The commute into Baltimore from anywhere is not going to be pretty. If you own a place and you can't sell it, I dunno what to tell you.
I don't think UMD places all that well in DC, but if you look on NALP Directory you will see that a lot of good DC firms interview at UMD.
When I first moved to the area I lived in Canton (which is in Baltimore City) and I hated it, but I think most of that had to do with the culture shock coming from Seattle. I moved to DC for a year and now I live in Bethesda.
Having been in the area and lived in both DC and Baltimore, I think they're just too different to compare. The people are so different, as DC has a much more international vibe. The industries are very different (which is probably why the people are so different) as Baltimore is really hurting with the exception of Hopkins and DC has all the political and government work. Baltimore has a lot to offer though - great, CHEAP food from all over the world, museums, friendly, non pretencious bars. Many East Coasters seem to look down upon it, but those are just Northeast elitists who like looking down on everything. I think it's a great city and it's definitely coming back because they have a good mayor. Here's to Baltimore.