1124 N Monroe St · Baltimore, MD 21217

$24,900

3 bd · 1.0 ba · 1,138 sqft · Townhouse · 41 Days on market

Built 1920

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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

Listing remarks

This is not an auction or a short sale. This is a prime opportunity to own this rowhouse at a ground-floor price. This area is seeing an explosion of renovations. Check the comps, and you will see this neighborhood is steadily increasing in value. Make no mistake, this property is not for the Faint of Heart. It needs everything. But if you like blank canvases, this is the one for you. Bring your imagination and creativity, and make this place the envy of the neighborhood.

Key facts

• Built 1920
• Listed 41 days

Property features AI

Finance

• Other: Annual ground rent listed under income/expense
• Financial info: Ownership is ground rent; Ground rent $90 paid semi-annually; Property condition: major rehab needed; Improvement assessed at $23,000; Land assessed at $7,000; Tax assessed value $30,000 (tax year 2025)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public septic; No municipal trash service
• Home design: Interior townhouse/rowhouse; Building not winterized
• Construction: Block foundation; Other structures above and below grade
• Exterior features: Not in a federal flood zone; Ground rent exists (paid semi-annually)

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom (total)
• Heating & cooling: Electric heating (other type); Electric cooling (other type); Hot water system (other type)
• Interior features: Not furnished; Basement present (other type)

🔨 Auction listing. The $24,900 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $92,479 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $769 ($9k/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 (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,698/mo this rent would consume 53% 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 $639 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 $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: 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 $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1920 — 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: 1.84% ✓
• Cap rate: 16.28%
• Cash-on-cash: 35.66%
• DSCR: 2.59
• GRM: 4.5

CMA / ARV

• ARV (median comp): $92,479
• List price: $24,900
• Delta: -73.07%
• 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
1552 N Fulton Ave	0.34mi	3/1.0	1,113 (-2%)	4mo	$125,000	$112	77
1541 N Pulaski St	0.37mi	3/1.0	1,100 (-3%)	3mo	$115,000	$105	75
1537 N Smallwood St	0.40mi	3/1.5	1,200 (+5%)	3mo	$56,000	$47	68
1705 N Payson St	0.46mi	3/1.5	1,100 (-3%)	5mo	$38,000	$35	67
1201 N Calhoun St	0.42mi	3/2.5	1,080 (-5%)	5mo	$102,000	$94	62
1927 Penrose Ave	0.72mi	3/1.0	1,170 (+3%)	4mo	$40,000	$34	58
1603 Clifton Ave	0.74mi	3/1.0	1,100 (-3%)	2mo	$130,000	$118	58
633 N Brice St	0.39mi	4/2.5 (+1)	1,250 (+10%)	2mo	$78,000	$62	53
2435 Lauretta Ave	0.67mi	3/1.0	1,260 (+11%)	1mo	$45,000	$36	50
1906 W Saratoga St	0.64mi	3/1.5	1,273 (+12%)	2mo	$155,000	$122	46
700 Cumberland St	0.57mi	4/2.0 (+1)	1,280 (+12%)	3mo	$107,800	$84	42
2649 W Lafayette Ave	0.75mi	3/2.0	1,260 (+11%)	3mo	$210,000	$167	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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 35.2%
• Equity multiple: 2.56×
• Total profit: $40,431
• Equity at exit: $13,789

10-year hold

• IRR: 43.7%
• Equity multiple: 5.89×
• Total profit: $126,674
• Equity at exit: $7,996

Cash invested: $25,894 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,698 high
• Mortgage (P&I): −$485
• Tax from tax record: −$49 /mo · $587/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $769

Break-even live

Break-even rent $725

Max offer price $92,479

Occupancy floor 50%

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: $23,120
• Closing costs: $2,774
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	0.07mi
813 N Fulton Ave Unit 1 Baltimore, MD	2.0	1.0	1200	$1,350	$1.12	44d	1	0.25mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	44d	1	0.29mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	44d	1	0.31mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.33mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.34mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	20d	1	0.37mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	0.40mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	13d	1	0.46mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.47mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.47mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	15d	1	0.49mi
1722 N Monroe St Baltimore, MD	3.0	1.5	1000	$1,350	$1.35	24d	1	0.51mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.51mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	44d	1	0.53mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	44d	1	0.53mi
1562 N Woodyear St Baltimore, MD	2.0	1.5	788	$1,325	$1.68	24d	1	0.54mi
1315 Harlem Ave Unit C Baltimore, MD	2.0	1.0	900	$1,425	$1.58	44d	1	0.54mi
1315 Harlem Ave Unit B Baltimore, MD	2.0	1.0	900	$1,425	$1.58	24d	1	0.54mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	900	$1,450	$1.61	24d	1	0.57mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	20d	1	0.58mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	44d	1	0.60mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	44d	1	0.62mi
1617-A Moreland Ave Unit 2nd Flr Baltimore, MD	2.0	1.0	1500	$1,400	$0.93	44d	1	0.62mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.62mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.64mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	11d	1	0.65mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	24d	1	0.65mi
1930 N Payson St Baltimore, MD	2.0	2.0	980	$1,500	$1.53	24d	1	0.68mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.70mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	4d	4	0.74mi
1049 Brantley Ave Unit 2 Baltimore, MD	3.0	1.0	1200	$1,350	$1.12	24d	1	0.75mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.75mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	24d	4	0.77mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	4d	1	0.79mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	3d	1	0.79mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	11d	1	0.79mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.80mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	0.81mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.81mi

Listing history 21 events

1. 2026-06-19
   price $24,900 Active 41 DOM
2. 2026-06-18
   days on market $29,900 Active 41 DOM
3. 2026-06-17
   days on market $29,900 Active 40 DOM
4. 2026-06-16
   days on market $29,900 Active 39 DOM
5. 2026-06-15
   days on market $29,900 Active 38 DOM
6. 2026-06-13
   days on market $29,900 Active 36 DOM
7. 2026-06-09
   days on market $29,900 Active 32 DOM
8. 2026-06-08
   days on market $29,900 Active 31 DOM
9. 2026-06-07
   days on market $29,900 Active 30 DOM
10. 2026-06-04
    days on market $29,900 Active 27 DOM
11. 2026-06-03
    days on market $29,900 Active 26 DOM
12. 2026-06-02
    days on market $29,900 Active 25 DOM
13. 2026-06-01
    days on market $29,900 Active 24 DOM
14. 2026-05-31
    days on market $29,900 Active 23 DOM
15. 2026-05-08
    listed $29,900 Active 476-char remark
16. 2024-05-17
    soldstatus $215,000
17. 2024-05-01
    soldstatus $46,000
18. 2024-01-02
    historical
19. 2023-10-20
    listed $49,000 Active
20. 2023-10-17
    historical
21. 2023-10-02
    soldstatus $124,000

ⓘ 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: $587 · $49/mo
• Projected year-2 tax: $587 · $49/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: $20,382
• − Mortgage interest: −$5,180
• − Property taxes: −$587
• − Insurance: −$462
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$2,690
• Taxable income: $8,201
• Est. tax owed @ 24.0%: −$1,968
• After-tax cash flow: $7,264/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

-75.9% since first listed

7 events — show timeline

• 2026-05-08 Listed $29,900 BRIGHT MLS
• 2024-05-17 Sold (Public Records) $215,000 Public Records
• 2024-05-01 Sold (Public Records) $46,000 Public Records
• 2024-01-02 Listing Removed — BRIGHT MLS
• 2023-10-20 Listed $49,000 BRIGHT MLS
• 2023-10-17 Coming Soon — BRIGHT MLS
• 2023-10-02 Sold (Public Records) $124,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $587 · +25.0% YoY. Source: county tax records.