513 N Schroeder St · Baltimore, MD 21223

$219,900

4 bd · 0.0 ba · — sqft · MultiFamily · 38 Days on market

Built 1920 1,290 sqft lot Est $275k · 20% 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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +7.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Turnkey 2-unit income-producing property offering strong and stable cash flow at the new price of $219,000. Property features a 3-bedroom unit with market rent of approximately $1,600/month and a 1-bedroom unit generating approximately $1,000/month, for a total projected gross income of $2,600/month. Each unit is equipped with central air and tenants pay their own utilities, helping to keep operating expenses low and predictable. Estimated cap rate near 10% with solid DSCR makes this an attractive opportunity for investors or owner-occupants. Separate units provide flexibility and reduce vacancy risk. A well-positioned asset with consistent rental demand.

Key facts

• 2 unit building
• Living room
• Dining room

Tags

• 2 UNIT BUILDING
• CLOSE TO DOWNTOWN BALTIMORE
• LIVING ROOM
• DINING ROOM
• KITCHEN WITH WASHER DRYER
• ACCESS TO BACK YARD

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Concrete perimeter foundation
• Exterior features: No tidal water

Interior

• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Heating & cooling: 90% forced air heating; Heat pump(s); Electric and natural gas heating fuel; Central air conditioning; Ceiling fan(s)
• Interior features: Unfinished basement

🏷️ Possibly a rental listed for sale. The $219,900 price doesn't fit this home's estimated sale value (~$275,446) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $430 ($5k/yr) — positive. Per door: $215/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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); 422 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,648/mo this rent would consume 69% 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 $2k of loan paydown is wiped out by about $7k 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 $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $20k (8%) 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 $213,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.37%
• DSCR: 1.37
• GRM: 6.9

CMA / ARV

• ARV (median comp): $275,446
• List price: $219,900
• Delta: -20.17%
• 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
925 Bennett Pl	0.06mi	4/—	1,265	9mo	$200,000	$158	78
1106 Harlem Ave	0.18mi	4/—	1,960	5mo	$275,000	$140	75
750 Dolphin St	0.18mi	4/3.0	2,640	5mo	$310,000	$117	63
1022 W Lanvale St	0.22mi	4/4.5	—	7mo	$440,000	—	54
645 N Paca St	0.63mi	3/— (-1)	1,900	2mo	$420,000	$221	52
1433 W Lombard St	0.71mi	5/— (+1)	3,510	3mo	$450,000	$128	47
316 N Paca St	0.61mi	5/— (+1)	4,725	9mo	$670,000	$142	47
1401 Druid Hill Ave	0.59mi	5/— (+1)	2,907	10mo	$375,000	$129	47
108 N Stricker St	0.52mi	5/3.0 (+1)	—	3mo	$165,000	—	44
244 N Fulton Ave	0.67mi	3/— (-1)	—	9mo	$137,500	—	44
1706 Harlem Ave	0.58mi	3/3.0 (-1)	2,520	6mo	$150,000	$60	38
317 Fulton Ave	0.63mi	5/3.5 (+1)	—	3mo	$350,000	—	36

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: 1.8%
• Equity multiple: 1.07×
• Total profit: $4,415
• Equity at exit: $32,788

10-year hold

• IRR: 15.7%
• Equity multiple: 2.56×
• Total profit: $96,178
• Equity at exit: $19,013

Cash invested: $61,572 (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: 422
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,648 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$418 /mo · $5,011/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $430

Break-even live

Break-even rent $2,104

Max offer price $219,900

Occupancy floor 79%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,399
1× unit	1	1	$1,249
Total (2 units)			$2,648

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1005 Edmondson Ave Unit 2 Baltimore, MD	3.0	2.0	—	$1,650	—	18d	1	0.04mi
1020 Bennett Pl Baltimore, MD	3.0	1.0	—	$1,195	—	22d	1	0.05mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.07mi
1049 Brantley Ave Unit 2 Baltimore, MD	3.0	1.0	1200	$1,350	$1.12	24d	1	0.11mi
610 N Arlington Ave Unit B Baltimore, MD	3.0	1.0	—	$1,795	—	3d	1	0.12mi
1199 W Franklin St Baltimore, MD	3.0	1.5	—	$1,900	—	44d	1	0.17mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	2d	12	0.33mi
399 N Calhoun St Baltimore, MD	4.0	2.5	—	$2,800	—	44d	1	0.33mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.35mi
1317 W Lafayette Ave Baltimore, MD	4.0	2.0	—	$1,800	—	4d	1	0.39mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	24d	1	0.42mi
1025 N Carey St Baltimore, MD	4.0	2.0	—	$550	—	24d	1	0.47mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	20d	1	0.49mi
834 N Stricker St Baltimore, MD	4.0	1.5	—	$1,595	—	4d	1	0.49mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.49mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.49mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.52mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.52mi
549 Mosher St Baltimore, MD	3.0	1.0	2200	$1,350	$0.61	44d	1	0.52mi
804 Hollins St Unit 1 Baltimore, MD	3.0	2.0	1800	$2,700	$1.50	4d	1	0.55mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	0.56mi
1020 W Lombard St Baltimore, MD	3.0	2.0	—	$1,825	—	24d	1	0.56mi
1020 W Lombard St Baltimore, MD	3.0	2.0	—	$1,925	—	44d	1	0.56mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	24d	1	0.58mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	24d	1	0.58mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	4d	1	0.58mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	12d	1	0.58mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	0.59mi
1623 W Lexington St Baltimore, MD	5.0	2.5	—	$2,600	—	24d	1	0.59mi
1117 W Lombard St Baltimore, MD	3.0	1.5	—	$2,100	—	44d	1	0.59mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	44d	1	0.59mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	44d	1	0.59mi
1624 W Lexington St Baltimore, MD	4.0	2.0	—	$2,000	—	44d	1	0.60mi
220 N Mount St Baltimore, MD	4.0	2.0	100	$850	$8.50	44d	1	0.60mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	24d	1	0.61mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	0.62mi
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.63mi
123 Parkin St Unit 2 Baltimore, MD	4.0	2.5	—	$800	—	44d	1	0.64mi
1199 Whatcoat St Baltimore, MD	3.0	2.0	—	$2,500	—	44d	1	0.64mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	24d	1	0.66mi

Listing history 21 events

1. 2026-06-03
   days on market $219,900 Active 38 DOM
2. 2026-06-02
   days on market $219,900 Active 37 DOM
3. 2026-06-01
   days on market $219,900 Active 36 DOM
4. 2026-05-31
   days on market $219,900 Active 35 DOM
5. 2026-05-07
   price $219,900 663-char remark
6. 2026-04-26
   listed $239,900 Active 663-char remark
7. 2023-01-11
   soldstatus $200,000
8. 2022-09-22
   historical
9. 2022-09-22
   historical
10. 2022-09-13
    historical Active Under Contract
11. 2022-09-13
    historical Active Under Contract
12. 2022-08-31
    listed $200,000 Active
13. 2022-08-31
    listed $200,000 Active
14. 2022-08-25
    historical
15. 2022-08-25
    historical
16. 2022-08-10
    listed $199,900 Active
17. 2022-08-10
    listed $199,900 Active
18. 2022-07-11
    soldstatus $100,000
19. 2022-03-10
    listed $150,000
20. 2022-03-10
    historical
21. 1988-01-27
    soldstatus $37,000

ⓘ 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: $5,011 · $418/mo
• Projected year-2 tax: $5,011 · $418/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: $31,776
• − Mortgage interest: −$12,318
• − Property taxes: −$5,011
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,542
• − Management: −$2,542
• − Depreciation: −$6,397
• Taxable income: $1,867
• Est. tax owed @ 24.0%: −$448
• After-tax cash flow: $4,707/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

+494.3% since first listed

18 events — show timeline

• 2026-06-03 Listing Removed — BRIGHT MLS
• 2026-05-07 Price Changed $219,900 BRIGHT MLS
• 2026-04-26 Listed $239,900 BRIGHT MLS
• 2023-01-11 Sold (Public Records) $200,000 Public Records
• 2022-09-22 Listing Removed — BRIGHT MLS
• 2022-09-22 Listing Removed — BRIGHT MLS
• 2022-09-13 Contingent — BRIGHT MLS
• 2022-09-13 Contingent — BRIGHT MLS
• 2022-08-31 Listed $200,000 BRIGHT MLS
• 2022-08-31 Listed $200,000 BRIGHT MLS
• 2022-08-25 Listing Removed — BRIGHT MLS
• 2022-08-25 Listing Removed — BRIGHT MLS
• 2022-08-10 Listed $199,900 BRIGHT MLS
• 2022-08-10 Listed $199,900 BRIGHT MLS
• 2022-07-11 Sold (Public Records) $100,000 Public Records
• 2022-03-10 Listing Removed — BRIGHT MLS
• 2022-03-10 Listed $150,000 BRIGHT MLS
• 1988-01-27 Sold (Public Records) $37,000 Public Records

Property tax history

+11.3%/yr

Latest (2025): $5,011 · +3.2% YoY. Source: county tax records.