Hi Sam!
I live (since 1998) and sell real estate (since 1999) in Baltimore City. I work in the surrounding counties, too, so I see the migration that's taking place. It's true that we are losing population to the counties, mainly because the property tax rate in the city is double the rate on the other side of the city/county line, but also because of crime. There is hope that the crime rate will drop with a new mayor taking over, since he has pledged to keep our police commissioner. (We've been through 4 commissioners in the past few years, and that's not been helpful.) I know we have our issues as a city, but I absolutely love living here! We have a truly underrated food scene, and a strong base in the arts. I've lived in Canton, Fells Point, and now Little Italy, and all have been great neighborhoods. I will say that in these neighborhoods, you will have a hard time finding 4 bedroom, 4 bath properties (as suggested by Sam), because the properties in these neighborhood tend to be on the smaller side (1000-1600 square feet is common). You can find larger homes in Butcher's Hill, which is just north of Fell's Point, Mount Vernon, Union Square, Bolton Hill and Reservoir Hill, and there is demand for rental housing in all of these areas.
Good luck! Don't let anyone talk you out of Charm City.
Jamie