3614 2nd St · Baltimore, MD 21225

$129,000

2 bd · 1.0 ba · 836 sqft · Townhouse public records · 146 Days on market

Built 1906 871 sqft lot $154/sqft · 27% above area Est $101k · 27% over

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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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see this recently rehabbed turnkey occupied rental property located in Brooklyn in South Baltimore. This 2 bedroom 1 bathroom interior townhome was remodeled in 2023 including a new roof. Features 2 levels of living space and utility basement, all new appliances, central heating, laminate flooring, and so much more. Great opportunity for investors looking for a worry free tenant who pays on time, and causes no issues. Tenant has been in place since 2024, and pays $1,200 per month, and their own utilities.

Key facts

• Central heating
• All new appliances
• Recently rehabbed

Tags

• RECENTLY REHABBED
• NEW ROOF
• 2 LEVELS OF LIVING SPACE
• UTILITY BASEMENT
• ALL NEW APPLIANCES
• CENTRAL HEATING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $129k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (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: Maree Garnett Farring Elementary/Middle (math 3% / reading 8%, grade F, #761 of 860 statewide, top 89%, 694 students, 62% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 53% FRL vs 79% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 42% at this address vs 12% district-wide (+30 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 (+4.1%/yr); 165 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $892 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 + 4.1% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $76k; list at $129k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — 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 $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 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 1906 — 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: 1.26% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

• ARV (median comp): $101,408
• List price: $129,000
• Delta: 27.21%
• 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
3571 Horton Ave	0.18mi	2/1.0	826 (-1%)	1mo	$25,000	$30	88
43 Talbott St	0.22mi	2/1.0	950 (+14%)	13mo	$68,250	$72	56
3708 10th St	0.73mi	2/1.0	810 (-3%)	6mo	$88,500	$109	56
529 Cambria St	0.33mi	2/1.0	924 (+10%)	15mo	$115,000	$124	55
3816 10th St	0.74mi	2/1.0	864 (+3%)	10mo	$126,800	$147	52
3622 Saint Victor St	0.69mi	2/1.0	810 (-3%)	14mo	$85,000	$105	51
3723 Saint Victor St	0.71mi	2/1.0	864 (+3%)	14mo	$119,250	$138	49
3608 Saint Victor St	0.69mi	3/2.0 (+1)	864 (+3%)	11mo	$150,000	$174	44
4009 6th St	0.48mi	3/1.5 (+1)	952 (+14%)	8mo	$159,900	$168	41
4113 Townsend Ave	0.71mi	3/1.0 (+1)	928 (+11%)	8mo	$185,000	$199	37
827 Pontiac Ave	0.59mi	3/1.0 (+1)	960 (+15%)	8mo	$77,000	$80	36
3601 9th St	0.64mi	3/1.0 (+1)	960 (+15%)	7mo	$35,000	$36	35

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 · 4.08% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $6,906
• Equity at exit: $19,234

10-year hold

• IRR: 15.3%
• Equity multiple: 2.30×
• Total profit: $47,081
• Equity at exit: $11,154

Cash invested: $36,120 (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 21225

• Home prices YoY: -31.9%
• Rents YoY: 4.1%
• Active inventory: 165
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,631 high
• Mortgage (P&I): −$676
• Tax from tax record: −$150 /mo · $1,804/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $408

Break-even live

Break-even rent $1,115

Max offer price $129,000

Occupancy floor 70%

Sensitivity live

Price	-10% $481	-5% $445	+0% $408	+5% $372	+10% $335
Rent	-10% $279	-5% $344	+0% $408	+5% $473	+10% $537
Rate	-1.0pp $473	-0.5pp $441	base $408	+0.5pp $375	+1.0pp $341

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	19d	1	0.25mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	25d	1	0.32mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	22d	1	0.32mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	6d	1	0.32mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	19d	1	0.39mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	6d	1	0.41mi
217 W Edgevale Rd Brooklyn, MD	3.0	1.5	992	$1,800	$1.81	25d	1	0.44mi
520 Baltic Ave Unit B Baltimore, MD	1.0	1.0	800	$1,050	$1.31	45d	1	0.47mi
205 Arundel Rd W Brooklyn, MD	1.0	1.0	608	$1,200	$1.97	45d	1	0.48mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	45d	1	0.50mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	6d	1	0.51mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	45d	1	0.54mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	25d	1	0.54mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	45d	1	0.61mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	19d	1	0.61mi
807 Stoll St Unit 1 Baltimore, MD	1.0	1.0	658	$1,000	$1.52	45d	1	0.62mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	25d	1	0.72mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	45d	1	0.82mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	45d	1	0.89mi
511 Seagull Ave Brooklyn, MD	2.0	1.0	756	$1,550	$2.05	25d	1	0.90mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	45d	1	0.94mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	6d	1	0.95mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	23d	1	0.98mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	19d	1	1.01mi
2868 Potee St Baltimore, MD	1.0–3.0	1.0	720	$1,392	$1.93	0d	23	1.19mi
2745 Round Rd Brooklyn, MD	2.0	2.0	756	$1,800	$2.38	45d	1	1.25mi
1628 Plum St Apt B (CB) Baltimore, MD	1.0	1.0	800	$850	$1.06	25d	1	1.30mi
2454 Terra Firma Rd Brooklyn, MD	3.0	1.0	1024	$1,650	$1.61	16d	1	1.33mi
3010 Alabama Ave Halethorpe, MD	2.0	1.0	900	$2,200	$2.44	19d	1	1.33mi
90 Hammonds Ln Brooklyn Park, MD	1.0–2.0	1.0–2.0	757	$1,964	$2.59	0d	3	1.50mi

Listing history 24 events

1. 2026-06-21
   days on market $129,000 Active 146 DOM
2. 2026-06-18
   days on market $129,000 Active 143 DOM
3. 2026-06-17
   days on market $129,000 Active 142 DOM
4. 2026-06-16
   days on market $129,000 Active 141 DOM
5. 2026-06-15
   days on market $129,000 Active 140 DOM
6. 2026-06-13
   days on market $129,000 Active 138 DOM
7. 2026-06-09
   days on market $129,000 Active 134 DOM
8. 2026-06-08
   days on market $129,000 Active 133 DOM
9. 2026-06-07
   days on market $129,000 Active 132 DOM
10. 2026-06-04
    days on market $129,000 Active 129 DOM
11. 2026-06-03
    days on market $129,000 Active 128 DOM
12. 2026-06-02
    days on market $129,000 Active 127 DOM
13. 2026-06-01
    days on market $129,000 Active 126 DOM
14. 2026-05-31
    days on market $129,000 Active 125 DOM
15. 2026-01-26
    listed $129,000 Active 515-char remark

    Show marketing remark (515 chars)

    Come see this recently rehabbed turnkey occupied rental property located in Brooklyn in South Baltimore. This 2 bedroom 1 bathroom interior townhome was remodeled in 2023 including a new roof. Features 2 levels of living space and utility basement, all new appliances, central heating, laminate flooring, and so much more. Great opportunity for investors looking for a worry free tenant who pays on time, and causes no issues. Tenant has been in place since 2024, and pays $1,200 per month, and their own utilities.

16. 2026-01-22
    historical
17. 2025-12-23
    price $129,000
18. 2025-02-07
    price $135,000
19. 2025-01-27
    listed $145,000 Active
20. 2022-07-13
    soldstatus $76,000
21. 2022-04-14
    soldstatus $76,000 Closed
22. 2022-04-01
    status Pending
23. 2022-03-23
    historical Active Under Contract
24. 2022-03-13
    listed $75,000 Active

ⓘ 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: $1,804 · $150/mo
• Projected year-2 tax: $1,804 · $150/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 ≥102°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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,576
• − Mortgage interest: −$7,226
• − Property taxes: −$1,804
• − Insurance: −$645
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$3,753
• Taxable income: $3,017
• Est. tax owed @ 24.0%: −$724
• After-tax cash flow: $4,175/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: Anne Arundel County · 535,653 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 34,062
• Household income: $54,020
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1440.0

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 0.68)
• Race & ethnicity: Black 42% White 32% Hispanic / Latino 20% Two or more races 8% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Iranian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -119.44%
• Current HPI: 254.5089
• Rent YoY: ▲ 4.08%
• 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

+72.0% since first listed

10 events — show timeline

• 2026-01-26 Listed $129,000 BRIGHT MLS
• 2026-01-22 Listing Removed — BRIGHT MLS
• 2025-12-23 Price Changed $129,000 BRIGHT MLS
• 2025-02-07 Price Changed $135,000 BRIGHT MLS
• 2025-01-27 Listed $145,000 BRIGHT MLS
• 2022-07-13 Sold (Public Records) $76,000 Public Records
• 2022-04-14 Sold (MLS) $76,000 BRIGHT MLS
• 2022-04-01 Pending — BRIGHT MLS
• 2022-03-23 Contingent — BRIGHT MLS
• 2022-03-13 Listed $75,000 BRIGHT MLS

Property tax history

+2.4%/yr

Latest (2025): $1,804 · +4.5% YoY. Source: county tax records.