2108 Ashton St · Baltimore, MD 21223

$135,000

3 bd · 2.0 ba · 1,210 sqft · Townhouse · 130 Days on market

Built 1900 $112/sqft · 365% 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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• 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

* * * CHECK OUT THIS 3 BED, 2 FULL BATH HIDDEN GEM * * * Discover the charm of this beautifully renovated Federal-style townhouse, originally built in 1900 and masterfully updated in 2025. The living space is enhanced by a classic fireplace, adding a touch of elegance and comfort. Located in a vibrant community, this home offers easy access to local parks, schools, and essential public services, making it an ideal spot for those who value convenience and community. Enjoy leisurely strolls in nearby green spaces or take advantage of the excellent educational opportunities just moments away. With on-street parking and a spacious unfinished basement, this property provides ample potential for customization. Embrace the lifestyle this neighborhood offers, where history meets modern living, and make this charming townhouse your new home!

Key facts

• Classic fireplace
• Built 1900
• Listed 129 days

Tags

• CLASSIC FIREPLACE
• EASY ACCESS TO LOCAL PARKS
• SPACIOUS UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 44% 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 $933 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 $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $70k; list at $135k implies a 93% gain — meaningful room to come down on a strong offer.

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 $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 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 1900 — 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: 1.25% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.98%
• DSCR: 1.58
• GRM: 6.7

CMA / ARV

• ARV (median comp): $29,046
• List price: $135,000
• Delta: 364.78%
• 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
2408 Wilkens Ave	0.26mi	3/2.0	1,092 (-10%)	2mo	$99,900	$91	70
2576 W Baltimore St W	0.59mi	3/2.0	1,200 (-1%)	2mo	$152,000	$127	69
1906 W Fairmount Ave	0.48mi	2/3.5 (-1)	1,200 (-1%)	3mo	$134,900	$112	63
2544 W Fairmount Ave	0.58mi	2/1.5 (-1)	1,204 (-0%)	2mo	$55,000	$46	63
2402 Wilkens Ave	0.25mi	2/1.0 (-1)	1,092 (-10%)	0mo	$45,000	$41	63
1933 W Pratt St	0.22mi	4/— (+1)	1,365 (+13%)	2mo	$30,000	$22	62
528 S Bentalou St	0.15mi	4/3.0 (+1)	1,032 (-15%)	1mo	$190,000	$184	59
2216 W Fayette St	0.50mi	3/1.5	1,326 (+10%)	1mo	$77,000	$58	58
1404 Lemmon St	0.61mi	3/2.0	1,100 (-9%)	1mo	$189,000	$172	55
2516 W Fairmount Ave	0.55mi	3/1.0	1,304 (+8%)	2mo	$30,000	$23	55
1906 W Saratoga St	0.69mi	3/1.5	1,273 (+5%)	2mo	$155,000	$122	55
916 S Carey St	0.71mi	3/1.5	1,288 (+6%)	1mo	$100,000	$78	53

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: 7.8%
• Equity multiple: 1.32×
• Total profit: $12,185
• Equity at exit: $20,129

10-year hold

• IRR: 20.7%
• Equity multiple: 3.12×
• Total profit: $80,248
• Equity at exit: $11,672

Cash invested: $37,800 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$708
• Tax from tax record: −$159 /mo · $1,902/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $409

Break-even live

Break-even rent $1,168

Max offer price $135,000

Occupancy floor 71%

Sensitivity live

Price	-10% $485	-5% $447	+0% $409	+5% $371	+10% $333
Rent	-10% $276	-5% $342	+0% $409	+5% $476	+10% $542
Rate	-1.0pp $477	-0.5pp $443	base $409	+0.5pp $374	+1.0pp $338

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	44d	1	0.14mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	44d	1	0.14mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	0.30mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	11d	1	0.30mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	0.31mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.37mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	44d	1	0.40mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.42mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.42mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.44mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	44d	1	0.46mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	24d	1	0.46mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	44d	1	0.47mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	44d	1	0.48mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.50mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.51mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.53mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.53mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.54mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.58mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	44d	1	0.60mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	5d	1	0.60mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	22d	1	0.60mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	44d	1	0.68mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.68mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.70mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.71mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	13d	1	0.71mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	24d	1	0.72mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	44d	1	0.72mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	0.72mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	22d	1	0.75mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	24d	1	0.76mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	44d	1	0.77mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	5d	1	0.77mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	0.78mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.78mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	24d	1	0.80mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	44d	1	0.80mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	5d	1	0.81mi

Listing history 43 events

1. 2026-06-21
   days on market $135,000 Active 130 DOM
2. 2026-06-18
   days on market $135,000 Active 127 DOM
3. 2026-06-17
   days on market $135,000 Active 126 DOM
4. 2026-06-16
   days on market $135,000 Active 125 DOM
5. 2026-06-15
   days on market $135,000 Active 124 DOM
6. 2026-06-13
   days on market $135,000 Active 122 DOM
7. 2026-06-09
   days on market $135,000 Active 118 DOM
8. 2026-06-08
   days on market $135,000 Active 117 DOM
9. 2026-06-07
   days on market $135,000 Active 116 DOM
10. 2026-06-04
    days on market $135,000 Active 113 DOM
11. 2026-06-03
    days on market $135,000 Active 112 DOM
12. 2026-06-02
    days on market $135,000 Active 111 DOM
13. 2026-06-01
    days on market $135,000 Active 110 DOM
14. 2026-05-31
    days on market $135,000 Active 109 DOM
15. 2026-04-29
    price $135,000 849-char remark

    Show marketing remark (849 chars)

    * * * CHECK OUT THIS 3 BED, 2 FULL BATH HIDDEN GEM * * * Discover the charm of this beautifully renovated Federal-style townhouse, originally built in 1900 and masterfully updated in 2025. The living space is enhanced by a classic fireplace, adding a touch of elegance and comfort. Located in a vibrant community, this home offers easy access to local parks, schools, and essential public services, making it an ideal spot for those who value convenience and community. Enjoy leisurely strolls in nearby green spaces or take advantage of the excellent educational opportunities just moments away. With on-street parking and a spacious unfinished basement, this property provides ample potential for customization. Embrace the lifestyle this neighborhood offers, where history meets modern living, and make this charming townhouse your new home!

16. 2026-02-11
    listed $139,999 Active 849-char remark

    Show marketing remark (849 chars)

    * * * CHECK OUT THIS 3 BED, 2 FULL BATH HIDDEN GEM * * * Discover the charm of this beautifully renovated Federal-style townhouse, originally built in 1900 and masterfully updated in 2025. The living space is enhanced by a classic fireplace, adding a touch of elegance and comfort. Located in a vibrant community, this home offers easy access to local parks, schools, and essential public services, making it an ideal spot for those who value convenience and community. Enjoy leisurely strolls in nearby green spaces or take advantage of the excellent educational opportunities just moments away. With on-street parking and a spacious unfinished basement, this property provides ample potential for customization. Embrace the lifestyle this neighborhood offers, where history meets modern living, and make this charming townhouse your new home!

17. 2020-03-05
    soldstatus $70,000
18. 2012-08-16
    soldstatus $508,000
19. 2012-01-01
    historical
20. 2012-01-01
    historical
21. 2011-06-20
    price
22. 2011-05-21
    listed Active
23. 2011-05-21
    listed $58,900
24. 2009-09-04
    soldstatus $10,900
25. 2009-09-04
    price $10,900 Sold
26. 2009-09-04
    soldstatus $10,900 Sold
27. 2009-08-11
    historical
28. 2009-08-07
    historical
29. 2009-07-24
    price $12,500
30. 2009-07-09
    price $14,900
31. 2009-06-04
    price $19,900
32. 2009-05-28
    price $22,500
33. 2009-05-07
    price $24,900
34. 2009-04-21
    price $27,500
35. 2009-04-07
    listed $29,900
36. 2009-04-07
    listed $10,900
37. 2006-10-31
    soldstatus $65,000
38. 2005-11-21
    soldstatus $27,000
39. 2005-10-20
    historical
40. 2005-08-31
    listed $29,000
41. 2005-08-03
    historical
42. 2005-05-10
    listed
43. 1983-10-06
    soldstatus $16,000

ⓘ 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: $1,902 · $159/mo
• Projected year-2 tax: $1,902 · $159/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 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,228
• − Mortgage interest: −$7,562
• − Property taxes: −$1,902
• − Insurance: −$675
• − Repairs & maintenance: −$1,618
• − Management: −$1,618
• − Depreciation: −$3,927
• Taxable income: $2,925
• Est. tax owed @ 24.0%: −$702
• After-tax cash flow: $4,205/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

+743.8% since first listed

29 events — show timeline

• 2026-04-29 Price Changed $135,000 BRIGHT MLS
• 2026-02-11 Listed $139,999 BRIGHT MLS
• 2020-03-05 Sold (Public Records) $70,000 Public Records
• 2012-08-16 Sold (Public Records) $508,000 Public Records
• 2012-01-01 Listing Removed — BRIGHT MLS
• 2012-01-01 Delisted — MRIS
• 2011-06-20 Price Changed — MRIS
• 2011-05-21 Listed — MRIS
• 2011-05-21 Listed $58,900 BRIGHT MLS
• 2009-09-04 Sold (MLS) $10,900 MRIS
• 2009-09-04 Price Changed $10,900 MRIS
• 2009-09-04 Sold (MLS) $10,900 BRIGHT MLS
• 2009-08-11 Delisted — MRIS
• 2009-08-07 Listing Removed — BRIGHT MLS
• 2009-07-24 Price Changed $12,500 MRIS
• 2009-07-09 Price Changed $14,900 MRIS
• 2009-06-04 Price Changed $19,900 MRIS
• 2009-05-28 Price Changed $22,500 MRIS
• 2009-05-07 Price Changed $24,900 MRIS
• 2009-04-21 Price Changed $27,500 MRIS
• 2009-04-07 Listed $29,900 MRIS
• 2009-04-07 Listed $10,900 BRIGHT MLS
• 2006-10-31 Sold (Public Records) $65,000 Public Records
• 2005-11-21 Sold (MLS) $27,000 MRIS
• 2005-10-20 Delisted — MRIS
• 2005-08-31 Listed $29,000 MRIS
• 2005-08-03 Delisted — MRIS
• 2005-05-10 Listed — MRIS
• 1983-10-06 Sold (Public Records) $16,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $1,902 · +55.8% YoY. Source: county tax records.