1238 Wall St · Baltimore, MD 21230

$90,000

2 bd · 1.5 ba · 1,056 sqft · Townhouse public records · 1 Days on market

Built 1900 648 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Diamond in a little bit of rough! Charming reminiscents of the 1900's with the solid wood doors, old fireplace in dining rm, pine floors, tall ceilings, builtin hutch in kitchen * Partially updated kitchen * Tall crawl space could be dug out and improved * Master bedroom plus second bedroom w/ sitting area or den * Spacious liv rm and din rm * Brick patio * Fenced in back * Fabulous price for 1056 finished sq ft!!

Key facts

• Laundry closet
• Cozy fireplace
• Private rear patio

Tags

• HARDWOOD FLOORS
• COZY FIREPLACE
• DURABLE TILE FLOORING
• LAUNDRY CLOSET
• PRIVATE REAR PATIO
• WOODEN FENCE

Property features AI

Finance

• Other: Finished above-grade area per assessor; Unfinished below-grade area 528 (per assessor); Total below-grade area 528; Finished above-grade area 1,056 (per assessor)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas heating and hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Other foundation; Above-grade and below-grade structures; Built year per assessor
• Exterior features: 12 x 54 lot (estimated dimensions); No tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Unfinished basement; Two or more access exits

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $941 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 18.8% 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 soft (-1.0%/yr); 362 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 $622 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 29y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.4% 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 $90,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.50% ✓
• Cap rate: 18.83%
• Cash-on-cash: 44.79%
• DSCR: 2.99
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $253,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 E Henrietta St	0.27mi	2/1.0	1,067 (+1%)	1mo	$250,000	$234	83
3 East Ostend St	0.14mi	2/1.5	1,148 (+9%)	2mo	$275,000	$240	78
30 E Wheeling St	0.26mi	2/2.5	1,104 (+4%)	1mo	$200,000	$181	75
1405 Covington St	0.26mi	2/1.0	1,124 (+6%)	0mo	$315,000	$280	75
1513 Byrd St	0.21mi	3/2.5 (+1)	1,022 (-3%)	2mo	$330,000	$323	75
122 Burnett St	0.29mi	2/2.5	984 (-7%)	1mo	$310,000	$315	70
1526 S Hanover St	0.31mi	2/1.5	960 (-9%)	2mo	$185,000	$193	69
30 E Hamburg St	0.24mi	2/1.0	924 (-12%)	1mo	$210,000	$227	66
911 S Charles St #403	0.29mi	2/2.0	905 (-14%)	1mo	$200,000	$221	60
1416 Jackson St	0.33mi	2/2.0	1,208 (+14%)	1mo	$191,000	$158	57
103 W Conway St Unit R 52	0.65mi	2/2.0	975 (-8%)	1mo	$267,000	$274	54
138 W Barre St Unit R 31	0.63mi	2/2.0	960 (-9%)	1mo	$270,000	$281	53

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 38.0%
• Equity multiple: 2.54×
• Total profit: $38,892
• Equity at exit: $13,419

10-year hold

• IRR: 42.8%
• Equity multiple: 4.42×
• Total profit: $86,191
• Equity at exit: $7,782

Cash invested: $25,200 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,250 high
• Mortgage (P&I): −$472
• Tax from tax record: −$328 /mo · $3,934/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $941

Break-even live

Break-even rent $1,060

Max offer price $90,000

Occupancy floor 53%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 E Gittings St Baltimore, MD	3.0	2.5	1148	$2,600	$2.26	24d	1	0.04mi
1211 Light St Baltimore, MD	2.0	2.0	921	$2,172	$2.36	24d	1	0.06mi
1290 Battery Ave Baltimore, MD	2.0	2.5	968	$2,900	$3.00	24d	1	0.08mi
1412 Light St Unit 2 Baltimore, MD	1.0	1.0	800	$1,700	$2.12	3d	1	0.10mi
1125 Light St Baltimore, MD	1.0	1.0	800	$1,300	$1.62	24d	1	0.11mi
110 Birckhead St Baltimore, MD	2.0	2.5	1220	$2,750	$2.25	44d	1	0.11mi
1303 Patapsco St Baltimore, MD	2.0	2.5	1200	$3,000	$2.50	3d	1	0.12mi
1111 Light St Baltimore, MD	2.0	1.0–2.0	982	$2,449	$2.49	4d	13	0.14mi
1265 Riverside Ave Unit 1st Floor Baltimore, MD	1.0	1.0	700	$1,350	$1.93	24d	1	0.14mi
1103 Light St Unit B Baltimore, MD	2.0	2.0	1295	$1,845	$1.42	44d	1	0.15mi
1103 Light St Unit B Baltimore, MD	2.0	2.0	1295	$1,845	$1.42	24d	1	0.15mi
1201 S Charles St Baltimore, MD	2.0–3.0	2.0	1341	$2,200	$1.64	4d	4	0.17mi
1444 Henry St Baltimore, MD	2.0	2.5	1248	$2,950	$2.36	15d	1	0.21mi
400 E Cross St Baltimore, MD	1.0	1.0	900	$1,400	$1.56	24d	1	0.21mi
1001 Light St Fl -2 Baltimore, MD	1.0	1.0	861	$1,350	$1.57	24d	1	0.23mi
1001 Light St Fl -3 Baltimore, MD	2.0	1.0	861	$1,350	$1.57	24d	1	0.23mi
1503 S Charles St Unit 2 Baltimore, MD	2.0	2.0	1100	$2,375	$2.16	44d	1	0.23mi
1026 Patapsco St Baltimore, MD	2.0	2.0	1008	$2,100	$2.08	24d	1	0.23mi
14 Poultney St Baltimore, MD	3.0	2.5	1344	$2,500	$1.86	13d	1	0.23mi
1409 Covington St Baltimore, MD	2.0	2.0	1458	$2,300	$1.58	4d	1	0.24mi
1600 Light St Unit C Baltimore, MD	3.0	2.0	1500	$1,800	$1.20	11d	1	0.24mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	44d	1	0.25mi
1110 Key Hwy Baltimore, MD	1.0–2.0	1.0–2.5	1197	$3,696	$3.09	2d	33	0.26mi
8 E Randall St Baltimore, MD	2.0	2.5	1148	$2,600	$2.26	4d	1	0.26mi
462 E Cross St Unit B Baltimore, MD	1.0	1.0	1450	$2,300	$1.59	44d	1	0.27mi
301 Warren Ave Baltimore, MD	1.0–3.0	1.0–2.5	1533	$2,896	$1.89	2d	9	0.27mi
1021 S Hanover St Baltimore, MD	2.0	2.5	1300	$2,800	$2.15	24d	1	0.28mi
126 Burnett St Baltimore, MD	2.0	2.5	984	$2,200	$2.24	24d	1	0.32mi
49 E Heath St Baltimore, MD	2.0	1.5	858	$1,800	$2.10	11d	1	0.32mi
23 Pierside Dr Baltimore, MD	1.0–2.0	1.0–2.0	975	$3,050	$3.13	44d	1	0.32mi
23 Pierside Dr Baltimore, MD	1.0–2.0	1.0–2.0	985	$3,050	$3.10	16d	3	0.32mi
23 Pierside Dr Baltimore, MD	2.0	2.0	1205	$2,975	$2.47	18d	2	0.32mi
910 S Charles St Unit B Baltimore, MD	2.0	1.0	700	$1,700	$2.43	18d	1	0.32mi
1702 Light St Unit 302 Baltimore, MD	2.0	2.0	735	$2,300	$3.13	18d	1	0.32mi
1601 S Hanover St Apt 1R Baltimore, MD	2.0	1.0	900	$1,600	$1.78	2d	1	0.33mi
101 W Cross St Baltimore, MD	2.0	1.0–2.0	937	$3,332	$3.55	2d	23	0.33mi
1403 Race St Baltimore, MD	3.0	3.0	1008	$2,200	$2.18	44d	1	0.33mi
1631 S Charles St Baltimore, MD	2.0	3.0	1460	$2,607	$1.79	4d	1	0.33mi
1516 Clarkson St Baltimore, MD	2.0	1.5	1050	$1,795	$1.71	24d	1	0.34mi
1710 Marshall St Baltimore, MD	2.0	1.0	1110	$2,500	$2.25	44d	1	0.34mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $90,000 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: $3,934 · $328/mo
• Projected year-2 tax: $3,934 · $328/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 8/10 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: $27,006
• − Mortgage interest: −$5,041
• − Property taxes: −$3,934
• − Insurance: −$450
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$2,618
• Taxable income: $10,641
• Est. tax owed @ 24.0%: −$2,554
• After-tax cash flow: $8,733/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+267.3% since first listed

16 events — show timeline

• 2026-06-18 Listed $90,000 BRIGHT MLS
• 2009-07-31 Sold (Public Records) $140,000 Public Records
• 2009-06-26 Sold (MLS) $140,000 MRIS
• 2009-06-26 Sold (MLS) $140,000 BRIGHT MLS
• 2009-04-24 Delisted — MRIS
• 2009-04-24 Listing Removed — BRIGHT MLS
• 2009-03-25 Price Changed $169,900 MRIS
• 2008-12-15 Price Changed $179,900 MRIS
• 2008-10-17 Price Changed $199,900 MRIS
• 2008-08-04 Listed $219,900 MRIS
• 2008-08-04 Listed $169,900 BRIGHT MLS
• 1997-09-17 Sold (Public Records) $53,500 Public Records
• 1997-08-29 Sold (MLS) $53,500 MRIS
• 1997-07-10 Delisted — MRIS
• 1997-03-05 Listed $54,900 MRIS
• 1988-04-06 Sold (Public Records) $24,500 Public Records

Property tax history

+0.2%/yr

Latest (2025): $3,934 · +1.7% YoY. Source: county tax records.