530 N Fulton Ave · Baltimore, MD 21223

$149,900

6 bd · 3.0 ba · 2,700 sqft · Townhouse · 67 Days on market

Built 1920 1,620 sqft lot $56/sqft · 30% below area Est $215k · 30% under

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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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +9.1/10.0
• 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

Unique opportunity to own this 3 Unit building, almost 90% complete. Each unit has 2 bedrooms, a kitchen, and a full bath. Most of the work is complete. This property is ideal for the savvy investor seeking instant equity and, upon completion, immediate cash flow. Projected rents are $36000 to $48000 annually, depending on the programs available and the rents charged. Sold 100% as is , where is.

Key facts

• 1,620 sq ft lot
• Built 1920
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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); 425 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,112/mo this rent would consume 55% of the median local household income ($46k/yr) (locally 1755% 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 $1k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 11y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $150k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1920 — 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 $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 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 1920 — 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: 1.41% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.24%
• DSCR: 1.54
• GRM: 5.9

CMA / ARV

• ARV (median comp): $214,730
• List price: $149,900
• Delta: -30.19%
• 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
2303 Harlem Ave	0.43mi	5/3.5 (-1)	2,580 (-4%)	10mo	$354,900	$138	57
2424 W Lanvale St	0.58mi	5/4.0 (-1)	2,656 (-2%)	8mo	$350,000	$132	54
1026 N Fulton Ave	0.41mi	5/4.5 (-1)	2,800 (+4%)	16mo	$365,000	$130	50
2419 Harlem Ave	0.55mi	5/3.5 (-1)	2,856 (+6%)	10mo	$352,000	$123	50
1715 W Lombard St	0.59mi	6/2.0	2,500 (-7%)	8mo	$220,000	$88	50
1719 W Fayette St	0.37mi	6/1.0	2,343 (-13%)	5mo	$20,000	$9	49
721 W Lafayette Ave	0.70mi	5/4.0 (-1)	2,857 (+6%)	0mo	$196,000	$69	48
1519 W Lombard St	0.62mi	5/2.5 (-1)	2,412 (-11%)	12mo	$350,000	$145	36
2509 Harlem Ave	0.60mi	5/4.5 (-1)	2,890 (+7%)	16mo	$360,000	$125	36
110 S Mount St	0.61mi	6/2.0	2,300 (-15%)	14mo	$160,000	$70	32
25 S Calhoun St	0.62mi	6/4.5	3,057 (+13%)	14mo	$365,000	$119	31
715 N Carrollton Ave	0.50mi	5/4.5 (-1)	3,077 (+14%)	16mo	$430,000	$140	29

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: 7.6%
• Equity multiple: 1.31×
• Total profit: $13,161
• Equity at exit: $22,351

10-year hold

• IRR: 20.9%
• Equity multiple: 3.20×
• Total profit: $92,349
• Equity at exit: $12,961

Cash invested: $41,972 (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: 425
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,112 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$391 /mo · $4,698/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $428

Break-even live

Break-even rent $1,570

Max offer price $149,900

Occupancy floor 75%

Sensitivity live

Price	-10% $513	-5% $471	+0% $428	+5% $386	+10% $343
Rent	-10% $261	-5% $345	+0% $428	+5% $512	+10% $595
Rate	-1.0pp $504	-0.5pp $466	base $428	+0.5pp $389	+1.0pp $350

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	5d	1	1.12mi

Listing history 50 events

1. 2026-06-21
   days on market $149,900 Active 67 DOM
2. 2026-06-18
   days on market $149,900 Active 64 DOM
3. 2026-06-17
   days on market $149,900 Active 63 DOM
4. 2026-06-16
   days on market $149,900 Active 62 DOM
5. 2026-06-15
   days on market $149,900 Active 61 DOM
6. 2026-06-13
   days on market $149,900 Active 59 DOM
7. 2026-06-09
   days on market $149,900 Active 55 DOM
8. 2026-06-08
   days on market $149,900 Active 54 DOM
9. 2026-06-07
   days on market $149,900 Active 53 DOM
10. 2026-06-04
    days on market $149,900 Active 50 DOM
11. 2026-06-03
    days on market $149,900 Active 49 DOM
12. 2026-06-02
    days on market $149,900 Active 48 DOM
13. 2026-06-01
    days on market $149,900 Active 47 DOM
14. 2026-05-31
    days on market $149,900 Active 46 DOM
15. 2026-05-19
    price $149,900 398-char remark

    Show marketing remark (398 chars)

    Unique opportunity to own this 3 Unit building, almost 90% complete. Each unit has 2 bedrooms, a kitchen, and a full bath. Most of the work is complete. This property is ideal for the savvy investor seeking instant equity and, upon completion, immediate cash flow. Projected rents are $36000 to $48000 annually, depending on the programs available and the rents charged. Sold 100% as is , where is.

16. 2026-04-15
    listed $164,900 Active 398-char remark

    Show marketing remark (398 chars)

    Unique opportunity to own this 3 Unit building, almost 90% complete. Each unit has 2 bedrooms, a kitchen, and a full bath. Most of the work is complete. This property is ideal for the savvy investor seeking instant equity and, upon completion, immediate cash flow. Projected rents are $36000 to $48000 annually, depending on the programs available and the rents charged. Sold 100% as is , where is.

17. 2026-03-02
    historical
18. 2026-01-30
    listed $179,900 Active
19. 2025-08-08
    historical
20. 2025-08-02
    historical Active Under Contract
21. 2025-06-27
    price $199,900
22. 2025-02-10
    price $215,000
23. 2024-12-03
    status Active
24. 2024-09-10
    historical Active Under Contract
25. 2024-06-25
    price $199,900
26. 2024-02-29
    price $215,000
27. 2024-01-27
    price $230,000
28. 2023-12-18
    status Active
29. 2023-10-24
    historical Active Under Contract
30. 2023-09-11
    status Active
31. 2023-07-29
    historical Active Under Contract
32. 2023-06-28
    status Active
33. 2023-04-13
    historical Active Under Contract
34. 2023-04-10
    listed $274,900 Active
35. 2022-05-27
    soldstatus $63,000
36. 2022-01-07
    soldstatus $63,000 Closed
37. 2021-12-08
    historical Active Under Contract
38. 2021-11-17
    price $81,000
39. 2021-11-08
    price $83,900
40. 2021-10-28
    price $84,000
41. 2021-10-21
    price $84,577
42. 2021-09-22
    price $84,677
43. 2021-09-15
    price $84,777
44. 2021-09-04
    listed $84,900 Active
45. 2015-05-04
    price $10,000
46. 2015-05-04
    historical
47. 2015-05-01
    soldstatus $10,000 Sold
48. 2015-05-01
    soldstatus $10,000
49. 2015-04-22
    status Contract
50. 2015-04-16
    historical

ⓘ 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: $4,698 · $391/mo
• Projected year-2 tax: $4,698 · $391/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 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: $25,341
• − Mortgage interest: −$8,397
• − Property taxes: −$4,698
• − Insurance: −$750
• − Repairs & maintenance: −$2,027
• − Management: −$2,027
• − Depreciation: −$4,361
• Taxable income: $3,082
• Est. tax owed @ 24.0%: −$740
• After-tax cash flow: $4,400/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

+1399.0% since first listed

40 events — show timeline

• 2026-05-19 Price Changed $149,900 BRIGHT MLS
• 2026-04-15 Listed $164,900 BRIGHT MLS
• 2026-03-02 Listing Removed — BRIGHT MLS
• 2026-01-30 Listed $179,900 BRIGHT MLS
• 2025-08-08 Listing Removed — BRIGHT MLS
• 2025-08-02 Contingent — BRIGHT MLS
• 2025-06-27 Price Changed $199,900 BRIGHT MLS
• 2025-02-10 Price Changed $215,000 BRIGHT MLS
• 2024-12-03 Relisted — BRIGHT MLS
• 2024-09-10 Contingent — BRIGHT MLS
• 2024-06-25 Price Changed $199,900 BRIGHT MLS
• 2024-02-29 Price Changed $215,000 BRIGHT MLS
• 2024-01-27 Price Changed $230,000 BRIGHT MLS
• 2023-12-18 Relisted — BRIGHT MLS
• 2023-10-24 Contingent — BRIGHT MLS
• 2023-09-11 Relisted — BRIGHT MLS
• 2023-07-29 Contingent — BRIGHT MLS
• 2023-06-28 Relisted — BRIGHT MLS
• 2023-04-13 Contingent — BRIGHT MLS
• 2023-04-10 Listed $274,900 BRIGHT MLS
• 2022-05-27 Sold (Public Records) $63,000 Public Records
• 2022-01-07 Sold (MLS) $63,000 BRIGHT MLS
• 2021-12-08 Contingent — BRIGHT MLS
• 2021-11-17 Price Changed $81,000 BRIGHT MLS
• 2021-11-08 Price Changed $83,900 BRIGHT MLS
• 2021-10-28 Price Changed $84,000 BRIGHT MLS
• 2021-10-21 Price Changed $84,577 BRIGHT MLS
• 2021-09-22 Price Changed $84,677 BRIGHT MLS
• 2021-09-15 Price Changed $84,777 BRIGHT MLS
• 2021-09-04 Listed $84,900 BRIGHT MLS
• 2015-05-04 Price Changed $10,000 MRIS
• 2015-05-04 Delisted — MRIS
• 2015-05-01 Sold (MLS) $10,000 BRIGHT MLS
• 2015-05-01 Sold (MLS) $10,000 MRIS
• 2015-04-22 Pending — MRIS
• 2015-04-16 Delisted — MRIS
• 2015-03-31 Listed $1,000 MRIS
• 2006-02-17 Sold (Public Records) $12,000 Public Records
• 2004-11-05 Sold (Public Records) $10,800 Public Records
• 1995-02-01 Sold (Public Records) $10,000 Public Records

Property tax history

+18.7%/yr

Latest (2025): $4,698 · +0.0% YoY. Source: county tax records.