1023 N Fulton Ave · Baltimore, MD 21217

$185,000

4 bd · 2.0 ba · 2,339 sqft · Townhouse · 195 Days on market

Built 1958 5,227 sqft lot $79/sqft · 20% above area Est $154k · 20% over ↓ 7% 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming 4-bedroom, 2-bathroom townhouse, renovated and set for new home owner, offers a perfect blend of classic style and modern comfort. The inviting interior features a traditional floor plan with cozy carpeting and luxury vinyl tile, creating a warm atmosphere throughout. The galley kitchen is equipped with a six-burner stove, built-in microwave, and refrigerator, making it a delightful space for culinary adventures. Enjoy meals in the formal dining room or relax in the spacious living areas, complete with ceiling fans for added comfort. Step outside to discover a lovely patio, ideal for morning coffee or evening gatherings. The property is surrounded by sidewalks and street lights, enhancing the neighborhood's charm and safety. With a full unfinished basement, there's ample opportunity for customization to suit your needs. Located just minutes from public transportation options, including a bus stop less than a mile away and a metro station within three miles, commuting is a breeze. Local schools are well-regarded, providing excellent educational opportunities. This home is not just a place to live; it's a gateway to a vibrant community filled with amenities and conveniences that enhance everyday life. Experience the comfort and warmth of this inviting residence, where every detail is designed to make you feel at home.

Key facts

• Six burner stove
• Formal dining room
• Galley kitchen

Tags

• GALLEY KITCHEN
• SIX BURNER STOVE
• FORMAL DINING ROOM
• FULL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+6.6%/yr); 331 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,208/mo this rent would consume 69% of the median local household income ($38k/yr) (locally 2921% 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 $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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — 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 $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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: 1.19% ✓
• Cap rate: 10.27%
• Cash-on-cash: 14.19%
• DSCR: 1.63
• GRM: 7.0

CMA / ARV

• ARV (median comp): $154,477
• List price: $185,000
• Delta: 19.76%
• 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
1810 Edmondson Ave	0.36mi	4/2.0	2,290 (-2%)	8mo	$55,000	$24	73
1030 N Fulton Ave	0.03mi	4/2.5	2,010 (-14%)	9mo	$155,000	$77	66
1022 N Bentalou St	0.44mi	3/2.0 (-1)	2,228 (-5%)	9mo	$134,900	$61	59
1201 N Fulton Ave	0.18mi	5/4.0 (+1)	2,100 (-10%)	5mo	$280,000	$133	58
1501 N Payson St N	0.39mi	4/2.0	2,000 (-14%)	4mo	$162,000	$81	54
1731 N Bentalou St	0.70mi	4/2.0	2,175 (-7%)	5mo	$189,500	$87	51
610 N Fulton Ave	0.34mi	4/3.0	2,688 (+15%)	8mo	$75,000	$28	49
329 N Gilmor St	0.55mi	4/2.5	2,066 (-12%)	6mo	$315,000	$152	48
719 W Lafayette Ave W	0.63mi	4/1.0	2,067 (-12%)	9mo	$120,000	$58	40
1013 Harlem Ave	0.64mi	5/3.5 (+1)	2,117 (-10%)	4mo	$170,000	$80	40
105 N Fulton Ave	0.73mi	4/2.0	2,000 (-14%)	6mo	$50,000	$25	37
2424 W Lanvale St	0.60mi	5/4.0 (+1)	2,656 (+14%)	8mo	$350,000	$132	29

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.33×
• Total profit: $17,329
• Equity at exit: $27,584

10-year hold

• IRR: 20.2%
• Equity multiple: 2.97×
• Total profit: $102,049
• Equity at exit: $15,995

Cash invested: $51,800 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,208 high
• Mortgage (P&I): −$970
• Tax from tax record: −$85 /mo · $1,018/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $612

Break-even live

Break-even rent $1,433

Max offer price $185,000

Occupancy floor 67%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	24d	1	0.14mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	24d	1	0.40mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	14d	1	0.41mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	4d	1	0.49mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	43d	1	0.49mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	18d	1	0.59mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.70mi
549 Mosher St Baltimore, MD	3.0	1.0	2200	$1,350	$0.61	43d	1	0.77mi
1927 Druid Hill Ave #2 Baltimore, MD	3.0	2.0	3312	$2,350	$0.71	43d	1	0.78mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	0.81mi
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	4d	1	0.84mi
1929 McCulloh St Baltimore, MD	3.0	2.5	3293	$2,595	$0.79	43d	1	0.84mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	4d	1	0.84mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	3d	1	0.84mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	0.85mi
1614 McCulloh St #1 Baltimore, MD	3.0	3.0	2885	$2,400	$0.83	43d	1	0.86mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	43d	1	0.93mi
2534 McCulloh St Unit 1 Baltimore, MD	4.0	2.0	2861	$3,300	$1.15	24d	1	0.98mi
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.99mi
2511 Madison Ave Unit 1 Baltimore, MD	4.0	2.0	2700	$2,700	$1.00	43d	1	1.04mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	24d	1	1.05mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	18d	1	1.09mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	43d	1	1.09mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	1.12mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	1.15mi
815 Lennox St Baltimore, MD	3.0	3.5	1600	$2,790	$1.74	24d	1	1.15mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	43d	1	1.19mi
736 Watts St Baltimore, MD	3.0	3.5	2000	$3,250	$1.62	43d	1	1.19mi
734 Watts St Baltimore, MD	3.0	3.5	1720	$2,900	$1.69	43d	1	1.20mi
914 Whitelock St Baltimore, MD	4.0	3.5	2880	$2,250	$0.78	4d	1	1.22mi
804 Hollins St Unit 1 Baltimore, MD	3.0	2.0	1800	$2,700	$1.50	4d	1	1.23mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	24d	1	1.26mi
2812 Clifton Ave Baltimore, MD	3.0	1.5	1650	$1,850	$1.12	43d	1	1.28mi
1530 N Rosedale St Baltimore, MD	3.0	2.0	1641	$1,895	$1.15	14d	1	1.30mi
147 W Lafayette Ave Baltimore, MD	4.0	2.5	2400	$3,250	$1.35	43d	1	1.30mi
2535 Brookfield Ave Baltimore, MD	3.0	1.0	2736	$1,500	$0.55	43d	1	1.31mi
2917 Clifton Ave Baltimore, MD	4.0	4.0	1700	$2,150	$1.26	24d	1	1.33mi
1513 N Ellamont St Baltimore, MD	3.0	1.0	1700	$1,700	$1.00	24d	1	1.35mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	1.38mi
2302 Mount Royal Ter Baltimore, MD	4.0	3.5	2351	$3,000	$1.28	24d	1	1.40mi

Listing history 19 events

1. 2026-06-18
   days on market $185,000 Active 195 DOM
2. 2026-06-17
   days on market $185,000 Active 194 DOM
3. 2026-06-16
   days on market $185,000 Active 193 DOM
4. 2026-06-15
   days on market $185,000 Active 192 DOM
5. 2026-06-13
   days on market $185,000 Active 190 DOM
6. 2026-06-09
   days on market $185,000 Active 186 DOM
7. 2026-06-08
   days on market $185,000 Active 185 DOM
8. 2026-06-07
   days on market $185,000 Active 184 DOM
9. 2026-06-04
   days on market $185,000 Active 181 DOM
10. 2026-06-03
    days on market $185,000 Active 180 DOM
11. 2026-06-02
    days on market $185,000 Active 179 DOM
12. 2026-06-01
    days on market $185,000 Active 178 DOM
13. 2026-05-31
    days on market $185,000 Active 177 DOM
14. 2025-12-12
    price $185,000 1351-char remark

    Show marketing remark (1351 chars)

    This charming 4-bedroom, 2-bathroom townhouse, renovated and set for new home owner, offers a perfect blend of classic style and modern comfort. The inviting interior features a traditional floor plan with cozy carpeting and luxury vinyl tile, creating a warm atmosphere throughout. The galley kitchen is equipped with a six-burner stove, built-in microwave, and refrigerator, making it a delightful space for culinary adventures. Enjoy meals in the formal dining room or relax in the spacious living areas, complete with ceiling fans for added comfort. Step outside to discover a lovely patio, ideal for morning coffee or evening gatherings. The property is surrounded by sidewalks and street lights, enhancing the neighborhood's charm and safety. With a full unfinished basement, there's ample opportunity for customization to suit your needs. Located just minutes from public transportation options, including a bus stop less than a mile away and a metro station within three miles, commuting is a breeze. Local schools are well-regarded, providing excellent educational opportunities. This home is not just a place to live; it's a gateway to a vibrant community filled with amenities and conveniences that enhance everyday life. Experience the comfort and warmth of this inviting residence, where every detail is designed to make you feel at home.

15. 2025-12-05
    listed $195,000 Active 1351-char remark

    Show marketing remark (1351 chars)

    This charming 4-bedroom, 2-bathroom townhouse, renovated and set for new home owner, offers a perfect blend of classic style and modern comfort. The inviting interior features a traditional floor plan with cozy carpeting and luxury vinyl tile, creating a warm atmosphere throughout. The galley kitchen is equipped with a six-burner stove, built-in microwave, and refrigerator, making it a delightful space for culinary adventures. Enjoy meals in the formal dining room or relax in the spacious living areas, complete with ceiling fans for added comfort. Step outside to discover a lovely patio, ideal for morning coffee or evening gatherings. The property is surrounded by sidewalks and street lights, enhancing the neighborhood's charm and safety. With a full unfinished basement, there's ample opportunity for customization to suit your needs. Located just minutes from public transportation options, including a bus stop less than a mile away and a metro station within three miles, commuting is a breeze. Local schools are well-regarded, providing excellent educational opportunities. This home is not just a place to live; it's a gateway to a vibrant community filled with amenities and conveniences that enhance everyday life. Experience the comfort and warmth of this inviting residence, where every detail is designed to make you feel at home.

16. 2025-10-29
    historical
17. 2025-05-30
    price $169,000
18. 2025-04-17
    price $184,000
19. 2025-02-10
    listed $199,000 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: $1,018 · $85/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$499/yr (+$42/mo · 49.1%)

ⓘ 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,498
• − Mortgage interest: −$10,363
• − Property taxes: −$1,018
• − Insurance: −$925
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$5,382
• Taxable income: $4,571
• Est. tax owed @ 24.0%: −$1,097
• After-tax cash flow: $6,252/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

-7.0% since first listed

6 events — show timeline

• 2025-12-12 Price Changed $185,000 BRIGHT MLS
• 2025-12-05 Listed $195,000 BRIGHT MLS
• 2025-10-29 Listing Removed — BRIGHT MLS
• 2025-05-30 Price Changed $169,000 BRIGHT MLS
• 2025-04-17 Price Changed $184,000 BRIGHT MLS
• 2025-02-10 Listed $199,000 BRIGHT MLS

Property tax history

+7.7%/yr

Latest (2025): $1,018 · +6.6% YoY. Source: county tax records.