113 E Churchill St · Baltimore, MD 21230

$229,000

2 bd · 1.0 ba · 696 sqft · Townhouse public records · 13 Days on market

Built 1900 750 sqft lot Est $163k · 41% over

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Why this score? — see what drove the F 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 +15.2/30.0
• 1% rule +4.8/10.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy 2-BR, 1-BA home with 3 gas fireplaces, beautiful wood floors, brick wall & private decked patio. Extra room on third level can be used as a 3rd bedroom or office. Great location in the heart of historic Federal Hill, just steps to the Inner Harbor, Federal Hill Park and all the fun & nightlife Fed Hill has to offer! Sold AS-IS. Investors only - new tenant lease effective 2/14/16-2/28/17.

Key facts

• Gas log fireplaces
• Brick wall
• Exposed beams

Tags

• ORIGINAL HEART PINE FLOORS
• EXPOSED BEAMS
• BRICK WALL
• GAS LOG FIREPLACES
• REMODELED CERAMIC BATH
• PRIVATE DECKED TERRACE

Property features AI

Finance

• Other: Historic designation noted; Total below-grade area approximately 300; Above-grade finished area approximately 696
• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Municipal trash service
• Home design: End-of-row townhouse; North-facing main entrance; Historic property in excellent condition; Fee simple ownership
• Construction: Brick construction; Stone foundation; Built with above-grade and below-grade structures; Contains an unfinished basement with interior access and connecting stairway
• Exterior features: Deck(s); Lot dimensions approximately 15 x 50; In city limits

Interior

• Kitchen: Refrigerator; Gas oven/range
• Bedrooms: Two bedrooms on the upper level; Rooms include living room, master bedroom, second bedroom, and a study
• Flooring: Solid hardwood floors; Wood floors
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Forced air heating fueled by natural gas; Central air conditioning (electric)
• Interior features: Open floor plan with combination kitchen and living area; Built-in shelving/details; Exposed beams and beamed ceilings; Curved staircase; Ceiling fans; Tub/shower
• Laundry & utility: Stacked washer and dryer on the main floor; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $229k.

Deal economics

• At list price, monthly cash flow is $80 ($956/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (1.6% below list).
• Recommended offer: $225k (1.6% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Federal Hill Preparatory Academy (math 27% / reading 32%, grade F, #201 of 860 statewide, top 25%, 330 students, 53% FRL) — zoned schools average 53% FRL vs 79% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 30% at this address vs 12% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-1.0%/yr); 362 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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 $2k of loan paydown is wiped out by about $7k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 25y 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 $169k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $225,357 (1.6% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.98% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $162,864
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 W Montgomery St Unit C	0.19mi	2/1.0	714 (+3%)	3mo	$167,000	$234	84
1046 Patapsco St	0.18mi	2/1.0	756 (+9%)	4mo	$215,000	$284	73
23 Pierside Dr #111	0.38mi	1/1.0 (-1)	660 (-5%)	0mo	$160,000	$242	69
23 Pierside Dr #410	0.38mi	1/1.0 (-1)	720 (+3%)	5mo	$190,000	$264	68
731 S Hanover St Unit R2	0.20mi	2/1.0	800 (+15%)	0mo	$180,000	$225	66
723 S Charles St #306	0.14mi	1/1.0 (-1)	793 (+14%)	4mo	$140,000	$177	62
23 Pierside Dr #311	0.38mi	1/1.0 (-1)	775 (+11%)	3mo	$125,000	$161	56
414 Water St #3006	0.66mi	1/1.0 (-1)	634 (-9%)	2mo	$134,900	$213	48
22 S Howard St Unit R-201	0.73mi	1/1.0 (-1)	643 (-8%)	1mo	$109,000	$170	47
1729 Olive St	0.66mi	2/1.0	768 (+10%)	6mo	$220,000	$286	47
414 Water St #2410	0.66mi	1/1.0 (-1)	637 (-8%)	4mo	$129,000	$203	47
608 E Fort Ave	0.58mi	2/2.0	786 (+13%)	2mo	$255,000	$324	46

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: -17.6%
• Equity multiple: 0.40×
• Total profit: $-38,530
• Equity at exit: $34,145

10-year hold

• IRR: -17.3%
• Equity multiple: 0.19×
• Total profit: $-52,106
• Equity at exit: $19,800

Cash invested: $64,120 (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: 8.5×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$404 /mo · $4,852/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $80

Break-even live

Break-even rent $2,153

Max offer price $229,000

Occupancy floor 91%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 E Montgomery St Unit 4 Baltimore, MD	1.0	1.0	445	$1,750	$3.93	44d	1	0.14mi
1 E Montgomery St Unit 7 Baltimore, MD	1.0	1.0	535	$1,950	$3.64	44d	1	0.14mi
1111 Light St Baltimore, MD	2.0	1.0–2.0	982	$2,449	$2.49	4d	13	0.14mi
910 S Charles St Unit B Baltimore, MD	2.0	1.0	700	$1,700	$2.43	18d	1	0.15mi
611 S Charles St Baltimore, MD	2.0	1.0–2.0	823	$2,905	$3.53	2d	8	0.20mi
101 W Cross St Baltimore, MD	2.0	1.0–2.0	937	$3,332	$3.55	2d	23	0.33mi
1110 Key Hwy Baltimore, MD	1.0–2.0	1.0–2.5	1197	$3,696	$3.09	2d	33	0.33mi
1265 Riverside Ave Unit 1st Floor Baltimore, MD	1.0	1.0	700	$1,350	$1.93	24d	1	0.36mi
1312 S Hanover St Apt 3 Baltimore, MD	2.0	1.0	750	$2,200	$2.93	44d	1	0.38mi
23 Pierside Dr Baltimore, MD	1.0–2.0	1.0–2.0	975	$3,050	$3.13	44d	1	0.38mi
1625 Olive St Baltimore, MD	2.0	2.0	672	$2,500	$3.72	44d	1	0.58mi
1702 Light St Unit 302 Baltimore, MD	2.0	2.0	735	$2,300	$3.13	18d	1	0.60mi
1700 S Charles St Baltimore, MD	1.0	1.0	600	$1,300	$2.17	44d	1	0.60mi
103 S Gay St Baltimore, MD	1.0	1.0	670	$1,420	$2.12	3d	7	0.62mi
1705 Olive St Baltimore, MD	2.0	2.0	648	$2,500	$3.86	20d	1	0.62mi
707 President St Baltimore, MD	1.0	1.0–1.5	750	$2,534	$3.38	2d	15	0.64mi
26 S Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	669	$1,705	$2.55	4d	9	0.65mi
111 W Heath St Baltimore, MD	2.0	1.0–2.5	1263	$2,850	$2.26	3d	7	0.66mi
555 President St Baltimore, MD	3.0	1.0–4.0	1352	$4,282	$3.17	2d	1	0.66mi
207 E Redwood St Baltimore, MD	1.0	1.0	503	$1,650	$3.28	3d	31	0.68mi
100 E Redwood St Baltimore, MD	3.0	1.0–2.0	950	$3,785	$3.98	2d	23	0.69mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$2,650	$3.53	3d	7	0.70mi
414 Water St Baltimore, MD	1.0–3.0	1.0–2.5	751	$2,700	$3.59	2d	6	0.70mi
301 W Lombard St Baltimore, MD	1.0	1.0–2.0	499	$1,775	$3.56	2d	30	0.70mi
1001 Aliceanna St Baltimore, MD	1.0–2.0	1.0–2.0	844	$3,081	$3.65	3d	3	0.71mi
10 Light St Baltimore, MD	1.0	1.0	751	$2,279	$3.03	2d	16	0.72mi
300 W Lombard St Baltimore, MD	2.0	1.0–2.0	686	$1,835	$2.67	2d	7	0.74mi
1900 S Hanover St Baltimore, MD	3.0	1.0–2.0	875	$3,119	$3.56	2d	66	0.76mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	2d	2	0.76mi
2 Hopkins Plaza Baltimore, MD	2.0	1.0–2.0	942	$3,115	$3.31	2d	12	0.76mi
103 E Wells St Baltimore, MD	1.0–2.0	1.0	1008	$2,415	$2.39	2d	11	0.76mi
10 N Calvert St Baltimore, MD	2.0	1.0–2.0	758	$2,350	$3.10	3d	53	0.77mi
7 N Calvert St Baltimore, MD	1.0–2.0	1.0–2.0	1000	$1,815	$1.81	4d	7	0.77mi
19 E Fayette St Baltimore, MD	1.0–2.0	1.0–1.5	1342	$1,825	$1.36	12d	5	0.78mi
19 E Fayette St Unit 304 Baltimore, MD	1.0	1.0	726	$1,499	$2.06	4d	1	0.78mi
1301 Aliceanna St Baltimore, MD	1.0	1.0	758	$2,894	$3.82	2d	3	0.78mi
101 W Fayette St Baltimore, MD	1.0	1.0	555	$1,800	$3.24	4d	26	0.79mi
11 S Eutaw St Baltimore, MD	1.0–2.0	1.0–2.0	1023	$2,146	$2.10	2d	11	0.79mi
410 W Lombard St Baltimore, MD	1.0	1.0	611	$1,995	$3.26	2d	4	0.79mi
900 E Fort Ave Baltimore, MD	2.0	1.0–2.0	836	$3,684	$4.40	2d	18	0.80mi

Listing history 9 events

1. 2026-06-18
   days on market $229,000 Active 13 DOM
2. 2026-06-17
   days on market $229,000 Active 12 DOM
3. 2026-06-16
   days on market $229,000 Active 11 DOM
4. 2026-06-15
   days on market $229,000 Active 10 DOM
5. 2026-06-13
   days on market $229,000 Active 8 DOM
6. 2026-06-09
   days on market $229,000 Active 4 DOM
7. 2026-06-08
   days on market $229,000 Active 3 DOM
8. 2026-06-07
   remarks 687-char remark
9. 2026-06-07
   listed $229,000 Active 2 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: $4,852 · $404/mo
• Projected year-2 tax: $4,852 · $404/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: $27,043
• − Mortgage interest: −$12,828
• − Property taxes: −$4,852
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − Depreciation: −$6,662
• Taxable loss: −$2,770
• Est. tax savings @ 24.0%: +$665
• After-tax cash flow: $1,621/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

+408.9% since first listed

38 events — show timeline

• 2026-06-05 Listed $229,000 BRIGHT MLS
• 2024-10-16 Rental Removed $1,700 BRIGHTMLS
• 2024-09-11 Listed for Rent $1,700 BRIGHTMLS
• 2024-09-04 Rental Removed $1,700 BRIGHTMLS
• 2024-08-04 Listed for Rent $1,700 BRIGHTMLS
• 2016-03-30 Sold (Public Records) $169,000 Public Records
• 2016-03-23 Sold (MLS) $169,000 MRIS
• 2016-03-23 Sold (MLS) $169,000 BRIGHT MLS
• 2016-02-24 Pending — MRIS
• 2016-02-14 Delisted — MRIS
• 2016-01-18 Price Changed $169,900 MRIS
• 2016-01-07 Price Changed $179,900 MRIS
• 2015-12-08 Listed $189,000 MRIS
• 2014-01-13 Delisted — MRIS
• 2014-01-13 Listing Removed — BRIGHT MLS
• 2013-12-02 Price Changed — MRIS
• 2013-11-05 Listed — MRIS
• 2013-11-05 Listed $200,000 BRIGHT MLS
• 2011-02-23 Delisted — MRIS
• 2011-02-23 Relisted — MRIS
• 2011-02-23 Delisted — MRIS
• 2011-02-23 Listing Removed — BRIGHT MLS
• 2010-12-16 Price Changed — MRIS
• 2010-12-05 Price Changed — MRIS
• 2010-11-04 Listed — MRIS
• 2010-11-04 Listed $199,999 BRIGHT MLS
• 2008-07-01 Delisted — MRIS
• 2008-05-20 Listed — MRIS
• 2007-06-05 Sold (Public Records) $220,000 Public Records
• 2007-05-15 Sold (MLS) $220,000 MRIS
• 2007-03-09 Delisted — MRIS
• 2006-07-07 Listed $229,900 MRIS
• 2002-04-24 Sold (Public Records) $130,800 Public Records
• 2002-04-24 Sold (Public Records) $130,800 Public Records
• 2002-03-28 Sold (MLS) $130,800 MRIS
• 2002-03-05 Delisted — MRIS
• 2001-10-24 Listed $129,900 MRIS
• 1981-12-07 Sold (Public Records) $45,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $4,852 · +2.8% YoY. Source: county tax records.