421 E 28th St · Baltimore, MD 21218

$65,000

2 bd · 1.0 ba · 1,350 sqft · Townhouse public records · 83 Days on market

Built 1900 1,306 sqft lot $48/sqft · 68% 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
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 5/20/2026 @ 10:00 AM. Bidding ends 5/22/2026 @ 12:50 PM. The list price is the suggested opening bid. Deposit: $10,000. This two-story townhouse is located in the Harwood neighborhood of Baltimore City. Residents can enjoy the nearby attractions and facilities such as the Johns Hopkins University and Baltimore Museum of Art. The property is occupied. Its location offers easy access to major traffic arteries such as North Avenue and Greenmount Avenue.

Key facts

• Built 1900
• Listed 83 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $65k.

Deal economics

• At list price, monthly cash flow is $735 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.9% 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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 62% FRL vs 79% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 43% at this address vs 12% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $449 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 + 1.6% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $65k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.9% 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 $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.67% ✓
• Cap rate: 19.87%
• Cash-on-cash: 48.47%
• DSCR: 3.16
• GRM: 3.1

CMA / ARV

• ARV (median comp): $201,049
• List price: $65,000
• Delta: -67.67%
• 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
2540 Greenmount Ave	0.20mi	3/1.0 (+1)	1,340 (-1%)	0mo	$79,000	$59	84
435 Ilchester Ave	0.05mi	3/2.0 (+1)	1,531 (+13%)	2mo	$123,000	$80	65
326 E 26th St	0.17mi	3/2.0 (+1)	1,496 (+11%)	2mo	$170,000	$114	63
1120 Montpelier St	0.45mi	3/2.0 (+1)	1,260 (-7%)	2mo	$70,000	$56	57
3045 Guilford Ave	0.29mi	3/1.5 (+1)	1,532 (+14%)	0mo	$310,000	$202	57
3043 Guilford Ave	0.29mi	3/1.5 (+1)	1,532 (+14%)	1mo	$275,000	$180	57
2545 Cecil Ave	0.63mi	3/2.5 (+1)	1,318 (-2%)	1mo	$215,000	$163	55
604 E 35th St E	0.64mi	3/1.0 (+1)	1,260 (-7%)	1mo	$94,000	$75	53
515 E 35th St	0.61mi	3/1.5 (+1)	1,260 (-7%)	1mo	$135,999	$108	52
3405 Greenway #302	0.65mi	2/1.5	1,221 (-10%)	1mo	$265,000	$217	51
2821 Remington Ave	0.60mi	2/2.0	1,170 (-13%)	1mo	$265,000	$226	45
2559 Garrett Ave	0.70mi	3/3.0 (+1)	1,202 (-11%)	2mo	$205,000	$171	34

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 44.3%
• Equity multiple: 2.87×
• Total profit: $34,070
• Equity at exit: $9,692

10-year hold

• IRR: 49.6%
• Equity multiple: 5.46×
• Total profit: $81,111
• Equity at exit: $5,620

Cash invested: $18,200 (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 21218

• Rents YoY: 1.6%
• Active inventory: 330
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,735 high
• Mortgage (P&I): −$341
• Tax from tax record: −$268 /mo · $3,213/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $735

Break-even live

Break-even rent $805

Max offer price $65,000

Occupancy floor 53%

Sensitivity live

Price	-10% $967	-5% $944	+0% $735	+5% $717	+10% $698
Rent	-10% $598	-5% $667	+0% $735	+5% $804	+10% $872
Rate	-1.0pp $768	-0.5pp $752	base $735	+0.5pp $718	+1.0pp $701

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	45d	1	0.06mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	45d	1	0.07mi
436 Ilchester Ave Unit 2 Baltimore, MD	1.0	1.0	985	$1,195	$1.21	45d	1	0.07mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	6d	1	0.11mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	45d	1	0.12mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	25d	1	0.13mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	45d	1	0.13mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	22d	1	0.13mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	25d	1	0.15mi
2516 Barclay St Baltimore, MD	3.0	1.0	992	$1,375	$1.39	18d	1	0.22mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	19d	1	0.25mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	16d	1	0.27mi
205 E 30th St Baltimore, MD	1.0	1.0	900	$1,450	$1.61	12d	1	0.29mi
307 E 25th St Unit 1st Unit Baltimore, MD	1.0	1.0	1600	$1,550	$0.97	6d	1	0.32mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	12d	1	0.33mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	25d	1	0.38mi
2933 N Charles St Unit B Baltimore, MD	1.0	1.0	990	$1,700	$1.72	6d	1	0.40mi
3135 N Calvert St Baltimore, MD	1.0	1.0	1000	$1,450	$1.45	19d	1	0.41mi
646 Cokesbury Ave Baltimore, MD	2.0	1.5	1200	$1,299	$1.08	45d	1	0.43mi
2440 Saint Paul St Unit 4E Baltimore, MD	2.0	2.0	891	$1,625	$1.82	45d	1	0.43mi
3221 Guilford Ave Apt A Baltimore, MD	3.0	1.5	1025	$2,925	$2.85	19d	1	0.43mi
534 E 23rd St Baltimore, MD	3.0	2.5	1700	$2,350	$1.38	45d	1	0.45mi
2314 Hunter St Unit 1 Baltimore, MD	1.0	1.0	1000	$1,185	$1.19	45d	1	0.45mi
2752 Maryland Ave Unit 2ND FLOOR Baltimore, MD	2.0	1.0	900	$1,500	$1.67	19d	1	0.48mi
3201 Saint Paul St Baltimore, MD	1.0–2.0	1.5–2.0	1532	$3,200	$2.09	0d	2	0.50mi
2300 N Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	1100	$1,995	$1.81	4d	2	0.51mi
404 Venable Ave Baltimore, MD	1.0	1.0	1600	$950	$0.59	19d	1	0.51mi
325 W Lorraine Ave Baltimore, MD	3.0	1.0	1470	$3,150	$2.14	6d	1	0.61mi
2606 Cecil Ave Baltimore, MD	2.0	1.5	1200	$1,500	$1.25	45d	1	0.62mi
3501 Saint Paul St Baltimore, MD	2.0	1.0	673	$2,030	$3.02	0d	186	0.62mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	16d	1	0.65mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	45d	1	0.66mi
2624 Garrett Ave Baltimore, MD	3.0	1.0	1400	$1,750	$1.25	0d	1	0.68mi
2105 N Charles St #1 Baltimore, MD	1.0	1.0	1000	$1,450	$1.45	19d	1	0.68mi
3601 Greenway Unit P1039 Baltimore, MD	1.0	1.0	1165	$1,495	$1.28	45d	1	0.71mi
3601 Greenway #101 Baltimore, MD	2.0	2.0	1470	$2,700	$1.84	5d	1	0.71mi
315 W 30th St Baltimore, MD	3.0	3.0	1250	$2,450	$1.96	18d	1	0.71mi
315 W 30th St Baltimore, MD	3.0	3.0	1200	$2,450	$2.04	19d	1	0.71mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	45d	1	0.73mi
2328 Aiken St Baltimore, MD	3.0	1.0	1406	$1,650	$1.17	0d	1	0.74mi

Listing history 17 events

1. 2026-06-21
   days on market $65,000 Active 83 DOM
2. 2026-06-18
   days on market $65,000 Active 80 DOM
3. 2026-06-17
   days on market $65,000 Active 79 DOM
4. 2026-06-16
   days on market $65,000 Active 78 DOM
5. 2026-06-15
   days on market $65,000 Active 77 DOM
6. 2026-06-13
   days on market $65,000 Active 75 DOM
7. 2026-06-09
   days on market $65,000 Active 71 DOM
8. 2026-06-08
   days on market $65,000 Active 70 DOM
9. 2026-06-07
   days on market $65,000 Active 69 DOM
10. 2026-06-04
    days on market $65,000 Active 66 DOM
11. 2026-06-03
    days on market $65,000 Active 65 DOM
12. 2026-06-02
    days on market $65,000 Active 64 DOM
13. 2026-06-01
    days on market $65,000 Active 63 DOM
14. 2026-05-31
    days on market $65,000 Active 62 DOM
15. 2026-04-20
    price $65,000 565-char remark

    Show marketing remark (565 chars)

    ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 5/20/2026 @ 10:00 AM. Bidding ends 5/22/2026 @ 12:50 PM. The list price is the suggested opening bid. Deposit: $10,000. This two-story townhouse is located in the Harwood neighborhood of Baltimore City. Residents can enjoy the nearby attractions and facilities such as the Johns Hopkins University and Baltimore Museum of Art. The property is occupied. Its location offers easy access to major traffic arteries such as North Avenue and Greenmount Avenue.

16. 2026-03-30
    listed $75,000 Active 565-char remark

    Show marketing remark (565 chars)

    ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 5/20/2026 @ 10:00 AM. Bidding ends 5/22/2026 @ 12:50 PM. The list price is the suggested opening bid. Deposit: $10,000. This two-story townhouse is located in the Harwood neighborhood of Baltimore City. Residents can enjoy the nearby attractions and facilities such as the Johns Hopkins University and Baltimore Museum of Art. The property is occupied. Its location offers easy access to major traffic arteries such as North Avenue and Greenmount Avenue.

17. 1988-06-29
    soldstatus $40,250

ⓘ 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: $3,213 · $268/mo
• Projected year-2 tax: $3,213 · $268/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 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: $20,823
• − Mortgage interest: −$3,641
• − Property taxes: −$3,213
• − Insurance: −$325
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − Depreciation: −$1,891
• Taxable income: $8,422
• Est. tax owed @ 24.0%: −$2,021
• After-tax cash flow: $6,801/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+61.5% since first listed

3 events — show timeline

• 2026-04-20 Price Changed $65,000 BRIGHT MLS
• 2026-03-30 Listed $75,000 BRIGHT MLS
• 1988-06-29 Sold (Public Records) $40,250 Public Records

Property tax history

+2.3%/yr

Latest (2025): $3,213 · +5.6% YoY. Source: county tax records.