2111 Park Ave · Baltimore, MD 21217

$1,500,000

432 bd · None ba · — sqft · MultiFamily · 6 Days on market

Built 1900

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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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This exceptional 16-unit multifamily property boasts a winning combination of location, potential, and making it the perfect opportunity to add a high-performing asset to your portfolio. Strategically situated near MICA, John Hopkins University, and the flourishing MCB North Avenue development, this property attracts a steady stream of students and professionals, guaranteeing consistent rental demand and healthy occupancy rates. Nestled in the vibrant Reservoir Square district, this property benefits from the area's upward trajectory and growing appeal. Witness your investment appreciate in value alongside the neighborhood's ongoing revitalization. This opportunity caters to investors seeki

Key facts

• Built 1900
• Listed 6 days

Property features AI

Finance

• Other: Total of 2 units (building-level); Land assessed value available
• Financial info: Ownership interest: Other

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas for heating and hot water
• Home design: Brick construction; Estimated year built
• Construction: Brick exterior; Above-grade and below-grade structures noted
• Exterior features: Property located within city limits (Baltimore City); Directions: Please use GPS

Interior

• Bedrooms: One single-room unit; Three one-bedroom units; Twelve two-bedroom units
• Heating & cooling: Forced air heating; Natural gas heating and hot water
• Interior features: No basement; Income includes laundry and apartment rentals
• Laundry & utility: Laundry included in income

What this means for you Summary

Snapshot

• This is a 16 × 27-bed/?-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $24k ($293k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($43k rent vs $1.50M).
• Cap rate 25.8% 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 (+6.6%/yr); 331 active listings in the ZIP; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $43,133/mo this rent would consume 1348% 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 $10k of loan paydown is wiped out by about $45k 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 $420k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 16y ago; this cycle's ask has dropped $90k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $1.50M implies a 1202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $1,500,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.88% ✓
• Cap rate: 25.82%
• Cash-on-cash: 69.74%
• DSCR: 4.10
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 73.3%
• Equity multiple: 4.51×
• Total profit: $1,474,961
• Equity at exit: $223,655

10-year hold

• IRR: 78.1%
• Equity multiple: 10.55×
• Total profit: $4,008,995
• Equity at exit: $129,693

Cash invested: $420,000 (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: 46.4×

Monthly cashflow live

• Estimated rent: $43,133 medium
• Mortgage (P&I): −$7,866
• Tax from tax record: −$1,176 /mo · $14,116/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,058
• Net cashflow: $24,408

Break-even live

Break-even rent $12,237

Max offer price $1,500,000

Occupancy floor 38%

Sensitivity live

Price	-10% $25,257	-5% $24,832	+0% $24,408	+5% $23,983	+10% $23,558
Rent	-10% $21,000	-5% $22,704	+0% $24,408	+5% $26,111	+10% $27,815
Rate	-1.0pp $25,163	-0.5pp $24,789	base $24,408	+0.5pp $24,019	+1.0pp $23,623

16-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 16× units	27	—	$43,136
Total (16 units)			$43,133

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 46 events

1. 2026-06-18
   days on market $1,500,000 Active 6 DOM
2. 2026-06-17
   days on market $1,500,000 Active 5 DOM
3. 2026-06-16
   days on market $1,500,000 Active 4 DOM
4. 2026-06-15
   days on market $1,500,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   days on marketlisting id $1,500,000 Active 1 DOM
7. 2026-06-09
   days on market $1,500,000 Active 55 DOM
8. 2026-06-08
   days on market $1,500,000 Active 54 DOM
9. 2026-06-07
   days on market $1,500,000 Active 53 DOM
10. 2026-06-04
    days on market $1,500,000 Active 50 DOM
11. 2026-06-03
    days on market $1,500,000 Active 49 DOM
12. 2026-06-02
    days on market $1,500,000 Active 48 DOM
13. 2026-06-01
    days on market $1,500,000 Active 47 DOM
14. 2026-05-31
    days on market $1,500,000 Active 46 DOM
15. 2026-02-26
    historical Active Under Contract
16. 2026-01-16
    listed $1,590,000 Active
17. 2026-01-16
    historical
18. 2025-12-17
    price $1,590,000
19. 2025-12-17
    status Active
20. 2025-10-23
    historical Active Under Contract
21. 2025-08-20
    listed $1,790,000 Active
22. 2025-08-20
    historical
23. 2025-04-02
    status Active
24. 2025-02-17
    historical Active Under Contract
25. 2024-10-02
    listed $2,100,000 Active
26. 2024-08-31
    historical
27. 2024-08-07
    historical $1,195
28. 2024-07-31
    listed $1,195
29. 2024-07-03
    listed $2,100,000 Active
30. 2024-03-13
    historical $1,195
31. 2023-12-10
    listed $1,195
32. 2023-12-01
    historical $1,195
33. 2023-11-30
    listed $1,195
34. 2023-10-15
    historical $1,195
35. 2023-10-04
    listed $1,195
36. 2022-12-22
    historical
37. 2012-01-01
    historical
38. 2012-01-01
    historical Expired
39. 2011-07-01
    status Active
40. 2011-07-01
    historical Expired
41. 2011-06-05
    price
42. 2010-12-13
    price
43. 2010-06-26
    listed Active
44. 2010-06-26
    listed $995,000
45. 1996-01-16
    soldstatus $115,185
46. 1982-08-24
    soldstatus $92,000

ⓘ 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: $14,116 · $1,176/mo
• Projected year-2 tax: $15,233 · $1,269/mo
• Expected delta: +$1,117/yr (+$93/mo · 7.9%)

ⓘ 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 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: $517,596
• − Mortgage interest: −$84,023
• − Property taxes: −$14,116
• − Insurance: −$7,500
• − Repairs & maintenance: −$41,408
• − Management: −$41,408
• − Depreciation: −$43,636
• Taxable income: $285,505
• Est. tax owed @ 24.0%: −$68,521
• After-tax cash flow: $224,370/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

+1628.3% since first listed

32 events — show timeline

• 2026-02-26 Contingent — BRIGHT MLS
• 2026-01-16 Listing Removed — BRIGHT MLS
• 2026-01-16 Listed $1,590,000 BRIGHT MLS
• 2025-12-17 Price Changed $1,590,000 BRIGHT MLS
• 2025-12-17 Relisted — BRIGHT MLS
• 2025-10-23 Contingent — BRIGHT MLS
• 2025-08-20 Listing Removed — BRIGHT MLS
• 2025-08-20 Listed $1,790,000 BRIGHT MLS
• 2025-04-02 Relisted — BRIGHT MLS
• 2025-02-17 Contingent — BRIGHT MLS
• 2024-10-02 Listed $2,100,000 BRIGHT MLS
• 2024-08-31 Listing Removed — BRIGHT MLS
• 2024-08-07 Rental Removed $1,195 RENT.
• 2024-07-31 Listed for Rent $1,195 RENT.
• 2024-07-03 Listed $2,100,000 BRIGHT MLS
• 2024-03-13 Rental Removed $1,195 APPFOLIO
• 2023-12-10 Listed for Rent $1,195 APPFOLIO
• 2023-12-01 Rental Removed $1,195 APPFOLIO
• 2023-11-30 Listed for Rent $1,195 APPFOLIO
• 2023-10-15 Rental Removed $1,195 APPFOLIO
• 2023-10-04 Listed for Rent $1,195 APPFOLIO
• 2022-12-22 Rental Removed — APPFOLIO
• 2012-01-01 Listing Removed — BRIGHT MLS
• 2012-01-01 Delisted — MRIS
• 2011-07-01 Relisted — MRIS
• 2011-07-01 Delisted — MRIS
• 2011-06-05 Price Changed — MRIS
• 2010-12-13 Price Changed — MRIS
• 2010-06-26 Listed — MRIS
• 2010-06-26 Listed $995,000 BRIGHT MLS
• 1996-01-16 Sold (Public Records) $115,185 Public Records
• 1982-08-24 Sold (Public Records) $92,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $14,116 · +3.5% YoY. Source: county tax records.