513 N Ellwood Ave · Baltimore, MD 21205

$45,000

3 bd · 2.0 ba · 1,575 sqft · Townhouse public records · 143 Days on market

Built 1915 871 sqft lot $29/sqft · 65% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Listing remarks

ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 6/23/2026 @ 10:00 AM. Bidding ends 6/25/2026 @ 12:50 PM. The list price is the suggested opening bid. Deposit: $7,500. This two-story townhouse is located in the Ellwood Park/Monument neighborhood of Baltimore City. Residents can enjoy the nearby attractions and facilities such as the Patterson Park and Johns Hopkins Hospital. This property is rented. Major traffic routes in the vicinity include East Monument Street and Orleans Street (U. S. Route 40), providing convenient access to downtown Baltimore and surrounding areas.

Key facts

• Major traffic routes
• Two story townhouse
• Convenient access

Tags

• TWO STORY TOWNHOUSE
• NEARBY ATTRACTIONS
• PATTERSON PARK
• JOHNS HOPKINS HOSPITAL
• MAJOR TRAFFIC ROUTES
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 42.5% 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); 145 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,114/mo this rent would consume 59% 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y ago; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $45k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.70% ✓
• Cap rate: 42.55%
• Cash-on-cash: 129.47%
• DSCR: 6.76
• GRM: 1.8

CMA / ARV

• ARV (median comp): $128,922
• List price: $45,000
• Delta: -65.10%
• 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
3202 Mcelderry St	0.10mi	3/2.5	1,684 (+7%)	1mo	$185,000	$110	81
36 N Decker Ave	0.29mi	3/2.0	1,430 (-9%)	0mo	$325,000	$227	71
118 S Eaton St	0.62mi	3/3.5	1,569 (-0%)	1mo	$330,000	$210	64
2534 E Baltimore St	0.53mi	3/3.0	1,685 (+7%)	0mo	$495,000	$294	60
38 S Curley St	0.44mi	3/1.0	1,729 (+10%)	0mo	$181,100	$105	59
220 N Luzerne Ave	0.42mi	3/1.0	1,372 (-13%)	1mo	$120,000	$87	54
3420 Leverton Ave	0.46mi	2/2.0 (-1)	1,340 (-15%)	1mo	$115,000	$86	48
145 N Milton Ave	0.50mi	2/2.0 (-1)	1,353 (-14%)	1mo	$260,000	$192	48
263 S East Ave	0.60mi	2/2.0 (-1)	1,767 (+12%)	0mo	$375,000	$212	46
1418 N Linwood Ave	0.74mi	3/1.0	1,356 (-14%)	0mo	$90,000	$66	38
1411 Kenhill Ave	0.73mi	4/2.0 (+1)	1,356 (-14%)	1mo	$240,000	$177	37
805 N Collington Ave	0.72mi	4/3.5 (+1)	1,804 (+14%)	0mo	$305,000	$169	31

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: —
• Equity multiple: 8.18×
• Total profit: $90,499
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: 20.15×
• Total profit: $241,287
• Equity at exit: $3,891

Cash invested: $12,600 (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 21205

• Home prices YoY: -5.8%
• Rents YoY: 9.9%
• Active inventory: 145
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,114 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,359

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,391	-5% $1,375	+0% $1,359	+5% $1,344	+10% $1,328
Rent	-10% $1,192	-5% $1,276	+0% $1,359	+5% $1,443	+10% $1,527
Rate	-1.0pp $1,382	-0.5pp $1,371	base $1,359	+0.5pp $1,348	+1.0pp $1,336

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	24d	1	0.06mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	17d	1	0.06mi
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	44d	1	0.13mi
2903 Jefferson St Baltimore, MD	3.0	3.0	1609	$1,850	$1.15	44d	1	0.16mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	44d	1	0.21mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	3d	1	0.23mi
113 N Decker Ave Baltimore, MD	3.0	3.5	1800	$2,850	$1.58	24d	1	0.23mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	18d	1	0.24mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	15d	1	0.25mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	18d	1	0.25mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	5d	1	0.25mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	44d	1	0.25mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	5d	1	0.26mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	24d	1	0.26mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	24d	1	0.27mi
10 N Ellwood Ave Baltimore, MD	4.0	2.5	1768	$2,500	$1.41	44d	1	0.29mi
809 N Curley St Baltimore, MD	3.0	1.0	1746	$1,400	$0.80	22d	1	0.30mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	24d	1	0.30mi
3212 E Baltimore St Baltimore, MD	2.0	3.0	1931	$2,350	$1.22	24d	1	0.31mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	21d	1	0.32mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	44d	1	0.32mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	24d	1	0.32mi
3304 E Baltimore St Baltimore, MD	3.0	1.5	1514	$1,875	$1.24	44d	1	0.33mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	44d	1	0.33mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	44d	1	0.33mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	22d	1	0.35mi
11 N Streeper St Baltimore, MD	3.0	3.5	1800	$2,600	$1.44	44d	1	0.36mi
10 N Streeper St Baltimore, MD	3.0	2.5	1440	$2,500	$1.74	24d	1	0.37mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.37mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	44d	1	0.38mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	44d	1	0.38mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	24d	1	0.38mi
2619 E Fayette St Baltimore, MD	3.0	2.0	1600	$1,900	$1.19	44d	1	0.40mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	44d	1	0.40mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	24d	1	0.40mi
539 N Luzerne Ave Baltimore, MD	3.0	2.5	1702	$2,300	$1.35	44d	1	0.41mi
233 N Luzerne Ave Baltimore, MD	3.0	2.5	1700	$2,250	$1.32	22d	1	0.42mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	3d	1	0.42mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	20d	1	0.42mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	21d	1	0.42mi

Listing history 37 events

1. 2026-06-21
   days on market $45,000 Active 143 DOM
2. 2026-06-18
   days on market $45,000 Active 140 DOM
3. 2026-06-17
   days on market $45,000 Active 139 DOM
4. 2026-06-16
   days on market $45,000 Active 138 DOM
5. 2026-06-15
   days on market $45,000 Active 137 DOM
6. 2026-06-13
   days on market $45,000 Active 135 DOM
7. 2026-06-09
   days on market $45,000 Active 131 DOM
8. 2026-06-08
   days on market $45,000 Active 130 DOM
9. 2026-06-07
   days on market $45,000 Active 129 DOM
10. 2026-06-04
    days on market $45,000 Active 126 DOM
11. 2026-06-03
    days on market $45,000 Active 125 DOM
12. 2026-06-02
    days on market $45,000 Active 124 DOM
13. 2026-06-02
    remarks 640-char remark
14. 2026-06-02
    price $45,000 Active 123 DOM
15. 2026-06-01
    days on market $85,000 Active 123 DOM
16. 2026-05-31
    days on market $85,000 Active 122 DOM
17. 2026-05-16
    historical
18. 2026-04-16
    price $95,000
19. 2026-03-03
    price $110,000
20. 2026-01-16
    listed $55,000 Active
21. 2025-12-16
    historical
22. 2025-12-08
    price $110,000
23. 2025-08-18
    price $55,000
24. 2025-08-18
    status Active
25. 2025-08-14
    historical
26. 2025-07-29
    status Active
27. 2025-06-10
    status Pending
28. 2025-04-24
    listed $65,000 Active
29. 2011-03-01
    historical
30. 2011-02-28
    soldstatus $18,000 Sold
31. 2011-02-28
    soldstatus $18,000
32. 2011-02-05
    status Contract
33. 2011-02-04
    historical
34. 2011-01-14
    price $18,500
35. 2010-11-29
    listed $25,000 Active
36. 2010-11-29
    listed $18,500
37. 2004-12-17
    soldstatus $35,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $25,374
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$1,309
• Taxable income: $16,584
• Est. tax owed @ 24.0%: −$3,980
• After-tax cash flow: $12,333/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

+171.4% since first listed

21 events — show timeline

• 2026-05-16 Listing Removed — BRIGHT MLS
• 2026-04-16 Price Changed $95,000 BRIGHT MLS
• 2026-03-03 Price Changed $110,000 BRIGHT MLS
• 2026-01-16 Listed $55,000 BRIGHT MLS
• 2025-12-16 Listing Removed — BRIGHT MLS
• 2025-12-08 Price Changed $110,000 BRIGHT MLS
• 2025-08-18 Price Changed $55,000 BRIGHT MLS
• 2025-08-18 Relisted — BRIGHT MLS
• 2025-08-14 Listing Removed — BRIGHT MLS
• 2025-07-29 Relisted — BRIGHT MLS
• 2025-06-10 Pending — BRIGHT MLS
• 2025-04-24 Listed $65,000 BRIGHT MLS
• 2011-03-01 Delisted — MRIS
• 2011-02-28 Sold (MLS) $18,000 BRIGHT MLS
• 2011-02-28 Sold (MLS) $18,000 MRIS
• 2011-02-05 Pending — MRIS
• 2011-02-04 Listing Removed — BRIGHT MLS
• 2011-01-14 Price Changed $18,500 MRIS
• 2010-11-29 Listed $25,000 MRIS
• 2010-11-29 Listed $18,500 BRIGHT MLS
• 2004-12-17 Sold (Public Records) $35,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,504 · +15.2% YoY. Source: county tax records.