516 N Franklintown Rd N · Baltimore, MD 21223

$10,000

3 bd · 1.0 ba · 1,260 sqft · Townhouse public records · 107 Days on market

Built 1920 1,378 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 6/3/2026 @ 10:00 AM. Bidding ends 6/5/2026 @ 12:10 PM. The list price is the suggested opening bid. Deposit: $5,000. This two-story townhouse is located in the Penrose/Fayette Street Outreach neighborhood of Baltimore City. Residents can enjoy the nearby facilities and attractions such as the Grace Medical Center and Gwynns Falls Park. This property is vacant. The area provides easy access to the major traffic artery, W Franklin St, connecting to other parts of Baltimore.

Key facts

• Built 1920
• Listed 107 days

🔨 Auction listing. The $10,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $114,410 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $10k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $10k).
• Recommended offer: $9k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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); 422 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).
• At $1,837/mo this rent would consume 48% of the median local household income ($46k/yr) (locally 1755% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $791 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 + 7.5% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: property tax is 17.2% of price; built in 1920 — 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 $9,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.74%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

• ARV (median comp): $114,410
• List price: $10,000
• Delta: -91.26%
• 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
2435 Lauretta Ave	0.39mi	3/1.0	1,260 (0%)	1mo	$45,000	$36	81
2711 Riggs Ave	0.46mi	3/1.0	1,288 (+2%)	2mo	$134,000	$104	73
537 Longwood St	0.14mi	4/2.0 (+1)	1,176 (-7%)	0mo	$60,000	$51	73
2516 W Fairmount Ave	0.47mi	3/1.0	1,304 (+4%)	2mo	$30,000	$23	70
28 S Bernice Ave	0.70mi	3/1.0	1,280 (+2%)	1mo	$147,000	$115	64
300 Denison St	0.66mi	3/2.0	1,260 (0%)	2mo	$205,000	$163	64
5 Rosedale St S	0.63mi	3/2.0	1,280 (+2%)	1mo	$110,000	$86	64
2216 W Fayette St	0.65mi	3/1.5	1,326 (+5%)	1mo	$77,000	$58	58
222 N Hilton St	0.61mi	3/1.0	1,120 (-11%)	1mo	$89,775	$80	52
2416 W Franklin St	0.40mi	3/2.0	1,435 (+14%)	2mo	$67,000	$47	52
633 N Brice St	0.73mi	4/2.5 (+1)	1,250 (-1%)	2mo	$78,000	$62	52
517 N Edgewood St	0.66mi	4/2.5 (+1)	1,430 (+14%)	2mo	$90,000	$63	34

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: 23.2%
• Equity multiple: 2.01×
• Total profit: $32,264
• Equity at exit: $17,059

10-year hold

• IRR: 33.9%
• Equity multiple: 4.80×
• Total profit: $121,619
• Equity at exit: $9,892

Cash invested: $32,035 (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: 422
• Price-to-rent: 0.5×

Monthly cashflow live

• Estimated rent: $1,837 high
• Mortgage (P&I): −$600
• Tax est. 1.5%: −$143 /mo · $1,716/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $660

Break-even live

Break-even rent $1,001

Max offer price $114,410

Occupancy floor 59%

Sensitivity live

Price	-10% $739	-5% $700	+0% $660	+5% $621	+10% $581
Rent	-10% $515	-5% $588	+0% $660	+5% $733	+10% $806
Rate	-1.0pp $718	-0.5pp $690	base $660	+0.5pp $631	+1.0pp $601

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: $28,602
• Closing costs: $3,432
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	0.10mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.14mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	0.15mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.18mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	44d	1	0.28mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	24d	1	0.38mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	4d	1	0.45mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	4d	1	0.53mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	0.54mi
1042 Ellicott Dr Baltimore, MD	2.0	1.0	900	$1,450	$1.61	44d	1	0.55mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.59mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.59mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.60mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.61mi
3423 Edmondson Ave Baltimore, MD	2.0	1.5	1400	$1,710	$1.22	44d	1	0.63mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	3d	1	0.65mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.66mi
3238 Westmont Ave Baltimore, MD	3.0	1.0	1280	$1,600	$1.25	44d	1	0.66mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	44d	1	0.67mi
405 N Edgewood St Baltimore, MD	4.0	2.0	1408	$2,950	$2.10	5d	1	0.67mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	44d	1	0.68mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	0.69mi
3507 Edmondson Ave Baltimore, MD	4.0	2.0	1428	$2,300	$1.61	44d	1	0.69mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	24d	1	0.70mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.70mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	24d	1	0.70mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	44d	1	0.71mi
730 Linnard St Unit 1 Baltimore, MD	4.0	1.0	1360	$1,750	$1.29	24d	1	0.71mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.72mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	24d	1	0.72mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.74mi
202 N Edgewood St Baltimore, MD	3.0	2.0	1710	$2,250	$1.32	24d	1	0.74mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	24d	1	0.75mi
3003 Presstman St Unit 2 Baltimore, MD	2.0	1.0	1450	$1,300	$0.90	24d	1	0.75mi
3003 Presstman St Unit 1 Baltimore, MD	2.0	2.0	1450	$1,400	$0.97	45d	1	0.75mi
623 N Grantley St Baltimore, MD	4.0	2.0	1250	$2,000	$1.60	24d	1	0.76mi
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	24d	1	0.77mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	5d	1	0.79mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.83mi
1513 N Ellamont St Baltimore, MD	3.0	1.0	1700	$1,700	$1.00	24d	1	0.84mi

Listing history 28 events

1. 2026-06-18
   days on market $10,000 Active 107 DOM
2. 2026-06-17
   days on market $10,000 Active 106 DOM
3. 2026-06-16
   days on market $10,000 Active 105 DOM
4. 2026-06-15
   days on market $10,000 Active 104 DOM
5. 2026-06-13
   pricedays on market $10,000 Active 102 DOM
6. 2026-06-09
   days on market $42,000 Active 98 DOM
7. 2026-06-08
   pricedays on market $42,000 Active 97 DOM
8. 2026-06-07
   days on market $10,000 Active 96 DOM
9. 2026-06-04
   days on market $10,000 Active 93 DOM
10. 2026-06-03
    days on market $10,000 Active 92 DOM
11. 2026-06-02
    days on market $10,000 Active 91 DOM
12. 2026-06-01
    days on market $10,000 Active 90 DOM
13. 2026-05-31
    days on market $10,000 Active 89 DOM
14. 2026-03-03
    listed $10,000 Active 587-char remark

    Show marketing remark (587 chars)

    ONLINE AUCTION: This auction takes place on the Ashland Auction Group website bidding platform. Bidding begins 6/3/2026 @ 10:00 AM. Bidding ends 6/5/2026 @ 12:10 PM. The list price is the suggested opening bid. Deposit: $5,000. This two-story townhouse is located in the Penrose/Fayette Street Outreach neighborhood of Baltimore City. Residents can enjoy the nearby facilities and attractions such as the Grace Medical Center and Gwynns Falls Park. This property is vacant. The area provides easy access to the major traffic artery, W Franklin St, connecting to other parts of Baltimore.

15. 2023-01-31
    soldstatus $56,966
16. 2008-08-08
    historical
17. 2008-06-02
    price
18. 2008-05-07
    price
19. 2008-03-26
    price
20. 2008-03-26
    status
21. 2008-03-08
    historical
22. 2007-09-12
    listed
23. 2005-07-21
    soldstatus $49,875
24. 2002-11-21
    soldstatus $6,500
25. 2002-10-16
    historical
26. 2002-04-29
    listed $14,900
27. 1997-10-09
    soldstatus $42,450
28. 1984-06-13
    soldstatus $751,750

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,041
• − Mortgage interest: −$6,409
• − Property taxes: −$1,716
• − Insurance: −$572
• − Repairs & maintenance: −$1,763
• − Management: −$1,763
• − Depreciation: −$3,328
• Taxable income: $6,490
• Est. tax owed @ 24.0%: −$1,558
• After-tax cash flow: $6,367/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

-98.7% since first listed

15 events — show timeline

• 2026-03-03 Listed $10,000 BRIGHT MLS
• 2023-01-31 Sold (Public Records) $56,966 Public Records
• 2008-08-08 Delisted — MRIS
• 2008-06-02 Price Changed — MRIS
• 2008-05-07 Price Changed — MRIS
• 2008-03-26 Price Changed — MRIS
• 2008-03-26 Relisted — MRIS
• 2008-03-08 Delisted — MRIS
• 2007-09-12 Listed — MRIS
• 2005-07-21 Sold (Public Records) $49,875 Public Records
• 2002-11-21 Sold (MLS) $6,500 MRIS
• 2002-10-16 Delisted — MRIS
• 2002-04-29 Listed $14,900 MRIS
• 1997-10-09 Sold (Public Records) $42,450 Public Records
• 1984-06-13 Sold (Public Records) $751,750 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,365 · +15.4% YoY. Source: county tax records.