2423 Edmondson Ave · Baltimore, MD 21223

$149,500

3 bd · 1.0 ba · 1,560 sqft · Townhouse public records · 21 Days on market

Built 1920 1,560 sqft lot Est $106k · 41% 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +6.9/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Investor Opportunity – Turnkey Rental with Immediate Cash Flow! Tenant-occupied 3-bedroom, 1.5-bath rowhome generating $1,650/month in rental income with a cash-paying tenant currently in place through October 2026. The property has been recently renovated and offers a functional layout including living room, dining room, updated kitchen, three bedrooms, and 1.5 bathrooms. Recent improvements include updated flooring, kitchen upgrades, and a new water heater, making this a strong low-maintenance addition to any portfolio. The tenant pays all utilities and is current on rent, providing reliable income from day one. The property has a current rental license. Showings require 24-hour not

Key facts

• Built 1920
• Listed 20 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Hot water via electric and natural gas; Natural gas heating fuel available
• Home design: Fee simple ownership; Property is located within city limits (Baltimore City)
• Construction: Brick construction; Concrete perimeter and brick/mortar foundation; Above-grade and below-grade structures
• Exterior features: End of row townhouse; Total below-grade area of 908 (unfinished area present); Finished above-grade area reported as 1,560

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Radiator heating; Central air conditioning (electric)
• Interior features: Connecting stairway to basement; Accessibility features including two or more access exits, 32"+ wide doors, and accessible switches/outlets

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $433 ($5k/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: $147k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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); 425 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); 40% 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).
• At $1,785/mo this rent would consume 47% 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 $1k 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 + 7.5% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 30y 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 $25k; list at $150k implies a 498% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $147,257 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.19% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.42%
• DSCR: 1.55
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $106,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2514 W Lafayette Ave	0.29mi	3/2.0	1,560 (0%)	2mo	$232,000	$149	81
2416 W Franklin St	0.06mi	3/2.0	1,435 (-8%)	2mo	$67,000	$47	78
2522 Harlem Ave	0.16mi	4/2.0 (+1)	1,608 (+3%)	3mo	$114,000	$71	76
2400 W Lafayette Ave	0.29mi	4/2.0 (+1)	1,584 (+2%)	2mo	$263,000	$166	74
2404 W Lafayette Ave	0.29mi	3/2.0	1,476 (-5%)	2mo	$135,000	$91	72
2211 W Pratt St	0.70mi	3/1.0	1,500 (-4%)	2mo	$30,000	$20	59
2732 Riggs Ave	0.57mi	3/1.0	1,730 (+11%)	2mo	$135,000	$78	54
2738 W Mosher St	0.52mi	3/1.0	1,765 (+13%)	1mo	$37,000	$21	54
2216 W Fayette St	0.40mi	3/1.5	1,326 (-15%)	1mo	$77,000	$58	54
811 N Mount St	0.66mi	3/2.0	1,410 (-10%)	3mo	$85,000	$60	46
2542 W Pratt St	0.67mi	4/1.5 (+1)	1,700 (+9%)	1mo	$115,000	$68	46
900 N Franklintown Rd	0.67mi	3/2.0	1,764 (+13%)	3mo	$80,000	$45	41

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: 6.9%
• Equity multiple: 1.28×
• Total profit: $11,837
• Equity at exit: $22,291

10-year hold

• IRR: 19.8%
• Equity multiple: 3.01×
• Total profit: $83,970
• Equity at exit: $12,926

Cash invested: $41,860 (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: 425
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,785 high
• Mortgage (P&I): −$784
• Tax from tax record: −$131 /mo · $1,570/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $433

Break-even live

Break-even rent $1,237

Max offer price $149,500

Occupancy floor 71%

Sensitivity live

Price	-10% $518	-5% $476	+0% $433	+5% $391	+10% $349
Rent	-10% $292	-5% $363	+0% $433	+5% $504	+10% $574
Rate	-1.0pp $509	-0.5pp $471	base $433	+0.5pp $395	+1.0pp $355

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	25d	1	0.21mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	25d	1	0.22mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	44d	1	0.24mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.31mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	25d	1	0.39mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	25d	1	0.41mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.43mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	4d	1	0.45mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	25d	1	0.49mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.51mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	44d	1	0.52mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	44d	1	0.53mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.54mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	0.55mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.56mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	4d	1	0.56mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	19d	1	0.58mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	4d	1	0.58mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.59mi
813 N Fulton Ave Unit 1 Baltimore, MD	2.0	1.0	1200	$1,350	$1.12	44d	1	0.60mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	44d	1	0.61mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	25d	1	0.64mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	25d	1	0.65mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.66mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	5d	1	0.66mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	44d	1	0.68mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	25d	1	0.76mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	25d	1	0.77mi
1402 Poplar Grove St Baltimore, MD	4.0	1.5	1540	$800	$0.52	44d	1	0.79mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	44d	1	0.79mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	25d	1	0.80mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.81mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	0.81mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	44d	1	0.81mi
1518 1/2 W Lexington St Baltimore, MD	2.0	2.0	1650	$1,200	$0.73	5d	1	0.82mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.83mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.83mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.86mi
1617-A Moreland Ave Unit 2nd Flr Baltimore, MD	2.0	1.0	1500	$1,400	$0.93	44d	1	0.87mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	44d	1	0.87mi

Listing history 23 events

1. 2026-06-21
   days on market $149,500 Active 21 DOM
2. 2026-06-18
   days on market $149,500 Active 18 DOM
3. 2026-06-17
   days on market $149,500 Active 17 DOM
4. 2026-06-16
   days on market $149,500 Active 16 DOM
5. 2026-06-15
   days on market $149,500 Active 15 DOM
6. 2026-06-13
   statusdays on market $149,500 Active 13 DOM
7. 2026-03-23
   historical Active Under Contract
8. 2026-03-12
   listed $149,500 Active
9. 2026-03-06
   historical $149,500
10. 2024-10-23
    historical $1,650
11. 2024-10-11
    historical $1,650
12. 2024-09-27
    listed $1,650
13. 2024-09-26
    historical $1,650
14. 2024-09-25
    listed $1,650
15. 2024-09-05
    listed $1,650
16. 1997-10-27
    soldstatus $25,000
17. 1997-10-24
    soldstatus $25,000
18. 1997-08-30
    historical
19. 1997-08-05
    listed $28,000
20. 1997-05-11
    historical
21. 1996-11-12
    listed
22. 1996-10-30
    historical
23. 1996-03-27
    listed

ⓘ 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: $1,570 · $131/mo
• Projected year-2 tax: $1,600 · $133/mo
• Expected delta: +$30/yr (+$2/mo · 1.9%)

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

Taxation est. · year 1

• Rental income: $21,425
• − Mortgage interest: −$8,374
• − Property taxes: −$1,570
• − Insurance: −$748
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$4,349
• Taxable income: $2,956
• Est. tax owed @ 24.0%: −$709
• After-tax cash flow: $4,491/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

+433.9% since first listed

17 events — show timeline

• 2026-03-23 Contingent — BRIGHT MLS
• 2026-03-12 Listed $149,500 BRIGHT MLS
• 2026-03-06 Coming Soon $149,500 BRIGHT MLS
• 2024-10-23 Rental Removed $1,650 BRIGHTMLS
• 2024-10-11 Rental Removed $1,650 RENT.
• 2024-09-27 Listed for Rent $1,650 BRIGHTMLS
• 2024-09-26 Rental Removed $1,650 APPFOLIO
• 2024-09-25 Listed for Rent $1,650 RENT.
• 2024-09-05 Listed for Rent $1,650 APPFOLIO
• 1997-10-27 Sold (Public Records) $25,000 Public Records
• 1997-10-24 Sold (MLS) $25,000 MRIS
• 1997-08-30 Delisted — MRIS
• 1997-08-05 Listed $28,000 MRIS
• 1997-05-11 Delisted — MRIS
• 1996-11-12 Listed — MRIS
• 1996-10-30 Delisted — MRIS
• 1996-03-27 Listed — MRIS

Property tax history

+1.1%/yr

Latest (2025): $1,570 · +15.7% YoY. Source: county tax records.