2008 Wilkens Ave · Baltimore, MD 21223

$145,000

2 bd · 1.5 ba · 1,100 sqft · Townhouse · 24 Days on market

Built 1920 1,093 sqft lot Est $123k · 18% over

---

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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +6.1/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

* * * * * INVESTMENT OPPORTUNITY * * * * * PROPERTY INCLUDES RENTAL INCOME OF $1400/MONTH (TENANT OCCUPIED) Rental License#:175026 Expires: 06/06/2027

Key facts

• Built 1920
• Listed 24 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $145k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 42% of the median local income ($46k/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 $4k 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 $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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 $85k; list at $145k implies a 71% gain — meaningful room to come down on a strong offer.

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 $142,825 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.11% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.52%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $123,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2402 Wilkens Ave	0.33mi	2/1.0	1,092 (-1%)	0mo	$45,000	$41	81
2408 Wilkens Ave	0.33mi	3/2.0 (+1)	1,092 (-1%)	2mo	$99,900	$91	74
1404 Lemmon St	0.53mi	3/2.0 (+1)	1,100 (0%)	1mo	$189,000	$172	67
1607 Lemmon St	0.40mi	1/1.0 (-1)	974 (-12%)	1mo	$20,000	$21	55
2141 Vine St	0.57mi	2/1.0	1,200 (+9%)	3mo	$20,000	$17	54
1125 Bayard St	0.61mi	1/2.0 (-1)	1,032 (-6%)	0mo	$120,000	$116	54
1226 W Pratt St	0.64mi	2/1.5	1,000 (-9%)	2mo	$80,000	$80	54
1906 W Fairmount Ave	0.50mi	2/3.5	1,200 (+9%)	3mo	$134,900	$112	52
1239 W Lombard St	0.65mi	2/1.0	1,000 (-9%)	3mo	$150,000	$150	50
2544 W Fairmount Ave	0.69mi	2/1.5	1,204 (+10%)	2mo	$55,000	$46	50
1241 W Lombard St	0.65mi	2/1.0	963 (-12%)	3mo	$150,000	$156	45
2576 W Baltimore St W	0.70mi	3/2.0 (+1)	1,200 (+9%)	2mo	$152,000	$127	43

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: 5.4%
• Equity multiple: 1.22×
• Total profit: $8,919
• Equity at exit: $21,620

10-year hold

• IRR: 18.3%
• Equity multiple: 2.82×
• Total profit: $73,952
• Equity at exit: $12,537

Cash invested: $40,600 (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: 425
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,611 high
• Mortgage (P&I): −$760
• Tax from tax record: −$62 /mo · $744/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $390

Break-even live

Break-even rent $1,117

Max offer price $145,000

Occupancy floor 71%

Sensitivity live

Price	-10% $472	-5% $431	+0% $390	+5% $349	+10% $308
Rent	-10% $262	-5% $326	+0% $390	+5% $453	+10% $517
Rate	-1.0pp $463	-0.5pp $427	base $390	+0.5pp $352	+1.0pp $314

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	45d	1	0.07mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	45d	1	0.21mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,375	$1.60	45d	1	0.44mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	25d	1	0.44mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.46mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	45d	1	0.46mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.48mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.48mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	45d	1	0.49mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	23d	1	0.50mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	25d	1	0.51mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.51mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	25d	1	0.53mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	45d	1	0.58mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	45d	1	0.58mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.58mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	45d	1	0.59mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	25d	1	0.59mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	45d	1	0.59mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.60mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	25d	1	0.61mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	25d	1	0.62mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.62mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	14d	1	0.62mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	23d	1	0.64mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	45d	1	0.65mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	45d	1	0.67mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	0.67mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	25d	1	0.67mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	5d	1	0.67mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	25d	1	0.69mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	45d	1	0.69mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	45d	1	0.69mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	5d	1	0.70mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	25d	1	0.70mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	45d	1	0.70mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	5d	1	0.70mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	45d	1	0.72mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	45d	1	0.72mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	45d	1	0.73mi

Listing history 22 events

1. 2026-02-09
   status Pending
2. 2026-01-16
   listed $145,000 Active
3. 2025-09-01
   historical $1,450
4. 2025-08-26
   listed $1,450
5. 2025-06-10
   soldstatus $85,000
6. 2025-03-03
   historical
7. 2025-02-05
   price $109,000
8. 2025-02-05
   status Active
9. 2024-11-14
   price $105,000
10. 2024-11-14
    historical
11. 2024-09-25
    price $100,000
12. 2024-09-15
    price $110,000
13. 2024-08-23
    price $130,000
14. 2024-08-09
    price $150,000
15. 2024-05-05
    listed $159,000 Active
16. 2024-04-23
    historical
17. 2008-02-14
    historical
18. 2008-02-01
    listed
19. 2007-12-07
    historical
20. 2007-11-29
    listed
21. 2002-12-24
    soldstatus $12,000
22. 2000-09-28
    soldstatus $7,400

ⓘ 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: $744 · $62/mo
• Projected year-2 tax: $1,162 · $97/mo
• Expected delta: +$418/yr (+$35/mo · 56.2%)

ⓘ 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: $19,330
• − Mortgage interest: −$8,122
• − Property taxes: −$744
• − Insurance: −$725
• − Repairs & maintenance: −$1,546
• − Management: −$1,546
• − Depreciation: −$4,218
• Taxable income: $2,428
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $4,094/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

+1859.5% since first listed

22 events — show timeline

• 2026-02-09 Pending — BRIGHT MLS
• 2026-01-16 Listed $145,000 BRIGHT MLS
• 2025-09-01 Rental Removed $1,450 SHOWMOJO
• 2025-08-26 Listed for Rent $1,450 SHOWMOJO
• 2025-06-10 Sold (Public Records) $85,000 Public Records
• 2025-03-03 Listing Removed — BRIGHT MLS
• 2025-02-05 Price Changed $109,000 BRIGHT MLS
• 2025-02-05 Relisted — BRIGHT MLS
• 2024-11-14 Listing Removed — BRIGHT MLS
• 2024-11-14 Price Changed $105,000 BRIGHT MLS
• 2024-09-25 Price Changed $100,000 BRIGHT MLS
• 2024-09-15 Price Changed $110,000 BRIGHT MLS
• 2024-08-23 Price Changed $130,000 BRIGHT MLS
• 2024-08-09 Price Changed $150,000 BRIGHT MLS
• 2024-05-05 Listed $159,000 BRIGHT MLS
• 2024-04-23 Coming Soon — BRIGHT MLS
• 2008-02-14 Delisted — MRIS
• 2008-02-01 Listed — MRIS
• 2007-12-07 Delisted — MRIS
• 2007-11-29 Listed — MRIS
• 2002-12-24 Sold (Public Records) $12,000 Public Records
• 2000-09-28 Sold (Public Records) $7,400 Public Records

Property tax history

+1.5%/yr

Latest (2025): $744 · +15.9% YoY. Source: county tax records.