309 N Calhoun St · Baltimore, MD 21223

$80,000

7 bd · 2.0 ba · 1,492 sqft · Townhouse · 51 Days on market

Built 1920 0.34 ac lot $54/sqft · 71% below area

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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
• Rent growth +4.4/5.0
• 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!! READY TO MOVE YOUR TENANT IN OR GREAT FOR 1ST TIME HOMEOWNER. FRESHLY PAINTED, VERY LARGE KITCHEN. PROPERTY PREVIOUSLY RENTED FOR $750.00. OWNER WILLING TO INSTALL NEW CARPET WITH FULL PRICE OFFER.

Key facts

• Built 1920
• Listed 51 days

Property features AI

Finance

• Other: Income/expense listing references annual ground rent
• Financial info: Ground rent payment: $76 semi-annually; Land assessed value listed separately from improvements

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Interior townhouse/rowhouse; Above-grade living space reported as 1,492 (estimated)
• Construction: Brick construction; Brick/mortar foundation; Other structures above grade
• Exterior features: On-street parking; Property is within city limits; Ground rent exists and is paid semi-annually

Interior

• Bedrooms: Seven bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central heating; Central air conditioning (natural gas)
• Interior features: Fully finished basement; Living area reported as estimated

🏷️ Possibly a rental listed for sale. The $80,000 price doesn't fit this home's estimated sale value (~$273,209) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 7-bed/2.0-bath townhouse listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.8% 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 (+7.5%/yr); 422 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,115/mo this rent would consume 55% of the median local household income ($46k/yr) (locally 1755% 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 $553 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 + 7.5% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y ago; this cycle's ask has dropped $16k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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: 2.64% ✓
• Cap rate: 23.77%
• Cash-on-cash: 62.43%
• DSCR: 3.78
• GRM: 3.2

CMA / ARV

• ARV (median comp): $273,209
• List price: $80,000
• Delta: -70.72%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1143 Myrtle Ave	0.59mi	6/3.0 (-1)	1,340 (-10%)	9mo	$299,000	$223	39
821 W Lombard St	0.71mi	6/3.0 (-1)	1,614 (+8%)	13mo	$400,000	$248	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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 66.3%
• Equity multiple: 4.18×
• Total profit: $71,295
• Equity at exit: $11,928

10-year hold

• IRR: 72.0%
• Equity multiple: 10.06×
• Total profit: $202,866
• Equity at exit: $6,917

Cash invested: $22,400 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,115 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$53 /mo · $634/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,165

Break-even live

Break-even rent $640

Max offer price $80,000

Occupancy floor 40%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $80,000 Active 51 DOM
2. 2026-06-17
   days on market $80,000 Active 50 DOM
3. 2026-06-16
   days on market $80,000 Active 49 DOM
4. 2026-06-15
   days on market $80,000 Active 48 DOM
5. 2026-06-13
   days on market $80,000 Active 46 DOM
6. 2026-06-09
   days on market $80,000 Active 42 DOM
7. 2026-06-08
   days on market $80,000 Active 41 DOM
8. 2026-06-07
   days on market $80,000 Active 40 DOM
9. 2026-06-04
   days on market $80,000 Active 37 DOM
10. 2026-06-03
    days on market $80,000 Active 36 DOM
11. 2026-06-02
    days on market $80,000 Active 35 DOM
12. 2026-06-01
    days on market $80,000 Active 34 DOM
13. 2026-05-31
    days on market $80,000 Active 33 DOM
14. 2026-04-28
    listed $95,500 Active 928-char remark
15. 2007-05-02
    soldstatus $85,000 217-char remark

    Show marketing remark (217 chars)

    GREAT OPPORTUNITY!! READY TO MOVE YOUR TENANT IN OR GREAT FOR 1ST TIME HOMEOWNER. FRESHLY PAINTED, VERY LARGE KITCHEN. PROPERTY PREVIOUSLY RENTED FOR $750.00. OWNER WILLING TO INSTALL NEW CARPET WITH FULL PRICE OFFER.

16. 2007-04-07
    historical 217-char remark

    Show marketing remark (217 chars)

    GREAT OPPORTUNITY!! READY TO MOVE YOUR TENANT IN OR GREAT FOR 1ST TIME HOMEOWNER. FRESHLY PAINTED, VERY LARGE KITCHEN. PROPERTY PREVIOUSLY RENTED FOR $750.00. OWNER WILLING TO INSTALL NEW CARPET WITH FULL PRICE OFFER.

17. 2007-03-23
    listed $89,900 217-char remark

    Show marketing remark (217 chars)

    GREAT OPPORTUNITY!! READY TO MOVE YOUR TENANT IN OR GREAT FOR 1ST TIME HOMEOWNER. FRESHLY PAINTED, VERY LARGE KITCHEN. PROPERTY PREVIOUSLY RENTED FOR $750.00. OWNER WILLING TO INSTALL NEW CARPET WITH FULL PRICE OFFER.

18. 1996-12-16
    historical
19. 1996-09-27
    soldstatus $10,000
20. 1996-06-17
    listed

ⓘ 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: $634 · $53/mo
• Projected year-2 tax: $753 · $63/mo
• Expected delta: +$119/yr (+$10/mo · 18.8%)

ⓘ 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 7/10 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: $25,383
• − Mortgage interest: −$4,481
• − Property taxes: −$634
• − Insurance: −$400
• − Repairs & maintenance: −$2,031
• − Management: −$2,031
• − Depreciation: −$2,327
• Taxable income: $13,479
• Est. tax owed @ 24.0%: −$3,235
• After-tax cash flow: $10,749/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+700.0% since first listed

8 events — show timeline

• 2026-05-22 Price Changed $80,000 BRIGHT MLS
• 2026-04-28 Listed $95,500 BRIGHT MLS
• 2007-05-02 Sold (MLS) $85,000 MRIS
• 2007-04-07 Delisted — MRIS
• 2007-03-23 Listed $89,900 MRIS
• 1996-12-16 Delisted — MRIS
• 1996-09-27 Sold (Public Records) $10,000 Public Records
• 1996-06-17 Listed — MRIS

Property tax history

-4.7%/yr

Latest (2025): $634 · +0.0% YoY. Source: county tax records.