2401 Annapolis Rd · Baltimore, MD 21230

$60,000

2 bd · 1.0 ba · 1,200 sqft · Townhouse public records · 109 Days on market

Built 1920 2,178 sqft lot $50/sqft · 18% below area Est $73k · 18% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

End-of-Unit 2 Bedroom, 2 Full Bath Westport Home with Water & Harbor Views Discover the promise and potential of this spacious Westport home, located in a water-view community where newly built neighboring waterfront homes are selling for $400,000. This home has undergone many improvements, including new framing, with some electrical and plumbing already completed. It features a great layout and is ready for final touches before drywall installation. The workmanship completed to date looks excellent. The Westport Waterfront Development is transforming the area and steadily increasing neighborhood values. Perfectly positioned for commuters and travelers alike, this home sits just off I-295 and I-95, placing you only 14 minutes from the airport and just three blocks from the light rail station. Whether you're an investor, renovator, or dream-home creator, this property presents a rare opportunity to bring your vision to life in one of Baltimore’s up-and-coming waterfront communities

Key facts

• Built 1920
• Listed 108 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 31.2% 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 soft (-1.0%/yr); 364 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); 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 $415 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 + 0.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $15k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $60k implies a 358% gain — meaningful room to come down on a strong offer.

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 $54,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.42% ✓
• Cap rate: 31.17%
• Cash-on-cash: 88.85%
• DSCR: 4.95
• GRM: 2.4

CMA / ARV

• ARV (median comp): $72,759
• List price: $60,000
• Delta: -17.54%
• 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
2405 Westport St	0.10mi	2/2.0	1,200 (0%)	0mo	$75,000	$63	91
2318 Sidney Ave	0.09mi	3/1.0 (+1)	1,120 (-7%)	2mo	$72,500	$65	78
2316 Cedley St	0.11mi	3/2.0 (+1)	1,144 (-5%)	4mo	$140,000	$122	75
2113 Sidney Ave	0.25mi	3/1.0 (+1)	1,260 (+5%)	2mo	$72,500	$58	73
2625 Waterview Ave	0.27mi	3/1.0 (+1)	1,260 (+5%)	6mo	$94,200	$75	69
2317 Annapolis Rd	0.09mi	3/1.0 (+1)	1,372 (+14%)	5mo	$40,000	$29	63
2521 S Paca St	0.58mi	3/1.5 (+1)	1,152 (-4%)	1mo	$30,000	$26	58
2619 Northshire Dr	0.56mi	3/1.0 (+1)	1,024 (-15%)	2mo	$145,000	$142	42
2628 Northshire Dr	0.57mi	3/1.0 (+1)	1,024 (-15%)	4mo	$175,000	$171	41
2639 Northshire Dr	0.54mi	3/2.0 (+1)	1,024 (-15%)	5mo	$120,000	$117	37
2839 Hinsdale Dr	0.66mi	3/1.0 (+1)	1,024 (-15%)	4mo	$152,000	$148	36
2836 Hinsdale Dr	0.66mi	3/1.0 (+1)	1,024 (-15%)	8mo	$140,000	$137	33

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 86.1%
• Equity multiple: 4.78×
• Total profit: $63,498
• Equity at exit: $8,946

10-year hold

• IRR: 88.6%
• Equity multiple: 8.98×
• Total profit: $134,104
• Equity at exit: $5,188

Cash invested: $16,800 (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 21230

• Rents YoY: -1.0%
• Active inventory: 364
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $2,052 high
• Mortgage (P&I): −$315
• Tax from tax record: −$37 /mo · $446/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $1,244

Break-even live

Break-even rent $477

Max offer price $60,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,278	-5% $1,261	+0% $1,244	+5% $1,227	+10% $1,210
Rent	-10% $1,082	-5% $1,163	+0% $1,244	+5% $1,325	+10% $1,406
Rate	-1.0pp $1,274	-0.5pp $1,259	base $1,244	+0.5pp $1,228	+1.0pp $1,213

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	22d	1	0.81mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	15d	1	0.84mi
2200 W Patapsco Ave Baltimore, MD	3.0	1.0	890	$1,569	$1.76	44d	1	0.89mi
607 Cheraton Rd Brooklyn, MD	3.0	3.0	1200	$1,750	$1.46	15d	1	0.90mi
1931 Griffis Ave Baltimore, MD	2.0	1.0	912	$1,349	$1.48	5d	1	0.93mi
3004 Elizabeth Ave Unit 1 Baltimore, MD	3.0	1.0	1024	$1,395	$1.36	5d	1	0.95mi
2429 Washington Blvd Baltimore, MD	1.0	1.0	940	$600	$0.64	24d	1	0.98mi
3017 Janice Ave Baltimore, MD	3.0	1.0	1024	$1,995	$1.95	24d	1	0.99mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	44d	1	1.00mi
2600 W Patapsco Ave Baltimore, MD	1.0–2.0	1.0	856	$1,309	$1.53	3d	24	1.05mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	3d	22	1.08mi
2500 Insulator Dr Baltimore, MD	3.0	1.0–2.0	988	$3,816	$3.86	3d	152	1.16mi
1900 S Hanover St Baltimore, MD	3.0	1.0–2.0	875	$3,119	$3.56	2d	66	1.17mi
111 W Heath St Baltimore, MD	2.0	1.0–2.5	1263	$2,850	$2.26	4d	7	1.18mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	44d	1	1.20mi
1746 S Hanover St Baltimore, MD	3.0	2.0	1490	$2,700	$1.81	11d	1	1.21mi
1718 S Hanover St Baltimore, MD	2.0	2.5	1296	$2,700	$2.08	24d	1	1.22mi
1839 S Charles St Baltimore, MD	3.0	2.5	1238	$2,600	$2.10	44d	1	1.26mi
1516 Clarkson St Baltimore, MD	2.0	1.5	1050	$1,795	$1.71	24d	1	1.27mi
1608 S Hanover St Baltimore, MD	3.0	3.5	1346	$3,000	$2.23	18d	1	1.27mi
1815 S Charles St Baltimore, MD	2.0	2.0	1208	$2,100	$1.74	44d	1	1.28mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	24d	1	1.29mi
1601 S Hanover St Apt 1R Baltimore, MD	2.0	1.0	900	$1,600	$1.78	3d	1	1.29mi
1403 Race St Baltimore, MD	3.0	3.0	1008	$2,200	$2.18	44d	1	1.29mi
1942 Light St Baltimore, MD	2.0	2.5	1150	$2,200	$1.91	22d	1	1.30mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	24d	1	1.31mi
130 Reedbird Ave Brooklyn, MD	2.0	1.0	1152	$1,700	$1.48	24d	1	1.31mi
1108 Sterrett St Baltimore, MD	2.0	1.0	1400	$2,300	$1.64	24d	1	1.32mi
1631 S Charles St Baltimore, MD	2.0	3.0	1460	$2,607	$1.79	5d	1	1.32mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	44d	1	1.32mi
126 Burnett St Baltimore, MD	2.0	2.5	984	$2,200	$2.24	24d	1	1.34mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	5d	1	1.37mi
8 E Randall St Baltimore, MD	2.0	2.5	1148	$2,600	$2.26	5d	1	1.37mi
1710 Marshall St Baltimore, MD	2.0	1.0	1110	$2,500	$2.25	44d	1	1.37mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	1.38mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	44d	1	1.38mi
49 E Heath St Baltimore, MD	2.0	1.5	858	$1,800	$2.10	12d	1	1.38mi
1503 S Charles St Unit 2 Baltimore, MD	2.0	2.0	1100	$2,375	$2.16	44d	1	1.38mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	1.38mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	44d	1	1.39mi

Listing history 22 events

1. 2026-06-21
   days on market $60,000 Active 109 DOM
2. 2026-06-18
   days on market $60,000 Active 106 DOM
3. 2026-06-17
   days on market $60,000 Active 105 DOM
4. 2026-06-16
   days on market $60,000 Active 104 DOM
5. 2026-06-15
   days on market $60,000 Active 103 DOM
6. 2026-06-13
   days on market $60,000 Active 101 DOM
7. 2026-06-09
   days on market $60,000 Active 97 DOM
8. 2026-06-08
   days on market $60,000 Active 96 DOM
9. 2026-06-07
   days on market $60,000 Active 95 DOM
10. 2026-06-04
    days on market $60,000 Active 92 DOM
11. 2026-06-03
    days on market $60,000 Active 91 DOM
12. 2026-06-02
    days on market $60,000 Active 90 DOM
13. 2026-06-01
    days on market $60,000 Active 89 DOM
14. 2026-05-31
    days on market $60,000 Active 88 DOM
15. 2026-03-11
    price $67,000 1007-char remark

    Show marketing remark (1007 chars)

    End-of-Unit 2 Bedroom, 2 Full Bath Westport Home with Water & Harbor Views Discover the promise and potential of this spacious Westport home, located in a water-view community where newly built neighboring waterfront homes are selling for $400,000. This home has undergone many improvements, including new framing, with some electrical and plumbing already completed. It features a great layout and is ready for final touches before drywall installation. The workmanship completed to date looks excellent. The Westport Waterfront Development is transforming the area and steadily increasing neighborhood values. Perfectly positioned for commuters and travelers alike, this home sits just off I-295 and I-95, placing you only 14 minutes from the airport and just three blocks from the light rail station. Whether you're an investor, renovator, or dream-home creator, this property presents a rare opportunity to bring your vision to life in one of Baltimore’s up-and-coming waterfront communities

16. 2026-03-05
    listed $75,000 Active 1007-char remark

    Show marketing remark (1007 chars)

    End-of-Unit 2 Bedroom, 2 Full Bath Westport Home with Water & Harbor Views Discover the promise and potential of this spacious Westport home, located in a water-view community where newly built neighboring waterfront homes are selling for $400,000. This home has undergone many improvements, including new framing, with some electrical and plumbing already completed. It features a great layout and is ready for final touches before drywall installation. The workmanship completed to date looks excellent. The Westport Waterfront Development is transforming the area and steadily increasing neighborhood values. Perfectly positioned for commuters and travelers alike, this home sits just off I-295 and I-95, placing you only 14 minutes from the airport and just three blocks from the light rail station. Whether you're an investor, renovator, or dream-home creator, this property presents a rare opportunity to bring your vision to life in one of Baltimore’s up-and-coming waterfront communities

17. 2026-02-26
    historical $75,000 1007-char remark

    Show marketing remark (1007 chars)

    End-of-Unit 2 Bedroom, 2 Full Bath Westport Home with Water & Harbor Views Discover the promise and potential of this spacious Westport home, located in a water-view community where newly built neighboring waterfront homes are selling for $400,000. This home has undergone many improvements, including new framing, with some electrical and plumbing already completed. It features a great layout and is ready for final touches before drywall installation. The workmanship completed to date looks excellent. The Westport Waterfront Development is transforming the area and steadily increasing neighborhood values. Perfectly positioned for commuters and travelers alike, this home sits just off I-295 and I-95, placing you only 14 minutes from the airport and just three blocks from the light rail station. Whether you're an investor, renovator, or dream-home creator, this property presents a rare opportunity to bring your vision to life in one of Baltimore’s up-and-coming waterfront communities

18. 2023-12-29
    historical
19. 2023-12-28
    listed $39,999 Active
20. 2020-04-20
    soldstatus $13,095
21. 1996-12-16
    soldstatus $350,000
22. 1988-06-24
    soldstatus $57,600

ⓘ 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: $446 · $37/mo
• Projected year-2 tax: $550 · $46/mo
• Expected delta: +$104/yr (+$9/mo · 23.3%)

ⓘ 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 ≥102°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: $24,619
• − Mortgage interest: −$3,361
• − Property taxes: −$446
• − Insurance: −$300
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − Depreciation: −$1,745
• Taxable income: $14,827
• Est. tax owed @ 24.0%: −$3,559
• After-tax cash flow: $11,368/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+16.3% since first listed

8 events — show timeline

• 2026-03-11 Price Changed $67,000 BRIGHT MLS
• 2026-03-05 Listed $75,000 BRIGHT MLS
• 2026-02-26 Coming Soon $75,000 BRIGHT MLS
• 2023-12-29 Listing Removed — BRIGHT MLS
• 2023-12-28 Listed $39,999 BRIGHT MLS
• 2020-04-20 Sold (Public Records) $13,095 Public Records
• 1996-12-16 Sold (Public Records) $350,000 Public Records
• 1988-06-24 Sold (Public Records) $57,600 Public Records

Property tax history

+5.5%/yr

Latest (2025): $446 · +0.0% YoY. Source: county tax records.