3223 Spaulding Ave · Baltimore, MD 21215

$219,900

4 bd · 2.0 ba · 1,500 sqft · Townhouse · 113 Days on market

Built 1900 1,306 sqft lot Est $216k · at est.

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Why this score? — see what drove the C- 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 +22.3/30.0
• DSCR +7.1/10.0
• ARV discount +6.7/15.0
• 1% rule +5.2/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ONLINE AUCTION: Bidding begins 10/20/2023 @ 10:00 AM. Bidding ends 10/24/2023 @ 11:30 AM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Central Park Heights area. BLOCKS to the Pimlico Race Track. JUST MINUTES to Sinai Hospital. Easy access to major traffic artery Park Heights Ave.

Key facts

• Covered front porch
• Open floor plan
• Recessed lighting

Tags

• COVERED FRONT PORCH
• CUSTOM COFFERED CEILINGS
• WIDE PLANK WOOD STYLE FLOORING
• RECESSED LIGHTING
• OPEN FLOOR PLAN
• CUSTOM WOOD PLANK FEATURE WALL

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 (+2.4%/yr); 351 active listings in the ZIP; 16 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 $2,249/mo this rent would consume 52% of the median local household income ($52k/yr) (locally 3644% 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.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $220k implies a 506% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 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 1900 — 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: 1.02% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $216,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3223 Spaulding Ave	0.00mi	4/2.0	1,500 (0%)	0mo	$219,900	$147	100
4912 Palmer Ave	0.22mi	3/2.0 (-1)	1,400 (-7%)	1mo	$60,000	$43	73
4903 Chalgrove Ave	0.36mi	3/2.0 (-1)	1,536 (+2%)	2mo	$187,000	$122	73
4911 Queensberry Ave	0.32mi	4/1.5	1,390 (-7%)	2mo	$155,000	$112	69
3716 Beehler Ave	0.34mi	4/4.0	1,445 (-4%)	3mo	$265,000	$183	68
5118 Nelson Ave	0.34mi	3/2.0 (-1)	1,386 (-8%)	3mo	$219,000	$158	64
3026 Virginia Ave	0.46mi	3/1.0 (-1)	1,442 (-4%)	3mo	$75,000	$52	60
5312 Gist Ave	0.49mi	4/2.5	1,620 (+8%)	4mo	$240,000	$148	58
3208 Ingleside Ave	0.45mi	3/1.5 (-1)	1,620 (+8%)	2mo	$225,000	$139	56
5424 Jonquil Ave	0.52mi	4/3.5	1,332 (-11%)	2mo	$200,000	$150	50
3635 Columbus Dr	0.69mi	3/2.5 (-1)	1,360 (-9%)	4mo	$125,000	$92	42
5404 Crismer Ave	0.74mi	3/2.0 (-1)	1,667 (+11%)	1mo	$239,900	$144	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 · 2.41% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-13,943
• Equity at exit: $32,788

10-year hold

• IRR: 2.8%
• Equity multiple: 1.20×
• Total profit: $12,031
• 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 21215

• Rents YoY: 2.4%
• Active inventory: 351
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,249 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$170 /mo · $2,037/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $362

Break-even live

Break-even rent $1,791

Max offer price $219,900

Occupancy floor 79%

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5306 Ethelbert Ave Baltimore, MD	5.0	2.5	1510	$3,000	$1.99	4d	1	0.32mi
4704 Pimlico Rd Baltimore, MD	3.0	1.5	2006	$1,800	$0.90	24d	1	0.41mi
5115 Pembridge Ave Baltimore, MD	3.0	2.0	1088	$2,150	$1.98	44d	1	0.41mi
3784 Columbus Dr Baltimore, MD	4.0	2.0	1250	$2,200	$1.76	24d	1	0.54mi
2915 Oakford Ave Baltimore, MD	3.0	2.0	1102	$1,600	$1.45	18d	1	0.78mi
3912 Mortimer Ave Baltimore, MD	3.0	2.0	1204	$2,723	$2.26	44d	1	0.83mi
4230 Towanda Ave Baltimore, MD	3.0	2.0	1400	$1,800	$1.29	18d	1	0.85mi
2619 Loyola Northway Baltimore, MD	3.0	2.0	1400	$1,995	$1.43	24d	1	0.91mi
2454 W Cold Spring Ln Baltimore, MD	3.0	1.0	1200	$1,650	$1.38	24d	1	0.91mi
4037 Cedardale Rd Baltimore, MD	5.0	3.0	1500	$2,800	$1.87	15d	1	0.99mi
2415 Loyola Southway Baltimore, MD	3.0	1.5	1200	$2,033	$1.69	44d	1	1.12mi
5801 Western Run Dr Baltimore, MD	3.0	1.0–2.0	835	$1,979	$2.37	2d	7	1.22mi
3822 Pall Mall Rd Baltimore, MD	3.0	1.5	1320	$1,875	$1.42	44d	1	1.29mi
3204 Sequoia Ave Baltimore, MD	4.0	2.5	1791	$2,600	$1.45	44d	1	1.35mi
3709 Fords Ln Baltimore, MD	4.0	3.5	2248	$3,200	$1.42	20d	1	1.41mi
2001 W Cold Spring Ln Baltimore, MD	1.0–3.0	1.0–2.0	1154	$3,505	$3.04	2d	31	1.43mi

Listing history 12 events

1. 2026-03-14
   status Pending
2. 2026-02-21
   price $219,900
3. 2026-01-20
   price $229,900
4. 2025-11-21
   listed $239,900 Active
5. 2024-02-28
   soldstatus $36,300 Closed 323-char remark

   Show marketing remark (323 chars)

   ONLINE AUCTION: Bidding begins 10/20/2023 @ 10:00 AM. Bidding ends 10/24/2023 @ 11:30 AM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Central Park Heights area. BLOCKS to the Pimlico Race Track. JUST MINUTES to Sinai Hospital. Easy access to major traffic artery Park Heights Ave.

6. 2023-10-20
   status Pending 323-char remark

   Show marketing remark (323 chars)

   ONLINE AUCTION: Bidding begins 10/20/2023 @ 10:00 AM. Bidding ends 10/24/2023 @ 11:30 AM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Central Park Heights area. BLOCKS to the Pimlico Race Track. JUST MINUTES to Sinai Hospital. Easy access to major traffic artery Park Heights Ave.

7. 2023-10-12
   listed $12,000 Active 323-char remark

   Show marketing remark (323 chars)

   ONLINE AUCTION: Bidding begins 10/20/2023 @ 10:00 AM. Bidding ends 10/24/2023 @ 11:30 AM. List Price is Suggested Opening Bid. Deposit: $5,000. 2 Story Townhouse located in the Central Park Heights area. BLOCKS to the Pimlico Race Track. JUST MINUTES to Sinai Hospital. Easy access to major traffic artery Park Heights Ave.

8. 2018-12-26
   historical
9. 2018-06-11
   status Active
10. 2018-06-06
    historical
11. 2018-05-25
    listed $20,000 Active
12. 1996-06-19
    soldstatus $52,000

ⓘ 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: $2,037 · $170/mo
• Projected year-2 tax: $2,217 · $185/mo
• Expected delta: +$180/yr (+$15/mo · 8.8%)

ⓘ 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 6/10 Major 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% 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: $26,984
• − Mortgage interest: −$12,318
• − Property taxes: −$2,037
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,159
• − Management: −$2,159
• − Depreciation: −$6,397
• Taxable income: $815
• Est. tax owed @ 24.0%: −$196
• After-tax cash flow: $4,147/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): 52,229
• Household income: $51,587
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 3644.0

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 (73%)
• Race & ethnicity: Black 73% White 17% Hispanic / Latino 5% Two or more races 4% Asian 1%
• Common ancestry: Scotch-Irish 2% Romanian 2% Italian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% 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: ▼ -318.58%
• Current HPI: 291.4926
• Rent YoY: ▲ 2.41%
• 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

+322.9% since first listed

12 events — show timeline

• 2026-03-14 Pending — BRIGHT MLS
• 2026-02-21 Price Changed $219,900 BRIGHT MLS
• 2026-01-20 Price Changed $229,900 BRIGHT MLS
• 2025-11-21 Listed $239,900 BRIGHT MLS
• 2024-02-28 Sold (MLS) $36,300 BRIGHT MLS
• 2023-10-20 Pending — BRIGHT MLS
• 2023-10-12 Listed $12,000 BRIGHT MLS
• 2018-12-26 Listing Removed — BRIGHT MLS
• 2018-06-11 Relisted — BRIGHT MLS
• 2018-06-06 Listing Removed — BRIGHT MLS
• 2018-05-25 Listed $20,000 BRIGHT MLS
• 1996-06-19 Sold (Public Records) $52,000 Public Records

Property tax history

+12.3%/yr

Latest (2025): $2,037 · +33.2% YoY. Source: county tax records.