1118 Carroll St · Baltimore, MD 21230

$189,900

3 bd · 2.0 ba · 1,224 sqft · Townhouse public records · 43 Days on market

Built 1898 871 sqft lot $155/sqft · 16% below area Est $226k · 16% under

---

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 +21.3/30.0
• ARV discount +14.6/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

Key facts

• Baltimore rowhome
• Convenient location
• Built 1898

Tags

• BALTIMORE ROWHOME
• CONVENIENT LOCATION
• NEAR M AND T BANK STADIUM
• STRONG RENTAL POTENTIAL

Property features AI

Finance

• Other: Above-grade finished area and below-grade unfinished area recorded by assessor

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service; Natural gas service
• Home design: Interior townhouse/rowhouse; Fee simple ownership; Year built per assessor
• Construction: Brick construction; Block foundation; Built-up roof
• Exterior features: Not located on tidal water; Above- and below-grade structures noted

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Partially finished basement with a connecting stairway; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $190k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 soft (-1.0%/yr); 362 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1898 — 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 $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.07% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $225,522
• List price: $189,900
• Delta: -15.80%
• 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
121 Parkin St	0.33mi	3/2.0	1,208 (-1%)	0mo	$175,000	$145	82
1145 W Cross St	0.05mi	2/1.5 (-1)	1,172 (-4%)	2mo	$121,900	$104	82
509 Otterbein St	0.23mi	2/2.0 (-1)	1,215 (-1%)	2mo	$232,500	$191	82
1244 Carroll St	0.13mi	3/1.5	1,140 (-7%)	0mo	$213,900	$188	80
1110 W Lombard St	0.39mi	3/2.5	1,206 (-2%)	1mo	$180,000	$149	77
916 S Carey St	0.26mi	3/1.5	1,288 (+5%)	1mo	$100,000	$78	76
835 1/2 W Lombard St	0.38mi	3/1.0	1,242 (+2%)	1mo	$255,000	$205	74
817 W Cross St	0.20mi	3/3.5	1,320 (+8%)	0mo	$260,000	$197	71
1236 Sargeant St	0.16mi	2/2.0 (-1)	1,350 (+10%)	2mo	$205,000	$152	69
835 W Cross St	0.17mi	3/2.5	1,380 (+13%)	1mo	$243,600	$177	67
538 Eislen St	0.46mi	2/1.0 (-1)	1,170 (-4%)	1mo	$345,000	$295	62
1404 Lemmon St	0.51mi	3/2.0	1,100 (-10%)	1mo	$189,000	$172	59

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.64×
• Total profit: $-19,077
• Equity at exit: $28,315

10-year hold

• IRR: -5.7%
• Equity multiple: 0.68×
• Total profit: $-16,838
• Equity at exit: $16,419

Cash invested: $53,172 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,040 high
• Mortgage (P&I): −$996
• Tax from tax record: −$260 /mo · $3,122/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $277

Break-even live

Break-even rent $1,690

Max offer price $189,900

Occupancy floor 81%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	17d	1	0.06mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	43d	1	0.08mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	12d	1	0.08mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	23d	1	0.09mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	23d	1	0.09mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	23d	1	0.10mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	1d	1	0.12mi
508 Wyeth St Baltimore, MD	3.0	3.0	1234	$1,850	$1.50	43d	1	0.13mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	0.14mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	0.16mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	20d	1	0.17mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	43d	1	0.17mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	43d	1	0.17mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	23d	1	0.18mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	0.18mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	43d	1	0.18mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	4d	1	0.18mi
709 Scott St Baltimore, MD	3.0	2.5	1448	$2,500	$1.73	23d	1	0.19mi
709 Scott St Baltimore, MD	3.0	3.0	1448	$2,500	$1.73	14d	1	0.19mi
519 Scott St Unit 1 Baltimore, MD	2.0	2.0	800	$2,000	$2.50	43d	1	0.19mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	0.20mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	0.22mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	23d	1	0.24mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	23d	1	0.25mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	23d	1	0.25mi
1108 Sterrett St Baltimore, MD	2.0	1.0	1400	$2,300	$1.64	23d	1	0.28mi
748 McHenry St Baltimore, MD	3.0	2.0	1288	$2,100	$1.63	4d	1	0.30mi
812 S Paca St Baltimore, MD	3.0	2.0	990	$1,500	$1.52	12d	1	0.31mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	23d	1	0.33mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	43d	1	0.35mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	0.37mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.37mi
638 S Paca St Unit 2404866494 Baltimore, MD	3.0	1.5	1100	$2,200	$2.00	43d	1	0.38mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	0.39mi
662 Washington Blvd Baltimore, MD	4.0	2.5	1300	$2,700	$2.08	43d	1	0.39mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	21d	1	0.41mi
656 Portland St Baltimore, MD	2.0	1.5	1300	$1,950	$1.50	43d	1	0.42mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.42mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	23d	1	0.49mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	43d	1	0.49mi

Listing history 25 events

1. 2026-06-18
   days on market $189,900 Active 43 DOM
2. 2026-06-17
   days on market $189,900 Active 42 DOM
3. 2026-06-16
   days on market $189,900 Active 41 DOM
4. 2026-06-15
   days on market $189,900 Active 40 DOM
5. 2026-06-13
   pricedays on market $189,900 Active 38 DOM
6. 2026-06-09
   days on market $199,900 Active 34 DOM
7. 2026-06-08
   days on market $199,900 Active 33 DOM
8. 2026-06-07
   days on market $199,900 Active 32 DOM
9. 2026-06-04
   days on market $199,900 Active 29 DOM
10. 2026-06-03
    days on market $199,900 Active 28 DOM
11. 2026-06-02
    days on market $199,900 Active 27 DOM
12. 2026-06-02
    price $199,900 Active 26 DOM
13. 2026-06-01
    days on market $220,000 Active 26 DOM
14. 2026-05-31
    days on market $220,000 Active 25 DOM
15. 2026-05-06
    listed $230,000 Active 513-char remark
16. 2018-03-01
    soldstatus $4,552,396
17. 2010-07-28
    soldstatus $43,000 Sold 89-char remark

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

18. 2010-07-28
    soldstatus $43,000

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

19. 2010-06-28
    status Contingent (No Kick Out) 89-char remark

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

20. 2010-06-28
    historical

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

21. 2010-06-25
    price $49,900 89-char remark

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

22. 2010-05-25
    listed $54,900 Active 89-char remark

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

23. 2010-05-25
    listed $49,900

    Show marketing remark (89 chars)

    Spacious 3 bedroom/1 bath rowhome in Washington Village. Approved for HomePath financing.

24. 1997-06-16
    soldstatus $39,900
25. 1995-06-23
    soldstatus $33,000

ⓘ 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: $3,122 · $260/mo
• Projected year-2 tax: $3,122 · $260/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: $24,485
• − Mortgage interest: −$10,637
• − Property taxes: −$3,122
• − Insurance: −$950
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − Depreciation: −$5,524
• Taxable income: $334
• Est. tax owed @ 24.0%: −$80
• After-tax cash flow: $3,241/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+475.5% since first listed

14 events — show timeline

• 2026-06-11 Price Changed $189,900 BRIGHT MLS
• 2026-06-01 Price Changed $199,900 BRIGHT MLS
• 2026-05-22 Price Changed $220,000 BRIGHT MLS
• 2026-05-06 Listed $230,000 BRIGHT MLS
• 2018-03-01 Sold (Public Records) $4,552,396 Public Records
• 2010-07-28 Sold (MLS) $43,000 BRIGHT MLS
• 2010-07-28 Sold (MLS) $43,000 MRIS
• 2010-06-28 Pending — MRIS
• 2010-06-28 Listing Removed — BRIGHT MLS
• 2010-06-25 Price Changed $49,900 MRIS
• 2010-05-25 Listed $54,900 MRIS
• 2010-05-25 Listed $49,900 BRIGHT MLS
• 1997-06-16 Sold (Public Records) $39,900 Public Records
• 1995-06-23 Sold (Public Records) $33,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $3,122 · +8.4% YoY. Source: county tax records.