1807 E Federal St · Baltimore, MD 21213

$150,000

3 bd · 1.0 ba · 599 sqft · Townhouse public records · 264 Days on market

Built 1905 Good condition $250/sqft · 33% above area Est $198k · 24% 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Appreciation +4.7/10.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Schools +0.4/10.0

Listing remarks MLS

Welcome to a townhome designed for easy living and everyday comfort. This freshly renovated 3-bedroom, 1.5-bath gem features an open main level with brand-new hardwood floors and recessed lighting—ideal for keeping an eye on everyone while preparing meals in the bright, functional kitchen. Upstairs, three spacious bedrooms with new carpeting provide a quiet retreat for rest or a dedicated home office space. Every room has been freshly painted in soft, neutral tones, making it easy to move right in and start making memories. Located in a family friendly neighborhood, you’re just minutes from schools, local parks, and everyday essentials like grocery stores and public transit. With its modern updates and unbeatable location, this home offers the peace of mind and convenience your lifestyle deserves.

Key facts

• Built 1905
• Listed 263 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.2%/yr); 424 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 37d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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).

Forward outlook

• In year one you build about $185 of equity ($1k loan paydown + $-852 appreciation (-0.6% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 5.2% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 264 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $40k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $150k implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 264 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 1905 — 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: 1.23% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.8

CMA / ARV

• ARV (median comp): $197,680
• List price: $150,000
• Delta: -24.12%
• 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
1022 N Broadway	0.43mi	2/1.0 (-1)	640 (+7%)	1mo	$347,000	$542	63
2305 Ashland Ave	0.68mi	3/1.0	616 (+3%)	5mo	$78,000	$127	59
203 S Madeira St	1.40mi	2/1.0 (-1)	601 (+0%)	9mo	$110,250	$183	52
506 N Patterson Park Ave	0.89mi	3/1.5	640 (+7%)	9mo	$78,000	$122	44
207 S Durham St	1.34mi	2/1.0 (-1)	672 (+12%)	3mo	$157,000	$234	37
120 S Durham St	1.28mi	2/1.0 (-1)	748 (+25%)	1mo	$168,500	$225	34
26 N Madeira St	1.16mi	2/2.0 (-1)	672 (+12%)	8mo	$103,000	$153	29
229 S Durham St	1.37mi	2/2.0 (-1)	720 (+20%)	7mo	$181,000	$251	25
313 S Duncan St	1.49mi	2/1.0 (-1)	724 (+21%)	16mo	$211,000	$291	22
452 Pitman Pl	0.90mi	2/1.0 (-1)	720 (+20%)	17mo	$90,000	$125	21
1120 Saint Paul St #35	1.24mi	2/1.0 (-1)	730 (+22%)	27mo	$170,000	$233	15
1101 Saint Paul St #311	1.22mi	2/1.0 (-1)	734 (+22%)	29mo	$125,000	$170	15

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.57% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.69×
• Total profit: $28,770
• Equity at exit: $39,344

10-year hold

• IRR: 21.2%
• Equity multiple: 3.40×
• Total profit: $100,910
• Equity at exit: $44,050

Cash invested: $42,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $230,000 ($329/sqft)
• Median days on market: 106 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +0.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 21213

• Home prices YoY: -0.1%
• Rents YoY: 5.2%
• Active inventory: 424
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,842 high
• Mortgage (P&I): −$787
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $516

Break-even live

Break-even rent $1,189

Max offer price $150,000

Occupancy floor 67%

Sensitivity live

Price	-10% $601	-5% $559	+0% $516	+5% $474	+10% $431
Rent	-10% $371	-5% $444	+0% $516	+5% $589	+10% $662
Rate	-1.0pp $592	-0.5pp $554	base $516	+0.5pp $477	+1.0pp $438

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: $37,500
• Closing costs: $4,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1607 Hakesley Pl Baltimore, MD	3.0	1.0	720	$1,400	$1.94	93d	1	0.28mi
1737 N Dallas St Unit 1 Baltimore, MD	2.0	1.0	692	$1,352	$1.95	46d	1	0.29mi
2221 E Preston St Baltimore, MD	2.0	1.0	658	$1,200	$1.82	73d	1	0.39mi
2410 E Federal St Baltimore, MD	4.0	2.0	720	$2,200	$3.06	73d	1	0.49mi
1100 Greenmount Ave Baltimore, MD	1.0–3.0	1.0–2.0	839	$2,584	$3.08	18d	1	0.88mi
520 Somerset St Baltimore, MD	1.0–2.0	1.0–2.0	634	$1,578	$2.49	93d	1	0.90mi
500 N Rose St Baltimore, MD	3.0	2.0	520	$1,400	$2.69	31d	1	0.97mi
1708 Latrobe St Baltimore, MD	2.0	1.0	750	$2,250	$3.00	73d	1	1.01mi
1312 Guilford Ave Baltimore, MD	1.0–2.0	1.0–2.0	782	$1,809	$2.31	13d	6	1.06mi
1312 Guilford Ave Baltimore, MD	1.0–2.0	1.0–2.0	1040	$1,850	$1.78	93d	6	1.06mi
231 E North Ave Baltimore, MD	3.0	1.0	615	$1,200	$1.95	36d	5	1.07mi
1503 E 28th St Unit 2 Baltimore, MD	2.0	1.0	500	$1,100	$2.20	30d	1	1.08mi
214 E Chase St Unit 2 Baltimore, MD	2.0	1.0	600	$1,185	$1.98	93d	1	1.09mi
103 E Mt Royal Ave Baltimore, MD	1.0–3.0	1.0–2.0	925	$2,678	$2.90	9d	17	1.12mi
1101 N Calvert St Baltimore, MD	2.0	1.0–2.0	910	$2,205	$2.42	9d	12	1.13mi
1301 Saint Paul St Baltimore, MD	1.0–2.0	1.0	701	$1,499	$2.14	27d	2	1.16mi
1301 Saint Paul St Baltimore, MD	3.0	1.0–3.0	1050	$2,399	$2.28	93d	1	1.16mi
200 E 22nd St Unit 1 Baltimore, MD	2.0	1.0	680	$1,450	$2.13	23d	1	1.19mi
339 E 25th St Baltimore, MD	2.0	1.0	750	$1,495	$1.99	41d	1	1.20mi
9 E Mount Royal Ave Baltimore, MD	1.0–2.0	1.0–2.0	724	$2,495	$3.44	9d	9	1.22mi
1214 N Charles St Baltimore, MD	2.0	1.0–2.0	1201	$2,654	$2.21	9d	11	1.28mi
2315 St Paul St Baltimore, MD	1.0–2.0	1.0–2.0	974	$2,173	$2.23	9d	6	1.30mi
38 W Biddle St Baltimore, MD	2.0	1.0–2.0	750	$1,699	$2.27	53d	1	1.35mi
3221 The Alameda Unit 2 Baltimore, MD	2.0	1.0	750	$1,200	$1.60	73d	1	1.37mi
210 S Caroline St Baltimore, MD	1.0–2.0	1.0	808	$1,965	$2.43	93d	23	1.38mi
716 Washington Pl Baltimore, MD	2.0	1.0	663	$1,751	$2.64	73d	1	1.41mi
1201 W Mount Royal Ave Baltimore, MD	2.0	1.0–2.0	916	$3,137	$3.42	9d	13	1.42mi
900 Cathedral St Baltimore, MD	3.0	1.0	824	$2,550	$3.09	9d	8	1.43mi
101 W Read St Baltimore, MD	2.0	1.0–2.0	788	$2,275	$2.89	16d	10	1.44mi
20 E Franklin St Baltimore, MD	2.0	1.0–2.0	714	$1,525	$2.14	31d	1	1.45mi
222 E Saratoga St Baltimore, MD	2.0	1.0–2.0	969	$2,249	$2.32	9d	6	1.46mi
222 E Saratoga St Baltimore, MD	2.0	1.0–2.0	1034	$2,665	$2.58	67d	6	1.46mi
305 S Collington Ave Baltimore, MD	3.0	2.5	722	$2,895	$4.01	66d	1	1.46mi

Listing history 50 events

1. 2026-08-08
   days on market $150,000 Active 264 DOM
2. 2026-08-06
   days on market $150,000 Active 262 DOM
3. 2026-08-05
   days on market $150,000 Active 261 DOM
4. 2026-08-04
   days on market $150,000 Active 260 DOM
5. 2026-08-03
   days on market $150,000 Active 259 DOM
6. 2026-07-31
   days on market $150,000 Active 256 DOM
7. 2026-07-30
   days on market $150,000 Active 254 DOM
8. 2026-07-28
   days on market $150,000 Active 253 DOM
9. 2026-07-26
   days on market $150,000 Active 251 DOM
10. 2026-07-24
    days on market $150,000 Active 249 DOM
11. 2026-07-23
    days on market $150,000 Active 248 DOM
12. 2026-07-22
    days on market $150,000 Active 247 DOM
13. 2026-07-20
    days on market $150,000 Active 245 DOM
14. 2026-07-18
    days on market $150,000 Active 243 DOM
15. 2026-07-18
    days on market $150,000 Active 242 DOM
16. 2026-07-16
    days on market $150,000 Active 241 DOM
17. 2026-07-15
    days on market $150,000 Active 240 DOM
18. 2026-07-14
    days on market $150,000 Active 239 DOM
19. 2026-07-13
    days on market $150,000 Active 238 DOM
20. 2026-07-13
    days on market $150,000 Active 237 DOM
21. 2026-07-11
    days on market $150,000 Active 236 DOM
22. 2026-07-10
    days on market $150,000 Active 235 DOM
23. 2026-07-09
    days on market $150,000 Active 234 DOM
24. 2026-07-08
    price $150,000 Active 232 DOM
25. 2026-07-07
    days on market $165,000 Active 232 DOM
26. 2026-07-06
    days on market $165,000 Active 231 DOM
27. 2026-07-05
    days on market $165,000 Active 230 DOM
28. 2026-07-03
    days on market $165,000 Active 228 DOM
29. 2026-07-02
    days on market $165,000 Active 227 DOM
30. 2026-07-01
    days on market $165,000 Active 226 DOM
31. 2026-06-30
    days on market $165,000 Active 225 DOM
32. 2026-06-29
    days on market $165,000 Active 224 DOM
33. 2026-06-28
    days on market $165,000 Active 223 DOM
34. 2026-06-27
    days on market $165,000 Active 222 DOM
35. 2026-06-26
    days on market $165,000 Active 221 DOM
36. 2026-06-24
    days on market $165,000 Active 219 DOM
37. 2026-06-22
    days on market $165,000 Active 217 DOM
38. 2026-06-21
    days on market $165,000 Active 216 DOM
39. 2026-06-18
    days on market $165,000 Active 213 DOM
40. 2026-06-17
    days on market $165,000 Active 212 DOM
41. 2026-06-16
    days on market $165,000 Active 211 DOM
42. 2026-06-15
    days on market $165,000 Active 210 DOM
43. 2026-06-13
    days on market $165,000 Active 208 DOM
44. 2026-06-09
    days on market $165,000 Active 204 DOM
45. 2026-06-08
    days on market $165,000 Active 203 DOM
46. 2026-06-07
    days on market $165,000 Active 202 DOM
47. 2026-06-04
    days on market $165,000 Active 199 DOM
48. 2026-06-03
    days on market $165,000 Active 198 DOM
49. 2026-06-02
    days on market $165,000 Active 197 DOM
50. 2026-06-01
    days on market $165,000 Active 196 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: $1,080 · $90/mo
• Projected year-2 tax: $1,358 · $113/mo
• Expected delta: +$277/yr (+$23/mo · 25.7%)

ⓘ 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: $22,109
• − Mortgage interest: −$8,402
• − Property taxes: −$1,080
• − Insurance: −$750
• − Repairs & maintenance: −$1,769
• − Management: −$1,769
• − Depreciation: −$4,364
• Taxable income: $3,975
• Est. tax owed @ 24.0%: −$954
• After-tax cash flow: $5,242/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.

Condition & rehab AI · 9 photos

Good 80/100 None rehab

This well-maintained townhouse is move-in ready with fresh updates and a good condition score.

Value-add opportunities

• Both landscaping — improves curb appeal and adds value ↑
• Both exterior paint — refreshes the facade and adds value ↑
• Both interior paint — fresh paint enhances the home's appeal ↑

F Composite school gradezoned avg 4/100

Zoned Schools

Elementary Harford Heights Elementary F MD #826/860 Nat'l #41,309/41,679 Middle Booker T. Washington Middle F MD #223/225 Nat'l #13,819/14,009 High The Reach! Partnership School F MD #208/222 Nat'l #16,861/17,239

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

B Composite livability gradescore 76/100

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 · 624,249 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 28,058
• Household income: $51,344
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 23% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (86%)
• Race & ethnicity: Black 86% White 6% Hispanic / Latino 4% Two or more races 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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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: ▼ -0.57%
• Current HPI: 427.4453
• Rent YoY: ▲ 5.25%
• Metro: Baltimore-Columbia-Towson, MD
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

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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

+206.1% since first listed

24 events — show timeline

• 2026-04-28 Price Changed $165,000 BRIGHT MLS
• 2026-02-18 Price Changed $175,000 BRIGHT MLS
• 2026-01-02 Price Changed $180,000 BRIGHT MLS
• 2025-11-18 Listed $190,000 BRIGHT MLS
• 2025-11-17 Coming Soon $190,000 BRIGHT MLS
• 2021-04-26 Listing Removed — BRIGHT MLS
• 2021-04-15 Listed $25,000 BRIGHT MLS
• 2016-05-24 Delisted — MRIS
• 2016-05-20 Sold (MLS) $33,500 BRIGHT MLS
• 2016-05-20 Sold (MLS) $33,500 MRIS
• 2016-05-03 Pending — MRIS
• 2016-03-24 Listed $39,900 MRIS
• 2015-12-14 Delisted — MRIS
• 2015-12-14 Listing Removed — BRIGHT MLS
• 2015-06-23 Price Changed — MRIS
• 2015-05-22 Listed — MRIS
• 2015-05-22 Listed $39,900 BRIGHT MLS
• 2015-05-06 Delisted — MRIS
• 2015-05-06 Listing Removed — BRIGHT MLS
• 2014-12-05 Price Changed — MRIS
• 2014-10-09 Price Changed — MRIS
• 2014-09-20 Price Changed — MRIS
• 2014-08-07 Listed — MRIS
• 2014-08-07 Listed $53,900 BRIGHT MLS

Property tax history

+7.8%/yr

Latest (2025): $1,080 · +17.9% YoY. Source: county tax records.