204 N Chester St · Baltimore, MD 21231

$159,000

3 bd · 1.0 ba · 832 sqft · Townhouse public records · 15 Days on market

Built 1900 1,118 sqft lot Est $201k · 21% 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +7.2/10.0
• 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

Investor opportunity! Incredible opportunity to own a three-level townhome with basement in one of Baltimore's sought-after neighborhoods - just minutes from John Hopkins and I-83. This 3-bedroom, 1-bath home features an unfinished basement, offering the potential to add valuable square footage and maximize your investment. Sitting on an impressive 86-foot lot, this property has rare potential for two-car parking AND a rear addition - an exceptional find in the city. The home is located on a quiet block with charming cafe lights and desirable permit parking. Priced to reflect condition, this property is being sold strictly as-is with no repairs or credits. Bring your vision and unlock thi

Key facts

• Rear addition
• Two-car parking
• Unfinished basement

Tags

• THREE-LEVEL TOWNHOME
• UNFINISHED BASEMENT
• 86-FOOT LOT
• TWO-CAR PARKING
• REAR ADDITION

Property features AI

Finance

• Other: Ownership interest: Ground rent
• Financial info: Ground rent $40 paid semi-annually; Property condition: Major rehab needed

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas heating and hot water
• Home design: Interior townhouse/rowhouse; Estimated year built
• Construction: Brick construction; Brick/mortar foundation; Other structures above and below grade
• Exterior features: In city limits; Ground rent exists (semi-annual payment)

Interior

• Bedrooms: One bedroom on the first upper level; Two bedrooms on the second upper level
• Flooring: Ceramic tile; Hardwood; Carpet
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Basement with connecting stairway, unfinished; Living area measured per assessor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $159k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $157k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+2.3%/yr); 131 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).

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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $101k; list at $159k implies a 57% 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: 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 $156,615 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $200,512
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Collington Ave	0.09mi	2/1.0 (-1)	780 (-6%)	3mo	$82,500	$106	78
402 N Chester St	0.08mi	2/2.0 (-1)	870 (+5%)	3mo	$152,000	$175	77
318 S Duncan St S	0.50mi	2/2.0 (-1)	816 (-2%)	2mo	$289,900	$355	63
311 S Chapel St	0.50mi	2/2.0 (-1)	858 (+3%)	0mo	$235,000	$274	62
2207 Mullikin St	0.10mi	2/2.5 (-1)	924 (+11%)	5mo	$180,000	$195	62
410 N Washington St	0.13mi	2/2.5 (-1)	950 (+14%)	2mo	$226,900	$239	58
322 S Duncan St	0.51mi	2/1.5 (-1)	924 (+11%)	0mo	$280,000	$303	51
2202 Prentiss Pl	0.59mi	2/2.0 (-1)	900 (+8%)	2mo	$160,000	$178	48
155 N Streeper St	0.58mi	2/2.0 (-1)	912 (+10%)	0mo	$220,000	$241	48
2510 Fleet St	0.74mi	2/1.5 (-1)	912 (+10%)	3mo	$315,000	$345	40
2615 E Chase St	0.73mi	3/1.5	952 (+14%)	2mo	$149,000	$157	38
2010 Fountain St	0.70mi	2/2.5 (-1)	923 (+11%)	3mo	$282,000	$306	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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,657
• Equity at exit: $23,707

10-year hold

• IRR: 5.4%
• Equity multiple: 1.39×
• Total profit: $17,260
• Equity at exit: $13,747

Cash invested: $44,520 (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 21231

• Rents YoY: 2.3%
• Active inventory: 131
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,942 high
• Mortgage (P&I): −$834
• Tax from tax record: −$297 /mo · $3,565/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $337

Break-even live

Break-even rent $1,515

Max offer price $159,000

Occupancy floor 78%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	44d	1	0.17mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	44d	1	0.23mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	4d	1	0.26mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	44d	1	0.27mi
712 N Duncan St Baltimore, MD	2.0	1.5	1000	$2,000	$2.00	44d	1	0.29mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	44d	1	0.31mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	24d	1	0.31mi
16 S Wolfe St Unit B Baltimore, MD	2.0	2.0	1014	$1,800	$1.78	18d	1	0.31mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	44d	1	0.32mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	15d	1	0.32mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	18d	1	0.35mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	18d	1	0.36mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	44d	1	0.37mi
1923 Ashland Ave Baltimore, MD	2.0	2.0	862	$1,770	$2.05	20d	2	0.39mi
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	4d	1	0.39mi
1923 Ashland Ave Unit 401 Baltimore, MD	2.0	2.0	850	$1,795	$2.11	20d	1	0.39mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.40mi
1818 E Pratt St Apt B Baltimore, MD	2.0	1.0	800	$1,500	$1.88	44d	1	0.41mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	15d	1	0.43mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	20d	1	0.44mi
211 S Madeira St Baltimore, MD	2.0	1.0	819	$1,650	$2.01	4d	1	0.45mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.45mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	3d	1	0.45mi
227 S Madeira St Baltimore, MD	2.0	2.5	1100	$2,200	$2.00	44d	1	0.46mi
802 N Broadway #1 Baltimore, MD	2.0	1.0	1120	$1,800	$1.61	18d	1	0.48mi
251 S Durham St Baltimore, MD	2.0	1.5	1120	$2,300	$2.05	24d	1	0.49mi
415 N Belnord Ave Baltimore, MD	2.0	1.0	1008	$1,300	$1.29	24d	1	0.52mi
305 S Collington Ave Baltimore, MD	3.0	2.5	722	$2,895	$4.01	17d	1	0.53mi
328 S Collington Ave Baltimore, MD	2.0	2.0	1100	$2,300	$2.09	44d	1	0.54mi
531 N Belnord Ave Baltimore, MD	2.0	1.5	1100	$1,700	$1.55	24d	1	0.54mi
1418 E Monument St Baltimore, MD	2.0–4.0	1.0–2.0	1265	$1,602	$1.27	15d	5	0.63mi
1910 Eastern Ave Unit 2 Baltimore, MD	2.0	1.0	850	$1,375	$1.62	20d	1	0.63mi
2729 Ashland Ave Baltimore, MD	3.0	1.0	1000	$1,350	$1.35	3d	1	0.65mi
210 S Caroline St Baltimore, MD	1.0–2.0	1.0	808	$1,965	$2.43	44d	23	0.69mi
520 Somerset St Baltimore, MD	1.0–2.0	1.0–2.0	634	$1,578	$2.49	44d	1	0.71mi
2018 Fountain St Baltimore, MD	2.0	1.0	1000	$1,550	$1.55	18d	1	0.73mi
1742 Fleet St Unit 204 Baltimore, MD	2.0	2.0	916	$2,100	$2.29	44d	1	0.73mi
2221 E Preston St Baltimore, MD	2.0	1.0	658	$1,200	$1.82	24d	1	0.73mi
1226 E Madison St Baltimore, MD	3.0	1.0	1100	$2,179	$1.98	4d	1	0.74mi
520 N Decker Ave Baltimore, MD	2.0	1.0	1000	$1,650	$1.65	44d	1	0.74mi

Listing history 10 events

1. 2026-06-18
   days on market $159,000 Active 15 DOM
2. 2026-06-17
   days on market $159,000 Active 14 DOM
3. 2026-06-16
   days on market $159,000 Active 13 DOM
4. 2026-06-15
   days on market $159,000 Active 12 DOM
5. 2026-06-13
   days on market $159,000 Active 10 DOM
6. 2026-06-09
   days on market $159,000 Active 6 DOM
7. 2026-06-08
   days on market $159,000 Active 5 DOM
8. 2026-06-07
   days on market $159,000 Active 4 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    listed $159,000 Active 1 DOM

ⓘ 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: $3,565 · $297/mo
• Projected year-2 tax: $3,565 · $297/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: $23,301
• − Mortgage interest: −$8,906
• − Property taxes: −$3,565
• − Insurance: −$795
• − Repairs & maintenance: −$1,864
• − Management: −$1,864
• − Depreciation: −$4,625
• Taxable income: $1,681
• Est. tax owed @ 24.0%: −$403
• After-tax cash flow: $3,639/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): 14,969
• Household income: $85,254
• Rent vs Own: 65.8% rent · 34.2% own
• Severe rent burden: 1147.0

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 53% Black 29% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 6% 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: ▼ -545.26%
• Current HPI: 351.3778
• Rent YoY: ▲ 2.26%
• 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

+1573.7% since first listed

10 events — show timeline

• 2026-06-03 Listed $159,000 BRIGHT MLS
• 2008-06-18 Delisted — MRIS
• 2008-05-05 Listed — MRIS
• 2007-11-17 Delisted — MRIS
• 2007-10-31 Listed — MRIS
• 2006-01-06 Sold (Public Records) $101,000 Public Records
• 2005-10-31 Sold (MLS) $101,000 MRIS
• 2005-09-20 Delisted — MRIS
• 2005-09-13 Listed $89,000 MRIS
• 1981-06-18 Sold (Public Records) $9,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $3,565 · +5.4% YoY. Source: county tax records.