2328 E Madison St · Baltimore, MD 21205

$164,900

4 bd · 1.0 ba · 100 sqft · Townhouse public records · 29 Days on market

Built 1920 980 sqft lot

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Why this score? — see what drove the C+ 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 +27.0/30.0
• DSCR +9.3/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• 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

Key facts

• Built 1920
• Listed 29 days

Property features AI

Finance

• Other: 32+ inch wide doors (accessibility feature)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Concrete perimeter foundation; Basement: full, fully finished, heated, with connecting stairway, interior access, windows; space suitable for rooms
• Exterior features: Not in a federal flood zone; Total below-grade finished area of approximately 700; Above-grade finished area of approximately 1,400; No tidal water

Interior

• Kitchen: Microwave; Gas oven/range; Refrigerator
• Bedrooms: One bedroom on the main level; Two bedrooms on the first upper level; One bedroom on the first lower level
• Flooring: Laminate flooring; Ceramic tile
• Bathrooms: Two full bathrooms; One half bathroom; One full bath on the first upper level; One full bath on the first lower level
• Heating & cooling: Central heating; Natural gas heating; Central air conditioning; Whole-house fan; Electric cooling
• Interior features: Dining area; Kitchen with table space; Master bathroom; Estimated living area
• Laundry & utility: Sump pump

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 fast (+9.9%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,173/mo this rent would consume 60% 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 $1k of loan paydown is wiped out by about $5k 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 $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $8k; list at $165k implies a 2099% 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 $162,426 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.31×
• Total profit: $14,177
• Equity at exit: $24,587

10-year hold

• IRR: 20.9%
• Equity multiple: 3.23×
• Total profit: $102,776
• Equity at exit: $14,258

Cash invested: $46,172 (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: 143
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,173 high
• Mortgage (P&I): −$865
• Tax from tax record: −$323 /mo · $3,875/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $460

Break-even live

Break-even rent $1,590

Max offer price $164,900

Occupancy floor 74%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 N Port St Baltimore, MD	3.0	1.0	—	$1,700	—	24d	1	0.06mi
719 N Milton Ave Baltimore, MD	3.0	1.0	—	$1,650	—	20d	1	0.11mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	15d	1	0.12mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	43d	1	0.12mi
821 N Collington Ave Baltimore, MD	3.0	2.0	1150	$1,950	$1.70	43d	1	0.14mi
717 N Collington Ave Baltimore, MD	3.0	3.0	—	$2,400	—	15d	1	0.14mi
911 N Rose St Baltimore, MD	3.0	3.5	—	$1,700	—	24d	1	0.17mi
717 N Luzerne Ave Baltimore, MD	3.0	1.5	—	$1,600	—	43d	1	0.18mi
2431 McElderry St Baltimore, MD	4.0	2.5	1600	$2,100	$1.31	43d	1	0.18mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	43d	1	0.22mi
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	4d	1	0.23mi
706 N Lakewood Ave Baltimore, MD	4.0	2.0	—	$2,095	—	24d	1	0.23mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	24d	1	0.24mi
500 N Rose St Baltimore, MD	3.0	2.0	520	$1,200	$2.31	4d	1	0.24mi
539 N Luzerne Ave Baltimore, MD	3.0	2.5	1702	$2,300	$1.35	43d	1	0.25mi
2620 McElderry St Baltimore, MD	5.0	3.0	—	$3,100	—	24d	1	0.25mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	43d	1	0.26mi
420 N Montford Ave Baltimore, MD	3.0	1.0	1350	$1,450	$1.07	43d	1	0.26mi
2235 E Chase St Baltimore, MD	3.0	3.0	—	$2,700	—	24d	1	0.26mi
2202 Prentiss Pl Baltimore, MD	3.0	2.0	1400	$2,400	$1.71	43d	1	0.26mi
2219 E Chase St Baltimore, MD	4.0	4.0	—	$4,500	—	43d	1	0.27mi
1103 N Patterson Park Ave Baltimore, MD	3.0	2.5	—	$1,900	—	24d	1	0.27mi
627 N Lakewood Ave Baltimore, MD	3.0	2.5	1175	$1,900	$1.62	22d	1	0.28mi
425 N Milton Ave Baltimore, MD	3.0	1.0	1200	$1,525	$1.27	15d	1	0.29mi
599 N Lakewood Ave Baltimore, MD	3.0	3.0	—	$2,500	—	43d	1	0.29mi
440 N Luzerne Ave Baltimore, MD	5.0	2.0	—	$1,900	—	24d	1	0.29mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	2d	1	0.30mi
537 N Lakewood Ave Baltimore, MD	3.0	3.5	1755	$2,050	$1.17	43d	1	0.31mi
533 N Lakewood Ave Baltimore, MD	4.0	3.5	1758	$4,500	$2.56	43d	1	0.31mi
2208 Orleans St Baltimore, MD	3.0	1.0	1310	$1,775	$1.35	43d	1	0.32mi
2437 E Biddle St Baltimore, MD	4.0	1.0	—	$1,500	—	22d	1	0.32mi
715 N Kenwood Ave Baltimore, MD	4.0	2.0	—	$1,995	—	43d	1	0.33mi
2702 Beryl Ave Baltimore, MD	3.0	2.0	—	$2,350	—	43d	1	0.33mi
2815 E Madison St Baltimore, MD	4.0	2.0	1300	$2,500	$1.92	43d	1	0.34mi
700 N Streeper St Baltimore, MD	3.0	1.0	—	$1,600	—	43d	1	0.35mi
614 N Streeper St Baltimore, MD	3.0	1.5	—	$1,650	—	43d	1	0.37mi
2040 Orleans St Baltimore, MD	4.0	1.5	1974	$2,100	$1.06	15d	1	0.37mi
2040 Orleans St Unit 1 Baltimore, MD	4.0	1.5	—	$2,200	—	4d	1	0.37mi
233 N Luzerne Ave Baltimore, MD	3.0	2.5	1700	$2,250	$1.32	22d	1	0.38mi
2410 E Fayette St Baltimore, MD	3.0	1.0	1224	$1,800	$1.47	43d	1	0.38mi

Listing history 28 events

1. 2026-06-18
   days on market $164,900 Active 29 DOM
2. 2026-06-17
   days on market $164,900 Active 28 DOM
3. 2026-06-16
   days on market $164,900 Active 27 DOM
4. 2026-06-15
   days on market $164,900 Active 26 DOM
5. 2026-06-13
   days on market $164,900 Active 24 DOM
6. 2026-06-09
   days on market $164,900 Active 20 DOM
7. 2026-06-08
   days on market $164,900 Active 19 DOM
8. 2026-06-07
   days on market $164,900 Active 18 DOM
9. 2026-06-04
   days on market $164,900 Active 15 DOM
10. 2026-06-03
    days on market $164,900 Active 14 DOM
11. 2026-06-02
    days on market $164,900 Active 13 DOM
12. 2026-06-01
    days on market $164,900 Active 12 DOM
13. 2026-05-31
    days on market $164,900 Active 11 DOM
14. 2026-05-20
    listed $164,900 Active
15. 2026-03-17
    historical
16. 2025-09-20
    listed $185,000 Active
17. 2025-09-18
    historical
18. 2025-06-02
    historical
19. 2024-09-09
    listed $155,000 Active
20. 2014-12-08
    historical
21. 2014-11-17
    soldstatus $7,500 Sold
22. 2014-11-17
    soldstatus $7,500
23. 2014-06-11
    historical
24. 2013-12-03
    status Contract
25. 2013-12-02
    price $7,500
26. 2013-11-01
    price $9,900
27. 2013-09-27
    listed $14,900 Active
28. 2013-09-27
    listed $7,500

ⓘ 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: $3,875 · $323/mo
• Projected year-2 tax: $3,875 · $323/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 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: $26,075
• − Mortgage interest: −$9,237
• − Property taxes: −$3,875
• − Insurance: −$824
• − Repairs & maintenance: −$2,086
• − Management: −$2,086
• − Depreciation: −$4,797
• Taxable income: $3,169
• Est. tax owed @ 24.0%: −$761
• After-tax cash flow: $4,762/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

+2098.7% since first listed

15 events — show timeline

• 2026-05-20 Listed $164,900 BRIGHT MLS
• 2026-03-17 Listing Removed — BRIGHT MLS
• 2025-09-20 Listed $185,000 BRIGHT MLS
• 2025-09-18 Coming Soon — BRIGHT MLS
• 2025-06-02 Listing Removed — BRIGHT MLS
• 2024-09-09 Listed $155,000 BRIGHT MLS
• 2014-12-08 Delisted — MRIS
• 2014-11-17 Sold (MLS) $7,500 BRIGHT MLS
• 2014-11-17 Sold (MLS) $7,500 MRIS
• 2014-06-11 Listing Removed — BRIGHT MLS
• 2013-12-03 Pending — MRIS
• 2013-12-02 Price Changed $7,500 MRIS
• 2013-11-01 Price Changed $9,900 MRIS
• 2013-09-27 Listed $14,900 MRIS
• 2013-09-27 Listed $7,500 BRIGHT MLS

Property tax history

+8.1%/yr

Latest (2025): $3,875 · +0.0% YoY. Source: county tax records.