2551 Francis St · Baltimore, MD 21217

$25,000

2 bd · 2.0 ba · 1,446 sqft · Townhouse public records · 80 Days on market

Built 1900 2,178 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 5/19/2026 @ 10:00 AM. Bidding ends 5/21/2026 @ 12:10 PM. . The list price is the suggested opening bid. Deposit: $5,000. This two-story townhouse is located in the Penn North neighborhood of Baltimore City. Residents can enjoy the nearby facilities and amenities such as the Druid Hill Park, Coppin State University, and Mondawmin Mall. The property is vacant and its location offers easy access to traffic arteries including North Avenue and Reisterstown Road.

Key facts

• Built 1900
• Listed 80 days

🔨 Auction listing. The $25,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $83,764 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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 (+6.6%/yr); 331 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,607/mo this rent would consume 50% of the median local household income ($38k/yr) (locally 2921% 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 $579 of loan paydown is wiped out by about $3k 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 + 6.6% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 32y 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: property tax is 5.0% of price; 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 $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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. 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: 1.92% ✓
• Cap rate: 16.18%
• Cash-on-cash: 35.32%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $83,764
• List price: $25,000
• Delta: -70.15%
• 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
2453 Mcculloh St	0.19mi	3/1.0 (+1)	1,460 (+1%)	3mo	$99,900	$68	78
2418 Druid Hill Ave	0.20mi	3/1.5 (+1)	1,328 (-8%)	6mo	$77,000	$58	66
1719 Baker St	0.51mi	2/1.0	1,400 (-3%)	2mo	$19,250	$14	65
2820 Woodbrook Ave	0.18mi	3/1.5 (+1)	1,232 (-15%)	2mo	$85,000	$69	58
2105 Whittier Ave	0.39mi	3/1.5 (+1)	1,587 (+10%)	1mo	$80,000	$50	58
2115 Mcculloh St	0.48mi	3/1.5 (+1)	1,350 (-7%)	4mo	$77,000	$57	57
2311 Orem Ave	0.29mi	3/1.0 (+1)	1,284 (-11%)	4mo	$35,000	$27	55
2818 Woodbrook Ave	0.18mi	3/1.0 (+1)	1,232 (-15%)	3mo	$45,500	$37	55
2521 Reisterstown Rd	0.52mi	3/2.0 (+1)	1,578 (+9%)	3mo	$215,000	$136	54
1735 N Payson St	0.51mi	3/1.5 (+1)	1,250 (-14%)	6mo	$95,000	$76	42
1901 Linden Ave	0.69mi	2/1.5	1,240 (-14%)	1mo	$275,000	$222	41
831 Lennox St	0.65mi	3/3.5 (+1)	1,600 (+11%)	3mo	$363,740	$227	39

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 35.0%
• Equity multiple: 2.56×
• Total profit: $36,504
• Equity at exit: $12,489

10-year hold

• IRR: 43.7%
• Equity multiple: 5.92×
• Total profit: $115,400
• Equity at exit: $7,242

Cash invested: $23,454 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,607 high
• Mortgage (P&I): −$439
• Tax est. 1.5%: −$105 /mo · $1,256/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $690

Break-even live

Break-even rent $733

Max offer price $83,764

Occupancy floor 52%

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: $20,941
• Closing costs: $2,513
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	43d	1	0.12mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	23d	1	0.13mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	23d	4	0.18mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	43d	1	0.19mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$876	$0.89	4d	4	0.20mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	43d	1	0.21mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	43d	1	0.21mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	43d	1	0.23mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	17d	1	0.28mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	43d	1	0.28mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	43d	1	0.30mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	43d	1	0.30mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	43d	1	0.30mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	43d	1	0.34mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	23d	1	0.35mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	19d	1	0.36mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.36mi
2330 Bryant Ave Unit 2 Baltimore, MD	1.0	1.0	900	$1,350	$1.50	43d	1	0.36mi
2330 Bryant Ave Unit 4 Baltimore, MD	2.0	1.0	950	$1,500	$1.58	20d	1	0.36mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	43d	1	0.39mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	43d	1	0.41mi
1930 N Payson St Baltimore, MD	2.0	2.0	980	$1,500	$1.53	23d	1	0.44mi
3401 Woodbrook Ave Unit 1 Baltimore, MD	3.0	1.0	900	$1,199	$1.33	23d	1	0.46mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	43d	1	0.47mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.47mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	20d	1	0.47mi
1722 N Monroe St Baltimore, MD	3.0	1.5	1000	$1,350	$1.35	23d	1	0.48mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,500	$1.36	23d	3	0.50mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	43d	1	0.50mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	4d	1	0.52mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	43d	1	0.52mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	14d	1	0.53mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	17d	1	0.55mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	12d	1	0.55mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	17d	1	0.56mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	10d	1	0.56mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	2d	1	0.56mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	14d	1	0.57mi
2204 Clifton Ave Baltimore, MD	3.0	1.0	1400	$1,450	$1.04	4d	1	0.58mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	23d	1	0.62mi

Listing history 40 events

1. 2026-06-18
   days on market $25,000 Active 80 DOM
2. 2026-06-17
   days on market $25,000 Active 79 DOM
3. 2026-06-16
   days on market $25,000 Active 78 DOM
4. 2026-06-15
   days on market $25,000 Active 77 DOM
5. 2026-06-13
   days on market $25,000 Active 75 DOM
6. 2026-06-09
   days on market $25,000 Active 71 DOM
7. 2026-06-08
   days on market $25,000 Active 70 DOM
8. 2026-06-07
   days on market $25,000 Active 69 DOM
9. 2026-06-04
   days on market $25,000 Active 66 DOM
10. 2026-06-03
    days on market $25,000 Active 65 DOM
11. 2026-06-02
    days on market $25,000 Active 64 DOM
12. 2026-06-01
    days on market $25,000 Active 63 DOM
13. 2026-05-31
    days on market $25,000 Active 62 DOM
14. 2026-03-30
    listed $25,000 Active 572-char remark

    Show marketing remark (572 chars)

    ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 5/19/2026 @ 10:00 AM. Bidding ends 5/21/2026 @ 12:10 PM. . The list price is the suggested opening bid. Deposit: $5,000. This two-story townhouse is located in the Penn North neighborhood of Baltimore City. Residents can enjoy the nearby facilities and amenities such as the Druid Hill Park, Coppin State University, and Mondawmin Mall. The property is vacant and its location offers easy access to traffic arteries including North Avenue and Reisterstown Road.

15. 2020-08-07
    soldstatus $85,050
16. 2018-02-03
    historical 337-char remark

    Show marketing remark (337 chars)

    Great opportunity to buy home near the City's gems. Just minutes away from the Zoo, Reservoir Hill, Druid Hill Park and other amenities. This freshly painted 3 BR, 1.5 BA brick townhome boasts a traditional floorplan with updated kitchen and baths. Enjoy playing and entertaining in the level backyard. Hurry this home won't last long. .

17. 2018-01-31
    soldstatus $37,000 337-char remark

    Show marketing remark (337 chars)

    Great opportunity to buy home near the City's gems. Just minutes away from the Zoo, Reservoir Hill, Druid Hill Park and other amenities. This freshly painted 3 BR, 1.5 BA brick townhome boasts a traditional floorplan with updated kitchen and baths. Enjoy playing and entertaining in the level backyard. Hurry this home won't last long. .

18. 2018-01-31
    soldstatus $37,000 Sold

    Show marketing remark (337 chars)

    Great opportunity to buy home near the City's gems. Just minutes away from the Zoo, Reservoir Hill, Druid Hill Park and other amenities. This freshly painted 3 BR, 1.5 BA brick townhome boasts a traditional floorplan with updated kitchen and baths. Enjoy playing and entertaining in the level backyard. Hurry this home won't last long. .

19. 2017-12-14
    status Contract
20. 2017-11-02
    price $45,000
21. 2017-07-06
    listed $49,900 Active

    Show marketing remark (337 chars)

    Great opportunity to buy home near the City's gems. Just minutes away from the Zoo, Reservoir Hill, Druid Hill Park and other amenities. This freshly painted 3 BR, 1.5 BA brick townhome boasts a traditional floorplan with updated kitchen and baths. Enjoy playing and entertaining in the level backyard. Hurry this home won't last long. .

22. 2017-07-06
    listed $45,000 337-char remark

    Show marketing remark (337 chars)

    Great opportunity to buy home near the City's gems. Just minutes away from the Zoo, Reservoir Hill, Druid Hill Park and other amenities. This freshly painted 3 BR, 1.5 BA brick townhome boasts a traditional floorplan with updated kitchen and baths. Enjoy playing and entertaining in the level backyard. Hurry this home won't last long. .

23. 2014-04-09
    soldstatus $43,000
24. 2014-03-19
    status Contingent (No Kick Out)
25. 2014-03-19
    soldstatus $43,000 Sold
26. 2014-03-19
    soldstatus $43,000
27. 2014-03-12
    historical
28. 2014-02-27
    status Active
29. 2013-12-09
    status Contingent (No Kick Out)
30. 2013-10-19
    price $52,000
31. 2013-09-05
    listed $62,500 Active
32. 2013-09-05
    listed $52,000
33. 1998-06-29
    soldstatus $50,000
34. 1998-03-31
    soldstatus $8,500
35. 1998-03-02
    listed $12,000
36. 1998-03-02
    historical
37. 1998-02-10
    historical
38. 1997-08-12
    listed
39. 1994-11-06
    historical
40. 1994-05-06
    listed

ⓘ 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: $19,280
• − Mortgage interest: −$4,692
• − Property taxes: −$1,256
• − Insurance: −$419
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$2,437
• Taxable income: $7,391
• Est. tax owed @ 24.0%: −$1,774
• After-tax cash flow: $6,511/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+108.3% since first listed

27 events — show timeline

• 2026-03-30 Listed $25,000 BRIGHT MLS
• 2020-08-07 Sold (Public Records) $85,050 Public Records
• 2018-02-03 Listing Removed — BRIGHT MLS
• 2018-01-31 Sold (MLS) $37,000 MRIS
• 2018-01-31 Sold (MLS) $37,000 BRIGHT MLS
• 2017-12-14 Pending — MRIS
• 2017-11-02 Price Changed $45,000 MRIS
• 2017-07-06 Listed $49,900 MRIS
• 2017-07-06 Listed $45,000 BRIGHT MLS
• 2014-04-09 Sold (Public Records) $43,000 Public Records
• 2014-03-19 Pending — MRIS
• 2014-03-19 Sold (MLS) $43,000 BRIGHT MLS
• 2014-03-19 Sold (MLS) $43,000 MRIS
• 2014-03-12 Listing Removed — BRIGHT MLS
• 2014-02-27 Relisted — MRIS
• 2013-12-09 Pending — MRIS
• 2013-10-19 Price Changed $52,000 MRIS
• 2013-09-05 Listed $62,500 MRIS
• 2013-09-05 Listed $52,000 BRIGHT MLS
• 1998-06-29 Sold (Public Records) $50,000 Public Records
• 1998-03-31 Sold (MLS) $8,500 MRIS
• 1998-03-02 Listed $12,000 MRIS
• 1998-03-02 Delisted — MRIS
• 1998-02-10 Delisted — MRIS
• 1997-08-12 Listed — MRIS
• 1994-11-06 Delisted — MRIS
• 1994-05-06 Listed — MRIS

Property tax history

+3.8%/yr

Latest (2025): $1,978 · +3.7% YoY. Source: county tax records.