It is in East Baltimore and while the surrounding area is a ghetto, the medical campus itself is not that bad (lots of security, lots of people, lots of traffic, etc). Also, the shuttle system is superb so it isn't like you really have to walk in the ghetto too much to get to your car (which should be in one of the many surrounding garages or to get to your place elsewhere in Baltimore without having to drive). Really, even walking in the ghetto area in the daytime isn't that bad because people living there are used to the medical crowd and they're not going to bother you. Nighttime, if you're by yourself and you look out of place, you might get mugged but that's about it (just like any other major city). Really, East Baltimore isn't THAT bad -- just mind your surroundings, don't be a jerk to the people living in the ghetto and always carry yourself like a man. I've walked through the ghetto many times because my friend lives six blocks away from the medical campus and after going out drinking with him, I sometimes try to catch the shuttle back to where I live.
West Baltimore is a helluva lot worse and I consider it to be more dangerous than East Baltimore (most of the shootings in East Baltimore are drug dealers vs. drug dealers, for instance -- unless you guys do that, you don't have that much to worry about).
My point is, if you go to Hopkins, you really shouldn't worry about your safety that much. Hopkins is very image-conscious and they want to protect their intellectuals, so their security force is like a quasi-police force and their shuttle system is very reliable and quick.
I like Baltimore a lot myself. Sure there's a lot of shady areas and a lot of poverty, but you usually don't get bothered, especially in the daytime... and the good areas are a lot of fun to hang out in. Just know where to go and when, and you'll be fine.