1611 Frederick Ave · Baltimore, MD 21223

$189,000

5 bd · 1.0 ba · 2,590 sqft · Townhouse public records · 189 Days on market

Built 1860 1,577 sqft lot $73/sqft · 43% below area Est $331k · 43% under

---

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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +8.5/10.0
• 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

Listing remarks MLS

Great Opportunity to own a mixed use Residential & Commercial Building with a carryout business in Baltimore City, Maryland. Zoned R-8. (The listed price includes both Building and business), You might be able to convert the current business to your own concepts with a special use permit or a variance, from the city or county planning department. This three level end unit townhouse currently uses the first floor as a carryout restaurant. The second and third floors contain residential units with 5 bedrooms, 1.5 bathrooms, and an unfinished basement. It is a great location surrounded by city residential buildings. The existing business has been in the location for at least 32 years. No condo or HOA fee. Sold in AS IS conditions. The property is conveniently located near the University of Maryland Medical Center, the Horseshoe Casino, and Inner Harbor. Easy access to major highways I-95, I-395 and BWI airport.

Key facts

• Built 1860
• Listed 188 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $189k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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); 422 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $2,548/mo this rent would consume 67% 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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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 $25k; list at $189k implies a 656% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1860 — 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 $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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 1860 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.35% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.24%
• DSCR: 1.54
• GRM: 6.2

CMA / ARV

• ARV (median comp): $330,645
• List price: $189,000
• Delta: -42.84%
• 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
1715 W Lombard St	0.16mi	6/2.0 (+1)	2,500 (-4%)	8mo	$220,000	$88	72
1719 W Fayette St	0.13mi	6/1.0 (+1)	2,343 (-10%)	4mo	$20,000	$9	69
1519 W Lombard St	0.13mi	5/2.5	2,412 (-7%)	12mo	$350,000	$145	67
14 Gilmor N	0.07mi	4/3.5 (-1)	2,500 (-4%)	13mo	$311,900	$125	65
1615 W Pratt St	0.19mi	4/2.5 (-1)	2,350 (-9%)	10mo	$229,900	$98	56
1322 W Lombard St	0.23mi	4/3.5 (-1)	2,752 (+6%)	9mo	$330,000	$120	56
10 N Pulaski St	0.40mi	4/1.5 (-1)	2,232 (-14%)	3mo	$92,500	$41	49
318 N Gilmor St	0.33mi	4/3.0 (-1)	2,360 (-9%)	10mo	$139,000	$59	49
610 N Fulton Ave	0.55mi	4/3.0 (-1)	2,688 (+4%)	8mo	$75,000	$28	49
1064 W Fayette St	0.40mi	4/3.5 (-1)	2,900 (+12%)	3mo	$425,000	$147	44
829 Mchenry St	0.69mi	4/3.5 (-1)	2,440 (-6%)	5mo	$374,900	$154	39
1810 Edmondson Ave	0.55mi	4/2.0 (-1)	2,290 (-12%)	8mo	$55,000	$24	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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.30×
• Total profit: $15,966
• Equity at exit: $28,181

10-year hold

• IRR: 20.5%
• Equity multiple: 3.14×
• Total profit: $113,167
• Equity at exit: $16,341

Cash invested: $52,920 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,548 high
• Mortgage (P&I): −$991
• Tax from tax record: −$403 /mo · $4,838/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$535
• Net cashflow: $540

Break-even live

Break-even rent $1,865

Max offer price $189,000

Occupancy floor 74%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	0.55mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.61mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	0.66mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	12d	1	0.76mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	0.77mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	1.33mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	1.35mi

Listing history 36 events

1. 2026-06-18
   days on market $189,000 Active 189 DOM
2. 2026-06-17
   days on market $189,000 Active 188 DOM
3. 2026-06-16
   days on market $189,000 Active 187 DOM
4. 2026-06-15
   days on market $189,000 Active 186 DOM
5. 2026-06-13
   days on market $189,000 Active 184 DOM
6. 2026-06-09
   days on market $189,000 Active 180 DOM
7. 2026-06-08
   days on market $189,000 Active 179 DOM
8. 2026-06-07
   days on market $189,000 Active 178 DOM
9. 2026-06-04
   days on market $189,000 Active 175 DOM
10. 2026-06-03
    days on market $189,000 Active 174 DOM
11. 2026-06-02
    days on market $189,000 Active 173 DOM
12. 2026-06-01
    days on market $189,000 Active 172 DOM
13. 2026-05-31
    days on market $189,000 Active 171 DOM
14. 2026-03-17
    price $189,000 927-char remark

    Show marketing remark (927 chars)

    Great Opportunity to own a mixed use Residential & Commercial Building with a carryout business in Baltimore City, Maryland. Zoned R-8. (The listed price includes both Building and business), You might be able to convert the current business to your own concepts with a special use permit or a variance, from the city or county planning department. This three level end unit townhouse currently uses the first floor as a carryout restaurant. The second and third floors contain residential units with 5 bedrooms, 1.5 bathrooms, and an unfinished basement. It is a great location surrounded by city residential buildings. The existing business has been in the location for at least 32 years. No condo or HOA fee. Sold in AS IS conditions. The property is conveniently located near the University of Maryland Medical Center, the Horseshoe Casino, and Inner Harbor. Easy access to major highways I-95, I-395 and BWI airport.

15. 2025-12-12
    listed $189,777 Active 927-char remark

    Show marketing remark (927 chars)

    Great Opportunity to own a mixed use Residential & Commercial Building with a carryout business in Baltimore City, Maryland. Zoned R-8. (The listed price includes both Building and business), You might be able to convert the current business to your own concepts with a special use permit or a variance, from the city or county planning department. This three level end unit townhouse currently uses the first floor as a carryout restaurant. The second and third floors contain residential units with 5 bedrooms, 1.5 bathrooms, and an unfinished basement. It is a great location surrounded by city residential buildings. The existing business has been in the location for at least 32 years. No condo or HOA fee. Sold in AS IS conditions. The property is conveniently located near the University of Maryland Medical Center, the Horseshoe Casino, and Inner Harbor. Easy access to major highways I-95, I-395 and BWI airport.

16. 2025-12-08
    historical $189,777 927-char remark

    Show marketing remark (927 chars)

    Great Opportunity to own a mixed use Residential & Commercial Building with a carryout business in Baltimore City, Maryland. Zoned R-8. (The listed price includes both Building and business), You might be able to convert the current business to your own concepts with a special use permit or a variance, from the city or county planning department. This three level end unit townhouse currently uses the first floor as a carryout restaurant. The second and third floors contain residential units with 5 bedrooms, 1.5 bathrooms, and an unfinished basement. It is a great location surrounded by city residential buildings. The existing business has been in the location for at least 32 years. No condo or HOA fee. Sold in AS IS conditions. The property is conveniently located near the University of Maryland Medical Center, the Horseshoe Casino, and Inner Harbor. Easy access to major highways I-95, I-395 and BWI airport.

17. 2025-11-27
    historical
18. 2025-08-16
    listed $159,900 Active
19. 2025-08-15
    historical
20. 2025-03-31
    historical
21. 2025-01-22
    listed $159,900 Active
22. 2025-01-22
    historical
23. 2025-01-04
    status Active
24. 2024-12-31
    historical
25. 2024-10-11
    listed $185,000 Active
26. 2024-10-11
    historical
27. 2024-10-02
    status Active
28. 2024-09-30
    historical
29. 2024-08-16
    listed $195,000 Active
30. 2024-08-15
    historical
31. 2024-07-10
    historical
32. 2024-05-13
    listed $195,000 Active
33. 2024-05-09
    historical
34. 2003-02-10
    soldstatus $25,000
35. 1993-01-29
    soldstatus $25,000
36. 1989-08-25
    soldstatus $26,800

ⓘ 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: $4,838 · $403/mo
• Projected year-2 tax: $4,838 · $403/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: $30,571
• − Mortgage interest: −$10,587
• − Property taxes: −$4,838
• − Insurance: −$945
• − Repairs & maintenance: −$2,446
• − Management: −$2,446
• − Depreciation: −$5,498
• Taxable income: $3,812
• Est. tax owed @ 24.0%: −$915
• After-tax cash flow: $5,560/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

+605.2% since first listed

23 events — show timeline

• 2026-03-17 Price Changed $189,000 BRIGHT MLS
• 2025-12-12 Listed $189,777 BRIGHT MLS
• 2025-12-08 Coming Soon $189,777 BRIGHT MLS
• 2025-11-27 Listing Removed — BRIGHT MLS
• 2025-08-16 Listed $159,900 BRIGHT MLS
• 2025-08-15 Coming Soon — BRIGHT MLS
• 2025-03-31 Listing Removed — BRIGHT MLS
• 2025-01-22 Listing Removed — BRIGHT MLS
• 2025-01-22 Listed $159,900 BRIGHT MLS
• 2025-01-04 Relisted — BRIGHT MLS
• 2024-12-31 Listing Removed — BRIGHT MLS
• 2024-10-11 Listing Removed — BRIGHT MLS
• 2024-10-11 Listed $185,000 BRIGHT MLS
• 2024-10-02 Relisted — BRIGHT MLS
• 2024-09-30 Listing Removed — BRIGHT MLS
• 2024-08-16 Listed $195,000 BRIGHT MLS
• 2024-08-15 Coming Soon — BRIGHT MLS
• 2024-07-10 Listing Removed — BRIGHT MLS
• 2024-05-13 Listed $195,000 BRIGHT MLS
• 2024-05-09 Coming Soon — BRIGHT MLS
• 2003-02-10 Sold (Public Records) $25,000 Public Records
• 1993-01-29 Sold (Public Records) $25,000 Public Records
• 1989-08-25 Sold (Public Records) $26,800 Public Records

Property tax history

+4.0%/yr

Latest (2025): $4,838 · +3.3% YoY. Source: county tax records.