424 Freeman St · Baltimore, MD 21225

$118,000

2 bd · 1.0 ba · 752 sqft · Townhouse public records · 144 Days on market

Built 1923 1,307 sqft lot $157/sqft · 23% above area Est $96k · 23% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 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

SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

Key facts

• Built 1923
• Listed 144 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $118k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $104k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 (+4.1%/yr); 165 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($54k/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 $816 of loan paydown is wiped out by about $4k 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 + 4.1% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $57k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $103,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 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 1923 — 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: 1.34% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• GRM: 6.2

CMA / ARV

• ARV (median comp): $95,707
• List price: $118,000
• Delta: 23.29%
• 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
3571 Horton Ave	0.10mi	2/1.0	826 (+10%)	1mo	$25,000	$30	78
3750 Saint Margaret St	0.56mi	2/1.0	784 (+4%)	1mo	$140,000	$179	66
3727 Saint Margaret St	0.57mi	2/1.0	784 (+4%)	6mo	$65,000	$83	61
3708 10th St	0.49mi	2/1.0	810 (+8%)	6mo	$88,500	$109	60
3832 Saint Margaret St	0.58mi	2/1.0	810 (+8%)	2mo	$90,000	$111	58
3622 Saint Victor St	0.45mi	2/1.0	810 (+8%)	14mo	$85,000	$105	54
3614 10th St	0.49mi	2/1.0	810 (+8%)	17mo	$115,000	$142	50
3825 10th St	0.56mi	3/1.0 (+1)	810 (+8%)	10mo	$110,000	$136	48
3829 Saint Margaret St	0.60mi	2/1.0	810 (+8%)	14mo	$115,000	$142	48
3816 10th St	0.53mi	2/1.0	864 (+15%)	9mo	$126,800	$147	43
3723 Saint Victor St	0.48mi	2/1.0	864 (+15%)	14mo	$119,250	$138	41
3608 Saint Victor St	0.44mi	3/2.0 (+1)	864 (+15%)	11mo	$150,000	$174	36

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.35×
• Total profit: $11,642
• Equity at exit: $17,594

10-year hold

• IRR: 18.9%
• Equity multiple: 2.66×
• Total profit: $54,850
• Equity at exit: $10,202

Cash invested: $33,040 (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 21225

• Home prices YoY: -31.9%
• Rents YoY: 4.1%
• Active inventory: 165
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,586 high
• Mortgage (P&I): −$619
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $455

Break-even live

Break-even rent $1,010

Max offer price $118,000

Occupancy floor 66%

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	0.10mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	0.12mi
520 Baltic Ave Unit B Baltimore, MD	1.0	1.0	800	$1,050	$1.31	43d	1	0.20mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	0.26mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	0.26mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	0.26mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.39mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	17d	1	0.48mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	43d	1	0.48mi
807 Stoll St Unit 1 Baltimore, MD	1.0	1.0	658	$1,000	$1.52	43d	1	0.53mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.56mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	4d	1	0.57mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.58mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.58mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	43d	1	0.60mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	0.62mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	23d	1	0.72mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.73mi
205 Arundel Rd W Brooklyn, MD	1.0	1.0	608	$1,200	$1.97	43d	1	0.75mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.80mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.96mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	43d	1	0.98mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	23d	1	1.01mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	21d	1	1.02mi
1628 Plum St Apt B (CB) Baltimore, MD	1.0	1.0	800	$850	$1.06	23d	1	1.10mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	2d	22	1.27mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	43d	1	1.44mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	14d	1	1.47mi

Listing history 36 events

1. 2026-06-18
   days on market $118,000 Active 144 DOM
2. 2026-06-17
   days on market $118,000 Active 143 DOM
3. 2026-06-16
   days on market $118,000 Active 142 DOM
4. 2026-06-15
   days on market $118,000 Active 141 DOM
5. 2026-06-13
   days on market $118,000 Active 139 DOM
6. 2026-06-09
   days on market $118,000 Active 135 DOM
7. 2026-06-08
   days on market $118,000 Active 134 DOM
8. 2026-06-07
   days on market $118,000 Active 133 DOM
9. 2026-06-04
   days on market $118,000 Active 130 DOM
10. 2026-06-03
    days on market $118,000 Active 129 DOM
11. 2026-06-02
    days on market $118,000 Active 128 DOM
12. 2026-06-01
    days on market $118,000 Active 127 DOM
13. 2026-05-31
    days on market $118,000 Active 126 DOM
14. 2026-04-03
    price $118,000 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

15. 2026-04-03
    status Active 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

16. 2026-03-30
    historical Active Under Contract 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

17. 2026-03-21
    price $99,000 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

18. 2026-01-22
    listed $175,000 Active 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

19. 2026-01-21
    historical $175,000 482-char remark

    Show marketing remark (482 chars)

    SHORTSALE WITH BANK-APPROVD PRICE * * * * * * Townhouse located on Freeman Street in Baltimore. Conveniently situated near major commuter routes including I-95 and I-895, this home offers easy access to downtown Baltimore, the Inner Harbor, and surrounding areas. Close to local shops, dining, schools, and parks, with Harbor Hospital and waterfront areas just minutes away. A great opportunity for homeowners or investors looking for city convenience with neighborhood charm.

20. 2022-08-03
    soldstatus $140,000
21. 2022-03-17
    soldstatus $140,000 Closed 238-char remark

    Show marketing remark (238 chars)

    Complete remodeled end unit townhouse in Brooklyn. There are 3 spacious bedrooms, and 2 full baths. Kitchen boasts granite countertops, tile backsplash, and stainless steel appliances. New HVAC, water heater, and roof. Fenced in backyard.

22. 2022-02-03
    status Pending 238-char remark

    Show marketing remark (238 chars)

    Complete remodeled end unit townhouse in Brooklyn. There are 3 spacious bedrooms, and 2 full baths. Kitchen boasts granite countertops, tile backsplash, and stainless steel appliances. New HVAC, water heater, and roof. Fenced in backyard.

23. 2021-11-04
    listed $149,000 Active 238-char remark

    Show marketing remark (238 chars)

    Complete remodeled end unit townhouse in Brooklyn. There are 3 spacious bedrooms, and 2 full baths. Kitchen boasts granite countertops, tile backsplash, and stainless steel appliances. New HVAC, water heater, and roof. Fenced in backyard.

24. 2021-10-29
    historical
25. 2021-10-23
    price $164,000
26. 2021-08-11
    price $169,200
27. 2021-07-30
    listed $179,900 Active
28. 2018-03-12
    soldstatus $18,000 Closed
29. 2018-03-12
    soldstatus $18,000 Sold
30. 2018-02-27
    status Contract
31. 2018-02-27
    historical
32. 2018-02-16
    price $24,900
33. 2018-01-26
    listed $24,900
34. 2018-01-26
    listed $29,900 Active
35. 2009-01-13
    historical
36. 2008-07-14
    listed

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $1,556 · $130/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 ≥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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,035
• − Mortgage interest: −$6,610
• − Property taxes: −$1,556
• − Insurance: −$590
• − Repairs & maintenance: −$1,523
• − Management: −$1,523
• − Depreciation: −$3,433
• Taxable income: $3,800
• Est. tax owed @ 24.0%: −$912
• After-tax cash flow: $4,553/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: Anne Arundel County · 535,653 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,062
• Household income: $54,020
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1440.0

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 0.68)
• Race & ethnicity: Black 42% White 32% Hispanic / Latino 20% Two or more races 8% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -119.44%
• Current HPI: 254.5089
• Rent YoY: ▲ 4.08%
• 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

+373.9% since first listed

23 events — show timeline

• 2026-04-03 Price Changed $118,000 BRIGHT MLS
• 2026-04-03 Relisted — BRIGHT MLS
• 2026-03-30 Contingent — BRIGHT MLS
• 2026-03-21 Price Changed $99,000 BRIGHT MLS
• 2026-01-22 Listed $175,000 BRIGHT MLS
• 2026-01-21 Coming Soon $175,000 BRIGHT MLS
• 2022-08-03 Sold (Public Records) $140,000 Public Records
• 2022-03-17 Sold (MLS) $140,000 BRIGHT MLS
• 2022-02-03 Pending — BRIGHT MLS
• 2021-11-04 Listed $149,000 BRIGHT MLS
• 2021-10-29 Listing Removed — BRIGHT MLS
• 2021-10-23 Price Changed $164,000 BRIGHT MLS
• 2021-08-11 Price Changed $169,200 BRIGHT MLS
• 2021-07-30 Listed $179,900 BRIGHT MLS
• 2018-03-12 Sold (MLS) $18,000 MRIS
• 2018-03-12 Sold (MLS) $18,000 BRIGHT MLS
• 2018-02-27 Pending — MRIS
• 2018-02-27 Listing Removed — BRIGHT MLS
• 2018-02-16 Price Changed $24,900 MRIS
• 2018-01-26 Listed $29,900 MRIS
• 2018-01-26 Listed $24,900 BRIGHT MLS
• 2009-01-13 Delisted — MRIS
• 2008-07-14 Listed — MRIS

Property tax history

+2.8%/yr

Latest (2025): $1,556 · +5.6% YoY. Source: county tax records.