaton St · Baltimore, MD 21224

$199,000

2 bd · 1.0 ba · 1,596 sqft · Townhouse public records · 8 Days on market

Built 1920 980 sqft lot $125/sqft · 40% below area Est $333k · 40% under

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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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +7.3/10.0
• 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

OFFER WILL BE REVIEWED 5-29-26 AT 4 PM ESSENCE Live authentically. A timeless Baltimore brick rowhouse. Two residences, one building. Each floor has one bedroom and one bathroom. The main floor flows naturally from room to room, bright and warm throughout. The kitchen is made for cooking with company. The bedroom is quiet, spacious, and yours. Upstairs, a private entrance opens to a sun-filled apartment — self-contained, peaceful, and removed from the street below. Live in one, lease the other. Cultivate your existence. The art of uniting human and home. LOCAL FLAVOR AND PROVISIONS Canton offers a vibrant waterfront experience and historic charm centered around O’Donnell Square

Key facts

• Built 1920
• Listed 8 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water; Natural gas heating; Electric for cooling
• Home design: Fee simple ownership; Above-grade finished area per assessor; Below-grade unfinished area
• Construction: Brick and vinyl siding construction; Other foundation type; Other above- and below-grade structures
• Exterior features: End-of-row townhouse; No tidal water

Interior

• Bedrooms: One bedroom on the main level; One bedroom on the first upper level
• Bathrooms: One full bathroom on the main level; One full bathroom on the first upper level (two full bathrooms total)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $199k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 8.5% 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 (+1.3%/yr); 391 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; 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 $199,000

Questions for the listing agent

1. Built in 1920 — 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: 1.23% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.84%
• DSCR: 1.35
• GRM: 6.7

CMA / ARV

• ARV (median comp): $333,405
• List price: $199,000
• Delta: -40.31%
• 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
3702 Foster Ave	0.05mi	2/2.0	1,632 (+2%)	1mo	$339,000	$208	89
902 Grundy St	0.21mi	3/2.0 (+1)	1,588 (-0%)	1mo	$352,500	$222	80
341 S Macon St	0.47mi	2/2.0	1,625 (+2%)	1mo	$214,900	$132	70
738 S Macon St	0.37mi	3/2.5 (+1)	1,568 (-2%)	0mo	$348,000	$222	69
118 S Eaton St	0.40mi	3/3.5 (+1)	1,569 (-2%)	1mo	$330,000	$210	63
263 S East Ave	0.44mi	2/2.0	1,767 (+11%)	0mo	$375,000	$212	58
1006 S East Ave	0.45mi	3/2.0 (+1)	1,482 (-7%)	1mo	$360,000	$243	58
735 S Curley St	0.53mi	3/2.0 (+1)	1,476 (-8%)	1mo	$325,000	$220	53
616 S Belnord Ave	0.70mi	3/3.0 (+1)	1,608 (+1%)	1mo	$370,000	$230	53
38 S Curley St	0.71mi	3/1.0 (+1)	1,729 (+8%)	0mo	$181,100	$105	47
628 Savage St S	0.68mi	3/2.0 (+1)	1,482 (-7%)	0mo	$190,000	$128	47
802 S Potomac St	0.53mi	3/3.0 (+1)	1,755 (+10%)	0mo	$435,000	$248	46

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: -6.4%
• Equity multiple: 0.77×
• Total profit: $-13,017
• Equity at exit: $29,672

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $2,868
• Equity at exit: $17,206

Cash invested: $55,720 (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: 391
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,457 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$451 /mo · $5,407/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $364

Break-even live

Break-even rent $1,996

Max offer price $199,000

Occupancy floor 80%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 Grundy St Baltimore, MD	3.0	2.0	1434	$2,700	$1.88	24d	1	0.11mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	44d	1	0.16mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	24d	1	0.16mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	16d	1	0.16mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,350	$2.58	2d	20	0.16mi
939 S Baylis St Baltimore, MD	3.0	3.0	1606	$3,500	$2.18	18d	1	0.26mi
3245 Fait Ave Baltimore, MD	3.0	2.0	1470	$2,900	$1.97	44d	1	0.29mi
1015 S Clinton St Baltimore, MD	2.0	2.5	1880	$2,800	$1.49	24d	1	0.36mi
235 S Highland Ave Baltimore, MD	2.0	1.5	1222	$2,000	$1.64	24d	1	0.36mi
1211 S Eaton St Unit 3035 Baltimore, MD	3.0	2.0	1545	$3,900	$2.52	24d	1	0.36mi
4505 Foster Ave Baltimore, MD	3.0	3.0	1376	$2,650	$1.93	24d	1	0.36mi
4500 Fait Ave Baltimore, MD	3.0	3.5	1792	$2,800	$1.56	44d	1	0.37mi
3850 Boston St Baltimore, MD	2.0	1.0–2.0	854	$3,378	$3.96	2d	22	0.38mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	24d	1	0.38mi
4519 Foster Ave Baltimore, MD	3.0	4.0	1888	$2,950	$1.56	24d	1	0.39mi
527 S Lehigh St Baltimore, MD	3.0	2.0	1320	$2,325	$1.76	44d	1	0.39mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	16d	1	0.42mi
3700 Toone St Baltimore, MD	1.0–2.0	1.0–2.0	1093	$3,218	$2.94	2d	28	0.42mi
1200 S Conkling St Baltimore, MD	1.0–2.0	1.0–2.0	1085	$2,933	$2.70	2d	16	0.43mi
622 S Ellwood Ave Baltimore, MD	3.0	2.0	1906	$2,800	$1.47	44d	1	0.43mi
249 S East Ave Baltimore, MD	2.0	2.0	1680	$2,250	$1.34	24d	1	0.45mi
3036 Hudson St Baltimore, MD	2.0	2.5	1428	$2,600	$1.82	44d	1	0.47mi
727 S Macon St Baltimore, MD	3.0	2.5	1600	$3,450	$2.16	44d	1	0.47mi
410 S Newkirk St Baltimore, MD	2.0	1.5	1330	$1,580	$1.19	44d	1	0.48mi
3502 E Lombard St Baltimore, MD	3.0	2.0	1522	$1,870	$1.23	44d	1	0.48mi
608 Oldham St Baltimore, MD	3.0	3.5	1640	$2,500	$1.52	24d	1	0.49mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	24d	1	0.51mi
611 Oldham St Baltimore, MD	2.0	1.0	1148	$1,800	$1.57	13d	1	0.51mi
230 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,000	$1.88	18d	1	0.53mi
228 S Newkirk St Baltimore, MD	3.0	3.5	1620	$3,000	$1.85	44d	1	0.53mi
224 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,300	$2.06	20d	1	0.53mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	20d	1	0.53mi
214 S Newkirk St Unit 214 Baltimore, MD	3.0	5.0	2000	$3,000	$1.50	44d	1	0.54mi
127 S Robinson St Baltimore, MD	2.0	1.5	1400	$2,000	$1.43	44d	1	0.56mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	24d	1	0.56mi
133 S Macon St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	18d	1	0.58mi
1209 S Ellwood Ave Baltimore, MD	2.0	2.0	1188	$2,250	$1.89	44d	1	0.58mi
3304 E Baltimore St Baltimore, MD	3.0	1.5	1514	$1,875	$1.24	44d	1	0.61mi
3212 E Baltimore St Baltimore, MD	2.0	3.0	1931	$2,350	$1.22	24d	1	0.64mi
523 Rappolla St Baltimore, MD	3.0	2.0	1650	$2,100	$1.27	24d	1	0.66mi

Listing history 6 events

1. 2026-06-04
   status $199,000 Pending 8 DOM
2. 2026-06-03
   days on market $199,000 Active 8 DOM
3. 2026-06-02
   days on market $199,000 Active 7 DOM
4. 2026-06-01
   days on market $199,000 Active 6 DOM
5. 2026-05-31
   days on market $199,000 Active 5 DOM
6. 2026-05-15
   historical $199,000 1960-char remark

ⓘ 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: $5,407 · $451/mo
• Projected year-2 tax: $5,407 · $451/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: $29,483
• − Mortgage interest: −$11,147
• − Property taxes: −$5,407
• − Insurance: −$995
• − Repairs & maintenance: −$2,359
• − Management: −$2,359
• − Depreciation: −$5,789
• Taxable income: $1,428
• Est. tax owed @ 24.0%: −$343
• After-tax cash flow: $4,024/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

+0.0% since first listed

3 events — show timeline

• 2026-06-03 Pending — BRIGHT MLS
• 2026-05-27 Listed $199,000 BRIGHT MLS
• 2026-05-15 Coming Soon $199,000 BRIGHT MLS

Property tax history

+2.9%/yr

Latest (2025): $5,407 · +3.5% YoY. Source: county tax records.