106 W Saratoga St · Baltimore, MD 21201

$1,649,000

3 bd · 2.0 ba · 8,256 sqft · MultiFamily public records · 44 Days on market

Built 1900 Excellent condition $200/sqft · 50% above area

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Why this score? — see what drove the D 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 +15.2/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Rent growth +2.6/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

106 W. Saratoga is a gut renovated apartment building featuring 9 apartment units as well as one basement office unit that could serve as a maintenance office or additional income. The property has a parking lot out back of 7 spots and has always been a low vacancy popular building. It has a 10 year property tax credit which started in 2021 helping increase cash flow and is ready for the next owner to take it far into the future as a great long term investment. There is a 1mm+- assumable loan with 5+- years remaining at an interest rate of 4.2%+-. Buyer must be pre-approved to view.

Key facts

• 6 parking spots
• Built 1900
• Listed 44 days

Property features AI

Finance

• Financial info: Gross rental income reported: $148,037.40; Net operating income reported: $102,526; Operating expenses reported: $46,812 (includes insurance, snow removal, trash); Income includes apartment rentals and parking; Existing leases: yearly; 9 units currently leased; Units unfurnished

Exterior

• Parking: Driveway parking for 6 vehicles (total 6 garage/parking spaces)
• Utilities: Natural gas heating fuel; Electric hot water; Electric cooling
• Home design: End of row / townhouse style; Fee simple ownership; Year major renovation: 2019
• Construction: Brick construction; Stone foundation; Estimated original build year (source: assessor)
• Exterior features: Above- and below-grade usable space; Public water and public sewer

Interior

• Bedrooms: Contains nine residential rental units (six 1-bedroom units, three 2-bedroom units)
• Heating & cooling: Heat pump(s); Central air conditioning
• Interior features: Fully finished basement; Historic property

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.65M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.42M (14.1% below list).
• Recommended offer: $1.42M (14.1% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 62 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $14,165/mo this rent would consume 372% of the median local household income ($46k/yr) (locally 2648% 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 $11k of loan paydown is wiped out by about $49k 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.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,416,500 (14.1% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 14% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 9.7

CMA / ARV

• ARV (median comp): $1,077,578
• List price: $1,649,000
• Delta: 53.03%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.28% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.42×
• Total profit: $-269,230
• Equity at exit: $245,871

10-year hold

• IRR: -14.3%
• Equity multiple: 0.27×
• Total profit: $-335,830
• Equity at exit: $142,575

Cash invested: $461,720 (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 21201

• Home prices YoY: -3.8%
• Rents YoY: 0.3%
• Active inventory: 62
• Price-to-rent: 97.0×

Monthly cashflow live

• Estimated rent: $14,165 high
• Mortgage (P&I): −$8,648
• Tax from tax record: −$1,291 /mo · $15,490/yr
• Insurance: −$687
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,975
• Net cashflow: $565

Break-even live

Break-even rent $13,450

Max offer price $1,649,000

Occupancy floor 91%

Sensitivity live

Price	-10% $1,498	-5% $1,032	+0% $565	+5% $98	+10% $-369
Rent	-10% $-554	-5% $5	+0% $565	+5% $1,124	+10% $1,684
Rate	-1.0pp $1,395	-0.5pp $984	base $565	+0.5pp $138	+1.0pp $-297

10-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$14,170
Total (10 units)			$14,165

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: $412,250
• Closing costs: $49,470
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,649,000 Active 44 DOM
2. 2026-06-18
   days on market $1,649,000 Active 41 DOM
3. 2026-06-17
   days on market $1,649,000 Active 40 DOM
4. 2026-06-16
   days on market $1,649,000 Active 39 DOM
5. 2026-06-15
   days on market $1,649,000 Active 38 DOM
6. 2026-06-13
   days on market $1,649,000 Active 36 DOM
7. 2026-06-09
   days on market $1,649,000 Active 32 DOM
8. 2026-06-08
   days on market $1,649,000 Active 31 DOM
9. 2026-06-07
   days on market $1,649,000 Active 30 DOM
10. 2026-06-04
    days on market $1,649,000 Active 27 DOM
11. 2026-06-03
    days on market $1,649,000 Active 26 DOM
12. 2026-06-02
    days on market $1,649,000 Active 25 DOM
13. 2026-06-01
    days on market $1,649,000 Active 24 DOM
14. 2026-05-31
    days on market $1,649,000 Active 23 DOM
15. 2026-05-08
    listed $1,649,000 Active 589-char remark
16. 2026-04-30
    historical $1,649,000 589-char remark
17. 2022-06-22
    price $1,150

ⓘ 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: $15,490 · $1,291/mo
• Projected year-2 tax: $16,732 · $1,394/mo
• Expected delta: +$1,242/yr (+$104/mo · 8.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $169,980
• − Mortgage interest: −$92,370
• − Property taxes: −$15,490
• − Insurance: −$8,245
• − Repairs & maintenance: −$13,598
• − Management: −$13,598
• − Depreciation: −$47,971
• Taxable loss: −$21,292
• Est. tax savings @ 24.0%: +$5,110
• After-tax cash flow: $11,889/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.

Condition & rehab AI · 6 photos

Excellent 95/100 Gut rehab

This gut-renovated apartment building is in excellent condition with modern amenities and a well-maintained exterior. It is ready for the next owner to take it far into the future as a great long-term investment.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value to the property.
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and add value.
• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and adds value to the property.
• Both HVAC system maintenance and upgrade — Ensures the HVAC system is functioning properly and can add value to the property.
• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Both Painting exterior and interior walls — Fresh paint can improve the home's appearance and add value. ↑
• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and adds value to the property. ↑
• Both HVAC system maintenance and upgrade — Ensures the HVAC system is functioning properly and can add value to the property. ↑
• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 18,307
• Household income: $45,640
• Rent vs Own: 89.0% rent · 11.0% own
• Severe rent burden: 2648.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 23% Two or more races 7% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Other Indo-European 2% Chinese 2%

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: ▼ -10.03%
• Current HPI: 257.3988
• Rent YoY: ▲ 0.28%
• 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

+143291.3% since first listed

3 events — show timeline

• 2026-05-08 Listed $1,649,000 BRIGHT MLS
• 2026-04-30 Coming Soon $1,649,000 BRIGHT MLS
• 2022-06-22 Price Changed $1,150 RENT.

Property tax history

+36.4%/yr

Latest (2025): $15,490 · +8.0% YoY. Source: county tax records.