3532 Esther Pl · Baltimore, MD 21224

$50,000

2 bd · 1.0 ba · 968 sqft · Townhouse public records · 77 Days on market

Built 1900 1,306 sqft lot $52/sqft · 46% below area Est $93k · 46% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 6/4/2026 @ 10:00 AM. Bidding ends 6/8/2026 @ 12:10 PM. The list price is the suggested opening bid. Deposit: $7,500. This two-story, porch-front end-unit rowhome is located in the Baltimore Highlands neighborhood of Baltimore City. Residents can enjoy the nearby attractions such as the Patterson Park, The Markets at Highlandtown, and John Hopkins Bayview Hospital. This property is vacant. Major traffic arteries nearby include S Highland Ave and E Fayette St.

Key facts

• Built 1900
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.8% 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 (+1.3%/yr); 391 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); solid renter incomes; 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 $346 of loan paydown is wiped out by about $2k 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 + 1.3% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 30y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 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. 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: 3.56% ✓
• Cap rate: 30.79%
• Cash-on-cash: 87.49%
• DSCR: 4.89
• GRM: 2.3

CMA / ARV

• ARV (median comp): $93,252
• List price: $50,000
• Delta: -46.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3534 E Fairmount Ave	0.04mi	2/1.0	1,018 (+5%)	2mo	$86,000	$84	88
441 N East Ave	0.28mi	3/1.5 (+1)	976 (+1%)	2mo	$175,000	$179	77
3500 E Fairmount Ave	0.06mi	2/1.0	1,092 (+13%)	2mo	$107,000	$98	74
530 N Curley St	0.49mi	3/1.0 (+1)	960 (-1%)	2mo	$85,000	$89	69
20 N Decker Ave	0.36mi	3/1.0 (+1)	1,040 (+7%)	2mo	$149,000	$143	64
309 S Fagley St	0.45mi	2/2.0	1,030 (+6%)	1mo	$225,000	$218	64
155 N Streeper St	0.49mi	2/2.0	912 (-6%)	0mo	$220,000	$241	64
735 N Lakewood Ave	0.71mi	3/1.5 (+1)	970 (+0%)	2mo	$80,000	$82	58
14 S Curley St	0.46mi	2/1.0	1,092 (+13%)	1mo	$269,000	$246	56
12 Kresson St	0.42mi	3/1.0 (+1)	1,092 (+13%)	2mo	$80,000	$73	52
629 N Kenwood Ave	0.61mi	2/1.5	1,100 (+14%)	1mo	$76,500	$70	46
415 N Glover St	0.66mi	2/2.5	1,092 (+13%)	2mo	$179,000	$164	40

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 86.1%
• Equity multiple: 4.86×
• Total profit: $53,983
• Equity at exit: $7,455

10-year hold

• IRR: 88.8%
• Equity multiple: 9.51×
• Total profit: $119,129
• Equity at exit: $4,323

Cash invested: $14,000 (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 21224

• Rents YoY: 1.3%
• Active inventory: 391
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,778 high
• Mortgage (P&I): −$262
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $1,021

Break-even live

Break-even rent $486

Max offer price $50,000

Occupancy floor 38%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3344 E Baltimore St Unit 2 Baltimore, MD	1.0	1.0	545	$1,250	$2.29	43d	1	0.13mi
3413 Leverton Ave Baltimore, MD	2.0	1.0	832	$1,000	$1.20	23d	1	0.16mi
3205 Esther Pl Baltimore, MD	2.0	2.0	960	$1,850	$1.93	23d	1	0.21mi
29 N Ellwood Ave Baltimore, MD	3.0	1.5	1100	$2,395	$2.18	23d	1	0.28mi
201 S Conkling St Baltimore, MD	1.0	1.0	740	$1,500	$2.03	2d	2	0.29mi
203 N Ellwood Ave Unit Main Baltimore, MD	2.0	2.0	880	$2,200	$2.50	23d	1	0.29mi
223 Grundy St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	23d	1	0.37mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	43d	1	0.43mi
321 Fagley St Baltimore, MD	2.0	1.0	800	$1,650	$2.06	20d	1	0.44mi
400 S Conkling St Unit 3 Baltimore, MD	1.0	1.0	700	$1,700	$2.43	43d	1	0.45mi
400 S Highland Ave Unit 402 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	43d	1	0.46mi
3232 Eastern Ave Baltimore, MD	1.0	1.5	874	$2,260	$2.59	1d	1	0.51mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,350	$2.58	2d	20	0.51mi
3235 Eastern Ave Unit 2FL Baltimore, MD	1.0	1.0	552	$1,795	$3.25	4d	1	0.54mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	43d	1	0.58mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	23d	1	0.58mi
3801 Fleet St Unit 209 Baltimore, MD	1.0	1.5	814	$1,899	$2.33	43d	1	0.61mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	23d	1	0.62mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	2d	1	0.63mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	14d	1	0.65mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	23d	1	0.66mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	20d	1	0.69mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	17d	1	0.72mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	43d	1	0.72mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	17d	1	0.73mi
643 S Potomac St Baltimore, MD	2.0	1.0	785	$1,650	$2.10	43d	1	0.74mi
3200 Fait Ave Baltimore, MD	1.0	1.0	800	$1,700	$2.12	1d	1	0.74mi
400 N Rose St #1 Baltimore, MD	1.0	1.0	588	$1,080	$1.84	43d	1	0.74mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	2d	1	0.74mi
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	4d	1	0.75mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	43d	1	0.78mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	23d	1	0.78mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	43d	1	0.84mi
3610 Dillon St Baltimore, MD	1.0–2.0	1.0–2.0	828	$2,820	$3.41	43d	1	0.84mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	4d	1	0.87mi
825 S Linwood Ave Baltimore, MD	1.0	1.0	1000	$2,150	$2.15	23d	1	0.87mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.90mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	43d	1	0.90mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	14d	1	0.90mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	43d	1	0.90mi

Listing history 49 events

1. 2026-06-18
   days on market $50,000 Active 77 DOM
2. 2026-06-17
   days on market $50,000 Active 76 DOM
3. 2026-06-16
   days on market $50,000 Active 75 DOM
4. 2026-06-15
   days on market $50,000 Active 74 DOM
5. 2026-06-13
   remarks 574-char remark
6. 2026-06-13
   days on market $50,000 Active 72 DOM
7. 2026-06-09
   days on market $50,000 Active 68 DOM
8. 2026-06-08
   days on market $50,000 Active 67 DOM
9. 2026-06-07
   days on market $50,000 Active 66 DOM
10. 2026-06-04
    days on market $50,000 Active 63 DOM
11. 2026-06-03
    days on market $50,000 Active 62 DOM
12. 2026-06-02
    days on market $50,000 Active 61 DOM
13. 2026-06-01
    days on market $50,000 Active 60 DOM
14. 2026-05-31
    days on market $50,000 Active 59 DOM
15. 2026-04-02
    listed $50,000 Active 573-char remark

    Show marketing remark (573 chars)

    ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 6/4/2026 @ 10:00 AM. Bidding ends 6/8/2026 @ 12:10 PM. The list price is the suggested opening bid. Deposit: $7,500. This two-story, porch-front end-unit rowhome is located in the Baltimore Highlands neighborhood of Baltimore City. Residents can enjoy the nearby attractions such as the Patterson Park, The Markets at Highlandtown, and John Hopkins Bayview Hospital. This property is vacant. Major traffic arteries nearby include S Highland Ave and E Fayette St.

16. 2025-12-18
    historical
17. 2025-12-13
    price $125,000
18. 2025-08-28
    listed $70,000 Active
19. 2020-02-28
    soldstatus $360,807
20. 2015-06-26
    soldstatus $39,000 Sold
21. 2015-06-26
    soldstatus $39,000
22. 2014-11-15
    status Contingent (No Kick Out)
23. 2014-11-15
    historical
24. 2014-11-04
    status Active
25. 2014-10-26
    historical Expired
26. 2014-10-26
    status Active
27. 2014-05-30
    status Contingent (No Kick Out)
28. 2014-05-30
    price $30,000
29. 2014-05-30
    price $40,000
30. 2014-05-29
    price $39,000
31. 2014-05-06
    status Active
32. 2014-04-23
    historical
33. 2014-03-27
    price $44,000
34. 2014-03-25
    status Active
35. 2014-03-18
    status Contingent (No Kick Out)
36. 2014-02-07
    price $39,000
37. 2014-01-10
    price $44,000 Active
38. 2014-01-10
    status Active
39. 2013-12-04
    status Contingent (No Kick Out)
40. 2013-11-23
    price $39,816
41. 2013-11-08
    price $49,816
42. 2013-10-15
    price $59,816
43. 2013-10-09
    listed $69,816 Active
44. 2013-10-09
    listed $40,000
45. 1997-09-12
    soldstatus $45,000
46. 1996-12-31
    historical
47. 1996-01-01
    listed
48. 1994-12-16
    soldstatus $5
49. 1994-11-15
    soldstatus $31,200

ⓘ 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: $1,207 · $101/mo
• Projected year-2 tax: $1,207 · $101/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: $21,332
• − Mortgage interest: −$2,801
• − Property taxes: −$1,207
• − Insurance: −$250
• − Repairs & maintenance: −$1,707
• − Management: −$1,707
• − Depreciation: −$1,455
• Taxable income: $12,206
• Est. tax owed @ 24.0%: −$2,929
• After-tax cash flow: $9,319/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

+60.3% since first listed

35 events — show timeline

• 2026-04-02 Listed $50,000 BRIGHT MLS
• 2025-12-18 Listing Removed — BRIGHT MLS
• 2025-12-13 Price Changed $125,000 BRIGHT MLS
• 2025-08-28 Listed $70,000 BRIGHT MLS
• 2020-02-28 Sold (Public Records) $360,807 Public Records
• 2015-06-26 Sold (MLS) $39,000 BRIGHT MLS
• 2015-06-26 Sold (MLS) $39,000 MRIS
• 2014-11-15 Pending — MRIS
• 2014-11-15 Listing Removed — BRIGHT MLS
• 2014-11-04 Relisted — MRIS
• 2014-10-26 Delisted — MRIS
• 2014-10-26 Relisted — MRIS
• 2014-05-30 Price Changed $40,000 MRIS
• 2014-05-30 Price Changed $30,000 MRIS
• 2014-05-30 Pending — MRIS
• 2014-05-29 Price Changed $39,000 MRIS
• 2014-05-06 Relisted — MRIS
• 2014-04-23 Delisted — MRIS
• 2014-03-27 Price Changed $44,000 MRIS
• 2014-03-25 Relisted — MRIS
• 2014-03-18 Pending — MRIS
• 2014-02-07 Price Changed $39,000 MRIS
• 2014-01-10 Relisted — MRIS
• 2014-01-10 Price Changed $44,000 MRIS
• 2013-12-04 Pending — MRIS
• 2013-11-23 Price Changed $39,816 MRIS
• 2013-11-08 Price Changed $49,816 MRIS
• 2013-10-15 Price Changed $59,816 MRIS
• 2013-10-09 Listed $69,816 MRIS
• 2013-10-09 Listed $40,000 BRIGHT MLS
• 1997-09-12 Sold (Public Records) $45,000 Public Records
• 1996-12-31 Delisted — MRIS
• 1996-01-01 Listed — MRIS
• 1994-12-16 Sold (Public Records) $5 Public Records
• 1994-11-15 Sold (Public Records) $31,200 Public Records

Property tax history

-4.2%/yr

Latest (2025): $1,207 · +8.0% YoY. Source: county tax records.