1500 Locust St · Baltimore, MD 21226

$149,900

4 bd · 1.5 ba · 1,479 sqft · Townhouse public records · 71 Days on market

Built 1899 4,996 sqft lot $101/sqft · at area comps Est $148k · at est.

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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
• DSCR +10.0/10.0
• Appreciation +8.9/10.0
• 1% rule +8.5/10.0
• ARV discount +6.8/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

Investor Alert! Incredible opportunity to own a single-family home configured with two income-producing units in a prime corner lot location in Curtis Bay. Both units are separately metered and currently tenant-occupied, offering immediate cash flow. The upper-level unit features a spacious layout with a large kitchen, living area, oversized bedroom, and full bath, currently rented for $800/month. The main-level unit offers a comfortable living space with kitchen, one full bath, one half bath, and is currently rented for $850/month. The property also includes an unfinished basement already roughed-in for a potential third unit, providing strong value-add upside for investors looking to increase rental income. Situated on a generous corner lot, this property offers additional potential for future development—possible options include off-street parking, garage addition, or redevelopment opportunities (buyer to verify). Ground rent is paid off. Property is being sold as-is. Tenants are in place and would prefer to stay—advance notice required for all showings. Don’t miss this versatile investment opportunity with multiple income streams and future upside!

Key facts

• Unfinished basement
• Potential third unit
• Separately metered

Tags

• INCOME PRODUCING UNITS
• CORNER LOT LOCATION
• SEPARATELY METERED
• UNFINISHED BASEMENT
• POTENTIAL THIRD UNIT
• FUTURE DEVELOPMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.

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: 45 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.8% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 29y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $150k implies a 417% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1899 — 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: 1.35% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.23%
• DSCR: 1.81
• GRM: 6.2

CMA / ARV

• ARV (median comp): $147,528
• List price: $149,900
• Delta: 1.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Filbert St	0.13mi	4/2.0	1,428 (-3%)	1mo	$210,000	$147	85
1326 Tompkins St	0.15mi	3/2.0 (-1)	1,554 (+5%)	3mo	$205,000	$132	76
3932 Pennington Ave	0.17mi	4/2.0	1,554 (+5%)	14mo	$102,000	$66	70
1404 Filbert St	0.13mi	3/2.0 (-1)	1,400 (-5%)	14mo	$80,000	$57	66
1102 Inner Cir	0.35mi	3/1.5 (-1)	1,599 (+8%)	8mo	$205,000	$128	59
4026 Pennington Ave	0.13mi	3/2.5 (-1)	1,680 (+14%)	12mo	$189,900	$113	53
3614 Saint Margaret	0.53mi	4/2.0	1,265 (-14%)	0mo	$185,000	$146	49
3919 Brooklyn Ave	0.74mi	4/2.5	1,620 (+10%)	0mo	$250,000	$154	46
3944 Brooklyn Ave	0.75mi	3/2.0 (-1)	1,620 (+10%)	1mo	$213,500	$132	41
3809 8th St	0.70mi	3/1.0 (-1)	1,384 (-6%)	13mo	$145,000	$105	38
4111 Doris Ave	0.72mi	3/2.0 (-1)	1,662 (+12%)	2mo	$242,000	$146	37
3613 Saint Victor St	0.60mi	3/2.0 (-1)	1,310 (-11%)	11mo	$155,000	$118	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.8%
• Equity multiple: 3.38×
• Total profit: $99,956
• Equity at exit: $111,341

10-year hold

• IRR: 30.3%
• Equity multiple: 7.19×
• Total profit: $259,754
• Equity at exit: $218,630

Cash invested: $41,972 (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 21226

• Home prices YoY: 2.5%
• Active inventory: 45
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,022 high
• Mortgage (P&I): −$786
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $638

Break-even live

Break-even rent $1,215

Max offer price $149,900

Occupancy floor 63%

Sensitivity live

Price	-10% $722	-5% $680	+0% $638	+5% $595	+10% $553
Rent	-10% $478	-5% $558	+0% $638	+5% $717	+10% $797
Rate	-1.0pp $713	-0.5pp $676	base $638	+0.5pp $599	+1.0pp $559

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4216 Prudence St Curtis Bay, MD	4.0	3.0	1116	$2,100	$1.88	45d	1	0.09mi
1517 Sycamore St Curtis Bay, MD	3.0	1.5	1210	$1,999	$1.65	25d	1	0.24mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	19d	1	0.36mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	6d	1	0.42mi
3828 10th St Brooklyn, MD	3.0	2.0	1215	$2,350	$1.93	45d	1	0.51mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	25d	1	0.51mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	6d	1	0.73mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	45d	1	0.73mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	25d	1	0.85mi
3822 6th St Brooklyn, MD	3.0	3.0	1580	$1,850	$1.17	25d	1	0.88mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	6d	1	0.91mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	25d	1	0.91mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	21d	1	0.91mi
3544 4th St Brooklyn, MD	4.0	2.5	1800	$1,940	$1.08	25d	1	1.13mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	19d	1	1.17mi

Listing history 50 events

1. 2026-06-21
   days on market $149,900 Active 71 DOM
2. 2026-06-18
   days on market $149,900 Active 68 DOM
3. 2026-06-17
   days on market $149,900 Active 67 DOM
4. 2026-06-16
   days on market $149,900 Active 66 DOM
5. 2026-06-15
   days on market $149,900 Active 65 DOM
6. 2026-06-13
   pricedays on market $149,900 Active 63 DOM
7. 2026-06-09
   days on market $165,000 Active 59 DOM
8. 2026-06-08
   days on market $165,000 Active 58 DOM
9. 2026-06-07
   days on market $165,000 Active 57 DOM
10. 2026-06-04
    days on market $165,000 Active 54 DOM
11. 2026-06-03
    days on market $165,000 Active 53 DOM
12. 2026-06-02
    days on market $165,000 Active 52 DOM
13. 2026-06-01
    days on market $165,000 Active 51 DOM
14. 2026-05-31
    days on market $165,000 Active 50 DOM
15. 2026-04-11
    listed $165,000 Active 1188-char remark

    Show marketing remark (1188 chars)

    Investor Alert! Incredible opportunity to own a single-family home configured with two income-producing units in a prime corner lot location in Curtis Bay. Both units are separately metered and currently tenant-occupied, offering immediate cash flow. The upper-level unit features a spacious layout with a large kitchen, living area, oversized bedroom, and full bath, currently rented for $800/month. The main-level unit offers a comfortable living space with kitchen, one full bath, one half bath, and is currently rented for $850/month. The property also includes an unfinished basement already roughed-in for a potential third unit, providing strong value-add upside for investors looking to increase rental income. Situated on a generous corner lot, this property offers additional potential for future development—possible options include off-street parking, garage addition, or redevelopment opportunities (buyer to verify). Ground rent is paid off. Property is being sold as-is. Tenants are in place and would prefer to stay—advance notice required for all showings. Don’t miss this versatile investment opportunity with multiple income streams and future upside!

16. 2025-09-09
    historical
17. 2025-09-09
    historical
18. 2025-01-01
    price $169,000
19. 2025-01-01
    price $169,000
20. 2024-11-29
    listed $175,000 Active
21. 2024-10-23
    listed $175,000 Active
22. 2024-08-05
    historical
23. 2024-05-07
    price $199,000
24. 2024-03-07
    status Active
25. 2023-06-12
    historical
26. 2023-06-12
    listed $220,000
27. 2011-04-01
    soldstatus $29,000
28. 2011-04-01
    soldstatus $29,000 Sold
29. 2011-03-04
    status Contract
30. 2011-03-03
    historical
31. 2011-01-20
    price $34,900
32. 2010-12-17
    price $38,900
33. 2010-12-01
    price $44,900
34. 2010-11-01
    price $55,900
35. 2010-09-30
    listed $63,900 Active
36. 2010-09-30
    listed $34,900
37. 2006-02-01
    soldstatus $80,000
38. 2003-12-12
    soldstatus $37,000
39. 2002-12-30
    historical
40. 2002-05-08
    listed
41. 2002-03-26
    historical
42. 2001-06-20
    listed
43. 2001-03-04
    historical
44. 2000-09-09
    listed
45. 2000-08-28
    historical
46. 2000-06-05
    listed
47. 2000-05-25
    historical
48. 1999-05-26
    listed
49. 1999-05-13
    historical
50. 1997-11-14
    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: $1,334 · $111/mo
• Projected year-2 tax: $1,484 · $124/mo
• Expected delta: +$150/yr (+$12/mo · 11.2%)

ⓘ 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 ≥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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,264
• − Mortgage interest: −$8,397
• − Property taxes: −$1,334
• − Insurance: −$750
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$4,361
• Taxable income: $5,540
• Est. tax owed @ 24.0%: −$1,330
• After-tax cash flow: $6,322/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
• City population: 588,727
• Population (ZIP): 6,593

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 0.61)
• Race & ethnicity: White 59% Black 18% Two or more races 13% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 7% Romanian 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1% 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: ▲ 7.75%
• Current HPI: 318.79
• Rent YoY: —
• Metro: —
• 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

+345.9% since first listed

36 events — show timeline

• 2026-04-11 Listed $165,000 BRIGHT MLS
• 2025-09-09 Listing Removed — BRIGHT MLS
• 2025-09-09 Listing Removed — BRIGHT MLS
• 2025-01-01 Price Changed $169,000 BRIGHT MLS
• 2025-01-01 Price Changed $169,000 BRIGHT MLS
• 2024-11-29 Listed $175,000 BRIGHT MLS
• 2024-10-23 Listed $175,000 BRIGHT MLS
• 2024-08-05 Listing Removed — BRIGHT MLS
• 2024-05-07 Price Changed $199,000 BRIGHT MLS
• 2024-03-07 Relisted — BRIGHT MLS
• 2023-06-12 Listed $220,000 BRIGHT MLS
• 2023-06-12 Listing Removed — BRIGHT MLS
• 2011-04-01 Sold (MLS) $29,000 MRIS
• 2011-04-01 Sold (MLS) $29,000 BRIGHT MLS
• 2011-03-04 Pending — MRIS
• 2011-03-03 Listing Removed — BRIGHT MLS
• 2011-01-20 Price Changed $34,900 MRIS
• 2010-12-17 Price Changed $38,900 MRIS
• 2010-12-01 Price Changed $44,900 MRIS
• 2010-11-01 Price Changed $55,900 MRIS
• 2010-09-30 Listed $63,900 MRIS
• 2010-09-30 Listed $34,900 BRIGHT MLS
• 2006-02-01 Sold (Public Records) $80,000 Public Records
• 2003-12-12 Sold (Public Records) $37,000 Public Records
• 2002-12-30 Delisted — MRIS
• 2002-05-08 Listed — MRIS
• 2002-03-26 Delisted — MRIS
• 2001-06-20 Listed — MRIS
• 2001-03-04 Delisted — MRIS
• 2000-09-09 Listed — MRIS
• 2000-08-28 Delisted — MRIS
• 2000-06-05 Listed — MRIS
• 2000-05-25 Delisted — MRIS
• 1999-05-26 Listed — MRIS
• 1999-05-13 Delisted — MRIS
• 1997-11-14 Listed — MRIS

Property tax history

-1.0%/yr

Latest (2025): $1,334 · +30.9% YoY. Source: county tax records.