1607 Lemmon St · Baltimore, MD 21223

$30,000

1 bd · 1.0 ba · 974 sqft · Townhouse public records · 62 Days on market

Built 1880

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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 +24.5/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Home formerly rented for $650/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

Key facts

• Full basement
• Built 1880
• Listed 62 days

Tags

• FULL BASEMENT
• CONVENIENT ACCESS TO SCHOOLS
• CONVENIENT ACCESS TO PARKS
• KEY TRANSPORTATION ROUTES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water; Natural gas heating
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Permanent foundation; Above-grade and below-grade structures; Built (year source: Assessor)
• Exterior features: Town property located within city limits

Interior

• Bedrooms: 1 bedroom on the first upper level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: Full, unfinished basement

🔨 Auction listing. The $30,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $117,854 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $30k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 fast (+7.5%/yr); 422 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($46k/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 $814 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 + 7.5% rent growth), your $33k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 5.9% of price; built in 1880 — 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 $28,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $117,854
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1607 Lemmon St	0.00mi	1/1.0	974 (0%)	1mo	$20,000	$21	99
1241 W Lombard St	0.27mi	2/1.0 (+1)	963 (-1%)	3mo	$150,000	$156	78
1239 W Lombard St	0.28mi	2/1.0 (+1)	1,000 (+3%)	3mo	$150,000	$150	75
1226 W Pratt St	0.29mi	2/1.5 (+1)	1,000 (+3%)	2mo	$80,000	$80	74
1125 Bayard St	0.51mi	1/2.0	1,032 (+6%)	0mo	$120,000	$116	62
1133 Sargeant St	0.53mi	2/1.5 (+1)	912 (-6%)	2mo	$67,500	$74	56
1121 Cleveland St	0.69mi	2/1.0 (+1)	912 (-6%)	2mo	$109,900	$121	51
2008 Wilkens Ave	0.40mi	2/1.5 (+1)	1,100 (+13%)	4mo	$145,000	$132	50
884 Washington Blvd	0.66mi	2/1.5 (+1)	1,040 (+7%)	3mo	$200,000	$192	49
1213 Washington Blvd	0.55mi	2/2.5 (+1)	1,080 (+11%)	3mo	$197,000	$182	43
864 Carroll St	0.69mi	2/1.5 (+1)	880 (-10%)	3mo	$89,000	$101	42
2402 Wilkens Ave	0.71mi	2/1.0 (+1)	1,092 (+12%)	0mo	$45,000	$41	41

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,653
• Equity at exit: $17,572

10-year hold

• IRR: 15.6%
• Equity multiple: 2.54×
• Total profit: $50,773
• Equity at exit: $10,190

Cash invested: $32,999 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,337 high
• Mortgage (P&I): −$618
• Tax est. 1.5%: −$147 /mo · $1,768/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $242

Break-even live

Break-even rent $1,031

Max offer price $117,854

Occupancy floor 77%

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: $29,464
• Closing costs: $3,536
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1712 W Lombard St #4 Baltimore, MD	1.0	1.0	550	$900	$1.64	43d	1	0.07mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	4d	1	0.15mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	43d	1	0.23mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.23mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	21d	1	0.24mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	43d	1	0.27mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,375	$1.60	43d	1	0.29mi
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	43d	1	0.34mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	43d	1	0.50mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	24d	1	0.55mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	24d	1	0.56mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	12d	1	0.58mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$1,776	$1.71	2d	12	0.59mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	4d	1	0.62mi
869 Hollins St Unit 3F Baltimore, MD	—	1.0	700	$949	$1.36	12d	1	0.63mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	43d	1	0.64mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	43d	1	0.71mi
1315 Harlem Ave Unit C Baltimore, MD	2.0	1.0	900	$1,425	$1.58	43d	1	0.76mi
1315 Harlem Ave Unit B Baltimore, MD	2.0	1.0	900	$1,425	$1.58	24d	1	0.76mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	43d	1	0.78mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	20d	1	0.78mi
776 Washington Blvd Unit 3F Baltimore, MD	1.0	1.0	800	$1,000	$1.25	43d	1	0.81mi
519 Scott St Unit 1 Baltimore, MD	2.0	2.0	800	$2,000	$2.50	43d	1	0.82mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.82mi
121 S Fremont Ave Apt 201 Baltimore, MD	—	1.0	552	$1,549	$2.81	17d	1	0.85mi
121 S Fremont Ave Baltimore, MD	1.0	1.0	582	$2,100	$3.61	20d	5	0.85mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	10d	9	0.88mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	12d	1	0.90mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	43d	1	0.92mi
657 Dover St Baltimore, MD	1.0	2.0	1080	$1,400	$1.30	12d	1	0.93mi
653 Dover St Baltimore, MD	1.0	1.5	936	$1,500	$1.60	20d	1	0.94mi
910 N Arlington Ave Unit 1 Baltimore, MD	1.0	1.0	551	$999	$1.81	17d	1	1.02mi
617 W Lexington St Baltimore, MD	1.0–2.0	1.0	975	$2,000	$2.05	10d	4	1.03mi
1110 Shields Pl Unit 1129 Baltimore, MD	2.0	1.0	770	$1,100	$1.43	43d	1	1.06mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	2d	2	1.07mi
410 W Lombard St Baltimore, MD	1.0	1.0	611	$1,995	$3.26	1d	4	1.14mi
318 N Paca St Unit 8 Baltimore, MD	—	1.0	600	$900	$1.50	24d	1	1.20mi
318 N Paca St Unit 10 Baltimore, MD	2.0	1.0	600	$1,200	$2.00	21d	1	1.20mi
318 N Paca St Unit 4 Baltimore, MD	—	1.0	600	$900	$1.50	43d	1	1.20mi
318 N Paca St Unit 9 Baltimore, MD	1.0	1.0	600	$1,000	$1.67	43d	1	1.20mi

Listing history 11 events

1. 2026-04-30
   status Pending
2. 2026-03-31
   price $30,000
3. 2026-02-27
   listed $39,900 Active
4. 2025-11-07
   soldstatus $500,000
5. 2021-02-03
   historical
6. 2020-11-06
   listed $150,000 Active
7. 2020-01-27
   soldstatus $212,000
8. 2019-12-31
   soldstatus $21,200 Closed 370-char remark

   Show marketing remark (370 chars)

   REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Home formerly rented for $650/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

9. 2019-11-05
   status Pending 370-char remark

   Show marketing remark (370 chars)

   REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Home formerly rented for $650/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

10. 2019-09-27
    listed $10,000 Active 370-char remark

    Show marketing remark (370 chars)

    REAL ESTATE AUCTION ON SITE TUESDAY, NOVEMBER 5, 2019 AT 12:00 NOON. List price is suggested opening bid only. $2,500 cashier's check deposit required to bid. Home is 1 of 10 rental properties on block being auctioned same day. Home formerly rented for $650/month. Please contact listing broker's office for full terms, bidder pre-registration form and property details.

11. 1990-06-25
    soldstatus $7,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $16,042
• − Mortgage interest: −$6,602
• − Property taxes: −$1,768
• − Insurance: −$589
• − Repairs & maintenance: −$1,283
• − Management: −$1,283
• − Depreciation: −$3,428
• Taxable income: $1,088
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $2,638/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+328.6% since first listed

11 events — show timeline

• 2026-04-30 Pending — BRIGHT MLS
• 2026-03-31 Price Changed $30,000 BRIGHT MLS
• 2026-02-27 Listed $39,900 BRIGHT MLS
• 2025-11-07 Sold (Public Records) $500,000 Public Records
• 2021-02-03 Listing Removed — BRIGHT MLS
• 2020-11-06 Listed $150,000 BRIGHT MLS
• 2020-01-27 Sold (Public Records) $212,000 Public Records
• 2019-12-31 Sold (MLS) $21,200 BRIGHT MLS
• 2019-11-05 Pending — BRIGHT MLS
• 2019-09-27 Listed $10,000 BRIGHT MLS
• 1990-06-25 Sold (Public Records) $7,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $1,632 · +2.4% YoY. Source: county tax records.