304 S Franklintown Rd · Baltimore, MD 21223

$127,000

3 bd · 2.0 ba · 1,100 sqft · Townhouse · 65 Days on market

Built 1915 $115/sqft · 160% above area ↓ 46% since listing

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• 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

ONLINE AUCTION: Bidding begins 03/06/2025 @ 10:00 AM. Bidding ends 03/10/2025 @ 12:20 PM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Shipley Hill area. JUST MINUTES to the Westside Shopping Center. Easy access to major traffic artery Frederick Ave. Property is rented @ $950/mo.

Key facts

• Built 1915
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $127k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $127k).
• Recommended offer: $119k (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: Rents rising fast (+7.5%/yr); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $878 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 $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $127k implies a 182% 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 $119,380 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 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. 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: 1.26% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.36%
• DSCR: 1.68
• GRM: 6.6

CMA / ARV

• ARV (median comp): $48,770
• List price: $127,000
• Delta: 160.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 Wilkens Ave	0.33mi	3/2.0	1,092 (-1%)	2mo	$99,900	$91	81
2402 Wilkens Ave	0.34mi	2/1.0 (-1)	1,092 (-1%)	1mo	$45,000	$41	74
2576 W Baltimore St W	0.29mi	3/2.0	1,200 (+9%)	2mo	$152,000	$127	69
43 Wheeler Ave N	0.42mi	3/1.0	1,144 (+4%)	3mo	$34,000	$30	68
528 S Bentalou St	0.34mi	4/3.0 (+1)	1,032 (-6%)	1mo	$190,000	$184	64
2544 W Fairmount Ave	0.34mi	2/1.5 (-1)	1,204 (+10%)	2mo	$55,000	$46	60
2130 Eagle St	0.48mi	4/2.0 (+1)	1,000 (-9%)	2mo	$78,110	$78	55
1834 Wilkens Ave	0.64mi	3/1.0	1,200 (+9%)	3mo	$36,000	$30	48
2141 Vine St	0.55mi	2/1.0 (-1)	1,200 (+9%)	3mo	$20,000	$17	48
1906 W Fairmount Ave	0.66mi	2/3.5 (-1)	1,200 (+9%)	3mo	$134,900	$112	41
3017 Frederick Ave	0.56mi	4/3.0 (+1)	1,260 (+14%)	2mo	$217,000	$172	39
2435 Lauretta Ave	0.72mi	3/1.0	1,260 (+14%)	1mo	$45,000	$36	37

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: 10.8%
• Equity multiple: 1.45×
• Total profit: $15,975
• Equity at exit: $18,936

10-year hold

• IRR: 23.1%
• Equity multiple: 3.40×
• Total profit: $85,347
• Equity at exit: $10,981

Cash invested: $35,560 (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: 425
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,600 high
• Mortgage (P&I): −$666
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $455

Break-even live

Break-even rent $1,024

Max offer price $127,000

Occupancy floor 67%

Sensitivity live

Price	-10% $527	-5% $491	+0% $455	+5% $419	+10% $383
Rent	-10% $329	-5% $392	+0% $455	+5% $518	+10% $581
Rate	-1.0pp $519	-0.5pp $487	base $455	+0.5pp $422	+1.0pp $389

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	25d	1	0.07mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.09mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	45d	1	0.13mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.18mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	45d	1	0.21mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	45d	1	0.27mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	5d	1	0.33mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	45d	1	0.35mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	12d	1	0.35mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	45d	1	0.36mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	45d	1	0.37mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.41mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.41mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.41mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	45d	1	0.43mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	6d	1	0.46mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	45d	1	0.59mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	45d	1	0.63mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	25d	1	0.64mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	45d	1	0.64mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	21d	1	0.67mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	25d	1	0.68mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	45d	1	0.70mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	25d	1	0.71mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	25d	1	0.72mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	45d	1	0.82mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	45d	1	0.82mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	25d	1	0.83mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	25d	1	0.84mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	6d	1	0.87mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	25d	1	0.88mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	25d	1	0.96mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	45d	1	0.98mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	45d	1	1.00mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	23d	1	1.01mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	45d	1	1.04mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	25d	1	1.04mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	6d	1	1.06mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	14d	1	1.06mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	45d	1	1.06mi

Listing history 24 events

1. 2026-06-21
   days on market $127,000 Active 65 DOM
2. 2026-06-18
   days on market $127,000 Active 62 DOM
3. 2026-06-17
   days on market $127,000 Active 61 DOM
4. 2026-06-16
   days on market $127,000 Active 60 DOM
5. 2026-06-15
   days on market $127,000 Active 59 DOM
6. 2026-06-13
   days on market $127,000 Active 57 DOM
7. 2026-06-09
   days on market $127,000 Active 53 DOM
8. 2026-06-08
   days on market $127,000 Active 52 DOM
9. 2026-06-07
   days on market $127,000 Active 51 DOM
10. 2026-06-04
    days on market $127,000 Active 48 DOM
11. 2026-06-03
    days on market $127,000 Active 47 DOM
12. 2026-06-02
    days on market $127,000 Active 46 DOM
13. 2026-06-02
    price $127,000 Active 45 DOM
14. 2026-06-01
    days on market $135,000 Active 45 DOM
15. 2026-05-31
    days on market $135,000 Active 44 DOM
16. 2026-04-17
    listed $135,000 Active
17. 2025-04-18
    soldstatus $45,000
18. 2025-04-09
    soldstatus $45,000 Closed 322-char remark

    Show marketing remark (322 chars)

    ONLINE AUCTION: Bidding begins 03/06/2025 @ 10:00 AM. Bidding ends 03/10/2025 @ 12:20 PM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Shipley Hill area. JUST MINUTES to the Westside Shopping Center. Easy access to major traffic artery Frederick Ave. Property is rented @ $950/mo.

19. 2025-03-11
    status Pending 322-char remark

    Show marketing remark (322 chars)

    ONLINE AUCTION: Bidding begins 03/06/2025 @ 10:00 AM. Bidding ends 03/10/2025 @ 12:20 PM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Shipley Hill area. JUST MINUTES to the Westside Shopping Center. Easy access to major traffic artery Frederick Ave. Property is rented @ $950/mo.

20. 2024-12-09
    listed $20,000 Active 322-char remark

    Show marketing remark (322 chars)

    ONLINE AUCTION: Bidding begins 03/06/2025 @ 10:00 AM. Bidding ends 03/10/2025 @ 12:20 PM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Shipley Hill area. JUST MINUTES to the Westside Shopping Center. Easy access to major traffic artery Frederick Ave. Property is rented @ $950/mo.

21. 2017-12-21
    soldstatus $10,000 Sold
22. 2017-11-16
    status Contract
23. 2017-10-25
    listed $5,000 Active
24. 1987-03-04
    soldstatus $249,500

ⓘ 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: $1,080 · $90/mo
• Projected year-2 tax: $1,232 · $103/mo
• Expected delta: +$152/yr (+$13/mo · 14.1%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,200
• − Mortgage interest: −$7,114
• − Property taxes: −$1,080
• − Insurance: −$635
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$3,695
• Taxable income: $3,604
• Est. tax owed @ 24.0%: −$865
• After-tax cash flow: $4,596/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

-45.9% since first listed

9 events — show timeline

• 2026-04-17 Listed $135,000 BRIGHT MLS
• 2025-04-18 Sold (Public Records) $45,000 Public Records
• 2025-04-09 Sold (MLS) $45,000 BRIGHT MLS
• 2025-03-11 Pending — BRIGHT MLS
• 2024-12-09 Listed $20,000 BRIGHT MLS
• 2017-12-21 Sold (MLS) $10,000 MRIS
• 2017-11-16 Pending — MRIS
• 2017-10-25 Listed $5,000 MRIS
• 1987-03-04 Sold (Public Records) $249,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,080 · +0.0% YoY. Source: county tax records.