447 N Milton Ave · Baltimore, MD 21224

$69,900

3 bd · 1.5 ba · 1,244 sqft · Townhouse public records · 6 Days on market

Built 1900

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

SOLD STICTLY AS-IS. Shell in need of full rehab! located in Mcelderry Park near Hopkins Biotech Project. New construction and rehabs all around. Buyer to verify ground rent, seller will not redeem.

Key facts

• Large kitchen
• Finished basement
• Finished levels

Tags

• RENOVATION OPPORTUNITY
• FINISHED LEVELS
• SPACIOUS LIVING ROOM
• LARGE KITCHEN
• FINISHED BASEMENT
• REAR PATIO

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Brick construction
• Construction: Brick construction; Other foundation type; Above-grade and below-grade structures
• Exterior features: Located within city limits (Baltimore City); No tidal water

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom (upper level); Two half bathrooms (one on main level, one on lower level)
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Fully finished basement; Living area reported as estimated

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $70k.

Deal economics

• At list price, monthly cash flow is $851 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 20.9% 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 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1900 — 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 $69,900

Questions for the listing agent

1. Built in 1900 — 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: 2.69% ✓
• Cap rate: 20.89%
• Cash-on-cash: 52.15%
• DSCR: 3.32
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $211,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2435 Jefferson St	0.04mi	3/1.0	1,260 (+1%)	1mo	$140,000	$111	94
410 N Patterson Park Ave	0.18mi	3/1.0	1,180 (-5%)	0mo	$180,000	$153	81
410 N Chester St	0.32mi	2/1.5 (-1)	1,260 (+1%)	1mo	$180,000	$143	77
220 N Luzerne Ave	0.11mi	3/1.0	1,372 (+10%)	1mo	$120,000	$87	75
122 Ellwood Ave	0.48mi	3/1.5	1,200 (-4%)	0mo	$235,000	$196	72
629 N Kenwood Ave	0.26mi	2/1.5 (-1)	1,100 (-12%)	1mo	$76,500	$70	63
325 S Castle St	0.71mi	2/1.5 (-1)	1,196 (-4%)	0mo	$275,000	$230	55
280 S Robinson St	0.75mi	2/1.0 (-1)	1,282 (+3%)	1mo	$294,000	$229	52
2736 Mura St	0.64mi	3/2.0	1,120 (-10%)	0mo	$81,000	$72	51
36 N Decker Ave	0.47mi	3/2.0	1,430 (+15%)	0mo	$325,000	$227	51
18 S Washington St	0.55mi	3/3.0	1,410 (+13%)	0mo	$318,000	$226	46
1009 N Washington St N	0.59mi	2/2.5 (-1)	1,386 (+11%)	0mo	$235,000	$170	44

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: 48.0%
• Equity multiple: 3.03×
• Total profit: $39,820
• Equity at exit: $10,422

10-year hold

• IRR: 52.9%
• Equity multiple: 5.72×
• Total profit: $92,444
• Equity at exit: $6,044

Cash invested: $19,572 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,881 high
• Mortgage (P&I): −$367
• Tax from tax record: −$240 /mo · $2,882/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $851

Break-even live

Break-even rent $805

Max offer price $69,900

Occupancy floor 50%

Sensitivity live

Price	-10% $890	-5% $870	+0% $851	+5% $831	+10% $811
Rent	-10% $702	-5% $776	+0% $851	+5% $925	+10% $999
Rate	-1.0pp $886	-0.5pp $868	base $851	+0.5pp $832	+1.0pp $814

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	5d	1	0.04mi
425 N Milton Ave Baltimore, MD	3.0	1.0	1200	$1,525	$1.27	15d	1	0.06mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	44d	1	0.09mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	44d	1	0.09mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	21d	1	0.10mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	24d	1	0.11mi
420 N Montford Ave Baltimore, MD	3.0	1.0	1350	$1,450	$1.07	44d	1	0.11mi
230 N Rose St Baltimore, MD	2.0	1.5	1200	$1,545	$1.29	44d	1	0.12mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	18d	1	0.12mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.12mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	44d	1	0.13mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	18d	1	0.13mi
227 N Rose St Baltimore, MD	2.0	4.0	1420	$1,600	$1.13	24d	1	0.13mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	44d	1	0.14mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	15d	1	0.14mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	20d	1	0.16mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	44d	1	0.16mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	22d	1	0.18mi
2410 E Fayette St Baltimore, MD	3.0	1.0	1224	$1,800	$1.47	44d	1	0.18mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.18mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	15d	1	0.19mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	24d	1	0.19mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	24d	1	0.19mi
2317 E Fayette St Baltimore, MD	3.0	1.5	1315	$2,000	$1.52	13d	1	0.23mi
2208 Orleans St Baltimore, MD	3.0	1.0	1310	$1,775	$1.35	44d	1	0.24mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	44d	1	0.24mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	24d	1	0.24mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	3d	1	0.24mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	18d	1	0.26mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	15d	1	0.26mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	44d	1	0.26mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	44d	1	0.26mi
2212 E Monument St Unit 2 Baltimore, MD	2.0	1.0	1200	$1,550	$1.29	18d	1	0.26mi
406 N Collington Ave Baltimore, MD	2.0	2.5	1216	$1,875	$1.54	44d	1	0.26mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.29mi
2242 E Fairmount Ave Baltimore, MD	3.0	2.0	1345	$2,850	$2.12	44d	1	0.31mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	44d	1	0.31mi
9 N Luzerne Ave Baltimore, MD	3.0	2.5	1380	$2,450	$1.78	5d	1	0.32mi
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	44d	1	0.32mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	5d	1	0.33mi

Listing history 6 events

1. 2026-06-13
   statusdays on market $69,900 Pending 6 DOM
2. 2026-06-10
   remarks 519-char remark
3. 2026-06-09
   days on market $69,900 Active 4 DOM
4. 2026-06-08
   days on market $69,900 Active 3 DOM
5. 2026-06-07
   remarks 460-char remark
6. 2026-06-07
   listed $69,900 Active 2 DOM

ⓘ 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: $2,882 · $240/mo
• Projected year-2 tax: $2,882 · $240/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: $22,578
• − Mortgage interest: −$3,915
• − Property taxes: −$2,882
• − Insurance: −$350
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$2,033
• Taxable income: $9,785
• Est. tax owed @ 24.0%: −$2,348
• After-tax cash flow: $7,858/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

+75.2% since first listed

8 events — show timeline

• 2026-06-05 Listed $69,900 BRIGHT MLS
• 2024-03-01 Sold (Public Records) $295,000 Public Records
• 2020-03-05 Sold (Public Records) $1,050,150 Public Records
• 2008-06-19 Sold (Public Records) $52,500 Public Records
• 2008-05-30 Sold (MLS) $52,500 MRIS
• 2008-05-05 Delisted — MRIS
• 2008-04-12 Listed $52,500 MRIS
• 1987-12-04 Sold (Public Records) $39,900 Public Records

Property tax history

+3.4%/yr

Latest (2025): $2,882 · +6.0% YoY. Source: county tax records.