122 S Carlton St · Baltimore, MD 21223

$140,000

2 bd · 1.0 ba · 1,150 sqft · Townhouse · 156 Days on market

Built 1920 832 sqft lot $122/sqft · 25% below area Est $186k · 25% 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• 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 MLS

* * * * * INVESTMENT OPPORTUNITY * * * * * PROPERTY INCLUDES RENTAL INCOME OF $1200/MONTH (TENANT OCCUPIED).

Key facts

• Built 1920
• Listed 155 days

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$185,797) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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); 425 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).
• This rent runs 45% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $75k; list at $140k implies a 87% 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 $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.22% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.81%
• DSCR: 1.61
• GRM: 6.9

CMA / ARV

• ARV (median comp): $185,797
• List price: $140,000
• Delta: -24.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1110 W Lombard St	0.06mi	3/2.5 (+1)	1,206 (+5%)	1mo	$180,000	$149	77
1145 W Cross St	0.38mi	2/1.5	1,172 (+2%)	2mo	$121,900	$104	76
1404 Lemmon St	0.21mi	3/2.0 (+1)	1,100 (-4%)	1mo	$189,000	$172	73
1244 Carroll St	0.40mi	3/1.5 (+1)	1,140 (-1%)	1mo	$213,900	$188	72
1226 W Pratt St	0.08mi	2/1.5	1,000 (-13%)	2mo	$80,000	$80	71
121 Parkin St	0.30mi	3/2.0 (+1)	1,208 (+5%)	0mo	$175,000	$145	68
538 Eislen St	0.65mi	2/1.0	1,170 (+2%)	1mo	$345,000	$295	66
835 1/2 W Lombard St	0.36mi	3/1.0 (+1)	1,242 (+8%)	2mo	$255,000	$205	63
916 S Carey St	0.30mi	3/1.5 (+1)	1,288 (+12%)	1mo	$100,000	$78	58
1125 Bayard St	0.42mi	1/2.0 (-1)	1,032 (-10%)	1mo	$120,000	$116	54
703 Dover St	0.53mi	2/2.0	1,008 (-12%)	1mo	$225,000	$223	50
817 W Cross St	0.55mi	3/3.5 (+1)	1,320 (+15%)	1mo	$260,000	$197	34

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: 8.7%
• Equity multiple: 1.36×
• Total profit: $14,107
• Equity at exit: $20,874

10-year hold

• IRR: 21.3%
• Equity multiple: 3.18×
• Total profit: $85,574
• Equity at exit: $12,105

Cash invested: $39,200 (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 21223

• Rents YoY: 7.5%
• Active inventory: 425
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$734
• Tax from tax record: −$100 /mo · $1,206/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $451

Break-even live

Break-even rent $1,130

Max offer price $140,000

Occupancy floor 68%

Sensitivity live

Price	-10% $531	-5% $491	+0% $451	+5% $412	+10% $372
Rent	-10% $317	-5% $384	+0% $451	+5% $518	+10% $586
Rate	-1.0pp $522	-0.5pp $487	base $451	+0.5pp $415	+1.0pp $378

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	45d	1	0.04mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	5d	1	0.04mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	5d	1	0.04mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	25d	1	0.16mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	45d	1	0.16mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.17mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	14d	1	0.17mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	45d	1	0.17mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	25d	1	0.19mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	25d	1	0.20mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	23d	1	0.20mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	45d	1	0.21mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	3d	1	0.25mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	5d	1	0.26mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	25d	1	0.26mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	45d	1	0.27mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	25d	1	0.27mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	25d	1	0.29mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	23d	1	0.31mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	14d	1	0.32mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	25d	1	0.32mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$2,481	$2.39	3d	12	0.33mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	45d	1	0.33mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	25d	1	0.34mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	0.35mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	45d	1	0.35mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	5d	1	0.36mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.38mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	45d	1	0.38mi
508 Wyeth St Baltimore, MD	3.0	3.0	1234	$1,850	$1.50	45d	1	0.41mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	45d	1	0.42mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	21d	1	0.43mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	45d	1	0.43mi
748 McHenry St Baltimore, MD	3.0	2.0	1288	$2,100	$1.63	5d	1	0.43mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	25d	1	0.44mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	45d	1	0.45mi
776 Washington Blvd Unit 3F Baltimore, MD	1.0	1.0	800	$1,000	$1.25	45d	1	0.45mi
519 Scott St Unit 1 Baltimore, MD	2.0	2.0	800	$2,000	$2.50	45d	1	0.47mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	45d	1	0.48mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	11d	9	0.50mi

Listing history 21 events

1. 2026-06-21
   days on market $140,000 Active 156 DOM
2. 2026-06-18
   days on market $140,000 Active 153 DOM
3. 2026-06-17
   days on market $140,000 Active 152 DOM
4. 2026-06-16
   days on market $140,000 Active 151 DOM
5. 2026-06-15
   days on market $140,000 Active 150 DOM
6. 2026-06-13
   days on market $140,000 Active 148 DOM
7. 2026-06-09
   days on market $140,000 Active 144 DOM
8. 2026-06-08
   days on market $140,000 Active 143 DOM
9. 2026-06-07
   days on market $140,000 Active 142 DOM
10. 2026-06-04
    days on market $140,000 Active 139 DOM
11. 2026-06-03
    days on market $140,000 Active 138 DOM
12. 2026-06-02
    days on market $140,000 Active 137 DOM
13. 2026-06-01
    days on market $140,000 Active 136 DOM
14. 2026-05-31
    days on market $140,000 Active 135 DOM
15. 2026-01-16
    listed $140,000 Active 117-char remark

    Show marketing remark (117 chars)

    * * * * * INVESTMENT OPPORTUNITY * * * * * PROPERTY INCLUDES RENTAL INCOME OF $1200/MONTH (TENANT OCCUPIED).

16. 2025-05-28
    soldstatus $75,000
17. 2025-04-23
    soldstatus $75,000 Closed 947-char remark

    Show marketing remark (947 chars)

    Convenient and affordable, this unique One Bedroom with Den Rowhouse is a gem. Enjoy stylish updates throughout the home. Stainless steel appliances in the kitchen, new LVP flooring on the main level and deep cherry LVP flooring on the second floor, new double pane windows, and a sleek and modern bathroom. The expansive rear yard is fully fenced, with mature trees providing ample shade for playful days outdoors. Located in the Hollins Market neighborhood, right on the edge of Pigtown, the home is walking distance to the Inner Harbor, M & T Stadium, Camden Yards, and a community horse stable. Local Arabbers, selling produce from a horse-drawn cart, board their horses at the stable located a few doors down from the home. Its a charming local amenity that you can't get elsewhere! Ask about available Baltimore City grant programs that make this home even MORE affordable. Contact friendly listing agent to schedule your tour today!

18. 2025-04-09
    status Pending 947-char remark

    Show marketing remark (947 chars)

    Convenient and affordable, this unique One Bedroom with Den Rowhouse is a gem. Enjoy stylish updates throughout the home. Stainless steel appliances in the kitchen, new LVP flooring on the main level and deep cherry LVP flooring on the second floor, new double pane windows, and a sleek and modern bathroom. The expansive rear yard is fully fenced, with mature trees providing ample shade for playful days outdoors. Located in the Hollins Market neighborhood, right on the edge of Pigtown, the home is walking distance to the Inner Harbor, M & T Stadium, Camden Yards, and a community horse stable. Local Arabbers, selling produce from a horse-drawn cart, board their horses at the stable located a few doors down from the home. Its a charming local amenity that you can't get elsewhere! Ask about available Baltimore City grant programs that make this home even MORE affordable. Contact friendly listing agent to schedule your tour today!

19. 2025-02-01
    listed $85,000 Active 947-char remark

    Show marketing remark (947 chars)

    Convenient and affordable, this unique One Bedroom with Den Rowhouse is a gem. Enjoy stylish updates throughout the home. Stainless steel appliances in the kitchen, new LVP flooring on the main level and deep cherry LVP flooring on the second floor, new double pane windows, and a sleek and modern bathroom. The expansive rear yard is fully fenced, with mature trees providing ample shade for playful days outdoors. Located in the Hollins Market neighborhood, right on the edge of Pigtown, the home is walking distance to the Inner Harbor, M & T Stadium, Camden Yards, and a community horse stable. Local Arabbers, selling produce from a horse-drawn cart, board their horses at the stable located a few doors down from the home. Its a charming local amenity that you can't get elsewhere! Ask about available Baltimore City grant programs that make this home even MORE affordable. Contact friendly listing agent to schedule your tour today!

20. 2017-08-14
    soldstatus $11,000
21. 1987-02-24
    soldstatus $32,000

ⓘ 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: $1,206 · $100/mo
• Projected year-2 tax: $1,366 · $114/mo
• Expected delta: +$160/yr (+$13/mo · 13.3%)

ⓘ 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: $20,419
• − Mortgage interest: −$7,842
• − Property taxes: −$1,206
• − Insurance: −$700
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$4,073
• Taxable income: $3,331
• Est. tax owed @ 24.0%: −$800
• After-tax cash flow: $4,616/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

+337.5% since first listed

7 events — show timeline

• 2026-01-16 Listed $140,000 BRIGHT MLS
• 2025-05-28 Sold (Public Records) $75,000 Public Records
• 2025-04-23 Sold (MLS) $75,000 BRIGHT MLS
• 2025-04-09 Pending — BRIGHT MLS
• 2025-02-01 Listed $85,000 BRIGHT MLS
• 2017-08-14 Sold (MLS) $11,000 BRIGHT MLS
• 1987-02-24 Sold (Public Records) $32,000 Public Records

Property tax history

+9.5%/yr

Latest (2025): $1,206 · +20.3% YoY. Source: county tax records.