1932 Christian St · Baltimore, MD 21223

$135,000

3 bd · 2.0 ba · 720 sqft · Townhouse · 156 Days on market

Built 1920 960 sqft lot $188/sqft · 258% 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

* * * * * INVESTMENT OPPORTUNITY * * * * * PROPERTY INCLUDES RENTAL INCOME OF $1000/MONTH (TENANT OCCUPIED). Discover a prime investment opportunity in the heart of Carrollton Ridge! This charming 3-bedroom, 1-bathroom interior row townhouse, built in 1920, offers a solid brick structure with classic Federal architectural style. Includes rental income, enhancing your return on investment. The property sits on a compact 0.02-acre lot, ideal for low-maintenance ownership. On-street parking provides convenience for tenants or future buyers. The location is ripe for appreciation, given the ongoing revitalization in the area, making it an attractive option for both long-term rentals and quick flips. With no association fees and a manageable footprint, this property is perfect for investors looking to maximize cash flow. Seize the chance to add this gem to your portfolio and capitalize on the growing demand in Carrollton Ridge!

Key facts

• No association fees
• On-street parking
• Rental income

Tags

• INVESTMENT OPPORTUNITY
• RENTAL INCOME
• SOLID BRICK STRUCTURE
• FEDERAL ARCHITECTURAL STYLE
• ON-STREET PARKING
• NO ASSOCIATION FEES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,963/mo this rent would consume 51% 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 $933 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 $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $135k implies a 355% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 12.74%
• Cash-on-cash: 23.01%
• DSCR: 2.02
• GRM: 5.7

CMA / ARV

• ARV (median comp): $37,725
• List price: $135,000
• Delta: 257.86%
• 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
1926 Wilhelm St	0.09mi	2/1.0 (-1)	684 (-5%)	7mo	$7,500	$11	73
1406 Lemmon St	0.48mi	3/1.5	720 (0%)	8mo	$155,000	$215	69
1612 Lemmon St	0.34mi	2/1.0 (-1)	744 (+3%)	1mo	$20,000	$27	69
1610 Lemmon St	0.35mi	2/1.0 (-1)	744 (+3%)	1mo	$20,000	$27	69
1608 Lemmon St	0.35mi	2/1.0 (-1)	744 (+3%)	1mo	$20,000	$27	69
1606 Lemmon St	0.35mi	2/1.0 (-1)	744 (+3%)	1mo	$20,000	$27	68
1613 Lemmon St	0.34mi	2/1.0 (-1)	686 (-5%)	1mo	$20,000	$29	67
1611 Lemmon St	0.34mi	2/1.0 (-1)	686 (-5%)	1mo	$20,000	$29	67
1605 Lemmon St	0.34mi	2/3.0 (-1)	686 (-5%)	1mo	$20,000	$29	66
119 S Carrollton Ave	0.65mi	2/1.5 (-1)	800 (+11%)	4mo	$83,000	$104	41
1438 Ward St	0.63mi	2/1.0 (-1)	804 (+12%)	7mo	$50,000	$62	37
1241 Sargeant St	0.68mi	2/2.5 (-1)	816 (+13%)	4mo	$160,000	$196	35

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: 20.7%
• Equity multiple: 1.89×
• Total profit: $33,569
• Equity at exit: $20,129

10-year hold

• IRR: 31.6%
• Equity multiple: 4.45×
• Total profit: $130,488
• Equity at exit: $11,672

Cash invested: $37,800 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,963 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$62 /mo · $744/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $725

Break-even live

Break-even rent $1,046

Max offer price $135,000

Occupancy floor 58%

Sensitivity live

Price	-10% $801	-5% $763	+0% $725	+5% $687	+10% $648
Rent	-10% $570	-5% $647	+0% $725	+5% $802	+10% $880
Rate	-1.0pp $793	-0.5pp $759	base $725	+0.5pp $690	+1.0pp $654

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	44d	1	0.67mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	3d	12	0.93mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	13d	1	1.18mi

Listing history 41 events

1. 2026-06-21
   days on market $135,000 Active 156 DOM
2. 2026-06-18
   days on market $135,000 Active 153 DOM
3. 2026-06-17
   days on market $135,000 Active 152 DOM
4. 2026-06-16
   days on market $135,000 Active 151 DOM
5. 2026-06-15
   days on market $135,000 Active 150 DOM
6. 2026-06-13
   days on market $135,000 Active 148 DOM
7. 2026-06-09
   days on market $135,000 Active 144 DOM
8. 2026-06-08
   days on market $135,000 Active 143 DOM
9. 2026-06-07
   days on market $135,000 Active 142 DOM
10. 2026-06-04
    days on market $135,000 Active 139 DOM
11. 2026-06-03
    days on market $135,000 Active 138 DOM
12. 2026-06-02
    days on market $135,000 Active 137 DOM
13. 2026-06-01
    days on market $135,000 Active 136 DOM
14. 2026-05-31
    days on market $135,000 Active 135 DOM
15. 2026-01-16
    listed $135,000 Active 944-char remark

    Show marketing remark (944 chars)

    * * * * * INVESTMENT OPPORTUNITY * * * * * PROPERTY INCLUDES RENTAL INCOME OF $1000/MONTH (TENANT OCCUPIED). Discover a prime investment opportunity in the heart of Carrollton Ridge! This charming 3-bedroom, 1-bathroom interior row townhouse, built in 1920, offers a solid brick structure with classic Federal architectural style. Includes rental income, enhancing your return on investment. The property sits on a compact 0.02-acre lot, ideal for low-maintenance ownership. On-street parking provides convenience for tenants or future buyers. The location is ripe for appreciation, given the ongoing revitalization in the area, making it an attractive option for both long-term rentals and quick flips. With no association fees and a manageable footprint, this property is perfect for investors looking to maximize cash flow. Seize the chance to add this gem to your portfolio and capitalize on the growing demand in Carrollton Ridge!

16. 2025-10-17
    historical $1,400
17. 2025-10-12
    price $1,400
18. 2025-09-12
    price $1,500
19. 2025-09-05
    listed $1,400
20. 2025-03-05
    soldstatus $29,700 Closed 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

21. 2025-01-29
    status Pending 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

22. 2024-12-05
    price $15,000 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

23. 2024-11-07
    price $30,000 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

24. 2024-10-17
    price $12,000 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

25. 2024-09-06
    price $30,000 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

26. 2024-07-26
    price $10,000 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

27. 2024-06-13
    listed $15,000 Active 447-char remark

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

28. 2024-06-13
    historical

    Show marketing remark (447 chars)

    ONLINE AUCTION: Bidding begins 1/30/2025 @ 10:00am, bidding ends 2/3/2025 @ 12:20pm. List price is the suggested starting bid. 2 Story Townhouse located in the Carrollton Ridge area of Baltimore City. Residents can enjoy the nearby attractions such as Westside Shopping Center, Carroll Park, Carroll Park Golf Course, Mount Clare Junction Shopping Center, & Grace Medical Center. Easy Access to Major Traffic Artery Pratt St. Deposit: $5,000.

29. 2024-04-18
    price $39,999
30. 2023-12-06
    listed $43,999 Active
31. 2022-11-02
    soldstatus $46,750
32. 2022-07-19
    soldstatus $46,750 Closed
33. 2022-06-09
    status Pending
34. 2022-05-09
    listed $25,000 Active
35. 2014-12-02
    soldstatus $8,500 Sold
36. 2014-09-30
    status Contract
37. 2014-09-04
    status Active
38. 2014-09-01
    historical Expired
39. 2014-05-16
    listed $5,000 Active
40. 2006-07-02
    historical
41. 2006-06-20
    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: $744 · $62/mo
• Projected year-2 tax: $1,108 · $92/mo
• Expected delta: +$364/yr (+$30/mo · 48.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 68% 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: $23,560
• − Mortgage interest: −$7,562
• − Property taxes: −$744
• − Insurance: −$675
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$3,927
• Taxable income: $6,882
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $7,047/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

+2600.0% since first listed

27 events — show timeline

• 2026-01-16 Listed $135,000 BRIGHT MLS
• 2025-10-17 Rental Removed $1,400 SHOWMOJO
• 2025-10-12 Price Changed $1,400 SHOWMOJO
• 2025-09-12 Price Changed $1,500 SHOWMOJO
• 2025-09-05 Listed for Rent $1,400 SHOWMOJO
• 2025-03-05 Sold (MLS) $29,700 BRIGHT MLS
• 2025-01-29 Pending — BRIGHT MLS
• 2024-12-05 Price Changed $15,000 BRIGHT MLS
• 2024-11-07 Price Changed $30,000 BRIGHT MLS
• 2024-10-17 Price Changed $12,000 BRIGHT MLS
• 2024-09-06 Price Changed $30,000 BRIGHT MLS
• 2024-07-26 Price Changed $10,000 BRIGHT MLS
• 2024-06-13 Listing Removed — BRIGHT MLS
• 2024-06-13 Listed $15,000 BRIGHT MLS
• 2024-04-18 Price Changed $39,999 BRIGHT MLS
• 2023-12-06 Listed $43,999 BRIGHT MLS
• 2022-11-02 Sold (Public Records) $46,750 Public Records
• 2022-07-19 Sold (MLS) $46,750 BRIGHT MLS
• 2022-06-09 Pending — BRIGHT MLS
• 2022-05-09 Listed $25,000 BRIGHT MLS
• 2014-12-02 Sold (MLS) $8,500 MRIS
• 2014-09-30 Pending — MRIS
• 2014-09-04 Relisted — MRIS
• 2014-09-01 Delisted — MRIS
• 2014-05-16 Listed $5,000 MRIS
• 2006-07-02 Delisted — MRIS
• 2006-06-20 Listed — MRIS

Property tax history

+6.0%/yr

Latest (2025): $744 · +15.9% YoY. Source: county tax records.