234 N Chester St · Baltimore, MD 21231

$175,000

3 bd · 2.0 ba · 1,064 sqft · Other public records · 23 Days on market

Built 1900 ↓ 19% since listing

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just blocks from Hopkins Hospital! Warm and inviting entry into open living and dining area leading into an open kitchen with breakfast bar great for bar stools and conversing while you cook! Kitchen provides easy access to back patio for grilling and entertaining outside. Three bedrooms on the top floor including two that share a hall bathroom and an owner suite at the front of the house with attached private bath. Recent updates include new flooring throughout. Clean, dry cement floor basement with stone foundation runs the length of the house creating more usable living space, ample storage space, and laundry area. Washer and Dryer included. One way street makes for quieter traffic in the hustle and bustle of the city. Take advantage of this location and enjoy city life! Blocks to Hopkins, Fells, Patterson Park and the water.

Key facts

• Built 1900
• Listed 23 days

Property features AI

Exterior

• Home design: Built in 1900
• Construction: Living area approximately 1064
• Exterior features: Located in the CARE subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $175k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+2.3%/yr); 131 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y 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 $145k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.14% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-9,295
• Equity at exit: $26,093

10-year hold

• IRR: 3.6%
• Equity multiple: 1.26×
• Total profit: $12,546
• Equity at exit: $15,131

Cash invested: $49,000 (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 →

ZIP-level market 21231

• Rents YoY: 2.3%
• Active inventory: 131
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,001 high
• Mortgage (P&I): −$918
• Tax from tax record: −$269 /mo · $3,222/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $322

Break-even live

Break-even rent $1,594

Max offer price $175,000

Occupancy floor 79%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
406 N Collington Ave Baltimore, MD	2.0	2.5	1216	$1,875	$1.54	44d	1	0.09mi
2208 Orleans St Baltimore, MD	3.0	1.0	1310	$1,775	$1.35	44d	1	0.11mi
2015 E Fairmount Ave Baltimore, MD	3.0	3.5	1402	$2,500	$1.78	44d	1	0.17mi
108 N Madeira St Baltimore, MD	2.0	2.0	1098	$1,900	$1.73	44d	1	0.17mi
2242 E Fairmount Ave Baltimore, MD	3.0	2.0	1345	$2,850	$2.12	44d	1	0.21mi
2317 E Fayette St Baltimore, MD	3.0	1.5	1315	$2,000	$1.52	13d	1	0.21mi
2308 Jefferson St Baltimore, MD	3.0	1.0	907	$1,450	$1.60	44d	1	0.23mi
420 N Montford Ave Baltimore, MD	3.0	1.0	1350	$1,450	$1.07	44d	1	0.24mi
16 N Bradford St Baltimore, MD	2.0	3.5	930	$2,400	$2.58	4d	1	0.26mi
2410 E Fayette St Baltimore, MD	3.0	1.0	1224	$1,800	$1.47	44d	1	0.26mi
437 N Montford Ave Baltimore, MD	3.0	1.5	1100	$1,450	$1.32	44d	1	0.27mi
2212 E Monument St Unit 2 Baltimore, MD	2.0	1.0	1200	$1,550	$1.29	18d	1	0.28mi
712 N Duncan St Baltimore, MD	2.0	1.5	1000	$2,000	$2.00	44d	1	0.29mi
402 N Milton Ave Unit 402B Baltimore, MD	2.0	1.0	950	$1,290	$1.36	44d	1	0.31mi
107 N Port St Baltimore, MD	2.0	2.0	870	$1,995	$2.29	24d	1	0.31mi
16 S Wolfe St Unit B Baltimore, MD	2.0	2.0	1014	$1,800	$1.78	18d	1	0.31mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	15d	1	0.32mi
618 N Montford Ave Baltimore, MD	3.0	1.0	1050	$1,468	$1.40	44d	1	0.32mi
425 N Milton Ave Baltimore, MD	3.0	1.0	1200	$1,525	$1.27	15d	1	0.34mi
230 N Rose St Baltimore, MD	2.0	1.5	1200	$1,545	$1.29	44d	1	0.35mi
224 N Rose St Baltimore, MD	2.0	2.5	1120	$1,875	$1.67	18d	1	0.35mi
233 N Rose St Baltimore, MD	2.0	2.5	934	$1,750	$1.87	18d	1	0.36mi
227 N Rose St Baltimore, MD	2.0	4.0	1420	$1,600	$1.13	24d	1	0.36mi
104 N Rose St Baltimore, MD	3.0	2.0	936	$2,500	$2.67	44d	1	0.37mi
821 N Collington Ave Baltimore, MD	3.0	2.0	1150	$1,950	$1.70	44d	1	0.37mi
1923 Ashland Ave Baltimore, MD	2.0	2.0	862	$1,770	$2.05	20d	2	0.39mi
517 N Rose St Baltimore, MD	3.0	1.0	845	$1,400	$1.66	4d	1	0.39mi
1923 Ashland Ave Unit 401 Baltimore, MD	2.0	2.0	850	$1,795	$2.11	20d	1	0.39mi
720 N Port St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.40mi
225 N Luzerne Ave Baltimore, MD	3.0	1.0	1198	$1,350	$1.13	19d	1	0.41mi
1818 E Pratt St Apt B Baltimore, MD	2.0	1.0	800	$1,500	$1.88	44d	1	0.41mi
218 N Glover St Baltimore, MD	2.0	2.0	1360	$1,750	$1.29	44d	1	0.42mi
2608 E Fayette St Unit 1 Baltimore, MD	2.0	1.0	900	$1,700	$1.89	15d	1	0.43mi
502 N Glover St Baltimore, MD	2.0	1.5	827	$1,250	$1.51	20d	1	0.44mi
211 S Madeira St Baltimore, MD	2.0	1.0	819	$1,650	$2.01	4d	1	0.45mi
415 N Glover St Baltimore, MD	2.0	2.5	1092	$1,600	$1.47	24d	1	0.45mi
9 N Luzerne Ave Baltimore, MD	3.0	2.5	1380	$2,450	$1.78	4d	1	0.45mi
127 N Glover St Baltimore, MD	2.0	1.5	1110	$2,100	$1.89	3d	1	0.45mi
2608 McElderry St Baltimore, MD	3.0	1.0	1144	$1,550	$1.35	24d	1	0.45mi
227 S Madeira St Baltimore, MD	2.0	2.5	1100	$2,200	$2.00	44d	1	0.46mi

Listing history 42 events

1. 2026-06-18
   days on market $175,000 Active 23 DOM
2. 2026-06-17
   days on market $175,000 Active 22 DOM
3. 2026-06-16
   days on market $175,000 Active 21 DOM
4. 2026-06-15
   days on market $175,000 Active 20 DOM
5. 2026-06-13
   days on market $175,000 Active 18 DOM
6. 2026-06-09
   days on market $175,000 Active 14 DOM
7. 2026-06-08
   days on market $175,000 Active 13 DOM
8. 2026-06-07
   days on market $175,000 Active 12 DOM
9. 2026-06-04
   days on market $175,000 Active 9 DOM
10. 2026-06-03
    days on market $175,000 Active 8 DOM
11. 2026-06-02
    days on market $175,000 Active 7 DOM
12. 2026-06-01
    days on market $175,000 Active 6 DOM
13. 2026-05-31
    days on market $175,000 Active 5 DOM
14. 2026-05-26
    listed $175,000 Active
15. 2021-03-11
    soldstatus $145,000
16. 2020-10-23
    soldstatus $145,000 Closed 842-char remark

    Show marketing remark (842 chars)

    Just blocks from Hopkins Hospital! Warm and inviting entry into open living and dining area leading into an open kitchen with breakfast bar great for bar stools and conversing while you cook! Kitchen provides easy access to back patio for grilling and entertaining outside. Three bedrooms on the top floor including two that share a hall bathroom and an owner suite at the front of the house with attached private bath. Recent updates include new flooring throughout. Clean, dry cement floor basement with stone foundation runs the length of the house creating more usable living space, ample storage space, and laundry area. Washer and Dryer included. One way street makes for quieter traffic in the hustle and bustle of the city. Take advantage of this location and enjoy city life! Blocks to Hopkins, Fells, Patterson Park and the water.

17. 2020-09-09
    status Pending 842-char remark

    Show marketing remark (842 chars)

    Just blocks from Hopkins Hospital! Warm and inviting entry into open living and dining area leading into an open kitchen with breakfast bar great for bar stools and conversing while you cook! Kitchen provides easy access to back patio for grilling and entertaining outside. Three bedrooms on the top floor including two that share a hall bathroom and an owner suite at the front of the house with attached private bath. Recent updates include new flooring throughout. Clean, dry cement floor basement with stone foundation runs the length of the house creating more usable living space, ample storage space, and laundry area. Washer and Dryer included. One way street makes for quieter traffic in the hustle and bustle of the city. Take advantage of this location and enjoy city life! Blocks to Hopkins, Fells, Patterson Park and the water.

18. 2020-09-09
    price $145,000 842-char remark

    Show marketing remark (842 chars)

    Just blocks from Hopkins Hospital! Warm and inviting entry into open living and dining area leading into an open kitchen with breakfast bar great for bar stools and conversing while you cook! Kitchen provides easy access to back patio for grilling and entertaining outside. Three bedrooms on the top floor including two that share a hall bathroom and an owner suite at the front of the house with attached private bath. Recent updates include new flooring throughout. Clean, dry cement floor basement with stone foundation runs the length of the house creating more usable living space, ample storage space, and laundry area. Washer and Dryer included. One way street makes for quieter traffic in the hustle and bustle of the city. Take advantage of this location and enjoy city life! Blocks to Hopkins, Fells, Patterson Park and the water.

19. 2020-09-03
    listed $139,000 Active 842-char remark

    Show marketing remark (842 chars)

    Just blocks from Hopkins Hospital! Warm and inviting entry into open living and dining area leading into an open kitchen with breakfast bar great for bar stools and conversing while you cook! Kitchen provides easy access to back patio for grilling and entertaining outside. Three bedrooms on the top floor including two that share a hall bathroom and an owner suite at the front of the house with attached private bath. Recent updates include new flooring throughout. Clean, dry cement floor basement with stone foundation runs the length of the house creating more usable living space, ample storage space, and laundry area. Washer and Dryer included. One way street makes for quieter traffic in the hustle and bustle of the city. Take advantage of this location and enjoy city life! Blocks to Hopkins, Fells, Patterson Park and the water.

20. 2019-05-13
    historical
21. 2019-04-12
    price $159,000
22. 2019-01-02
    status Active
23. 2019-01-01
    historical
24. 2018-11-23
    listed $169,900 Active
25. 2018-10-03
    price $179,000
26. 2017-12-28
    historical Withdrawn
27. 2017-10-06
    price
28. 2017-09-14
    price
29. 2017-07-14
    listed Active
30. 2017-07-13
    listed $189,000 Active
31. 2008-06-11
    soldstatus $180,000
32. 2008-06-02
    soldstatus $180,000 Sold
33. 2008-05-21
    historical
34. 2008-04-29
    price $175,000
35. 2008-04-21
    price $179,900
36. 2008-03-27
    price $179,000
37. 2008-03-26
    price $189,900
38. 2008-03-03
    price $205,000
39. 2008-02-07
    price $215,000
40. 2008-01-23
    price $225,000
41. 2007-12-21
    price $230,000
42. 2007-12-12
    listed $215,000

ⓘ 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: $3,222 · $269/mo
• Projected year-2 tax: $3,222 · $269/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: $24,011
• − Mortgage interest: −$9,803
• − Property taxes: −$3,222
• − Insurance: −$875
• − Repairs & maintenance: −$1,921
• − Management: −$1,921
• − Depreciation: −$5,091
• Taxable income: $1,178
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $3,576/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): 14,969
• Household income: $85,254
• Rent vs Own: 65.8% rent · 34.2% own
• Severe rent burden: 1147.0

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 0.62)
• Race & ethnicity: White 53% Black 29% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -545.26%
• Current HPI: 351.3778
• Rent YoY: ▲ 2.26%
• 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

-18.6% since first listed

29 events — show timeline

• 2026-05-26 Listed $175,000 FSBO.com
• 2021-03-11 Sold (Public Records) $145,000 Public Records
• 2020-10-23 Sold (MLS) $145,000 BRIGHT MLS
• 2020-09-09 Pending — BRIGHT MLS
• 2020-09-09 Price Changed $145,000 BRIGHT MLS
• 2020-09-03 Listed $139,000 BRIGHT MLS
• 2019-05-13 Listing Removed — BRIGHT MLS
• 2019-04-12 Price Changed $159,000 BRIGHT MLS
• 2019-01-02 Relisted — BRIGHT MLS
• 2019-01-01 Listing Removed — BRIGHT MLS
• 2018-11-23 Listed $169,900 BRIGHT MLS
• 2018-10-03 Price Changed $179,000 BRIGHT MLS
• 2017-12-28 Delisted — MRIS
• 2017-10-06 Price Changed — MRIS
• 2017-09-14 Price Changed — MRIS
• 2017-07-14 Listed — MRIS
• 2017-07-13 Listed $189,000 BRIGHT MLS
• 2008-06-11 Sold (Public Records) $180,000 Public Records
• 2008-06-02 Sold (MLS) $180,000 MRIS
• 2008-05-21 Delisted — MRIS
• 2008-04-29 Price Changed $175,000 MRIS
• 2008-04-21 Price Changed $179,900 MRIS
• 2008-03-27 Price Changed $179,000 MRIS
• 2008-03-26 Price Changed $189,900 MRIS
• 2008-03-03 Price Changed $205,000 MRIS
• 2008-02-07 Price Changed $215,000 MRIS
• 2008-01-23 Price Changed $225,000 MRIS
• 2007-12-21 Price Changed $230,000 MRIS
• 2007-12-12 Listed $215,000 MRIS

Property tax history

+2.0%/yr

Latest (2025): $3,222 · +0.0% YoY. Source: county tax records.