1830 Penrose Ave · Baltimore, MD 21223

$120,000

4 bd · 2.0 ba · 2,400 sqft · Townhouse · 32 Days on market

Built 1920 871 sqft lot Est $192k · 38% 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
• 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

This EOG row house investment property is now for sale in Baltimore's Lexington Neighborhood. Previously a non conforming rooming house. Main Level featuring 1 bedroom, 1 bathroom and a den. Upper Level has 2 Bedrooms, 1bathroom. Common Area W/ D. Property is Vacant. Contact me today to schedule your private showing. Multiple offers have been received. Submit your highest & best offer due by 11:59PM 3/6/2023

Key facts

• 2 additional rooms
• 2 kitchens
• New hot water heater

Tags

• 2 KITCHENS
• NEW LIVING ROOM WINDOWS
• NEW HOT WATER HEATER
• 2 ADDITIONAL ROOMS

Property features AI

Finance

• Financial info: Finished above-grade area (estimated) and below-grade finished area exist; Land assessed separately from improvements
• HOA & community: Ground rent $1,500 paid semi-annually

Exterior

• Parking: On-street parking
• Utilities: Water from community source; Shared sewer / community septic tank; Natural gas hot water; Natural gas heating
• Home design: End-of-row townhouse; Flat roof; Ground rent ownership; Year built/effective remodel: 2026; Property condition: Very good
• Construction: Brick construction; Slab foundation; Above-grade and below-grade structures; Partially finished below-grade area
• Exterior features: Not in a federal flood zone; Two or more access exits

Interior

• Kitchen: Built-in microwave; Cooktop; Stove; Refrigerator; Instant hot water
• Bedrooms: Four bedrooms on the main level
• Flooring: Engineered wood
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central heating (natural gas); Wall cooling unit
• Interior features: Additional stairway; Second kitchen; Breakfast area; Built-ins; Combination kitchen and dining; Entry-level bedroom; Traditional floor plan; Drywall walls; 9'+ ceilings; Partially finished basement; Estimated living area
• Laundry & utility: High-efficiency water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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: 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; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,201/mo this rent would consume 58% 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 $830 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 + 7.5% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $53k; list at $120k implies a 126% 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 $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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: 1.83% ✓
• Cap rate: 15.93%
• Cash-on-cash: 34.43%
• DSCR: 2.53
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $192,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1810 Edmondson Ave	0.27mi	4/2.0	2,290 (-5%)	8mo	$55,000	$24	73
10 N Pulaski St	0.29mi	4/1.5	2,232 (-7%)	3mo	$92,500	$41	71
8 N Pulaski St	0.29mi	3/3.0 (-1)	2,230 (-7%)	1mo	$114,000	$51	65
206 S Gilmor St	0.49mi	4/2.5	2,200 (-8%)	3mo	$215,000	$98	58
329 N Gilmor St	0.25mi	4/2.5	2,066 (-14%)	6mo	$315,000	$152	58
610 N Fulton Ave	0.28mi	4/3.0	2,688 (+12%)	8mo	$75,000	$28	56
1706 Lemmon St	0.41mi	3/1.0 (-1)	2,200 (-8%)	4mo	$38,500	$18	54
2324 Edmondson Ave	0.47mi	3/2.5 (-1)	2,748 (+14%)	2mo	$208,000	$76	46
1319 W Lombard St	0.55mi	4/2.0	2,046 (-15%)	7mo	$385,000	$188	44
1322 W Lombard St	0.53mi	4/3.5	2,752 (+15%)	9mo	$330,000	$120	37
2424 W Lanvale St	0.64mi	5/4.0 (+1)	2,656 (+11%)	8mo	$350,000	$132	32
1013 Harlem Ave	0.73mi	5/3.5 (+1)	2,117 (-12%)	4mo	$170,000	$80	32

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: 34.7%
• Equity multiple: 2.56×
• Total profit: $52,394
• Equity at exit: $17,892

10-year hold

• IRR: 43.8%
• Equity multiple: 6.11×
• Total profit: $171,716
• Equity at exit: $10,375

Cash invested: $33,600 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,201 high
• Mortgage (P&I): −$629
• Tax from tax record: −$96 /mo · $1,146/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $964

Break-even live

Break-even rent $981

Max offer price $120,000

Occupancy floor 51%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	17d	1	0.05mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	2d	1	0.34mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	23d	1	0.41mi
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.52mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	23d	1	0.65mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	23d	1	0.68mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	23d	1	0.70mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	23d	1	0.81mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	43d	1	0.85mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	0.96mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	23d	1	0.97mi
804 Hollins St Unit 1 Baltimore, MD	3.0	2.0	1800	$2,700	$1.50	4d	1	1.00mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	1.03mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	14d	1	1.04mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	2d	1	1.05mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	12d	1	1.05mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	43d	1	1.06mi
324 Scott St Baltimore, MD	4.0	2.5	1656	$3,000	$1.81	43d	1	1.08mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	4d	1	1.11mi
549 Mosher St Baltimore, MD	3.0	1.0	2200	$1,350	$0.61	43d	1	1.13mi
217 S Fremont Ave Baltimore, MD	3.0	3.5	3338	$3,000	$0.90	43d	1	1.14mi
519 Scott St Unit 2 Baltimore, MD	3.0	3.0	1600	$3,000	$1.88	43d	1	1.15mi
610 Scott St Baltimore, MD	5.0	3.0	1700	$2,750	$1.62	12d	1	1.16mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	23d	1	1.26mi
1614 McCulloh St #1 Baltimore, MD	3.0	3.0	2885	$2,400	$0.83	43d	1	1.28mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	1.29mi
912 S Paca St Baltimore, MD	3.0	2.0	2000	$2,250	$1.12	43d	1	1.29mi
1927 Druid Hill Ave #2 Baltimore, MD	3.0	2.0	3312	$2,350	$0.71	43d	1	1.30mi
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	4d	1	1.35mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	4d	1	1.35mi
1929 McCulloh St Baltimore, MD	3.0	2.5	3293	$2,595	$0.79	43d	1	1.36mi
300 W Fayette St Baltimore, MD	3.0	1.0–3.0	1267	$2,250	$1.78	2d	9	1.45mi
3324 Edmondson Ave Baltimore, MD	3.0	2.5	2300	$1,995	$0.87	21d	1	1.45mi

Listing history 33 events

1. 2026-06-18
   days on market $120,000 Active 32 DOM
2. 2026-06-17
   days on market $120,000 Active 31 DOM
3. 2026-06-16
   days on market $120,000 Active 30 DOM
4. 2026-06-15
   days on market $120,000 Active 29 DOM
5. 2026-06-13
   days on market $120,000 Active 27 DOM
6. 2026-06-09
   days on market $120,000 Active 23 DOM
7. 2026-06-08
   days on market $120,000 Active 22 DOM
8. 2026-06-07
   days on market $120,000 Active 21 DOM
9. 2026-06-04
   days on market $120,000 Active 18 DOM
10. 2026-06-03
    days on market $120,000 Active 17 DOM
11. 2026-06-02
    days on market $120,000 Active 16 DOM
12. 2026-06-01
    days on market $120,000 Active 15 DOM
13. 2026-05-31
    days on market $120,000 Active 14 DOM
14. 2026-05-17
    listed $120,000 Active
15. 2024-12-31
    historical
16. 2024-05-24
    price $149,000
17. 2024-05-02
    price $159,990
18. 2024-04-03
    price $165,000
19. 2024-03-01
    listed $175,000 Active
20. 2024-02-28
    historical
21. 2023-04-13
    soldstatus $53,000
22. 2023-03-22
    soldstatus $53,000 Closed 417-char remark

    Show marketing remark (417 chars)

    This EOG row house investment property is now for sale in Baltimore's Lexington Neighborhood. Previously a non conforming rooming house. Main Level featuring 1 bedroom, 1 bathroom and a den. Upper Level has 2 Bedrooms, 1bathroom. Common Area W/ D. Property is Vacant. Contact me today to schedule your private showing. Multiple offers have been received. Submit your highest & best offer due by 11:59PM 3/6/2023

23. 2023-03-08
    status Pending 417-char remark

    Show marketing remark (417 chars)

    This EOG row house investment property is now for sale in Baltimore's Lexington Neighborhood. Previously a non conforming rooming house. Main Level featuring 1 bedroom, 1 bathroom and a den. Upper Level has 2 Bedrooms, 1bathroom. Common Area W/ D. Property is Vacant. Contact me today to schedule your private showing. Multiple offers have been received. Submit your highest & best offer due by 11:59PM 3/6/2023

24. 2023-03-01
    listed $50,000 Active 417-char remark

    Show marketing remark (417 chars)

    This EOG row house investment property is now for sale in Baltimore's Lexington Neighborhood. Previously a non conforming rooming house. Main Level featuring 1 bedroom, 1 bathroom and a den. Upper Level has 2 Bedrooms, 1bathroom. Common Area W/ D. Property is Vacant. Contact me today to schedule your private showing. Multiple offers have been received. Submit your highest & best offer due by 11:59PM 3/6/2023

25. 2009-04-16
    historical
26. 2008-08-25
    price
27. 2008-07-24
    listed
28. 2001-03-19
    soldstatus $5,900
29. 2001-03-12
    soldstatus $1
30. 2001-01-02
    listed $1,000
31. 2001-01-02
    historical
32. 1996-01-18
    soldstatus $25,000
33. 1989-01-17
    soldstatus $61,350

ⓘ 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: $1,146 · $96/mo
• Projected year-2 tax: $1,227 · $102/mo
• Expected delta: +$81/yr (+$7/mo · 7.1%)

ⓘ 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: $26,412
• − Mortgage interest: −$6,722
• − Property taxes: −$1,146
• − Insurance: −$600
• − Repairs & maintenance: −$2,113
• − Management: −$2,113
• − Depreciation: −$3,491
• Taxable income: $10,227
• Est. tax owed @ 24.0%: −$2,455
• After-tax cash flow: $9,113/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

+95.6% since first listed

20 events — show timeline

• 2026-05-17 Listed $120,000 BRIGHT MLS
• 2024-12-31 Listing Removed — BRIGHT MLS
• 2024-05-24 Price Changed $149,000 BRIGHT MLS
• 2024-05-02 Price Changed $159,990 BRIGHT MLS
• 2024-04-03 Price Changed $165,000 BRIGHT MLS
• 2024-03-01 Listed $175,000 BRIGHT MLS
• 2024-02-28 Coming Soon — BRIGHT MLS
• 2023-04-13 Sold (Public Records) $53,000 Public Records
• 2023-03-22 Sold (MLS) $53,000 BRIGHT MLS
• 2023-03-08 Pending — BRIGHT MLS
• 2023-03-01 Listed $50,000 BRIGHT MLS
• 2009-04-16 Delisted — MRIS
• 2008-08-25 Price Changed — MRIS
• 2008-07-24 Listed — MRIS
• 2001-03-19 Sold (Public Records) $5,900 Public Records
• 2001-03-12 Sold (MLS) $1 MRIS
• 2001-01-02 Listed $1,000 MRIS
• 2001-01-02 Delisted — MRIS
• 1996-01-18 Sold (Public Records) $25,000 Public Records
• 1989-01-17 Sold (Public Records) $61,350 Public Records

Property tax history

+7.2%/yr

Latest (2025): $1,146 · +15.1% YoY. Source: county tax records.