1328 N Carey St · Baltimore, MD 21217

$109,000

5 bd · 3.0 ba · 2,586 sqft · Townhouse · 45 Days on market

Built 1900 1,500 sqft lot $42/sqft · 45% below area Est $199k · 45% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• 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: Bidding begins 3/13 @ 10:00 AM. Bidding ends 3/15 @ 11:20 AM. List Price is Suggested Opening Bid. Deposit: $7,500. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, - Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave.

Key facts

• Built 1900
• Listed 45 days

Property features AI

Exterior

• Parking: Alley access; Driveway
• Utilities: Public water; Public sewer; Electric utilities
• Home design: Interior townhouse / rowhouse
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: No tidal water

Interior

• Bedrooms: One bedroom on the main level; Two bedrooms on the 1st upper level; Two bedrooms on the 2nd upper level
• Bathrooms: Three full bathrooms (one on main level, one on 1st upper level, one on 2nd upper level)
• Heating & cooling: Baseboard electric heat; Ductless / mini-split cooling; Electric hot water
• Interior features: Partially finished basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath townhouse listed at $109k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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 (+6.6%/yr); 331 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,523/mo this rent would consume 79% of the median local household income ($38k/yr) (locally 2921% 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 $754 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 + 6.6% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($106k) 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 $60k; list at $109k implies a 80% gain — meaningful room to come down on a strong offer.

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 $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.31% ✓
• Cap rate: 21.09%
• Cash-on-cash: 52.85%
• DSCR: 3.35
• GRM: 3.6

CMA / ARV

• ARV (median comp): $198,905
• List price: $109,000
• Delta: -45.20%
• 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
737 Dolphin St	0.61mi	5/3.5	2,580 (-0%)	3mo	$325,000	$126	67
823 Newington Ave	0.72mi	6/3.0 (+1)	2,600 (+0%)	1mo	$449,000	$173	59
721 W Lafayette Ave	0.45mi	5/4.0	2,857 (+10%)	0mo	$196,000	$69	58
1930 Mcculloh St	0.35mi	4/4.5 (-1)	2,760 (+7%)	12mo	$387,900	$141	52
610 N Fulton Ave	0.70mi	4/3.0 (-1)	2,688 (+4%)	8mo	$75,000	$28	49
302 W Lafayette Ave	0.69mi	4/3.5 (-1)	2,496 (-4%)	13mo	$552,000	$221	44
2125 Mcculloh St	0.39mi	6/3.0 (+1)	2,220 (-14%)	16mo	$600,000	$270	40
1724 Linden Ave	0.57mi	4/2.5 (-1)	2,868 (+11%)	12mo	$715,000	$249	38
2120 Bolton St	0.73mi	4/3.5 (-1)	2,916 (+13%)	0mo	$262,500	$90	37
426 Mosher St	0.47mi	6/3.5 (+1)	2,252 (-13%)	15mo	$390,000	$173	37
702 Dolphin St	0.58mi	5/3.0	2,208 (-15%)	16mo	$239,900	$109	35
1810 Edmondson Ave	0.73mi	4/2.0 (-1)	2,290 (-11%)	8mo	$55,000	$24	31

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 54.7%
• Equity multiple: 3.54×
• Total profit: $77,469
• Equity at exit: $16,252

10-year hold

• IRR: 61.1%
• Equity multiple: 8.20×
• Total profit: $219,815
• Equity at exit: $9,424

Cash invested: $30,520 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,523 high
• Mortgage (P&I): −$572
• Tax from tax record: −$32 /mo · $380/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $1,344

Break-even live

Break-even rent $821

Max offer price $109,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,406	-5% $1,375	+0% $1,344	+5% $1,313	+10% $1,282
Rent	-10% $1,145	-5% $1,245	+0% $1,344	+5% $1,444	+10% $1,543
Rate	-1.0pp $1,399	-0.5pp $1,372	base $1,344	+0.5pp $1,316	+1.0pp $1,287

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	0.35mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	5d	1	0.40mi
2534 McCulloh St Unit 1 Baltimore, MD	4.0	2.0	2861	$3,300	$1.15	24d	1	0.65mi
2511 Madison Ave Unit 1 Baltimore, MD	4.0	2.0	2700	$2,700	$1.00	44d	1	0.69mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.69mi
727 Reservoir St Baltimore, MD	6.0	3.0	3428	$3,000	$0.88	18d	1	0.79mi
914 Whitelock St Baltimore, MD	4.0	3.5	2880	$2,250	$0.78	5d	1	0.80mi
147 W Lafayette Ave Baltimore, MD	4.0	2.5	2400	$3,250	$1.35	44d	1	0.86mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	44d	1	0.91mi
2302 Mount Royal Ter Baltimore, MD	4.0	3.5	2351	$3,000	$1.28	24d	1	0.95mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	18d	1	0.96mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	44d	1	0.96mi
2401 W North Ave Baltimore, MD	5.0	2.0	2037	$1,800	$0.88	5d	1	0.99mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	5d	1	0.99mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	1.22mi
10 E Chase St Baltimore, MD	4.0	2.5	2626	$3,499	$1.33	44d	1	1.28mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	1.43mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	13d	1	1.49mi

Listing history 24 events

1. 2026-06-18
   days on market $109,000 Active 45 DOM
2. 2026-06-17
   days on market $109,000 Active 44 DOM
3. 2026-06-16
   days on market $109,000 Active 43 DOM
4. 2026-06-15
   days on market $109,000 Active 42 DOM
5. 2026-06-13
   days on market $109,000 Active 40 DOM
6. 2026-06-09
   days on market $109,000 Active 36 DOM
7. 2026-06-08
   days on market $109,000 Active 35 DOM
8. 2026-06-07
   days on market $109,000 Active 34 DOM
9. 2026-06-04
   days on market $109,000 Active 31 DOM
10. 2026-06-03
    days on market $109,000 Active 30 DOM
11. 2026-06-02
    days on market $109,000 Active 29 DOM
12. 2026-06-01
    days on market $109,000 Active 28 DOM
13. 2026-05-31
    days on market $109,000 Active 27 DOM
14. 2026-05-04
    listed $109,000 Active 292-char remark
15. 2026-05-04
    historical $109,000 292-char remark
16. 2024-06-17
    soldstatus $60,500
17. 2024-04-22
    soldstatus $60,500 Closed 392-char remark

    Show marketing remark (392 chars)

    ONLINE AUCTION: Bidding begins 3/13 @ 10:00 AM. Bidding ends 3/15 @ 11:20 AM. List Price is Suggested Opening Bid. Deposit: $7,500. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, - Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave.

18. 2024-03-18
    status Pending 392-char remark

    Show marketing remark (392 chars)

    ONLINE AUCTION: Bidding begins 3/13 @ 10:00 AM. Bidding ends 3/15 @ 11:20 AM. List Price is Suggested Opening Bid. Deposit: $7,500. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, - Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave.

19. 2024-03-01
    price $35,000 392-char remark

    Show marketing remark (392 chars)

    ONLINE AUCTION: Bidding begins 3/13 @ 10:00 AM. Bidding ends 3/15 @ 11:20 AM. List Price is Suggested Opening Bid. Deposit: $7,500. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, - Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave.

20. 2023-10-24
    listed $45,000 Active 392-char remark

    Show marketing remark (392 chars)

    ONLINE AUCTION: Bidding begins 3/13 @ 10:00 AM. Bidding ends 3/15 @ 11:20 AM. List Price is Suggested Opening Bid. Deposit: $7,500. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, - Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave.

21. 2022-11-24
    soldstatus $11,000 Closed

    Show marketing remark (588 chars)

    ONLINE AUCTION: Bidding begins 10/19/2022 @ 10:00 AM. Bidding ends 10/21/2022 @ 11:50AM. List Price is Suggested Opening Bid. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave. Property is Vacant. Deposit: $5,000. Please Visit Ashland Auction’s website for more details. For full Terms and Conditions visit the auctioneer's website, or contact the auctioneer’s office.

22. 2022-10-25
    status Pending

    Show marketing remark (588 chars)

    ONLINE AUCTION: Bidding begins 10/19/2022 @ 10:00 AM. Bidding ends 10/21/2022 @ 11:50AM. List Price is Suggested Opening Bid. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave. Property is Vacant. Deposit: $5,000. Please Visit Ashland Auction’s website for more details. For full Terms and Conditions visit the auctioneer's website, or contact the auctioneer’s office.

23. 2022-10-06
    listed $10,000 Active

    Show marketing remark (588 chars)

    ONLINE AUCTION: Bidding begins 10/19/2022 @ 10:00 AM. Bidding ends 10/21/2022 @ 11:50AM. List Price is Suggested Opening Bid. 3 Story Townhouse located in the Sandtown-Winchester area. MINUTES to Coppin State Univ. , Mondawmin Mall, Upton Metro Station, Druid Hill Park, Baltimore Symphony Orchestra, Maryland Institute College of Art. Easy Access to Major Traffic Artery W North Ave. Property is Vacant. Deposit: $5,000. Please Visit Ashland Auction’s website for more details. For full Terms and Conditions visit the auctioneer's website, or contact the auctioneer’s office.

24. 1994-08-29
    soldstatus $20,000

ⓘ 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: $380 · $32/mo
• Projected year-2 tax: $784 · $65/mo
• Expected delta: +$404/yr (+$34/mo · 106.1%)

ⓘ 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: $30,272
• − Mortgage interest: −$6,106
• − Property taxes: −$380
• − Insurance: −$545
• − Repairs & maintenance: −$2,422
• − Management: −$2,422
• − Depreciation: −$3,171
• Taxable income: $15,226
• Est. tax owed @ 24.0%: −$3,654
• After-tax cash flow: $12,475/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+445.0% since first listed

11 events — show timeline

• 2026-05-04 Listed $109,000 BRIGHT MLS
• 2026-05-04 Coming Soon $109,000 BRIGHT MLS
• 2024-06-17 Sold (Public Records) $60,500 Public Records
• 2024-04-22 Sold (MLS) $60,500 BRIGHT MLS
• 2024-03-18 Pending — BRIGHT MLS
• 2024-03-01 Price Changed $35,000 BRIGHT MLS
• 2023-10-24 Listed $45,000 BRIGHT MLS
• 2022-11-24 Sold (MLS) $11,000 BRIGHT MLS
• 2022-10-25 Pending — BRIGHT MLS
• 2022-10-06 Listed $10,000 BRIGHT MLS
• 1994-08-29 Sold (Public Records) $20,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $380 · +23.4% YoY. Source: county tax records.