319-321 S Central Ave · Baltimore, MD 21202

$399,000

4 bd · 1.0 ba · 1,543 sqft · MultiFamily public records · 84 Days on market

Built 1920 2,614 sqft lot $259/sqft · 28% above area Est $524k · 24% under ↓ 20% since listing

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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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 319-321 South Central Ave! Resting next to historic Little Italy and the vibrant & bustling Harbor East communities, you’ll find this redevelopment property offers a prime location with a very high traffic count! Approved mixed use plans along with costing are available upon request. This project is ready for permits and zoning is flexible with numerous uses. This amazing opportunity is located directly across the street from the wildly successful Canal Street Malt House redevelopment property. Schedule your showing today. Offered at $399,000

Key facts

• 2,614 sq ft lot
• Built 1920
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $774 ($9k/yr) — positive. Per door: $387/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 flat; 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $4,253/mo this rent would consume 86% of the median local household income ($59k/yr) (locally 1863% 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 $3k of loan paydown is wiped out by about $12k 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 84 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 $54k; list at $399k implies a 639% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (median comp): $523,584
• List price: $399,000
• Delta: -23.79%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 S Wolfe St	0.51mi	4/—	1,600 (+4%)	12mo	$560,000	$350	60
1709 Bank St	0.33mi	3/2.0 (-1)	1,362 (-12%)	6mo	$415,000	$305	51
512 S Washington St	0.55mi	4/—	1,760 (+14%)	11mo	$427,500	$243	42
1820 Fleet St	0.48mi	3/— (-1)	1,752 (+14%)	14mo	$515,000	$294	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 · 0.59% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-25,460
• Equity at exit: $59,492

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,776
• Equity at exit: $34,498

Cash invested: $111,720 (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 21202

• Home prices YoY: -8.0%
• Rents YoY: 0.6%
• Active inventory: 134
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $4,253 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$327 /mo · $3,925/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$893
• Net cashflow: $774

Break-even live

Break-even rent $3,273

Max offer price $399,000

Occupancy floor 77%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,252
Total (2 units)			$4,253

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 S Eden St Baltimore, MD	4.0	3.5	1830	$3,200	$1.75	24d	1	0.09mi
430 S Bond St Baltimore, MD	3.0	2.5	1842	$2,875	$1.56	18d	1	0.21mi
555 President St Baltimore, MD	3.0	1.0–4.0	1352	$5,373	$3.97	2d	1	0.23mi
706 S Bethel St Baltimore, MD	3.0	2.0	1500	$3,300	$2.20	44d	1	0.36mi
104 N Dallas St Baltimore, MD	3.0	2.5	1584	$2,500	$1.58	22d	1	0.40mi
1802 Gough St Baltimore, MD	3.0	2.0	1368	$2,595	$1.90	44d	1	0.41mi
1816 Gough St Baltimore, MD	4.0	2.0	1248	$3,500	$2.80	24d	1	0.43mi
1818 E Pratt St Apt A Baltimore, MD	3.0	2.5	1736	$2,500	$1.44	18d	1	0.46mi
1402 Point St Baltimore, MD	2.0–3.0	2.5–3.0	1470	$5,730	$3.90	3d	3	0.46mi
1904 Bank St Baltimore, MD	3.0	3.5	1792	$3,250	$1.81	44d	1	0.48mi
1911 Eastern Ave Baltimore, MD	4.0	4.0	1520	$2,600	$1.71	24d	1	0.51mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$3,600	$4.79	3d	7	0.57mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$3,600	$4.79	2d	6	0.57mi
2013 Fleet St Baltimore, MD	3.0	2.5	1565	$3,100	$1.98	13d	1	0.60mi
513 S Chester St Baltimore, MD	4.0	4.5	1534	$3,000	$1.96	18d	1	0.66mi
2015 E Fairmount Ave Baltimore, MD	3.0	3.5	1402	$2,500	$1.78	44d	1	0.67mi
624 Stirling St Baltimore, MD	4.0	3.0	1812	$2,450	$1.35	44d	1	0.76mi
2115 E Fairmount Ave Baltimore, MD	3.0	2.5	1736	$2,795	$1.61	24d	1	0.77mi
1418 E Monument St Baltimore, MD	2.0–4.0	1.0–2.0	1265	$1,920	$1.52	15d	5	0.77mi
107 N Chester St Unit 2 Baltimore, MD	3.0	1.0	1750	$2,750	$1.57	44d	1	0.77mi
2210 Cambridge St Baltimore, MD	3.0	3.5	1450	$2,725	$1.88	44d	1	0.78mi
100 E Redwood St Baltimore, MD	3.0	1.0–2.0	950	$4,751	$5.00	2d	23	0.78mi
2217 Fleet St Baltimore, MD	3.0	2.0	1598	$2,700	$1.69	11d	1	0.78mi
301 Warren Ave Baltimore, MD	1.0–3.0	1.0–2.5	1533	$3,865	$2.52	2d	9	0.81mi
22 Light St Baltimore, MD	2.0–3.0	1.0–2.0	956	$1,395	$1.46	3d	1	0.81mi
2040 Orleans St Baltimore, MD	4.0	1.5	1974	$2,100	$1.06	15d	1	0.83mi
351 Greenmount Ave Baltimore, MD	3.0	1.5	1616	$1,850	$1.14	44d	1	0.85mi
1226 E Madison St Baltimore, MD	3.0	1.0	1100	$2,179	$1.98	4d	1	0.86mi
2242 E Fairmount Ave Baltimore, MD	3.0	2.0	1345	$2,850	$2.12	44d	1	0.86mi
2313 Foster Ave Baltimore, MD	3.0	2.5	1974	$2,900	$1.47	44d	1	0.88mi
2209 Mullikin St Baltimore, MD	3.0	2.5	1512	$1,900	$1.26	4d	1	0.88mi
206 E Cross St Baltimore, MD	4.0	2.0	2168	$3,000	$1.38	4d	1	0.90mi
143 N Patterson Park Ave Baltimore, MD	4.0	3.5	1650	$3,700	$2.24	24d	1	0.91mi
1153 Riverside Ave Baltimore, MD	4.0	2.0	1838	$2,800	$1.52	44d	1	0.91mi
2208 Orleans St Baltimore, MD	3.0	1.0	1310	$1,775	$1.35	44d	1	0.91mi
1232 Ashland Ave Baltimore, MD	3.0	1.0	1200	$1,600	$1.33	22d	1	0.93mi
2317 E Fayette St Baltimore, MD	3.0	1.5	1315	$2,000	$1.52	13d	1	0.93mi
651 E Clement St Baltimore, MD	3.0	3.5	1292	$2,800	$2.17	44d	1	0.94mi
918 N Central Ave Baltimore, MD	3.0	1.0	1514	$1,400	$0.92	15d	1	0.97mi
931 N Central Ave Baltimore, MD	3.0	1.0	1085	$1,400	$1.29	24d	1	0.98mi

Listing history 24 events

1. 2026-06-18
   days on market $399,000 Active 84 DOM
2. 2026-06-17
   days on market $399,000 Active 83 DOM
3. 2026-06-16
   days on market $399,000 Active 82 DOM
4. 2026-06-15
   days on market $399,000 Active 81 DOM
5. 2026-06-13
   days on market $399,000 Active 79 DOM
6. 2026-06-09
   days on market $399,000 Active 75 DOM
7. 2026-06-08
   days on market $399,000 Active 74 DOM
8. 2026-06-07
   days on market $399,000 Active 73 DOM
9. 2026-06-04
   days on market $399,000 Active 70 DOM
10. 2026-06-03
    days on market $399,000 Active 69 DOM
11. 2026-06-02
    days on market $399,000 Active 68 DOM
12. 2026-06-01
    days on market $399,000 Active 67 DOM
13. 2026-05-31
    days on market $399,000 Active 66 DOM
14. 2026-03-26
    listed $399,000 Active 571-char remark

    Show marketing remark (571 chars)

    Welcome to 319-321 South Central Ave! Resting next to historic Little Italy and the vibrant & bustling Harbor East communities, you’ll find this redevelopment property offers a prime location with a very high traffic count! Approved mixed use plans along with costing are available upon request. This project is ready for permits and zoning is flexible with numerous uses. This amazing opportunity is located directly across the street from the wildly successful Canal Street Malt House redevelopment property. Schedule your showing today. Offered at $399,000

15. 2010-12-14
    historical 240-char remark

    Show marketing remark (240 chars)

    Check out the SIZE and location of these wide shells (package deal with 319 S Central!) Approved zoning and plans. They are only a couple blocks from Inner Harbor/East, Fells Point, across the street from Little Italy and next to Lemongrass

16. 2010-12-10
    soldstatus $54,000 Sold 240-char remark

    Show marketing remark (240 chars)

    Check out the SIZE and location of these wide shells (package deal with 319 S Central!) Approved zoning and plans. They are only a couple blocks from Inner Harbor/East, Fells Point, across the street from Little Italy and next to Lemongrass

17. 2010-12-10
    soldstatus $54,000

    Show marketing remark (240 chars)

    Check out the SIZE and location of these wide shells (package deal with 319 S Central!) Approved zoning and plans. They are only a couple blocks from Inner Harbor/East, Fells Point, across the street from Little Italy and next to Lemongrass

18. 2010-10-27
    status Contract 240-char remark

    Show marketing remark (240 chars)

    Check out the SIZE and location of these wide shells (package deal with 319 S Central!) Approved zoning and plans. They are only a couple blocks from Inner Harbor/East, Fells Point, across the street from Little Italy and next to Lemongrass

19. 2010-10-26
    historical
20. 2010-08-11
    listed $70,000 Active 240-char remark

    Show marketing remark (240 chars)

    Check out the SIZE and location of these wide shells (package deal with 319 S Central!) Approved zoning and plans. They are only a couple blocks from Inner Harbor/East, Fells Point, across the street from Little Italy and next to Lemongrass

21. 2010-08-10
    listed $70,000
22. 2006-09-01
    soldstatus $500,000
23. 2006-06-28
    historical
24. 2006-02-06
    listed $500,000

ⓘ 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: $3,925 · $327/mo
• Projected year-2 tax: $4,137 · $345/mo
• Expected delta: +$212/yr (+$18/mo · 5.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $51,036
• − Mortgage interest: −$22,350
• − Property taxes: −$3,925
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,083
• − Management: −$4,083
• − Depreciation: −$11,607
• Taxable income: $2,993
• Est. tax owed @ 24.0%: −$718
• After-tax cash flow: $8,572/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): 20,683
• Household income: $59,377
• Rent vs Own: 78.6% rent · 21.4% own
• Severe rent burden: 1863.0

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: Black 52% White 31% Hispanic / Latino 7% Two or more races 6% Asian 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 12% · Canada, South Korea, China
• Languages at home: 87% English-only · Spanish 4% Other Indo-European 2% Arabic 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: ▼ -25.44%
• Current HPI: 291.3702
• Rent YoY: ▲ 0.59%
• 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

-20.2% since first listed

11 events — show timeline

• 2026-03-26 Listed $399,000 BRIGHT MLS
• 2010-12-14 Delisted — MRIS
• 2010-12-10 Sold (MLS) $54,000 BRIGHT MLS
• 2010-12-10 Sold (MLS) $54,000 MRIS
• 2010-10-27 Pending — MRIS
• 2010-10-26 Listing Removed — BRIGHT MLS
• 2010-08-11 Listed $70,000 MRIS
• 2010-08-10 Listed $70,000 BRIGHT MLS
• 2006-09-01 Sold (MLS) $500,000 MRIS
• 2006-06-28 Delisted — MRIS
• 2006-02-06 Listed $500,000 MRIS