111 East Ave · Baltimore, MD 21224

$100,000

3 bd · 1.0 ba · 1,154 sqft · Townhouse public records · 3 Days on market

Built 1900 1,022 sqft lot

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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 +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3BR/1Bath Townhome located near Bayview hospital and downtown Balto. Owners will improve with carpet and vinyl flooring of buyers choice with accepted contract. Windows, gas furnace, hot water heater replaced within recent years. Great starter home or investment property. Sellers motivated.

Key facts

• 2 story townhouse
• Built 1900
• Listed 3 days

Tags

• 2 STORY TOWNHOUSE
• PATTERSON PARK NEIGHBORHOOD
• MINUTES TO PATTERSON PARK

Property features AI

Finance

• Financial info: Below-grade area 672 (unfinished); Above-grade finished area 1,344; Income/expense note: Annual ground rent
• HOA & community: Ground rent exists; $66 paid semi-annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; In city limits (Baltimore City)
• Construction: Brick construction; Other foundation
• Exterior features: Townhouse/rowhouse with above- and below-grade structures; Lot approximately 14 x 73 (estimated)

Interior

• Bedrooms: 3 bedrooms on main level
• Bathrooms: 2 full bathrooms (total); 2 full bathrooms on main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Unfinished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $890 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 17.6% 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 (+1.3%/yr); 391 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $691 of loan paydown is wiped out by about $3k 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 + 1.3% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 sale attempts since 31y 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 $51k; list at $100k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $100,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.13% ✓
• Cap rate: 17.64%
• Cash-on-cash: 40.52%
• DSCR: 2.80
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $220,414
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Ellwood Ave	0.07mi	3/1.5	1,200 (+4%)	0mo	$235,000	$196	88
111 N Highland Ave	0.16mi	3/1.5	1,170 (+1%)	1mo	$105,000	$90	87
149 N Highland Ave	0.17mi	2/1.0 (-1)	1,170 (+1%)	1mo	$75,000	$64	84
134 N Curley St	0.19mi	2/2.0 (-1)	1,170 (+1%)	1mo	$270,000	$231	79
14 S Curley St	0.23mi	2/1.0 (-1)	1,092 (-5%)	1mo	$269,000	$246	74
3135 Mcelderry St	0.28mi	3/2.0	1,224 (+6%)	1mo	$234,000	$191	72
2712 Ashland Ave	0.63mi	3/1.5	1,164 (+1%)	1mo	$175,000	$150	66
629 N Kenwood Ave	0.44mi	2/1.5 (-1)	1,100 (-5%)	1mo	$76,500	$70	64
410 N Patterson Park Ave	0.70mi	3/1.0	1,180 (+2%)	0mo	$180,000	$153	63
280 S Robinson St	0.36mi	2/1.0 (-1)	1,282 (+11%)	1mo	$294,000	$229	59
2435 Jefferson St	0.59mi	3/1.0	1,260 (+9%)	1mo	$140,000	$111	57
309 S Fagley St	0.56mi	2/2.0 (-1)	1,030 (-11%)	1mo	$225,000	$218	46

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 32.2%
• Equity multiple: 2.32×
• Total profit: $37,014
• Equity at exit: $14,910

10-year hold

• IRR: 38.3%
• Equity multiple: 4.27×
• Total profit: $91,485
• Equity at exit: $8,646

Cash invested: $28,000 (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 21224

• Rents YoY: 1.3%
• Active inventory: 391
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,128 high
• Mortgage (P&I): −$524
• Tax from tax record: −$169 /mo · $2,032/yr
• Insurance: −$42
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $890

Break-even live

Break-even rent $1,001

Max offer price $100,000

Occupancy floor 53%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	23d	1	0.00mi
17 N East Ave Baltimore, MD	2.0	2.0	1326	$2,550	$1.92	23d	1	0.06mi
113 N Clinton St Baltimore, MD	2.0	1.0	1300	$1,995	$1.53	43d	1	0.07mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	23d	1	0.09mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	23d	1	0.09mi
1 N Clinton St Baltimore, MD	4.0	1.5	1200	$1,700	$1.42	20d	1	0.11mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,100	$1.59	16d	1	0.16mi
404 N Robinson St Baltimore, MD	3.0	3.0	1320	$2,200	$1.67	23d	1	0.16mi
150 N Curley St Baltimore, MD	2.0	2.5	1266	$1,850	$1.46	17d	1	0.20mi
106 S Bouldin St Baltimore, MD	2.0	3.0	1134	$2,100	$1.85	20d	1	0.21mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	23d	1	0.21mi
127 S Robinson St Baltimore, MD	2.0	1.5	1400	$2,000	$1.43	43d	1	0.23mi
3413 Leverton Ave Baltimore, MD	2.0	1.0	832	$1,000	$1.20	23d	1	0.24mi
34 N Linwood Ave Baltimore, MD	2.0	1.5	1288	$2,400	$1.86	23d	1	0.25mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	23d	1	0.25mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.28mi
102 S Curley St Baltimore, MD	2.0	1.5	1200	$1,800	$1.50	4d	1	0.28mi
10 N Streeper St Baltimore, MD	3.0	2.5	1440	$2,500	$1.74	23d	1	0.29mi
2815 Orleans St Baltimore, MD	2.0	1.0	1204	$1,600	$1.33	2d	1	0.29mi
3304 McElderry St Baltimore, MD	3.0	2.0	1413	$1,900	$1.34	43d	1	0.30mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	14d	1	0.32mi
2800 Orleans St Baltimore, MD	3.0	1.0	1404	$1,600	$1.14	17d	1	0.32mi
235 S Highland Ave Baltimore, MD	2.0	1.5	1222	$2,000	$1.64	23d	1	0.37mi
139 N Lakewood Ave Baltimore, MD	4.0	2.5	1370	$2,500	$1.82	43d	1	0.37mi
139 N Lakewood Ave Unit 1 Baltimore, MD	4.0	2.0	1370	$2,500	$1.82	43d	1	0.37mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	23d	1	0.38mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	23d	1	0.39mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	16d	1	0.41mi
2934 E Monument St Baltimore, MD	2.0	1.0	1200	$1,499	$1.25	43d	1	0.41mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	2d	1	0.42mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	23d	1	0.43mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	14d	1	0.43mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	43d	1	0.44mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	23d	1	0.45mi
9 N Luzerne Ave Baltimore, MD	3.0	2.5	1380	$2,450	$1.78	4d	1	0.45mi
718 N Curley St Baltimore, MD	3.0	3.0	1500	$2,000	$1.33	4d	1	0.45mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	19d	1	0.46mi
724 N Curley St Baltimore, MD	3.0	3.0	1500	$2,200	$1.47	4d	1	0.46mi
400 S Highland Ave Unit 402 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	43d	1	0.48mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	20d	1	0.49mi

Listing history 4 events

1. 2026-06-18
   days on market $100,000 Active 3 DOM
2. 2026-06-17
   days on market $100,000 Active 2 DOM
3. 2026-06-15
   remarks 414-char remark
4. 2026-06-15
   listed $100,000 Active 1 DOM

ⓘ 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: $2,032 · $169/mo
• Projected year-2 tax: $2,032 · $169/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 7/10 Severe FEMA zone X (unshaded) · 77% 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: $25,533
• − Mortgage interest: −$5,602
• − Property taxes: −$2,032
• − Insurance: −$1,166
• − Repairs & maintenance: −$2,043
• − Management: −$2,043
• − Depreciation: −$2,909
• Taxable income: $9,739
• Est. tax owed @ 24.0%: −$2,337
• After-tax cash flow: $8,342/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

+185.7% since first listed

41 events — show timeline

• 2026-06-15 Listed $100,000 BRIGHT MLS
• 2014-01-02 Sold (Public Records) $51,000 Public Records
• 2013-12-13 Delisted — MRIS
• 2013-12-12 Sold (MLS) $51,000 BRIGHT MLS
• 2013-12-12 Sold (MLS) $51,000 MRIS
• 2013-12-07 Pending — MRIS
• 2013-12-06 Listing Removed — BRIGHT MLS
• 2013-11-18 Relisted — MRIS
• 2013-11-18 Price Changed $59,900 MRIS
• 2013-10-11 Pending — MRIS
• 2013-08-13 Listed $69,900 MRIS
• 2013-08-13 Listed $59,900 BRIGHT MLS
• 2009-09-19 Delisted — MRIS
• 2009-09-19 Listing Removed — BRIGHT MLS
• 2009-09-17 Relisted — MRIS
• 2009-09-10 Delisted — MRIS
• 2009-05-21 Price Changed — MRIS
• 2009-05-01 Price Changed — MRIS
• 2009-04-02 Listed — MRIS
• 2009-04-02 Listed $119,900 BRIGHT MLS
• 2008-05-01 Delisted — MRIS
• 2008-01-11 Price Changed — MRIS
• 2007-12-03 Listed — MRIS
• 2007-08-02 Delisted — MRIS
• 2007-05-03 Listed — MRIS
• 2005-05-13 Sold (Public Records) $75,000 Public Records
• 2005-05-10 Sold (MLS) $75,000 MRIS
• 2005-03-10 Delisted — MRIS
• 2005-03-10 Listed $75,000 MRIS
• 1998-10-16 Delisted — MRIS
• 1998-08-26 Listed — MRIS
• 1998-08-13 Delisted — MRIS
• 1998-05-12 Listed — MRIS
• 1998-05-07 Delisted — MRIS
• 1998-01-17 Listed — MRIS
• 1996-05-15 Sold (Public Records) $49,500 Public Records
• 1996-01-17 Sold (Public Records) $18,000 Public Records
• 1995-12-21 Sold (MLS) $18,000 MRIS
• 1995-11-30 Delisted — MRIS
• 1995-11-05 Listed $29,000 MRIS
• 1989-04-20 Sold (Public Records) $35,000 Public Records

Property tax history

-2.7%/yr

Latest (2025): $2,032 · +1.9% YoY. Source: county tax records.