529 S Lehigh St · Baltimore, MD 21224

$173,500

3 bd · 2.0 ba · 1,555 sqft · Townhouse public records · 43 Days on market

Built 1920 871 sqft lot $112/sqft · 29% below area Est $243k · 29% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

Key facts

• Bonus space
• Built 1920
• Listed 43 days

Tags

• INVESTMENT OPPORTUNITY
• TRADITIONAL FLOOR PLAN
• ORIGINAL HARDWOOD FLOORS
• PARTIALLY FINISHED BASEMENT
• BONUS SPACE

🏷️ Possibly a rental listed for sale. The $173,500 price doesn't fit this home's estimated sale value (~$243,169) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $174k.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $174k).
• Recommended offer: $168k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 (+1.3%/yr); 391 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); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 36% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 1.3% rent growth), your $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.6% 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 $168,295 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.53% ✓
• Cap rate: 11.33%
• Cash-on-cash: 18.00%
• DSCR: 1.80
• GRM: 5.5

CMA / ARV

• ARV (median comp): $243,169
• List price: $173,500
• Delta: -28.65%
• 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
738 S Macon St	0.13mi	3/2.5	1,568 (+1%)	0mo	$348,000	$222	90
606 S Lehigh St	0.03mi	3/3.0	1,495 (-4%)	1mo	$270,000	$181	87
341 S Macon St	0.15mi	2/2.0 (-1)	1,625 (+4%)	1mo	$214,900	$132	80
628 Savage St S	0.30mi	3/2.0	1,482 (-5%)	0mo	$190,000	$128	78
902 Grundy St	0.39mi	3/2.0	1,588 (+2%)	1mo	$352,500	$222	78
603 S Eaton St	0.39mi	3/2.0	1,648 (+6%)	1mo	$382,500	$232	71
737 S Macon St	0.14mi	3/3.0	1,376 (-12%)	1mo	$335,000	$243	69
118 S Eaton St	0.53mi	3/3.5	1,569 (+1%)	1mo	$330,000	$210	67
808 S Eaton St	0.44mi	2/2.0 (-1)	1,488 (-4%)	1mo	$325,000	$218	66
3702 Foster Ave	0.44mi	2/2.0 (-1)	1,632 (+5%)	1mo	$339,000	$208	66
3313 Foster Ave	0.63mi	3/1.5	1,392 (-10%)	1mo	$206,000	$148	50
3420 Leverton Ave	0.70mi	2/2.0 (-1)	1,340 (-14%)	1mo	$115,000	$86	39

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.29×
• Total profit: $14,006
• Equity at exit: $25,869

10-year hold

• IRR: 15.2%
• Equity multiple: 2.13×
• Total profit: $54,956
• Equity at exit: $15,001

Cash invested: $48,580 (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 21224

• Rents YoY: 1.3%
• Active inventory: 391
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,650 high
• Mortgage (P&I): −$910
• Tax from tax record: −$382 /mo · $4,589/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $729

Break-even live

Break-even rent $1,727

Max offer price $173,500

Occupancy floor 68%

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: $43,375
• Closing costs: $5,205
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
527 S Lehigh St Baltimore, MD	3.0	2.0	1320	$2,325	$1.76	44d	1	0.01mi
4519 Foster Ave Baltimore, MD	3.0	4.0	1888	$2,950	$1.56	24d	1	0.08mi
4505 Foster Ave Baltimore, MD	3.0	3.0	1376	$2,650	$1.93	24d	1	0.09mi
608 Oldham St Baltimore, MD	3.0	3.5	1640	$2,500	$1.52	24d	1	0.11mi
4500 Fait Ave Baltimore, MD	3.0	3.5	1792	$2,800	$1.56	44d	1	0.13mi
611 Oldham St Baltimore, MD	2.0	1.0	1148	$1,800	$1.57	12d	1	0.13mi
410 S Newkirk St Baltimore, MD	2.0	1.5	1330	$1,580	$1.19	44d	1	0.14mi
727 S Macon St Baltimore, MD	3.0	2.5	1600	$3,450	$2.16	44d	1	0.14mi
230 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,000	$1.88	18d	1	0.24mi
228 S Newkirk St Baltimore, MD	3.0	3.5	1620	$3,000	$1.85	44d	1	0.24mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	24d	1	0.25mi
502 S Haven St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	16d	1	0.25mi
224 S Newkirk St Baltimore, MD	3.0	3.5	1600	$3,300	$2.06	20d	1	0.25mi
4015 Eastern Ave Unit 2L Baltimore, MD	3.0	2.0	1100	$1,800	$1.64	44d	1	0.26mi
214 S Newkirk St Unit 214 Baltimore, MD	3.0	5.0	2000	$3,000	$1.50	44d	1	0.26mi
611 Grundy St Baltimore, MD	3.0	2.0	1434	$2,700	$1.88	24d	1	0.28mi
523 Rappolla St Baltimore, MD	3.0	2.0	1650	$2,100	$1.27	24d	1	0.28mi
133 S Macon St Baltimore, MD	2.0	2.5	1440	$2,400	$1.67	18d	1	0.34mi
3905 Bank St Baltimore, MD	4.0	1.0–3.0	909	$2,820	$3.10	2d	20	0.34mi
4002 Harmony Ct Baltimore, MD	4.0	3.5	2200	$4,000	$1.82	44d	1	0.35mi
708 Umbra St Baltimore, MD	3.0	1.5	1274	$2,000	$1.57	18d	1	0.41mi
3850 Boston St Baltimore, MD	2.0	1.0–2.0	854	$3,378	$3.96	2d	22	0.47mi
3703 Hudson St Baltimore, MD	4.0	3.0	1958	$3,350	$1.71	24d	1	0.48mi
560 Bayview Blvd Baltimore, MD	1.0–3.0	1.0–3.0	1108	$3,372	$3.04	2d	25	0.51mi
1211 S Eaton St Unit 3035 Baltimore, MD	3.0	2.0	1545	$3,900	$2.52	24d	1	0.52mi
115 S Eaton St Baltimore, MD	3.0	2.5	1393	$1,800	$1.29	16d	1	0.53mi
3710 E Pratt St Baltimore, MD	2.0	3.5	1230	$1,900	$1.54	24d	1	0.55mi
939 S Baylis St Baltimore, MD	3.0	3.0	1606	$3,500	$2.18	18d	1	0.59mi
3700 Toone St Baltimore, MD	1.0–2.0	1.0–2.0	1093	$3,218	$2.94	2d	28	0.62mi
3306 Fleet St Baltimore, MD	4.0	3.0	1308	$3,500	$2.68	44d	1	0.62mi
822 S Highland Ave Baltimore, MD	4.0	3.0	1508	$3,500	$2.32	22d	1	0.63mi
235 S Highland Ave Baltimore, MD	2.0	1.5	1222	$2,000	$1.64	24d	1	0.63mi
3502 E Lombard St Baltimore, MD	3.0	2.0	1522	$1,870	$1.23	44d	1	0.66mi
3245 Fait Ave Baltimore, MD	3.0	2.0	1470	$2,900	$1.97	44d	1	0.67mi
1200 S Conkling St Baltimore, MD	1.0–2.0	1.0–2.0	1085	$2,933	$2.70	2d	16	0.68mi
3436 Leverton Ave Baltimore, MD	3.0	3.5	1500	$2,350	$1.57	24d	1	0.68mi
1015 S Clinton St Baltimore, MD	2.0	2.5	1880	$2,800	$1.49	24d	1	0.70mi
3430 E Baltimore St Baltimore, MD	3.0	2.5	1316	$2,250	$1.71	24d	1	0.73mi
249 S East Ave Baltimore, MD	2.0	2.0	1680	$2,250	$1.34	24d	1	0.75mi
301 Cornwall St Baltimore, MD	4.0	2.0	1520	$2,750	$1.81	11d	1	0.78mi

Listing history 17 events

1. 2026-05-04
   status Active 508-char remark

   Show marketing remark (508 chars)

   Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

2. 2026-04-28
   listed Active Under Contract 508-char remark

   Show marketing remark (508 chars)

   Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

3. 2026-04-23
   soldstatus Closed 508-char remark

   Show marketing remark (508 chars)

   Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

4. 2026-02-05
   historical Active Under Contract 508-char remark

   Show marketing remark (508 chars)

   Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

5. 2026-01-16
   listed $173,500 Active 508-char remark

   Show marketing remark (508 chars)

   Great investment opportunity townhouse located in the heart of Baltimore City’s vibrant Greektown neighborhood. The main level offers a traditional floor plan featuring a formal living room, dining area, and kitchen, with original hardwood floors throughout. The second level includes three bedrooms and one full bathroom. The lower level features a partially finished basement with a laundry area, bonus space, and a full bathroom. Previously rented for $2,000 per month. Property is being sold AS IS.

6. 2022-10-15
   soldstatus $191,500
7. 2022-09-02
   soldstatus $191,500 Closed 131-char remark

   Show marketing remark (131 chars)

   Great renovated property. Stainless, granite, new paint. Nice hardwoods, room in basement, and great location. House is sold as is.

8. 2022-08-10
   status Pending 131-char remark

   Show marketing remark (131 chars)

   Great renovated property. Stainless, granite, new paint. Nice hardwoods, room in basement, and great location. House is sold as is.

9. 2022-08-01
   listed $199,999 Active 131-char remark

   Show marketing remark (131 chars)

   Great renovated property. Stainless, granite, new paint. Nice hardwoods, room in basement, and great location. House is sold as is.

10. 2004-11-04
    soldstatus $88,000
11. 2004-10-28
    soldstatus $88,000
12. 2004-09-10
    historical
13. 2004-08-29
    listed $92,500
14. 1996-07-12
    soldstatus $49,000
15. 1996-07-03
    soldstatus $49,000
16. 1996-04-26
    historical
17. 1996-01-26
    listed $53,000

ⓘ 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: $4,589 · $382/mo
• Projected year-2 tax: $4,589 · $382/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 8/10 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: $31,797
• − Mortgage interest: −$9,719
• − Property taxes: −$4,589
• − Insurance: −$868
• − Repairs & maintenance: −$2,544
• − Management: −$2,544
• − Depreciation: −$5,047
• Taxable income: $6,486
• Est. tax owed @ 24.0%: −$1,557
• After-tax cash flow: $7,187/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): 47,465
• Household income: $89,017
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1786.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 21% Black 16% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -332.23%
• Current HPI: 241.284
• Rent YoY: ▲ 1.31%
• 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

+227.4% since first listed

17 events — show timeline

• 2026-05-04 Relisted — BRIGHT MLS
• 2026-04-28 Listed — BRIGHT MLS
• 2026-04-23 Sold (MLS) — BRIGHT MLS
• 2026-02-05 Contingent — BRIGHT MLS
• 2026-01-16 Listed $173,500 BRIGHT MLS
• 2022-10-15 Sold (Public Records) $191,500 Public Records
• 2022-09-02 Sold (MLS) $191,500 BRIGHT MLS
• 2022-08-10 Pending — BRIGHT MLS
• 2022-08-01 Listed $199,999 BRIGHT MLS
• 2004-11-04 Sold (Public Records) $88,000 Public Records
• 2004-10-28 Sold (MLS) $88,000 MRIS
• 2004-09-10 Delisted — MRIS
• 2004-08-29 Listed $92,500 MRIS
• 1996-07-12 Sold (Public Records) $49,000 Public Records
• 1996-07-03 Sold (MLS) $49,000 MRIS
• 1996-04-26 Delisted — MRIS
• 1996-01-26 Listed $53,000 MRIS

Property tax history

+4.0%/yr

Latest (2025): $4,589 · +24.5% YoY. Source: county tax records.