1004 Iris Ave · Baltimore, MD 21205

$200,000

3 bd · 1.5 ba · 1,374 sqft · Townhouse public records · 14 Days on market

Built 1953 1,307 sqft lot

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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 +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Rent growth +5.0/5.0
• 1% rule +4.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to buy a beautifully renov/remod. townhome which includes, great front porch, New (kitchen, heating/ac unit, Hardwood floors, Deck), patio, All appliances convey. Great rec. /FR room w/ space for rooms, outside entrance & much more! Ground Rent Approx. Great financing available.

Key facts

• Built 1953
• Listed 14 days

Property features AI

Finance

• Financial info: Property condition listed as good; Ground rent charged (payment semi-annually)

Exterior

• Parking: Alley access; On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas for heating and hot water
• Home design: Interior townhouse/rowhouse; Ground rent ownership (semi-annual payment)
• Construction: Brick construction; Block foundation; Slate roof; Pets allowed with no restrictions; Year built estimated
• Exterior features: Chain link fencing; Not in a federal flood zone; Finished space below grade

Interior

• Kitchen: Dishwasher; Gas oven/range; Microwave; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms on the main level; Two full bathrooms total
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Traditional floor plan with a dedicated dining area; Finished basement with connecting stairway and walkout stairs
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (2.2% below list).
• Recommended offer: $196k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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 (+9.9%/yr); 143 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,956/mo this rent would consume 54% of the median local household income ($43k/yr) (locally 966% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $100k; list at $200k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $195,621 (2.2% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.98% ✗
• Cap rate: 7.85%
• Cash-on-cash: 5.55%
• DSCR: 1.25
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $122,286
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 N Kresson St	0.67mi	3/1.0	1,372 (-0%)	3mo	$79,000	$58	64
3609 Fayette St E	0.64mi	2/1.5 (-1)	1,390 (+1%)	2mo	$119,900	$86	62
1403 N Decker Ave	0.69mi	3/2.0	1,420 (+3%)	4mo	$94,500	$67	57
443 Robinson St N	0.70mi	3/2.0	1,440 (+5%)	3mo	$165,000	$115	55
601 N Decker Ave	0.70mi	2/1.0 (-1)	1,344 (-2%)	4mo	$120,000	$89	53
522 N Ellwood Ave	0.71mi	3/1.0	1,296 (-6%)	3mo	$85,000	$66	53
3135 Mcelderry St	0.63mi	3/2.0	1,224 (-11%)	1mo	$234,000	$191	49
1214 N Potomac St	0.71mi	3/2.0	1,268 (-8%)	4mo	$72,000	$57	48
111 N Highland Ave	0.74mi	3/1.5	1,170 (-15%)	1mo	$105,000	$90	40
4117 Eastmont Ave	0.75mi	3/2.0	1,176 (-14%)	1mo	$224,900	$191	38
149 N Highland Ave	0.69mi	2/1.0 (-1)	1,170 (-15%)	1mo	$75,000	$64	35
626 N Decker Ave	0.71mi	4/1.0 (+1)	1,170 (-15%)	5mo	$135,000	$115	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-5,593
• Equity at exit: $29,821

10-year hold

• IRR: 11.8%
• Equity multiple: 2.13×
• Total profit: $63,319
• Equity at exit: $17,292

Cash invested: $56,000 (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 21205

• Home prices YoY: -5.8%
• Rents YoY: 9.9%
• Active inventory: 143
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,956 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$154 /mo · $1,849/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $259

Break-even live

Break-even rent $1,628

Max offer price $200,000

Occupancy floor 82%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	43d	1	0.55mi
1215 N Ellwood Ave Baltimore, MD	3.0	1.0	1128	$1,795	$1.59	23d	1	0.62mi
1310 N Ellwood Ave #1 Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	21d	1	0.64mi
1310 N Ellwood Ave Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	12d	1	0.64mi
4300 Orchard Ridge Blvd Baltimore, MD	1.0–3.0	1.0–2.0	1021	$1,809	$1.77	43d	1	0.69mi
809 N Curley St Baltimore, MD	3.0	1.0	1746	$1,400	$0.80	21d	1	0.71mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.72mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	23d	1	0.72mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	43d	1	0.72mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.73mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	4d	1	0.74mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	4d	1	0.74mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	43d	1	0.76mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	23d	1	0.77mi
1403 N Linwood Ave Baltimore, MD	3.0	2.0	1660	$1,995	$1.20	43d	1	0.78mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	23d	1	0.78mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	23d	1	0.79mi
4104 Erdman Ave Unit 2 Baltimore, MD	2.0	1.0	1566	$1,075	$0.69	4d	1	0.79mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	23d	1	0.81mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	43d	1	0.81mi
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	43d	1	0.82mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	20d	1	0.82mi
3304 E Baltimore St Baltimore, MD	3.0	1.5	1514	$1,875	$1.24	43d	1	0.83mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	16d	1	0.83mi
3502 E Lombard St Baltimore, MD	3.0	2.0	1522	$1,870	$1.23	43d	1	0.84mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	23d	1	0.84mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	2d	1	0.85mi
3914 Erdman Ave #1 Baltimore, MD	3.0	1.0	1200	$1,319	$1.10	17d	1	0.85mi
1323 N Kenwood Ave Unit 1 Baltimore, MD	2.0	1.5	1060	$1,350	$1.27	23d	1	0.86mi
3902 Erdman Ave Unit 1 Baltimore, MD	2.0	1.0	1000	$1,275	$1.27	23d	1	0.87mi
3603 Ravenwood Ave Unit 1 Baltimore, MD	4.0	1.0	1566	$1,600	$1.02	43d	1	0.87mi
113 N Decker Ave Baltimore, MD	3.0	3.5	1800	$2,850	$1.58	23d	1	0.87mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	23d	1	0.87mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	23d	1	0.88mi
133 S Macon St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	17d	1	0.89mi
2706 E Biddle St Baltimore, MD	3.0	2.0	1577	$1,395	$0.88	43d	1	0.90mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.90mi
10 N Ellwood Ave Baltimore, MD	4.0	2.5	1768	$2,500	$1.41	43d	1	0.90mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	23d	1	0.91mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	17d	1	0.91mi

Listing history 19 events

1. 2026-06-18
   days on market $200,000 Active 14 DOM
2. 2026-06-17
   days on market $200,000 Active 13 DOM
3. 2026-06-16
   days on market $200,000 Active 12 DOM
4. 2026-06-15
   days on market $200,000 Active 11 DOM
5. 2026-06-13
   days on market $200,000 Active 9 DOM
6. 2026-06-09
   days on market $200,000 Active 5 DOM
7. 2026-06-08
   days on market $200,000 Active 4 DOM
8. 2026-06-07
   pricedays on market $200,000 Active 3 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    pricestatusdays on market $199,900 Active 1 DOM
11. 2026-06-03
    days on market $200,000 Coming Soon 13 DOM
12. 2026-06-02
    days on market $200,000 Coming Soon 12 DOM
13. 2026-06-01
    days on market $200,000 Coming Soon 11 DOM
14. 2026-05-31
    days on market $200,000 Coming Soon 10 DOM
15. 2026-05-21
    historical $200,000
16. 2006-04-04
    soldstatus $100,000
17. 2006-03-24
    soldstatus $100,000 303-char remark

    Show marketing remark (303 chars)

    Great opportunity to buy a beautifully renov/remod. townhome which includes, great front porch, New (kitchen, heating/ac unit, Hardwood floors, Deck), patio, All appliances convey. Great rec. /FR room w/ space for rooms, outside entrance & much more! Ground Rent Approx. Great financing available.

18. 2006-02-23
    historical 303-char remark

    Show marketing remark (303 chars)

    Great opportunity to buy a beautifully renov/remod. townhome which includes, great front porch, New (kitchen, heating/ac unit, Hardwood floors, Deck), patio, All appliances convey. Great rec. /FR room w/ space for rooms, outside entrance & much more! Ground Rent Approx. Great financing available.

19. 2006-01-26
    listed $134,900 303-char remark

    Show marketing remark (303 chars)

    Great opportunity to buy a beautifully renov/remod. townhome which includes, great front porch, New (kitchen, heating/ac unit, Hardwood floors, Deck), patio, All appliances convey. Great rec. /FR room w/ space for rooms, outside entrance & much more! Ground Rent Approx. Great financing available.

ⓘ 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: $1,849 · $154/mo
• Projected year-2 tax: $2,014 · $168/mo
• Expected delta: +$166/yr (+$14/mo · 9.0%)

ⓘ 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: $23,475
• − Mortgage interest: −$11,203
• − Property taxes: −$1,849
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,878
• − Management: −$1,878
• − Depreciation: −$5,818
• Taxable loss: −$152
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $3,147/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): 13,013
• Household income: $43,176
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 966.0

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 0.60)
• Race & ethnicity: Black 60% Hispanic / Latino 16% White 14% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 1% Cuban 1% Dominican 4%
• Common ancestry: Slovak 3% Romanian 1%
• Foreign-born: 16% · Canada, China
• Languages at home: 79% English-only · Spanish 11% Arabic 4% Chinese 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: ▼ -15.03%
• Current HPI: 244.1345
• Rent YoY: ▲ 9.88%
• 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

+48.3% since first listed

5 events — show timeline

• 2026-05-21 Coming Soon $200,000 BRIGHT MLS
• 2006-04-04 Sold (Public Records) $100,000 Public Records
• 2006-03-24 Sold (MLS) $100,000 MRIS
• 2006-02-23 Delisted — MRIS
• 2006-01-26 Listed $134,900 MRIS

Property tax history

-1.6%/yr

Latest (2025): $1,849 · +1.4% YoY. Source: county tax records.