2231 Orem Ave · Baltimore, MD 21217

$179,999

3 bd · 2.0 ba · 1,660 sqft · Townhouse public records · 53 Days on market

Built 1920 1,660 sqft lot $108/sqft · 99% above area

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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 +20.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.6/10.0
• 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

Welcome to 2231 Orem Ave, a beautifully renovated interior row home in Baltimore that is ready for its new owner. A great opportunity for buyers seeking comfort, style, and value. Contact the listing agent for more information because this home will not last long.

Key facts

• Built 1920
• Listed 53 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/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 $173k (3.8% below list).
• Recommended offer: $173k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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 rising fast (+6.6%/yr); 334 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); 45% 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 $1,732/mo this rent would consume 54% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 28y ago; this cycle's ask has dropped $40k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $180k implies a 521% gain — meaningful room to come down on a strong offer.

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 $173,151 (3.8% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.96% ✗
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 8.7

CMA / ARV

• ARV (median comp): $62,212
• List price: $179,999
• Delta: 189.33%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2105 Whittier Ave	0.11mi	3/1.5	1,587 (-4%)	1mo	$80,000	$50	84
2400 Reisterstown Rd	0.10mi	3/2.0	1,752 (+6%)	5mo	$75,000	$43	82
2521 Reisterstown Rd	0.22mi	3/2.0	1,578 (-5%)	3mo	$215,000	$136	80
2117 N Smallwood St	0.36mi	3/2.5	1,680 (+1%)	1mo	$192,000	$114	79
608 Cumberland St	0.55mi	3/2.0	1,700 (+2%)	2mo	$90,000	$53	68
3104 Tioga Pkwy	0.63mi	3/2.0	1,640 (-1%)	3mo	$217,000	$132	66
2009 Ruxton Ave	0.50mi	4/2.0 (+1)	1,600 (-4%)	1mo	$234,000	$146	65
2402 Liberty Heights Ave	0.40mi	4/1.5 (+1)	1,800 (+8%)	4mo	$90,000	$50	57
1601 Ruxton Ave	0.74mi	3/1.0	1,568 (-6%)	1mo	$90,000	$57	51
2453 Mcculloh St	0.49mi	3/1.0	1,460 (-12%)	3mo	$99,900	$68	50
2500 Brookfield Ave	0.72mi	3/3.0	1,786 (+8%)	1mo	$365,000	$204	49
1722 N Bentalou St	0.63mi	4/2.0 (+1)	1,450 (-13%)	3mo	$245,000	$169	42

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-8,315
• Equity at exit: $26,838

10-year hold

• IRR: 9.0%
• Equity multiple: 1.79×
• Total profit: $40,055
• Equity at exit: $15,563

Cash invested: $50,400 (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: 334
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,732 high
• Mortgage (P&I): −$944
• Tax from tax record: −$124 /mo · $1,487/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $225

Break-even live

Break-even rent $1,447

Max offer price $179,999

Occupancy floor 82%

Sensitivity live

Price	-10% $327	-5% $276	+0% $225	+5% $174	+10% $123
Rent	-10% $88	-5% $157	+0% $225	+5% $293	+10% $362
Rate	-1.0pp $316	-0.5pp $271	base $225	+0.5pp $178	+1.0pp $131

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	45d	1	0.02mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	45d	1	0.02mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	45d	1	0.02mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	18d	1	0.02mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	45d	1	0.03mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	19d	1	0.03mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	45d	1	0.30mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	3d	1	0.35mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	5d	4	0.37mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	25d	1	0.40mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	45d	1	0.40mi
2204 Clifton Ave Baltimore, MD	3.0	1.0	1400	$1,450	$1.04	5d	1	0.41mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	45d	1	0.49mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	21d	1	0.50mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	45d	1	0.50mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	45d	1	0.51mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	45d	1	0.51mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	45d	1	0.52mi
2910 Reisterstown Rd Baltimore, MD	1.0–3.0	1.0	950	$1,414	$1.49	16d	4	0.54mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	45d	1	0.58mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	25d	1	0.59mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	12d	1	0.59mi
3104 Tioga Pkwy Baltimore, MD	3.0	2.0	1640	$2,050	$1.25	23d	1	0.61mi
2305 Wichita Ave Unit 1 Baltimore, MD	3.0	1.0	1950	$1,300	$0.67	25d	1	0.61mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.62mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	5d	1	0.62mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	5d	1	0.64mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	25d	1	0.64mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	45d	1	0.68mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	16d	1	0.71mi
1617-A Moreland Ave Unit 2nd Flr Baltimore, MD	2.0	1.0	1500	$1,400	$0.93	45d	1	0.72mi
805 Brooks Ln #2 Baltimore, MD	2.0	1.0	2120	$1,500	$0.71	4d	1	0.74mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	45d	1	0.74mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	25d	3	0.77mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	45d	1	0.77mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	45d	1	0.77mi
2636 W North Ave Baltimore, MD	2.0–3.0	1.0–2.0	975	$1,475	$1.51	5d	1	0.80mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	12d	1	0.85mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	4d	1	0.85mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	45d	1	0.85mi

Listing history 37 events

1. 2026-06-02
   days on market $179,999 Active 53 DOM
2. 2026-06-01
   days on market $179,999 Active 52 DOM
3. 2026-05-31
   days on market $179,999 Active 51 DOM
4. 2026-04-19
   price $179,999 264-char remark

   Show marketing remark (264 chars)

   Welcome to 2231 Orem Ave, a beautifully renovated interior row home in Baltimore that is ready for its new owner. A great opportunity for buyers seeking comfort, style, and value. Contact the listing agent for more information because this home will not last long.

5. 2026-04-10
   listed $220,000 Active 264-char remark

   Show marketing remark (264 chars)

   Welcome to 2231 Orem Ave, a beautifully renovated interior row home in Baltimore that is ready for its new owner. A great opportunity for buyers seeking comfort, style, and value. Contact the listing agent for more information because this home will not last long.

6. 2026-02-23
   listed $1,750
7. 2025-09-20
   historical
8. 2025-09-15
   price $220,000
9. 2025-08-20
   price $190,000
10. 2025-07-31
    listed $220,000 Active
11. 2023-09-22
    soldstatus $29,000 Closed
12. 2023-08-26
    status Pending
13. 2023-08-13
    price $31,000
14. 2023-06-29
    listed $36,000 Active
15. 2023-06-29
    historical $36,000
16. 2018-03-07
    historical
17. 2018-03-06
    historical Withdrawn
18. 2017-08-14
    price
19. 2017-07-28
    listed Active
20. 2017-07-27
    listed $49,500 Active
21. 2013-04-10
    historical
22. 2013-04-09
    soldstatus $9,000 Sold
23. 2013-04-09
    soldstatus $9,000
24. 2013-03-14
    status Contract
25. 2013-03-13
    historical
26. 2013-03-04
    price $14,900
27. 2013-02-04
    listed $17,500 Active
28. 2013-02-04
    listed $14,900
29. 2010-09-09
    soldstatus $12,900
30. 2010-09-09
    soldstatus $12,900 Sold
31. 2010-09-08
    historical
32. 2010-07-26
    price $12,900
33. 2010-06-27
    listed $16,900 Active
34. 2010-06-27
    listed $12,900
35. 2003-04-25
    soldstatus $12,500
36. 1998-11-19
    historical
37. 1998-05-22
    listed

ⓘ 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: $1,487 · $124/mo
• Projected year-2 tax: $1,724 · $144/mo
• Expected delta: +$238/yr (+$20/mo · 16.0%)

ⓘ 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: $20,778
• − Mortgage interest: −$10,083
• − Property taxes: −$1,487
• − Insurance: −$900
• − Repairs & maintenance: −$1,662
• − Management: −$1,662
• − Depreciation: −$5,236
• Taxable loss: −$252
• Est. tax savings @ 24.0%: +$61
• After-tax cash flow: $2,761/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

+1340.0% since first listed

34 events — show timeline

• 2026-04-19 Price Changed $179,999 BRIGHT MLS
• 2026-04-10 Listed $220,000 BRIGHT MLS
• 2026-02-23 Listed for Rent $1,750 BRIGHTMLS
• 2025-09-20 Listing Removed — BRIGHT MLS
• 2025-09-15 Price Changed $220,000 BRIGHT MLS
• 2025-08-20 Price Changed $190,000 BRIGHT MLS
• 2025-07-31 Listed $220,000 BRIGHT MLS
• 2023-09-22 Sold (MLS) $29,000 BRIGHT MLS
• 2023-08-26 Pending — BRIGHT MLS
• 2023-08-13 Price Changed $31,000 BRIGHT MLS
• 2023-06-29 Listed $36,000 BRIGHT MLS
• 2023-06-29 Coming Soon $36,000 BRIGHT MLS
• 2018-03-07 Listing Removed — BRIGHT MLS
• 2018-03-06 Delisted — MRIS
• 2017-08-14 Price Changed — MRIS
• 2017-07-28 Listed — MRIS
• 2017-07-27 Listed $49,500 BRIGHT MLS
• 2013-04-10 Delisted — MRIS
• 2013-04-09 Sold (MLS) $9,000 BRIGHT MLS
• 2013-04-09 Sold (MLS) $9,000 MRIS
• 2013-03-14 Pending — MRIS
• 2013-03-13 Listing Removed — BRIGHT MLS
• 2013-03-04 Price Changed $14,900 MRIS
• 2013-02-04 Listed $17,500 MRIS
• 2013-02-04 Listed $14,900 BRIGHT MLS
• 2010-09-09 Sold (MLS) $12,900 MRIS
• 2010-09-09 Sold (MLS) $12,900 BRIGHT MLS
• 2010-09-08 Listing Removed — BRIGHT MLS
• 2010-07-26 Price Changed $12,900 MRIS
• 2010-06-27 Listed $16,900 MRIS
• 2010-06-27 Listed $12,900 BRIGHT MLS
• 2003-04-25 Sold (Public Records) $12,500 Public Records
• 1998-11-19 Delisted — MRIS
• 1998-05-22 Listed — MRIS

Property tax history

+1.5%/yr

Latest (2025): $1,487 · +0.0% YoY. Source: county tax records.