2815 E Madison St · Baltimore, MD 21205

$155,000

4 bd · 1.0 ba · 585 sqft · Townhouse public records · 20 Days on market

Built 1915 1,300 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• 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

Listing remarks MLS

GREAT LOCATION AND GREAT PRICE!!!!Property is being sold striclty as is. Seller will make no repairs. Buyer to verify if ground rent exists. Seller will not Redeem. CALL CSS FOR SHOWING INSTRUCTIONS. All offers must be submitted with proof of funds, EMD check and required addenda. This is a great investment opportunity!!!!!

Key facts

• Built 1915
• Listed 20 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer (no septic)
• Home design: Interior townhouse/rowhouse; Above-grade living space approximately 1,200 (estimated)
• Construction: Brick construction; Brick/mortar foundation; Other structures above grade
• Exterior features: Not in a federal flood zone; Located within city limits; Cross streets: Streeper St. and Kenwood Ave.

Interior

• Bedrooms: Two bedrooms on the main level; Two bedrooms on the first upper level
• Bathrooms: Two full bathrooms (one on the first upper level, one on the first lower level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (natural gas); Electric hot water
• Interior features: Estimated living area; Fully finished basement; 7 total rooms; Pets allowed with no restrictions

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $155k.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% 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; 6 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 $2,036/mo this rent would consume 57% 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 $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $152,675 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.31% ✓
• Cap rate: 11.12%
• Cash-on-cash: 17.23%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $74,295
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2305 Ashland Ave	0.38mi	3/1.0 (-1)	616 (+5%)	4mo	$78,000	$127	65
506 N Patterson Park Ave	0.46mi	3/1.5 (-1)	640 (+9%)	8mo	$78,000	$122	50

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 1.58×
• Total profit: $25,304
• Equity at exit: $23,111

10-year hold

• IRR: 26.0%
• Equity multiple: 3.81×
• Total profit: $122,017
• Equity at exit: $13,402

Cash invested: $43,400 (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: $2,036 high
• Mortgage (P&I): −$813
• Tax from tax record: −$108 /mo · $1,297/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $623

Break-even live

Break-even rent $1,247

Max offer price $155,000

Occupancy floor 64%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 N Rose St Baltimore, MD	3.0	2.0	520	$1,200	$2.31	4d	1	0.28mi
2410 E Federal St Baltimore, MD	4.0	2.0	720	$2,200	$3.06	24d	1	0.71mi
305 S Collington Ave Baltimore, MD	3.0	2.5	722	$2,895	$4.01	17d	1	0.96mi
1607 Hakesley Pl Baltimore, MD	3.0	1.0	720	$1,400	$1.94	44d	1	1.02mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$3,290	$3.62	2d	20	1.15mi
4300 Orchard Ridge Blvd Baltimore, MD	1.0–3.0	1.0–2.0	1021	$1,809	$1.77	44d	1	1.33mi

Listing history 37 events

1. 2026-06-18
   days on market $155,000 Active 20 DOM
2. 2026-06-17
   days on market $155,000 Active 19 DOM
3. 2026-06-16
   days on market $155,000 Active 18 DOM
4. 2026-06-15
   days on market $155,000 Active 17 DOM
5. 2026-06-13
   days on market $155,000 Active 15 DOM
6. 2026-06-09
   days on market $155,000 Active 13 DOM
7. 2026-06-08
   days on market $155,000 Active 12 DOM
8. 2026-06-07
   days on market $155,000 Active 11 DOM
9. 2026-06-04
   days on market $155,000 Active 8 DOM
10. 2026-06-03
    days on market $155,000 Active 7 DOM
11. 2026-06-02
    days on market $155,000 Active 6 DOM
12. 2026-06-01
    days on market $155,000 Active 5 DOM
13. 2026-05-31
    days on market $155,000 Active 4 DOM
14. 2026-05-29
    price $155,000
15. 2026-05-27
    listed $165,000 Active
16. 2026-05-20
    historical $2,500
17. 2026-05-07
    price $2,500
18. 2026-04-18
    listed $3,000
19. 2026-04-18
    historical
20. 2026-04-17
    historical $2,800
21. 2026-04-04
    status Active
22. 2026-03-30
    historical
23. 2026-02-28
    listed $2,800
24. 2026-02-21
    price $165,000
25. 2026-02-08
    status Active
26. 2026-01-23
    historical Active Under Contract
27. 2025-12-10
    listed $170,000 Active
28. 2025-11-20
    historical
29. 2023-07-18
    soldstatus $155,000
30. 2021-10-22
    soldstatus $862,500
31. 2019-12-27
    soldstatus $2,400,000
32. 2018-11-01
    soldstatus $1,369,034
33. 2007-01-26
    soldstatus $57,000 325-char remark

    Show marketing remark (325 chars)

    GREAT LOCATION AND GREAT PRICE!!!!Property is being sold striclty as is. Seller will make no repairs. Buyer to verify if ground rent exists. Seller will not Redeem. CALL CSS FOR SHOWING INSTRUCTIONS. All offers must be submitted with proof of funds, EMD check and required addenda. This is a great investment opportunity!!!!!

34. 2007-01-22
    historical 325-char remark

    Show marketing remark (325 chars)

    GREAT LOCATION AND GREAT PRICE!!!!Property is being sold striclty as is. Seller will make no repairs. Buyer to verify if ground rent exists. Seller will not Redeem. CALL CSS FOR SHOWING INSTRUCTIONS. All offers must be submitted with proof of funds, EMD check and required addenda. This is a great investment opportunity!!!!!

35. 2007-01-03
    listed $62,900 325-char remark

    Show marketing remark (325 chars)

    GREAT LOCATION AND GREAT PRICE!!!!Property is being sold striclty as is. Seller will make no repairs. Buyer to verify if ground rent exists. Seller will not Redeem. CALL CSS FOR SHOWING INSTRUCTIONS. All offers must be submitted with proof of funds, EMD check and required addenda. This is a great investment opportunity!!!!!

36. 1995-02-15
    soldstatus $25,000
37. 1989-10-10
    soldstatus $32,000

ⓘ 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: $1,297 · $108/mo
• Projected year-2 tax: $1,493 · $124/mo
• Expected delta: +$196/yr (+$16/mo · 15.2%)

ⓘ 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: $24,433
• − Mortgage interest: −$8,682
• − Property taxes: −$1,297
• − Insurance: −$775
• − Repairs & maintenance: −$1,955
• − Management: −$1,955
• − Depreciation: −$4,509
• Taxable income: $5,261
• Est. tax owed @ 24.0%: −$1,263
• After-tax cash flow: $6,214/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

+384.4% since first listed

24 events — show timeline

• 2026-05-29 Price Changed $155,000 BRIGHT MLS
• 2026-05-27 Listed $165,000 BRIGHT MLS
• 2026-05-20 Rental Removed $2,500 TENANTCLOUD
• 2026-05-07 Price Changed $2,500 TENANTCLOUD
• 2026-04-18 Listed for Rent $3,000 TENANTCLOUD
• 2026-04-18 Listing Removed — BRIGHT MLS
• 2026-04-17 Rental Removed $2,800 SHOWMOJO
• 2026-04-04 Relisted — BRIGHT MLS
• 2026-03-30 Listing Removed — BRIGHT MLS
• 2026-02-28 Listed for Rent $2,800 SHOWMOJO
• 2026-02-21 Price Changed $165,000 BRIGHT MLS
• 2026-02-08 Relisted — BRIGHT MLS
• 2026-01-23 Contingent — BRIGHT MLS
• 2025-12-10 Listed $170,000 BRIGHT MLS
• 2025-11-20 Coming Soon — BRIGHT MLS
• 2023-07-18 Sold (Public Records) $155,000 Public Records
• 2021-10-22 Sold (Public Records) $862,500 Public Records
• 2019-12-27 Sold (Public Records) $2,400,000 Public Records
• 2018-11-01 Sold (Public Records) $1,369,034 Public Records
• 2007-01-26 Sold (MLS) $57,000 MRIS
• 2007-01-22 Delisted — MRIS
• 2007-01-03 Listed $62,900 MRIS
• 1995-02-15 Sold (Public Records) $25,000 Public Records
• 1989-10-10 Sold (Public Records) $32,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,297 · +10.1% YoY. Source: county tax records.