712 Winston Ave · Baltimore, MD 21212

$160,000

6 bd · 2.5 ba · 2,603 sqft · SingleFamily public records · 39 Days on market

Built 1920 10,824 sqft lot $61/sqft · 24% below area Est $212k · 24% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

Key facts

• Large lot
• Separate entrances
• 0.25 acre lot

Tags

• MULTI-FAMILY PROPERTY
• 3-UNIT RESIDENTIAL BUILDING
• SEPARATE ENTRANCES
• SEPARATELY METERED UTILITIES
• IMMEDIATE RENTAL INCOME
• LARGE LOT

Property features AI

Finance

• Financial info: Ownership is Fee Simple

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Detached structure; Multiple-unit property (3 total units)
• Construction: Shingle siding; Foundation described as Other; Other structures both above grade and below grade; Above-grade finished area and below-grade unfinished area reported by assessor
• Exterior features: No tidal water on the lot; Below-grade area present (unfinished)

Interior

• Bedrooms: Three 2-bedroom units
• Heating & cooling: Forced air heating; Electric cooling (type listed as Other); Natural gas fuel for heating; Hot water system listed as Other
• Interior features: Detached building with multiple units

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.4% 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 (+4.7%/yr); 135 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 39% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 4.7% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.98% ✓
• Cap rate: 15.38%
• Cash-on-cash: 32.47%
• DSCR: 2.44
• GRM: 4.2

CMA / ARV

• ARV (median comp): $211,502
• List price: $160,000
• Delta: -24.35%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
425 Winston Ave	0.30mi	5/2.5 (-1)	2,614 (+0%)	13mo	$485,000	$186	70
1002 Beaumont Ave	0.24mi	5/3.5 (-1)	2,385 (-8%)	6mo	$405,000	$170	61
701 E 43rd St	0.59mi	5/3.5 (-1)	2,520 (-3%)	2mo	$420,000	$167	57
712 Cator Ave	0.75mi	6/2.0	2,651 (+2%)	5mo	$290,000	$109	56
4416 Underwood Rd	0.64mi	5/3.0 (-1)	2,698 (+4%)	5mo	$551,000	$204	53
518 Harwood Ave	0.54mi	5/2.5 (-1)	2,300 (-12%)	1mo	$339,499	$148	50
508 Harwood Ave	0.56mi	5/4.0 (-1)	2,368 (-9%)	7mo	$440,000	$186	42
317 Saint Dunstans Rd	0.75mi	5/3.5 (-1)	2,313 (-11%)	2mo	$830,000	$359	36
5104 Springlake Way	0.70mi	5/3.5 (-1)	2,981 (+14%)	20mo	$895,000	$300	18

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 · 4.65% rent growth · sell at horizon

5-year hold

• IRR: 29.6%
• Equity multiple: 2.27×
• Total profit: $56,767
• Equity at exit: $23,857

10-year hold

• IRR: 37.9%
• Equity multiple: 4.84×
• Total profit: $172,140
• Equity at exit: $13,834

Cash invested: $44,800 (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 21212

• Rents YoY: 4.7%
• Active inventory: 135
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $3,164 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$382 /mo · $4,579/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$664
• Net cashflow: $1,212

Break-even live

Break-even rent $1,630

Max offer price $160,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,303	-5% $1,257	+0% $1,212	+5% $1,167	+10% $1,121
Rent	-10% $962	-5% $1,087	+0% $1,212	+5% $1,337	+10% $1,462
Rate	-1.0pp $1,293	-0.5pp $1,253	base $1,212	+0.5pp $1,171	+1.0pp $1,128

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 Hillenwood Rd Baltimore, MD	5.0	2.0	2199	$3,200	$1.46	5d	1	1.37mi
3421 University Pl Baltimore, MD	5.0	2.0	1960	$3,500	$1.79	24d	1	1.40mi

Listing history 36 events

1. 2026-06-21
   days on market $160,000 Active 39 DOM
2. 2026-06-18
   days on market $160,000 Active 36 DOM
3. 2026-06-17
   days on market $160,000 Active 35 DOM
4. 2026-06-16
   days on market $160,000 Active 34 DOM
5. 2026-06-15
   days on market $160,000 Active 33 DOM
6. 2026-06-13
   days on market $160,000 Active 31 DOM
7. 2026-06-09
   days on market $160,000 Active 27 DOM
8. 2026-06-08
   days on market $160,000 Active 26 DOM
9. 2026-06-07
   days on market $160,000 Active 25 DOM
10. 2026-06-04
    days on market $160,000 Active 22 DOM
11. 2026-06-03
    days on market $160,000 Active 21 DOM
12. 2026-06-02
    days on market $160,000 Active 20 DOM
13. 2026-06-01
    days on market $160,000 Active 19 DOM
14. 2026-05-31
    days on market $160,000 Active 18 DOM
15. 2026-05-13
    listed $190,000 Active 651-char remark
16. 2025-10-21
    historical $1,000
17. 2025-10-13
    listed $1,000
18. 2025-02-28
    soldstatus $285,000
19. 2025-02-14
    soldstatus $285,000 Closed 733-char remark

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

20. 2024-12-30
    historical Active Under Contract 733-char remark

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

21. 2024-12-30
    historical

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

22. 2024-12-17
    price $289,000

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

23. 2024-12-17
    price $289,000 733-char remark

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

24. 2024-11-08
    listed $175,000 Active

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

25. 2024-11-08
    listed $175,000 Active 733-char remark

    Show marketing remark (733 chars)

    Two unit building on corner lot with possible opportunity for subdivision. Ideal building for owner occupant seeking sizable two level living space with the flexibility of residual income from the main level two bedroom, 1 bath unit. Unit #2 is a two level four bedroom 2 bath unit. Each unit has its owner HVAC & water heater with separate entrances. This opportunity has everything that you are looking for in an investment. There are a multitude of windows so it is flooded with natural light, convenient location, separate utilities, corner lot and opportunity for future additional development. HVAC for unit 1 on main level installed 2022 Unit 2 HVAC unit installed 2019. Roof shingles will be repaired prior to closing.

26. 2024-07-10
    historical
27. 2024-07-08
    historical
28. 2024-06-04
    price $325,000
29. 2024-06-04
    price $325,000
30. 2024-05-15
    listed $350,000 Active
31. 2024-05-10
    listed $350,000 Active
32. 2024-04-30
    historical
33. 2022-05-12
    price $700
34. 2007-10-31
    soldstatus $70,000
35. 1995-02-22
    soldstatus $40,000
36. 1990-12-24
    soldstatus $35,000

ⓘ 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: $4,579 · $382/mo
• Projected year-2 tax: $4,579 · $382/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,965
• − Mortgage interest: −$8,962
• − Property taxes: −$4,579
• − Insurance: −$800
• − Repairs & maintenance: −$3,037
• − Management: −$3,037
• − Depreciation: −$4,655
• Taxable income: $12,895
• Est. tax owed @ 24.0%: −$3,095
• After-tax cash flow: $11,450/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): 33,974
• Household income: $96,685
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 769.0

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 0.64)
• Race & ethnicity: White 49% Black 35% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -392.44%
• Current HPI: 267.4569
• Rent YoY: ▲ 4.65%
• 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

+357.1% since first listed

23 events — show timeline

• 2026-05-21 Price Changed $160,000 BRIGHT MLS
• 2026-05-13 Listed $190,000 BRIGHT MLS
• 2025-10-21 Rental Removed $1,000 REDFIN
• 2025-10-13 Listed for Rent $1,000 REDFIN
• 2025-02-28 Sold (Public Records) $285,000 Public Records
• 2025-02-14 Sold (MLS) $285,000 BRIGHT MLS
• 2024-12-30 Contingent — BRIGHT MLS
• 2024-12-30 Listing Removed — BRIGHT MLS
• 2024-12-17 Price Changed $289,000 BRIGHT MLS
• 2024-12-17 Price Changed $289,000 BRIGHT MLS
• 2024-11-08 Listed $175,000 BRIGHT MLS
• 2024-11-08 Listed $175,000 BRIGHT MLS
• 2024-07-10 Listing Removed — BRIGHT MLS
• 2024-07-08 Listing Removed — BRIGHT MLS
• 2024-06-04 Price Changed $325,000 BRIGHT MLS
• 2024-06-04 Price Changed $325,000 BRIGHT MLS
• 2024-05-15 Listed $350,000 BRIGHT MLS
• 2024-05-10 Listed $350,000 BRIGHT MLS
• 2024-04-30 Coming Soon — BRIGHT MLS
• 2022-05-12 Price Changed $700 RENT.
• 2007-10-31 Sold (Public Records) $70,000 Public Records
• 1995-02-22 Sold (Public Records) $40,000 Public Records
• 1990-12-24 Sold (Public Records) $35,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $4,579 · +24.1% YoY. Source: county tax records.