520 S Bethel St · Baltimore, MD 21231

$309,900

3 bd · 1.5 ba · 1,400 sqft · Townhouse public records · 3 Days on market

Built 1900 750 sqft lot Est $339k · 9% under

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Why this score? — see what drove the D 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 +12.7/30.0
• ARV discount +11.3/15.0
• 1% rule +3.9/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This gorgeous three level townhouse has been rebuilt from the ground up. All new electrical, plumbing, roof, floors, HVAC, windows, etc. NOT a cosmetic renovation. Plenty of exposed brick walls, hardwood pickled floors, all new carpeting, wainscotting, crown molding and window seat. The kitchen is all granite and stainless-steel appliances with a breakfast bar and built-in wine caddie. Two Decks – one big roof top deck with Baltimore Skyline views and another deck off a bedroom/office that is extremely private. Completely renovated with new HVAC, hot water heater, carpet, ALL New! The Master Bath has a very unique glass block shower that has fiber optics built into it that changes the

Key facts

• Exposed brick walls
• Built-in wine caddie
• Roof top deck

Tags

• EXPOSED BRICK WALLS
• GRANITE KITCHEN
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• BUILT-IN WINE CADDIE
• ROOF TOP DECK

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric power
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Year built is estimated
• Construction: Brick exterior; Other foundation type
• Exterior features: Brick construction; Deck(s); Above-grade and below-grade structures noted

Interior

• Kitchen: Built-in microwave; Dishwasher; Disposal; Refrigerator; Stainless steel appliances; Exhaust fan
• Bedrooms: Two bedrooms on the first upper level; One bedroom on the second upper level
• Bathrooms: Two full bathrooms (one on the first upper level, one on the second upper level)
• Heating & cooling: Forced air heating (electric); Central air conditioning (electric); Hot water via natural gas
• Interior features: Basement with outside entrance and partial finish; Deck(s); No tidal water on the lot; Pets allowed with no pet restrictions
• Laundry & utility: Washer and dryer included; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $310k.

Deal economics

• At list price, monthly cash flow is $-34 ($-409/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (10.6% below list).
• Recommended offer: $277k (10.6% below list) — sets the bar for 1% rule.

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 (+2.3%/yr); 133 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 39% of the median local income ($85k/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 $2k of loan paydown is wiped out by about $9k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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 $201k; list at $310k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $276,940 (10.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $338,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1330 Lancaster St Unit C402	0.26mi	2/2.0 (-1)	1,429 (+2%)	0mo	$775,000	$542	77
219 S Washington St	0.41mi	3/2.0	1,434 (+2%)	0mo	$350,000	$244	74
509 S Collington Ave S	0.48mi	3/2.0	1,451 (+4%)	1mo	$250,000	$172	69
18 S Washington St	0.51mi	3/3.0	1,410 (+1%)	0mo	$318,000	$226	69
317 S Collington	0.50mi	3/2.5	1,440 (+3%)	1mo	$365,000	$253	67
307 S Exeter St	0.34mi	2/2.0 (-1)	1,497 (+7%)	1mo	$362,900	$242	65
1400 Lancaster St #303	0.20mi	2/2.5 (-1)	1,539 (+10%)	1mo	$425,000	$276	64
14 N Wolfe St N	0.56mi	2/2.0 (-1)	1,424 (+2%)	1mo	$292,000	$205	64
1330 Lancaster St Unit C603	0.26mi	2/2.0 (-1)	1,550 (+11%)	0mo	$985,000	$635	63
411 S Chester St	0.43mi	2/2.0 (-1)	1,491 (+6%)	1mo	$360,000	$241	61
325 S Castle St	0.40mi	2/1.5 (-1)	1,196 (-15%)	0mo	$275,000	$230	52
2428 Fleet St	0.68mi	2/2.5 (-1)	1,300 (-7%)	1mo	$285,000	$219	47

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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-54,342
• Equity at exit: $46,207

10-year hold

• IRR: -11.6%
• Equity multiple: 0.33×
• Total profit: $-58,017
• Equity at exit: $26,794

Cash invested: $86,772 (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 21231

• Rents YoY: 2.3%
• Active inventory: 133
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,769 high
• Mortgage (P&I): −$1,625
• Tax from tax record: −$468 /mo · $5,611/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$582
• Net cashflow: $-34

Break-even live

Break-even rent $2,812

Max offer price $303,885

Occupancy floor 96%

Sensitivity live

Price	-10% $141	-5% $54	+0% $-34	+5% $-122	+10% $-209
Rent	-10% $-253	-5% $-143	+0% $-34	+5% $75	+10% $185
Rate	-1.0pp $122	-0.5pp $45	base $-34	+0.5pp $-114	+1.0pp $-196

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 S Bethel St Baltimore, MD	2.0	2.0	1307	$2,500	$1.91	25d	1	0.02mi
430 S Bond St Baltimore, MD	3.0	2.5	1842	$2,875	$1.56	19d	1	0.05mi
622 S Broadway Baltimore, MD	2.0	1.0–2.0	953	$2,998	$3.14	0d	12	0.11mi
520 S Caroline St Unit 405 Baltimore, MD	2.0	1.0	890	$2,300	$2.58	25d	1	0.11mi
706 S Bethel St Baltimore, MD	3.0	2.0	1500	$3,300	$2.20	45d	1	0.13mi
1742 Fleet St Unit 204 Baltimore, MD	2.0	2.0	916	$2,100	$2.29	45d	1	0.17mi
424 S Eden St Baltimore, MD	4.0	3.5	1830	$3,200	$1.75	25d	1	0.20mi
210 S Caroline St Baltimore, MD	1.0–2.0	1.0	808	$1,965	$2.43	45d	23	0.26mi
1802 Gough St Baltimore, MD	3.0	2.0	1368	$2,595	$1.90	45d	1	0.28mi
1911 Eastern Ave Baltimore, MD	4.0	4.0	1520	$2,600	$1.71	25d	1	0.29mi
1816 Gough St Baltimore, MD	4.0	2.0	1248	$3,500	$2.80	25d	1	0.29mi
1904 Bank St Baltimore, MD	3.0	3.5	1792	$3,250	$1.81	45d	1	0.30mi
251 S Durham St Baltimore, MD	2.0	1.5	1120	$2,300	$2.05	25d	1	0.31mi
1927 Bank St Baltimore, MD	2.0	2.5	1106	$2,250	$2.03	0d	1	0.33mi
1402 Point St Baltimore, MD	2.0–3.0	2.5–3.0	1470	$5,730	$3.90	5d	3	0.33mi
675 President St #1501 Baltimore, MD	2.0	2.0	1466	$5,500	$3.75	45d	1	0.36mi
2013 Fleet St Baltimore, MD	3.0	2.5	1565	$2,800	$1.79	0d	1	0.36mi
1818 E Pratt St Apt A Baltimore, MD	3.0	2.5	1736	$2,500	$1.44	19d	1	0.38mi
2018 Fountain St Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	19d	1	0.38mi
555 President St Baltimore, MD	3.0	1.0–4.0	1352	$5,438	$4.02	0d	1	0.39mi
122 Lloyd St Baltimore, MD	2.0	2.5	1620	$2,855	$1.76	25d	1	0.42mi
301 S President St Unit 1013815P Baltimore, MD	2.0	2.0	1097	$4,837	$4.41	0d	1	0.42mi
1005 Granby St #187 Baltimore, MD	2.0	2.0	1351	$2,200	$1.63	45d	1	0.43mi
513 S Chester St Baltimore, MD	4.0	4.5	1534	$3,000	$1.96	19d	1	0.44mi
1000 Fell St #603 Baltimore, MD	2.0	1.0	1224	$2,200	$1.80	46d	1	0.45mi
16 S Wolfe St Unit B Baltimore, MD	2.0	2.0	1014	$1,800	$1.78	19d	1	0.47mi
250 President St #403 Baltimore, MD	2.0	2.0	1500	$3,000	$2.00	45d	1	0.47mi
328 S Collington Ave Baltimore, MD	2.0	2.0	1100	$2,300	$2.09	45d	1	0.50mi
104 N Dallas St Baltimore, MD	3.0	2.5	1584	$2,500	$1.58	23d	1	0.53mi
2210 Cambridge St Baltimore, MD	3.0	3.5	1450	$2,725	$1.88	45d	1	0.54mi
513 S Madeira St Baltimore, MD	2.0	2.0	1132	$2,000	$1.77	6d	1	0.55mi
411 S Madeira St Baltimore, MD	2.0	2.0	1312	$2,150	$1.64	45d	1	0.55mi
2217 Fleet St Baltimore, MD	3.0	2.0	1598	$2,700	$1.69	12d	1	0.55mi
227 S Madeira St Baltimore, MD	2.0	2.5	1100	$2,200	$2.00	45d	1	0.59mi
2015 E Fairmount Ave Baltimore, MD	3.0	3.5	1402	$2,500	$1.78	45d	1	0.63mi
801 Key Hwy Unit P60 Baltimore, MD	2.0	2.0	1864	$6,500	$3.49	25d	1	0.68mi
2115 E Fairmount Ave Baltimore, MD	3.0	2.5	1736	$2,795	$1.61	25d	1	0.70mi
100 Harborview Dr #204 Baltimore, MD	2.0	2.0	1447	$3,500	$2.42	14d	1	0.72mi
107 N Chester St Unit 2 Baltimore, MD	3.0	1.0	1750	$2,750	$1.57	45d	1	0.72mi
825 S Port St Baltimore, MD	2.0	1.5	1316	$2,800	$2.13	45d	1	0.73mi

Listing history 3 events

1. 2026-06-21
   days on market $309,900 Active 3 DOM
2. 2026-06-18
   remarks 693-char remark
3. 2026-06-18
   listed $309,900 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: $5,611 · $468/mo
• Projected year-2 tax: $5,611 · $468/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 6/10 Major FEMA zone X (unshaded) · 69% 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: $33,233
• − Mortgage interest: −$17,359
• − Property taxes: −$5,611
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,659
• − Management: −$2,659
• − Depreciation: −$9,015
• Taxable loss: −$5,620
• Est. tax savings @ 24.0%: +$1,349
• After-tax cash flow: $940/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): 14,969
• Household income: $85,254
• Rent vs Own: 65.8% rent · 34.2% own
• Severe rent burden: 1147.0

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 53% Black 29% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 6% 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: ▼ -545.26%
• Current HPI: 351.3778
• Rent YoY: ▲ 2.26%
• 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

+378.5% since first listed

10 events — show timeline

• 2026-06-18 Listed $309,900 BRIGHT MLS
• 2021-08-14 Listing Removed — BRIGHT MLS
• 2021-07-16 Listed $379,000 BRIGHT MLS
• 2007-12-05 Delisted — MRIS
• 2006-11-15 Listed — MRIS
• 2005-09-30 Sold (Public Records) $201,000 Public Records
• 2005-08-29 Sold (MLS) $201,000 MRIS
• 2005-07-28 Delisted — MRIS
• 2005-06-20 Listed $199,900 MRIS
• 2001-02-20 Sold (Public Records) $64,770 Public Records

Property tax history

+0.5%/yr

Latest (2025): $5,611 · +6.0% YoY. Source: county tax records.