108 W Heath St · Baltimore, MD 21230

$199,900

2 bd · 1.0 ba · 696 sqft · Townhouse public records · 65 Days on market

Built 1900 657 sqft lot $287/sqft · 9% below area Est $219k · 9% under ↓ 1% since listing

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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 +21.9/30.0
• ARV discount +11.4/15.0
• DSCR +7.0/10.0
• 1% rule +6.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Now priced at $207,000! Located in the heart of Federal Hill, this Baltimore rowhome offers incredible potential for an owner-occupant or investor. The main level features a living room and dining area separated by the staircase, with classic exposed brick adding warmth and character. The rear kitchen provides a second access point with potential for parking. Upstairs includes two bedrooms and a full bath at the rear, along with a convenient laundry area. The unfinished basement offers ample storage space, and the home includes a newer furnace. Ideally situated near downtown, parks, and restaurants—bring your vision and make it your own. Sold strictly as-is.

Key facts

• Exposed brick
• Rear kitchen
• Unfinished basement

Tags

• EXPOSED BRICK
• REAR KITCHEN
• UNFINISHED BASEMENT
• ADDITIONAL STORAGE SPACE
• POTENTIAL FOR PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: 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 soft (-1.0%/yr); 363 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 31% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; flood insurance adds $66/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 $187,906 (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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 7.0

CMA / ARV

• ARV (median comp): $218,886
• List price: $199,900
• Delta: -8.67%
• 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
1729 Olive St	0.12mi	2/1.0	768 (+10%)	6mo	$220,000	$286	72
48 W West St	0.35mi	1/1.0 (-1)	724 (+4%)	8mo	$125,000	$173	65
32 W Montgomery St Unit C	0.66mi	2/1.0	714 (+3%)	3mo	$167,000	$234	62
1046 Patapsco St	0.48mi	2/1.0	756 (+9%)	5mo	$215,000	$284	60
1211 Light St #213	0.43mi	1/1.0 (-1)	640 (-8%)	7mo	$182,500	$285	56
1211 Light St #408	0.43mi	1/1.0 (-1)	640 (-8%)	8mo	$153,000	$239	55
723 S Charles St #302	0.68mi	1/1.0 (-1)	687 (-1%)	10mo	$130,000	$189	53
112 Montgomery St W	0.66mi	2/1.0	750 (+8%)	9mo	$260,000	$347	49
1211 Light St #105	0.43mi	1/1.0 (-1)	616 (-12%)	11mo	$175,000	$284	46
731 S Hanover St Unit R2	0.66mi	2/1.0	800 (+15%)	0mo	$180,000	$225	44
608 E Fort Ave	0.65mi	2/2.0	786 (+13%)	2mo	$255,000	$324	42
723 S Charles St #306	0.68mi	1/1.0 (-1)	793 (+14%)	4mo	$140,000	$177	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.59×
• Total profit: $-23,216
• Equity at exit: $29,806

10-year hold

• IRR: -8.7%
• Equity multiple: 0.54×
• Total profit: $-25,747
• Equity at exit: $17,284

Cash invested: $55,972 (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 21230

• Rents YoY: -1.0%
• Active inventory: 363
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,363 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$419 /mo · $5,027/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $250

Break-even live

Break-even rent $2,047

Max offer price $199,900

Occupancy floor 84%

Sensitivity live

Price	-10% $363	-5% $307	+0% $250	+5% $193	+10% $137
Rent	-10% $63	-5% $157	+0% $250	+5% $343	+10% $437
Rate	-1.0pp $351	-0.5pp $301	base $250	+0.5pp $198	+1.0pp $145

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 W Heath St Baltimore, MD	2.0	1.0–2.5	1263	$2,850	$2.26	4d	7	0.07mi
1625 Olive St Baltimore, MD	2.0	2.0	672	$2,500	$3.72	45d	1	0.14mi
1705 Olive St Baltimore, MD	2.0	2.0	648	$2,500	$3.86	21d	1	0.15mi
1700 S Charles St Baltimore, MD	1.0	1.0	600	$1,300	$2.17	45d	1	0.15mi
1900 S Hanover St Baltimore, MD	3.0	1.0–2.0	875	$3,119	$3.56	3d	66	0.21mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	45d	1	0.24mi
1702 Light St Unit 302 Baltimore, MD	2.0	2.0	735	$2,300	$3.13	19d	1	0.28mi
101 W Cross St Baltimore, MD	2.0	1.0–2.0	937	$3,332	$3.55	3d	23	0.35mi
103 E Wells St Baltimore, MD	1.0–2.0	1.0	1008	$2,415	$2.39	3d	11	0.43mi
1111 Light St Baltimore, MD	2.0	1.0–2.0	982	$2,449	$2.49	6d	13	0.52mi
1265 Riverside Ave Unit 1st Floor Baltimore, MD	1.0	1.0	700	$1,350	$1.93	25d	1	0.52mi
910 S Charles St Unit B Baltimore, MD	2.0	1.0	700	$1,700	$2.43	19d	1	0.54mi
1 E Montgomery St Unit 7 Baltimore, MD	1.0	1.0	535	$1,950	$3.64	45d	1	0.62mi
1 E Montgomery St Unit 4 Baltimore, MD	1.0	1.0	445	$1,750	$3.93	45d	1	0.62mi
250 Mission Blvd Baltimore, MD	2.0	1.0–2.0	790	$3,406	$4.31	3d	21	0.64mi
2500 Insulator Dr Baltimore, MD	3.0	1.0–2.0	988	$3,816	$3.86	3d	152	0.65mi
1110 Key Hwy Baltimore, MD	1.0–2.0	1.0–2.5	1197	$3,696	$3.09	3d	33	0.68mi
2450 Rye St Baltimore, MD	2.0	1.0–2.0	926	$3,789	$4.09	3d	31	0.70mi
611 S Charles St Baltimore, MD	2.0	1.0–2.0	823	$2,905	$3.53	3d	8	0.72mi
23 Pierside Dr Baltimore, MD	1.0–2.0	1.0–2.0	975	$3,050	$3.13	46d	1	0.74mi
900 E Fort Ave Baltimore, MD	2.0	1.0–2.0	836	$3,684	$4.40	3d	18	0.90mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	3d	2	1.08mi
301 W Lombard St Baltimore, MD	1.0	1.0–2.0	499	$1,775	$3.56	3d	30	1.11mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	11d	9	1.15mi
410 W Lombard St Baltimore, MD	1.0	1.0	611	$1,995	$3.26	3d	4	1.18mi
300 W Lombard St Baltimore, MD	2.0	1.0–2.0	686	$1,835	$2.67	3d	7	1.18mi
707 President St Baltimore, MD	1.0	1.0–1.5	750	$2,534	$3.38	3d	15	1.18mi
121 S Fremont Ave Baltimore, MD	1.0	1.0	582	$2,100	$3.61	21d	5	1.19mi
11 S Eutaw St Baltimore, MD	1.0–2.0	1.0–2.0	1023	$2,146	$2.10	3d	11	1.22mi
26 S Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	669	$1,705	$2.55	6d	9	1.23mi
103 S Gay St Baltimore, MD	1.0	1.0	670	$1,420	$2.12	4d	7	1.23mi
1001 Aliceanna St Baltimore, MD	1.0–2.0	1.0–2.0	844	$3,081	$3.65	4d	3	1.24mi
1405 Point St Baltimore, MD	2.0	1.0–2.0	652	$3,336	$5.11	4d	2	1.24mi
300 W Redwood St Baltimore, MD	1.0	1.0	565	$2,400	$4.25	19d	1	1.24mi
555 President St Baltimore, MD	3.0	1.0–4.0	1352	$4,282	$3.17	4d	1	1.25mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	3d	22	1.25mi
100 E Redwood St Baltimore, MD	3.0	1.0–2.0	950	$3,785	$3.98	3d	23	1.26mi
2 Hopkins Plaza Baltimore, MD	2.0	1.0–2.0	942	$3,115	$3.31	3d	12	1.26mi
207 E Redwood St Baltimore, MD	1.0	1.0	503	$1,650	$3.28	4d	31	1.26mi
1 S Eutaw St Unit 1BR Baltimore, MD	1.0	1.0	600	$1,245	$2.08	16d	1	1.26mi

Listing history 20 events

1. 2026-06-21
   days on market $199,900 Active 65 DOM
2. 2026-06-18
   days on market $199,900 Active 62 DOM
3. 2026-06-17
   days on market $199,900 Active 61 DOM
4. 2026-06-16
   days on market $199,900 Active 60 DOM
5. 2026-06-15
   days on market $199,900 Active 59 DOM
6. 2026-06-13
   days on market $199,900 Active 57 DOM
7. 2026-06-09
   days on market $199,900 Active 53 DOM
8. 2026-06-08
   days on market $199,900 Active 52 DOM
9. 2026-06-07
   days on market $199,900 Active 51 DOM
10. 2026-06-04
    days on market $199,900 Active 48 DOM
11. 2026-06-03
    days on market $199,900 Active 47 DOM
12. 2026-06-02
    days on market $199,900 Active 46 DOM
13. 2026-06-01
    days on market $199,900 Active 45 DOM
14. 2026-05-31
    days on market $199,900 Active 44 DOM
15. 2026-05-14
    price $207,000 672-char remark

    Show marketing remark (672 chars)

    Now priced at $207,000! Located in the heart of Federal Hill, this Baltimore rowhome offers incredible potential for an owner-occupant or investor. The main level features a living room and dining area separated by the staircase, with classic exposed brick adding warmth and character. The rear kitchen provides a second access point with potential for parking. Upstairs includes two bedrooms and a full bath at the rear, along with a convenient laundry area. The unfinished basement offers ample storage space, and the home includes a newer furnace. Ideally situated near downtown, parks, and restaurants—bring your vision and make it your own. Sold strictly as-is.

16. 2026-05-04
    price $215,000 672-char remark

    Show marketing remark (672 chars)

    Now priced at $207,000! Located in the heart of Federal Hill, this Baltimore rowhome offers incredible potential for an owner-occupant or investor. The main level features a living room and dining area separated by the staircase, with classic exposed brick adding warmth and character. The rear kitchen provides a second access point with potential for parking. Upstairs includes two bedrooms and a full bath at the rear, along with a convenient laundry area. The unfinished basement offers ample storage space, and the home includes a newer furnace. Ideally situated near downtown, parks, and restaurants—bring your vision and make it your own. Sold strictly as-is.

17. 2026-04-17
    listed $220,000 Active 672-char remark

    Show marketing remark (672 chars)

    Now priced at $207,000! Located in the heart of Federal Hill, this Baltimore rowhome offers incredible potential for an owner-occupant or investor. The main level features a living room and dining area separated by the staircase, with classic exposed brick adding warmth and character. The rear kitchen provides a second access point with potential for parking. Upstairs includes two bedrooms and a full bath at the rear, along with a convenient laundry area. The unfinished basement offers ample storage space, and the home includes a newer furnace. Ideally situated near downtown, parks, and restaurants—bring your vision and make it your own. Sold strictly as-is.

18. 2020-10-30
    historical
19. 2020-10-12
    price $199,000
20. 2020-09-30
    listed $210,000 Active

ⓘ 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: $5,027 · $419/mo
• Projected year-2 tax: $5,027 · $419/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) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°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: $28,359
• − Mortgage interest: −$11,198
• − Property taxes: −$5,027
• − Insurance: −$1,797
• − Repairs & maintenance: −$2,269
• − Management: −$2,269
• − Depreciation: −$5,815
• Taxable loss: −$15
• Est. tax savings @ 24.0%: +$4
• After-tax cash flow: $3,004/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

-1.4% since first listed

6 events — show timeline

• 2026-05-14 Price Changed $207,000 BRIGHT MLS
• 2026-05-04 Price Changed $215,000 BRIGHT MLS
• 2026-04-17 Listed $220,000 BRIGHT MLS
• 2020-10-30 Listing Removed — BRIGHT MLS
• 2020-10-12 Price Changed $199,000 BRIGHT MLS
• 2020-09-30 Listed $210,000 BRIGHT MLS

Property tax history

+1.1%/yr

Latest (2025): $5,027 · +2.5% YoY. Source: county tax records.