1615 E 31st St · Baltimore, MD 21218

$110,000

3 bd · 1.5 ba · 1,280 sqft · Townhouse public records · 28 Days on market

Built 1924 1,306 sqft lot $86/sqft · 39% below area Est $181k · 39% under ↓ 8% since listing

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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
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in Coldstream-Homestead-Montebello! This massive 3 Bedroom | 1 Bath Baltimore City rowhome offers incredible upside for both investors and owner occupants alike. Located just minutes from Baltimore City College High School and Johns Hopkins, this property is perfectly positioned for a strong rental hold, student housing opportunity, or profitable flip. Features include spacious room sizes, classic Baltimore charm, and NO ground rent. Property is being sold AS-IS and offers endless potential for renovation and value-add improvements. No central air currently in place. Renovated comparable sales support an ARV of $250,000+. All financing welcome! Don’t miss your chanc

Key facts

• Built 1924
• Listed 28 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Interior townhouse/rowhouse
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures; Built year per assessor
• Exterior features: Located within city limits (Baltimore City)

Interior

• Bedrooms: 3 bedrooms on the upper level
• Bathrooms: 1 full bathroom; 1 half bathroom (main level)
• Heating & cooling: Central heating; Natural gas heating and hot water
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $110k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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 (+1.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($62k/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 $761 of loan paydown is wiped out by about $3k 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 + 1.6% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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: 1.65% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.10%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (median comp): $180,662
• List price: $110,000
• Delta: -39.11%
• 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
1632 E 31st St	0.04mi	3/1.0	1,280 (0%)	0mo	$94,500	$74	96
1809 E 32nd St	0.14mi	3/1.5	1,280 (0%)	1mo	$82,000	$64	93
1723 E 32nd St	0.10mi	3/2.0	1,280 (0%)	2mo	$128,000	$100	92
2770 The Alameda	0.24mi	3/1.0	1,250 (-2%)	3mo	$115,000	$92	80
1313 E 35th St	0.40mi	3/2.0	1,216 (-5%)	3mo	$260,000	$214	68
1120 Montpelier St	0.55mi	3/2.0	1,260 (-2%)	2mo	$70,000	$56	68
3626 Kimble Rd	0.66mi	3/1.0	1,280 (0%)	2mo	$310,000	$242	65
2545 Cecil Ave	0.56mi	3/2.5	1,318 (+3%)	1mo	$215,000	$163	64
2559 Garrett Ave	0.52mi	3/3.0	1,202 (-6%)	2mo	$205,000	$171	58
3633 Elkader Rd	0.72mi	2/1.5 (-1)	1,304 (+2%)	1mo	$265,000	$203	57
3303 Westerwald Ave	0.68mi	4/2.5 (+1)	1,236 (-3%)	3mo	$265,000	$214	51
831 E 33rd St	0.62mi	3/2.0	1,470 (+15%)	2mo	$300,000	$204	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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 18.3%
• Equity multiple: 1.73×
• Total profit: $22,395
• Equity at exit: $16,401

10-year hold

• IRR: 25.7%
• Equity multiple: 3.10×
• Total profit: $64,699
• Equity at exit: $9,511

Cash invested: $30,800 (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 21218

• Rents YoY: 1.6%
• Active inventory: 330
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,815 high
• Mortgage (P&I): −$577
• Tax from tax record: −$141 /mo · $1,696/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $670

Break-even live

Break-even rent $967

Max offer price $110,000

Occupancy floor 58%

Sensitivity live

Price	-10% $732	-5% $701	+0% $670	+5% $639	+10% $608
Rent	-10% $526	-5% $598	+0% $670	+5% $741	+10% $813
Rate	-1.0pp $725	-0.5pp $698	base $670	+0.5pp $641	+1.0pp $612

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1702 E 32nd St Baltimore, MD	3.0	2.0	1344	$2,300	$1.71	44d	1	0.09mi
3213 The Alameda Baltimore, MD	2.0	1.0	1708	$1,295	$0.76	4d	1	0.14mi
1519 E 28th St Baltimore, MD	3.0	2.0	1100	$1,350	$1.23	44d	1	0.17mi
1802 E 28th St Baltimore, MD	3.0	1.0	1300	$1,600	$1.23	25d	1	0.19mi
1832 E 28th St Baltimore, MD	3.0	1.0	1066	$1,495	$1.40	25d	1	0.22mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1800	$1,995	$1.11	44d	1	0.23mi
1502 Fernley Rd Baltimore, MD	3.0	2.0	1350	$2,800	$2.07	44d	1	0.40mi
2606 Cecil Ave Baltimore, MD	2.0	1.5	1200	$1,500	$1.25	44d	1	0.48mi
1040 E 33rd St Baltimore, MD	1.0–2.0	1.0–2.0	775	$1,525	$1.97	3d	10	0.52mi
1504 Upshire Rd Unit 1E Baltimore, MD	2.0	1.0	1000	$1,400	$1.40	44d	1	0.57mi
936 Montpelier St Baltimore, MD	2.0	1.0	1260	$1,450	$1.15	25d	1	0.58mi
3222 Ellerslie Ave Baltimore, MD	4.0	1.5	1550	$1,950	$1.26	44d	1	0.59mi
724 E 35th St Baltimore, MD	3.0	1.5	1368	$2,000	$1.46	15d	1	0.75mi
3026 Mathews St Baltimore, MD	2.0	1.0	996	$1,350	$1.36	15d	1	0.76mi
3012 Mathews St Baltimore, MD	2.0	1.0	996	$1,100	$1.10	18d	1	0.76mi
1607 Cliftview Ave Baltimore, MD	3.0	1.0	1200	$1,475	$1.23	44d	1	0.77mi
616 Montpelier St Baltimore, MD	3.0	1.0	1150	$1,750	$1.52	12d	1	0.78mi
2310 Aisquith St Baltimore, MD	4.0	3.0	900	$2,000	$2.22	5d	1	0.78mi
721 E 36th St Unit Na Baltimore, MD	2.0	1.0	1156	$1,650	$1.43	44d	1	0.79mi
519 E 28th St Baltimore, MD	3.0	2.0	1500	$2,000	$1.33	5d	1	0.85mi
3721 Ellerslie Ave Baltimore, MD	1.0–3.0	1.0–2.0	894	$1,603	$1.79	2d	1	0.89mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	15d	1	0.91mi
612 Chestnut Hill Ave Unit 1 Baltimore, MD	2.0	1.0	900	$1,999	$2.22	44d	1	0.92mi
436 Ilchester Ave Unit 1 Baltimore, MD	2.0	2.0	1002	$1,350	$1.35	44d	1	0.94mi
3529 Greenmount Ave Baltimore, MD	3.0	2.0	1316	$1,575	$1.20	44d	1	0.95mi
1617 Argonne Dr Baltimore, MD	4.0	2.0	1200	$2,550	$2.12	44d	1	0.97mi
450 E Lorraine Ave Baltimore, MD	3.0	1.0	1344	$1,695	$1.26	44d	1	0.98mi
2113 Belair Rd Baltimore, MD	3.0	1.0	1344	$1,795	$1.34	44d	1	0.99mi
402 E 28th St Baltimore, MD	3.0	1.0	1436	$2,200	$1.53	44d	1	0.99mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	44d	1	1.01mi
428 E Lorraine Ave Unit 1 Baltimore, MD	3.0	1.5	1344	$1,875	$1.40	44d	1	1.01mi
428 E Lorraine Ave Baltimore, MD	3.0	2.0	1344	$1,875	$1.40	25d	1	1.01mi
3436 Cardenas Ave Baltimore, MD	2.0	1.0	1146	$1,395	$1.22	44d	1	1.02mi
3213 Elmley Ave Baltimore, MD	2.0	1.0	1188	$1,395	$1.17	44d	1	1.02mi
646 Cokesbury Ave Baltimore, MD	2.0	1.5	1200	$1,299	$1.08	44d	1	1.02mi
3515 Parklawn Ave Baltimore, MD	3.0	2.0	1240	$1,700	$1.37	3d	1	1.03mi
411 E Lorraine Ave Baltimore, MD	3.0	1.5	1344	$2,200	$1.64	25d	1	1.04mi
3218 Lyndale Ave Baltimore, MD	3.0	1.5	1020	$1,500	$1.47	25d	1	1.04mi
1814 E Lafayette Ave Baltimore, MD	4.0	2.0	1200	$1,995	$1.66	25d	1	1.04mi
400 E Lorraine Ave Baltimore, MD	3.0	1.0	1500	$1,800	$1.20	21d	1	1.04mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $110,000 Pending 28 DOM
2. 2026-06-09
   days on market $110,000 Active 25 DOM
3. 2026-06-08
   days on market $110,000 Active 24 DOM
4. 2026-06-07
   days on market $110,000 Active 23 DOM
5. 2026-06-04
   days on market $110,000 Active 20 DOM
6. 2026-06-03
   days on market $110,000 Active 19 DOM
7. 2026-06-02
   days on market $110,000 Active 18 DOM
8. 2026-06-01
   days on market $110,000 Active 17 DOM
9. 2026-05-31
   days on market $110,000 Active 16 DOM
10. 2026-05-16
    listed $120,000 Active 787-char remark
11. 2026-05-13
    historical $120,000 787-char remark

ⓘ 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: $1,696 · $141/mo
• Projected year-2 tax: $1,696 · $141/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: $21,779
• − Mortgage interest: −$6,162
• − Property taxes: −$1,696
• − Insurance: −$550
• − Repairs & maintenance: −$1,742
• − Management: −$1,742
• − Depreciation: −$3,200
• Taxable income: $6,687
• Est. tax owed @ 24.0%: −$1,605
• After-tax cash flow: $6,432/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

-8.3% since first listed

4 events — show timeline

• 2026-06-12 Pending — BRIGHT MLS
• 2026-05-21 Price Changed $110,000 BRIGHT MLS
• 2026-05-16 Listed $120,000 BRIGHT MLS
• 2026-05-13 Coming Soon $120,000 BRIGHT MLS

Property tax history

-1.4%/yr

Latest (2025): $1,696 · +764.9% YoY. Source: county tax records.