2122 Jefferson St · Baltimore, MD 21205

$117,900

3 bd · 1.0 ba · 1,464 sqft · Townhouse public records · 41 Days on market

Built 1920 1,464 sqft lot $81/sqft · 33% below area Est $175k · 33% under ↓ 51% since listing

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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
• Rent growth +5.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Key facts

• Built 1920
• Listed 41 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: No tidal water

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level; 1 full bathroom total
• Heating & cooling: Other heating; Other cooling; 60+ gallon hot water tank
• Interior features: Partially finished basement; Improved basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $118k.

Deal economics

• At list price, monthly cash flow is $733 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $114k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,995/mo this rent would consume 55% 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 $815 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 + 8.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $114,363 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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: 1.69% ✓
• Cap rate: 13.76%
• Cash-on-cash: 26.66%
• DSCR: 2.19
• GRM: 4.9

CMA / ARV

• ARV (median comp): $175,420
• List price: $117,900
• Delta: -32.79%
• 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
220 N Luzerne Ave	0.34mi	3/1.0	1,372 (-6%)	1mo	$120,000	$87	73
14 N Wolfe St N	0.37mi	2/2.0 (-1)	1,424 (-3%)	1mo	$292,000	$205	69
18 S Washington St	0.41mi	3/3.0	1,410 (-4%)	0mo	$318,000	$226	66
2220 Henneman Ave	0.52mi	3/2.5	1,440 (-2%)	1mo	$190,000	$132	66
219 S Washington St	0.57mi	3/2.0	1,434 (-2%)	0mo	$350,000	$244	66
410 N Chester St	0.08mi	2/1.5 (-1)	1,260 (-14%)	0mo	$180,000	$143	66
2435 Jefferson St	0.23mi	3/1.0	1,260 (-14%)	1mo	$140,000	$111	66
145 N Milton Ave	0.32mi	2/2.0 (-1)	1,353 (-8%)	1mo	$260,000	$192	63
317 S Collington	0.65mi	3/2.5	1,440 (-2%)	1mo	$365,000	$253	60
1009 N Washington St N	0.43mi	2/2.5 (-1)	1,386 (-5%)	0mo	$235,000	$170	60
36 N Decker Ave	0.71mi	3/2.0	1,430 (-2%)	0mo	$325,000	$227	58
411 S Chester St	0.70mi	2/2.0 (-1)	1,491 (+2%)	1mo	$360,000	$241	55

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: 26.2%
• Equity multiple: 2.16×
• Total profit: $38,197
• Equity at exit: $17,579

10-year hold

• IRR: 36.8%
• Equity multiple: 5.29×
• Total profit: $141,595
• Equity at exit: $10,194

Cash invested: $33,012 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,995 high
• Mortgage (P&I): −$618
• Tax from tax record: −$176 /mo · $2,107/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $733

Break-even live

Break-even rent $1,067

Max offer price $117,900

Occupancy floor 58%

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: $29,475
• Closing costs: $3,537
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
406 N Collington Ave Baltimore, MD	2.0	2.5	1216	$1,875	$1.54	43d	1	0.08mi
2208 Orleans St Baltimore, MD	3.0	1.0	1310	$1,775	$1.35	43d	1	0.11mi
2212 E Monument St Unit 2 Baltimore, MD	2.0	1.0	1200	$1,550	$1.29	17d	1	0.14mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	43d	1	0.14mi
712 N Duncan St Baltimore, MD	2.0	1.5	1000	$2,000	$2.00	43d	1	0.16mi
2209 Mullikin St Baltimore, MD	3.0	2.5	1512	$1,900	$1.26	3d	1	0.17mi
420 N Montford Ave Baltimore, MD	3.0	1.0	1350	$1,450	$1.07	43d	1	0.18mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	14d	1	0.19mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	43d	1	0.19mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	43d	1	0.20mi
821 N Collington Ave Baltimore, MD	3.0	2.0	1150	$1,950	$1.70	43d	1	0.22mi
2431 McElderry St Baltimore, MD	4.0	2.5	1600	$2,100	$1.31	43d	1	0.23mi
107 N Chester St Unit 2 Baltimore, MD	3.0	1.0	1750	$2,750	$1.57	43d	1	0.24mi
143 N Patterson Park Ave Baltimore, MD	4.0	3.5	1650	$3,700	$2.24	23d	1	0.24mi
2317 E Fayette St Baltimore, MD	3.0	1.5	1315	$2,000	$1.52	12d	1	0.24mi
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	43d	1	0.26mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.26mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	43d	1	0.26mi
2410 E Fayette St Baltimore, MD	3.0	1.0	1224	$1,800	$1.47	43d	1	0.27mi
425 N Milton Ave Baltimore, MD	3.0	1.0	1200	$1,525	$1.27	14d	1	0.28mi
2242 E Fairmount Ave Baltimore, MD	3.0	2.0	1345	$2,850	$2.12	43d	1	0.29mi
1923 Ashland Ave Baltimore, MD	2.0	2.0	862	$1,770	$2.05	19d	2	0.29mi
2115 E Fairmount Ave Baltimore, MD	3.0	2.5	1736	$2,795	$1.61	23d	1	0.29mi
2015 E Fairmount Ave Baltimore, MD	3.0	3.5	1402	$2,500	$1.78	43d	1	0.31mi
230 N Rose St Baltimore, MD	2.0	1.5	1200	$1,545	$1.29	43d	1	0.32mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	17d	1	0.32mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	17d	1	0.33mi
227 N Rose St Baltimore, MD	2.0	4.0	1420	$1,600	$1.13	23d	1	0.33mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	4d	1	0.34mi
539 N Luzerne Ave Baltimore, MD	3.0	2.5	1702	$2,300	$1.35	43d	1	0.35mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	23d	1	0.36mi
233 N Luzerne Ave Baltimore, MD	3.0	2.5	1700	$2,250	$1.32	21d	1	0.37mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	19d	1	0.38mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	43d	1	0.38mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	23d	1	0.39mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	43d	1	0.39mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	14d	1	0.41mi
2202 Prentiss Pl Baltimore, MD	3.0	2.0	1400	$2,400	$1.71	43d	1	0.42mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	43d	1	0.42mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	43d	1	0.42mi

Listing history 17 events

1. 2026-06-17
   status $117,900 Pending 41 DOM
2. 2026-06-16
   days on market $117,900 Active 41 DOM
3. 2026-06-15
   days on market $117,900 Active 40 DOM
4. 2026-06-13
   days on market $117,900 Active 38 DOM
5. 2026-06-10
   price $117,900 Active 34 DOM
6. 2026-06-09
   days on market $124,900 Active 34 DOM
7. 2026-06-08
   days on market $124,900 Active 33 DOM
8. 2026-06-07
   days on market $124,900 Active 32 DOM
9. 2026-06-04
   days on market $124,900 Active 29 DOM
10. 2026-06-03
    pricedays on market $124,900 Active 28 DOM
11. 2026-06-02
    days on market $134,900 Active 27 DOM
12. 2026-06-01
    days on market $134,900 Active 26 DOM
13. 2026-05-31
    days on market $134,900 Active 25 DOM
14. 2026-05-15
    price $139,900 1408-char remark
15. 2026-05-06
    listed $150,000 Active 1408-char remark
16. 2005-08-10
    soldstatus $84,973
17. 1982-04-06
    soldstatus $241,294

ⓘ 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: $2,107 · $176/mo
• Projected year-2 tax: $2,107 · $176/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: $23,945
• − Mortgage interest: −$6,604
• − Property taxes: −$2,107
• − Insurance: −$590
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − Depreciation: −$3,430
• Taxable income: $7,383
• Est. tax owed @ 24.0%: −$1,772
• After-tax cash flow: $7,029/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

-51.1% since first listed

8 events — show timeline

• 2026-06-16 Pending — BRIGHT MLS
• 2026-06-09 Price Changed $117,900 BRIGHT MLS
• 2026-06-03 Price Changed $124,900 BRIGHT MLS
• 2026-05-28 Price Changed $134,900 BRIGHT MLS
• 2026-05-15 Price Changed $139,900 BRIGHT MLS
• 2026-05-06 Listed $150,000 BRIGHT MLS
• 2005-08-10 Sold (Public Records) $84,973 Public Records
• 1982-04-06 Sold (Public Records) $241,294 Public Records

Property tax history

+6.5%/yr

Latest (2025): $2,107 · +0.3% YoY. Source: county tax records.