2609 Fayette St W · Baltimore, MD 21223

$120,000

3 bd · 1.0 ba · 1,288 sqft · Townhouse public records · 119 Days on market

Built 1915 871 sqft lot $93/sqft · 118% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• 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

NEWLY RENOVATED TOWNHOUSE IN UPCOMING NEIGHBOR HOOD !!!! MANY UPGRADES !!!! PROPERTY CURRENTLY RENTED FOR $1300.00 TENENT CAN STAY OR LEAVE IF NECESSARY COME WITH YOUR BEST OFFERS WILL NOT LAST AT THIS PRICE!!!!

Key facts

• Built 1915
• Listed 118 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+7.5%/yr); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,736/mo this rent would consume 45% 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 $830 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 19y 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.
• Current owner paid $30k; list at $120k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.45% ✓
• Cap rate: 12.31%
• Cash-on-cash: 21.50%
• DSCR: 1.96
• GRM: 5.8

CMA / ARV

• ARV (median comp): $54,997
• List price: $120,000
• Delta: 118.19%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2516 W Fairmount Ave	0.12mi	3/1.0	1,304 (+1%)	2mo	$30,000	$23	91
2435 Lauretta Ave	0.40mi	3/1.0	1,260 (-2%)	1mo	$45,000	$36	77
2216 W Fayette St	0.38mi	3/1.5	1,326 (+3%)	1mo	$77,000	$58	74
28 S Bernice Ave	0.63mi	3/1.0	1,280 (-1%)	1mo	$147,000	$115	69
5 Rosedale St S	0.56mi	3/2.0	1,280 (-1%)	1mo	$110,000	$86	68
2416 W Franklin St	0.40mi	3/2.0	1,435 (+11%)	2mo	$67,000	$47	57
537 Longwood St	0.49mi	4/2.0 (+1)	1,176 (-9%)	0mo	$60,000	$51	53
1933 W Pratt St	0.66mi	4/— (+1)	1,365 (+6%)	2mo	$30,000	$22	53
633 N Brice St	0.72mi	4/2.5 (+1)	1,250 (-3%)	2mo	$78,000	$62	49
3017 Frederick Ave	0.74mi	4/3.0 (+1)	1,260 (-2%)	2mo	$217,000	$172	47
222 N Hilton St	0.73mi	3/1.0	1,120 (-13%)	1mo	$89,775	$80	43
2404 W Lafayette Ave	0.72mi	3/2.0	1,476 (+15%)	2mo	$135,000	$91	37

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: 18.9%
• Equity multiple: 1.81×
• Total profit: $27,113
• Equity at exit: $17,892

10-year hold

• IRR: 30.1%
• Equity multiple: 4.27×
• Total profit: $110,020
• Equity at exit: $10,375

Cash invested: $33,600 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,736 high
• Mortgage (P&I): −$629
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $602

Break-even live

Break-even rent $974

Max offer price $120,000

Occupancy floor 60%

Sensitivity live

Price	-10% $670	-5% $636	+0% $602	+5% $568	+10% $534
Rent	-10% $465	-5% $533	+0% $602	+5% $670	+10% $739
Rate	-1.0pp $662	-0.5pp $632	base $602	+0.5pp $571	+1.0pp $539

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.18mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.19mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.28mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	44d	1	0.30mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	0.32mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	25d	1	0.33mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	4d	1	0.34mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.36mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.36mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.37mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.43mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	0.53mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	44d	1	0.55mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	25d	1	0.56mi
476 S Bentalou St Baltimore, MD	2.0	1.5	1630	$1,300	$0.80	44d	1	0.61mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	44d	1	0.61mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	44d	1	0.61mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	25d	1	0.62mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	25d	1	0.65mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	25d	1	0.67mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	0.67mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	44d	1	0.67mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	12d	1	0.69mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	0.69mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	44d	1	0.69mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	18d	1	0.71mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	44d	1	0.71mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.75mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	25d	1	0.76mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	44d	1	0.77mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	25d	1	0.77mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	25d	1	0.79mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	25d	1	0.79mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	5d	1	0.80mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	44d	1	0.82mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.83mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	4d	1	0.84mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	25d	1	0.84mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	18d	1	0.84mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	44d	1	0.85mi

Listing history 48 events

1. 2026-06-21
   days on market $120,000 Active 119 DOM
2. 2026-06-18
   days on market $120,000 Active 116 DOM
3. 2026-06-17
   days on market $120,000 Active 115 DOM
4. 2026-06-16
   days on market $120,000 Active 114 DOM
5. 2026-06-15
   days on market $120,000 Active 113 DOM
6. 2026-06-13
   days on market $120,000 Active 111 DOM
7. 2026-06-09
   days on market $120,000 Active 107 DOM
8. 2026-06-08
   days on market $120,000 Active 106 DOM
9. 2026-06-07
   days on market $120,000 Active 105 DOM
10. 2026-06-04
    days on market $120,000 Active 102 DOM
11. 2026-06-03
    days on market $120,000 Active 101 DOM
12. 2026-06-02
    days on market $120,000 Active 100 DOM
13. 2026-06-01
    days on market $120,000 Active 99 DOM
14. 2026-05-31
    days on market $120,000 Active 98 DOM
15. 2026-02-22
    listed $120,000 Active 218-char remark

    Show marketing remark (218 chars)

    NEWLY RENOVATED TOWNHOUSE IN UPCOMING NEIGHBOR HOOD !!!! MANY UPGRADES !!!! PROPERTY CURRENTLY RENTED FOR $1300.00 TENENT CAN STAY OR LEAVE IF NECESSARY COME WITH YOUR BEST OFFERS WILL NOT LAST AT THIS PRICE!!!!

16. 2026-01-30
    historical
17. 2025-10-29
    price $120,000
18. 2025-08-29
    listed $127,500 Active
19. 2025-07-04
    historical
20. 2025-06-30
    price $135,000
21. 2025-06-11
    price $140,000
22. 2025-05-18
    price $150,000
23. 2025-05-04
    listed $155,000 Active
24. 2024-07-18
    soldstatus $30,000 Closed
25. 2024-06-27
    historical
26. 2024-06-27
    listed $39,900
27. 2024-05-29
    historical
28. 2024-05-03
    price $49,900
29. 2024-05-03
    status Active
30. 2024-04-08
    historical
31. 2024-01-16
    price $59,900
32. 2023-12-28
    listed $69,900 Active
33. 2023-10-12
    historical
34. 2023-08-30
    price $59,900
35. 2023-08-23
    price $69,900
36. 2023-08-10
    listed $79,900 Active
37. 2022-10-14
    soldstatus $54,650
38. 2017-12-22
    soldstatus $30,500 Sold
39. 2017-12-22
    soldstatus $30,500
40. 2017-11-21
    status Contract
41. 2017-11-15
    listed $35,200 Active
42. 2017-11-15
    listed $35,200
43. 2016-03-03
    historical
44. 2016-03-03
    listed
45. 2016-03-03
    listed $64,000
46. 2016-03-03
    historical
47. 2008-03-16
    historical
48. 2007-09-14
    listed

ⓘ 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: $1,080 · $90/mo
• Projected year-2 tax: $1,194 · $100/mo
• Expected delta: +$114/yr (+$9/mo · 10.5%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,829
• − Mortgage interest: −$6,722
• − Property taxes: −$1,080
• − Insurance: −$600
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − Depreciation: −$3,491
• Taxable income: $5,603
• Est. tax owed @ 24.0%: −$1,345
• After-tax cash flow: $5,878/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

+87.5% since first listed

34 events — show timeline

• 2026-02-22 Listed $120,000 BRIGHT MLS
• 2026-01-30 Listing Removed — BRIGHT MLS
• 2025-10-29 Price Changed $120,000 BRIGHT MLS
• 2025-08-29 Listed $127,500 BRIGHT MLS
• 2025-07-04 Listing Removed — BRIGHT MLS
• 2025-06-30 Price Changed $135,000 BRIGHT MLS
• 2025-06-11 Price Changed $140,000 BRIGHT MLS
• 2025-05-18 Price Changed $150,000 BRIGHT MLS
• 2025-05-04 Listed $155,000 BRIGHT MLS
• 2024-07-18 Sold (MLS) $30,000 BRIGHT MLS
• 2024-06-27 Listed $39,900 BRIGHT MLS
• 2024-06-27 Listing Removed — BRIGHT MLS
• 2024-05-29 Listing Removed — BRIGHT MLS
• 2024-05-03 Price Changed $49,900 BRIGHT MLS
• 2024-05-03 Relisted — BRIGHT MLS
• 2024-04-08 Listing Removed — BRIGHT MLS
• 2024-01-16 Price Changed $59,900 BRIGHT MLS
• 2023-12-28 Listed $69,900 BRIGHT MLS
• 2023-10-12 Listing Removed — BRIGHT MLS
• 2023-08-30 Price Changed $59,900 BRIGHT MLS
• 2023-08-23 Price Changed $69,900 BRIGHT MLS
• 2023-08-10 Listed $79,900 BRIGHT MLS
• 2022-10-14 Sold (Public Records) $54,650 Public Records
• 2017-12-22 Sold (MLS) $30,500 BRIGHT MLS
• 2017-12-22 Sold (MLS) $30,500 MRIS
• 2017-11-21 Pending — MRIS
• 2017-11-15 Listed $35,200 MRIS
• 2017-11-15 Listed $35,200 BRIGHT MLS
• 2016-03-03 Listing Removed — BRIGHT MLS
• 2016-03-03 Listed $64,000 BRIGHT MLS
• 2016-03-03 Listed — MRIS
• 2016-03-03 Delisted — MRIS
• 2008-03-16 Delisted — MRIS
• 2007-09-14 Listed — MRIS

Property tax history

+9.9%/yr

Latest (2025): $1,080 · +0.0% YoY. Source: county tax records.