2428 Etting St · Baltimore, MD 21217

$49,900

2 bd · 1.0 ba · 1,485 sqft · Townhouse public records · 58 Days on market

Built 1900 $34/sqft · 19% below area Est $61k · 19% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This very well kept townhome features lots of space for a first time home buyer or for a new investor who is looking to add more into their portfolio. The main level features a living room with a large window that allows for natural lighting, separate dining room and a very spacious kitchen with a door that leads to your concrete patio. Upstairs has two very spacious bedrooms with closets and one bathroom. The full basement is ideal for storage. Located within walking distance to the Druid Hill Park and Druid Hill Park Zoo. Minutes away from the Inner Harbor, very close to bus lines, subway, mall, schools, Coppin State University College, Baltimore City Community College, and much more.

Key facts

• Close to subway
• Close to bus lines
• Separate dining room

Tags

• SEPARATE DINING ROOM
• SPACIOUS KITCHEN
• CONCRETE PATIO
• FULL BASEMENT
• CLOSE TO BUS LINES
• CLOSE TO SUBWAY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $50k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.5% 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 (+6.6%/yr); 331 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,631/mo this rent would consume 51% of the median local household income ($38k/yr) (locally 2921% 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 $345 of loan paydown is wiped out by about $1k 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 + 6.6% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; 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 $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.27% ✓
• Cap rate: 27.55%
• Cash-on-cash: 75.90%
• DSCR: 4.38
• GRM: 2.6

CMA / ARV

• ARV (median comp): $61,375
• List price: $49,900
• Delta: -18.70%
• 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
2453 Mcculloh St	0.16mi	3/1.0 (+1)	1,460 (-2%)	3mo	$99,900	$68	82
1719 Baker St	0.39mi	2/1.0	1,400 (-6%)	2mo	$19,250	$14	71
2418 Druid Hill Ave	0.09mi	3/1.5 (+1)	1,328 (-11%)	6mo	$77,000	$58	67
2429 Francis St	0.06mi	1/1.0 (-1)	1,298 (-13%)	7mo	$35,000	$27	66
2115 Mcculloh St	0.32mi	3/1.5 (+1)	1,350 (-9%)	4mo	$77,000	$57	60
608 Cumberland St	0.16mi	3/2.0 (+1)	1,700 (+14%)	2mo	$90,000	$53	57
2105 Whittier Ave	0.53mi	3/1.5 (+1)	1,587 (+7%)	1mo	$80,000	$50	56
2863 Woodbrook Ave	0.39mi	3/1.0 (+1)	1,320 (-11%)	7mo	$55,000	$42	53
2311 Orem Ave	0.47mi	3/1.0 (+1)	1,284 (-14%)	4mo	$35,000	$27	47
2521 Reisterstown Rd	0.68mi	3/2.0 (+1)	1,578 (+6%)	3mo	$215,000	$136	47
831 Lennox St	0.55mi	3/3.5 (+1)	1,600 (+8%)	3mo	$363,740	$227	44
2117 N Smallwood St	0.61mi	3/2.5 (+1)	1,680 (+13%)	1mo	$192,000	$114	38

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 80.1%
• Equity multiple: 4.90×
• Total profit: $54,434
• Equity at exit: $7,440

10-year hold

• IRR: 84.6%
• Equity multiple: 11.55×
• Total profit: $147,422
• Equity at exit: $4,314

Cash invested: $13,972 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,631 high
• Mortgage (P&I): −$262
• Tax from tax record: −$122 /mo · $1,463/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $884

Break-even live

Break-even rent $512

Max offer price $49,900

Occupancy floor 41%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	44d	1	0.05mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	44d	1	0.10mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	44d	1	0.11mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	24d	1	0.11mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	44d	1	0.12mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.13mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	44d	1	0.16mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	24d	1	0.16mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$876	$0.89	4d	4	0.19mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	24d	4	0.22mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	44d	1	0.22mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	44d	1	0.24mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	44d	1	0.25mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	20d	1	0.26mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.28mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	44d	1	0.30mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	44d	1	0.32mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	15d	1	0.32mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	3d	1	0.34mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	11d	1	0.34mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	18d	1	0.34mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	4d	1	0.40mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	15d	1	0.41mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	44d	1	0.41mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	44d	1	0.43mi
1722 N Monroe St Baltimore, MD	3.0	1.5	1000	$1,350	$1.35	24d	1	0.43mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	44d	1	0.43mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	44d	1	0.45mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,500	$1.36	24d	3	0.46mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	44d	1	0.48mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	18d	1	0.48mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	17d	1	0.49mi
1930 N Payson St Baltimore, MD	2.0	2.0	980	$1,500	$1.53	24d	1	0.49mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	44d	1	0.49mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	20d	1	0.49mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	44d	1	0.51mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	44d	1	0.51mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	44d	1	0.51mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	12d	1	0.51mi
1829 Eutaw Pl Unit B Baltimore, MD	2.0	2.0	1278	$2,100	$1.64	4d	1	0.54mi

Listing history 22 events

1. 2026-06-18
   days on market $49,900 Active 58 DOM
2. 2026-06-17
   days on market $49,900 Active 57 DOM
3. 2026-06-16
   days on market $49,900 Active 56 DOM
4. 2026-06-15
   days on market $49,900 Active 55 DOM
5. 2026-06-13
   pricedays on market $49,900 Active 53 DOM
6. 2026-06-09
   days on market $54,900 Active 49 DOM
7. 2026-06-08
   days on market $54,900 Active 48 DOM
8. 2026-06-07
   days on market $54,900 Active 47 DOM
9. 2026-06-04
   days on market $54,900 Active 44 DOM
10. 2026-06-03
    days on market $54,900 Active 43 DOM
11. 2026-06-02
    days on market $54,900 Active 42 DOM
12. 2026-06-01
    days on market $54,900 Active 41 DOM
13. 2026-05-31
    days on market $54,900 Active 40 DOM
14. 2026-05-08
    price $54,900 695-char remark

    Show marketing remark (695 chars)

    This very well kept townhome features lots of space for a first time home buyer or for a new investor who is looking to add more into their portfolio. The main level features a living room with a large window that allows for natural lighting, separate dining room and a very spacious kitchen with a door that leads to your concrete patio. Upstairs has two very spacious bedrooms with closets and one bathroom. The full basement is ideal for storage. Located within walking distance to the Druid Hill Park and Druid Hill Park Zoo. Minutes away from the Inner Harbor, very close to bus lines, subway, mall, schools, Coppin State University College, Baltimore City Community College, and much more.

15. 2026-04-21
    listed $59,900 Active 695-char remark

    Show marketing remark (695 chars)

    This very well kept townhome features lots of space for a first time home buyer or for a new investor who is looking to add more into their portfolio. The main level features a living room with a large window that allows for natural lighting, separate dining room and a very spacious kitchen with a door that leads to your concrete patio. Upstairs has two very spacious bedrooms with closets and one bathroom. The full basement is ideal for storage. Located within walking distance to the Druid Hill Park and Druid Hill Park Zoo. Minutes away from the Inner Harbor, very close to bus lines, subway, mall, schools, Coppin State University College, Baltimore City Community College, and much more.

16. 2025-11-14
    historical
17. 2025-07-24
    listed $89,900 Active
18. 2024-02-05
    soldstatus $175,000
19. 2014-02-05
    soldstatus $449,000
20. 2010-08-03
    soldstatus $4,200
21. 2007-06-14
    soldstatus $133,000
22. 2004-07-19
    soldstatus $241,500

ⓘ 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: $1,463 · $122/mo
• Projected year-2 tax: $1,463 · $122/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: $19,567
• − Mortgage interest: −$2,795
• − Property taxes: −$1,463
• − Insurance: −$250
• − Repairs & maintenance: −$1,565
• − Management: −$1,565
• − Depreciation: −$1,452
• Taxable income: $10,477
• Est. tax owed @ 24.0%: −$2,514
• After-tax cash flow: $8,091/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

-77.3% since first listed

9 events — show timeline

• 2026-05-08 Price Changed $54,900 BRIGHT MLS
• 2026-04-21 Listed $59,900 BRIGHT MLS
• 2025-11-14 Listing Removed — BRIGHT MLS
• 2025-07-24 Listed $89,900 BRIGHT MLS
• 2024-02-05 Sold (Public Records) $175,000 Public Records
• 2014-02-05 Sold (Public Records) $449,000 Public Records
• 2010-08-03 Sold (Public Records) $4,200 Public Records
• 2007-06-14 Sold (Public Records) $133,000 Public Records
• 2004-07-19 Sold (Public Records) $241,500 Public Records

Property tax history

+5.6%/yr

Latest (2025): $1,463 · +3.1% YoY. Source: county tax records.