234 N Monroe St · Baltimore, MD 21223

$59,990

4 bd · 2.0 ba · 1,550 sqft · Townhouse · 8 Days on market

Built 1920 Est $93k · 35% 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 +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Here's your chance to get into Baltimore at a price point that actually makes sense. This 4-bedroom, 2-bath rowhome needs some work but the bones are there — and the upside is real whether you're an investor looking to add to your rental portfolio or a buyer ready to build some serious equity. Do the work, realize the value. Schedule your showing today.

Key facts

• Built 1920
• Listed 8 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas heating and hot water; Electric for cooling
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Stone construction; Flat roof; Other foundation details; Built year per assessor
• Exterior features: Tidal water not present; Other above- and below-grade structures

Interior

• Bedrooms: Four bedrooms on the upper level
• Bathrooms: Two full bathrooms (both on the upper level)
• Heating & cooling: Radiant heating; Electric cooling; Natural gas hot water
• Interior features: Estimated living area; Unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Cap rate 28.1% 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); 422 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,932/mo this rent would consume 51% of the median local household income ($46k/yr) (locally 1755% 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

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 $59,990

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: 3.22% ✓
• Cap rate: 28.13%
• Cash-on-cash: 77.98%
• DSCR: 4.47
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $93,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 W Lafayette Ave	0.65mi	4/2.0	1,584 (+2%)	2mo	$263,000	$166	64
2522 Harlem Ave	0.64mi	4/2.0	1,608 (+4%)	3mo	$114,000	$71	61
2211 W Pratt St	0.52mi	3/1.0 (-1)	1,500 (-3%)	2mo	$30,000	$20	60
2416 W Franklin St	0.46mi	3/2.0 (-1)	1,435 (-7%)	2mo	$67,000	$47	59
2514 W Lafayette Ave	0.72mi	3/2.0 (-1)	1,560 (+1%)	2mo	$232,000	$149	59
1933 W Pratt St	0.45mi	4/—	1,365 (-12%)	2mo	$30,000	$22	58
2404 W Lafayette Ave	0.65mi	3/2.0 (-1)	1,476 (-5%)	2mo	$135,000	$91	55
2216 W Fayette St	0.29mi	3/1.5 (-1)	1,326 (-14%)	1mo	$77,000	$58	54
811 N Mount St	0.49mi	3/2.0 (-1)	1,410 (-9%)	3mo	$85,000	$60	54
308 S Stricker St	0.61mi	3/1.5 (-1)	1,680 (+8%)	1mo	$62,740	$37	50
2542 W Pratt St	0.70mi	4/1.5	1,700 (+10%)	1mo	$115,000	$68	48
2544 Calverton Heights Ave	0.71mi	4/1.0	1,324 (-15%)	3mo	$75,000	$57	36

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: 83.2%
• Equity multiple: 5.11×
• Total profit: $69,006
• Equity at exit: $8,945

10-year hold

• IRR: 87.6%
• Equity multiple: 12.37×
• Total profit: $191,068
• Equity at exit: $5,187

Cash invested: $16,797 (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: 422
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,932 high
• Mortgage (P&I): −$315
• Tax from tax record: −$96 /mo · $1,146/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $1,091

Break-even live

Break-even rent $551

Max offer price $59,990

Occupancy floor 39%

Sensitivity live

Price	-10% $1,125	-5% $1,108	+0% $1,091	+5% $1,075	+10% $1,058
Rent	-10% $939	-5% $1,015	+0% $1,091	+5% $1,168	+10% $1,244
Rate	-1.0pp $1,122	-0.5pp $1,107	base $1,091	+0.5pp $1,076	+1.0pp $1,060

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: $14,998
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	18d	1	0.05mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.13mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.19mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	5d	1	0.28mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.28mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.29mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.34mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	24d	1	0.36mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	3d	1	0.37mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.40mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.40mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.42mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	0.54mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	0.55mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	13d	1	0.55mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.55mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	0.55mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	0.59mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	4d	1	0.59mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.61mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	24d	1	0.64mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.64mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.66mi
1049 Brantley Ave Unit 2 Baltimore, MD	3.0	1.0	1200	$1,350	$1.12	24d	1	0.67mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	5d	1	0.68mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.68mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.69mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.70mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	44d	1	0.71mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	5d	1	0.72mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.73mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	3d	12	0.73mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	45d	1	0.76mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	44d	1	0.76mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.80mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.82mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	24d	1	0.85mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	44d	1	0.88mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	44d	1	0.93mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	0.95mi

Listing history 6 events

1. 2026-06-18
   days on market $59,990 Active 8 DOM
2. 2026-06-17
   days on market $59,990 Active 7 DOM
3. 2026-06-16
   days on market $59,990 Active 6 DOM
4. 2026-06-15
   days on market $59,990 Active 5 DOM
5. 2026-06-13
   remarks 355-char remark
6. 2026-06-13
   listed $59,990 Active 3 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: $1,146 · $96/mo
• Projected year-2 tax: $1,146 · $96/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: $23,189
• − Mortgage interest: −$3,360
• − Property taxes: −$1,146
• − Insurance: −$300
• − Repairs & maintenance: −$1,855
• − Management: −$1,855
• − Depreciation: −$1,745
• Taxable income: $12,927
• Est. tax owed @ 24.0%: −$3,102
• After-tax cash flow: $9,995/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

1 event — show timeline

• 2026-06-10 Listed $59,990 BRIGHT MLS

Property tax history

+8.1%/yr

Latest (2025): $1,146 · +15.1% YoY. Source: county tax records.