5923 Belair Rd · Baltimore, MD 21206

$99,000

2 bd · 0.5 ba · 1,589 sqft · SingleFamily · 249 Days on market

Built 1922 3,688 sqft lot $62/sqft · 64% below area ↓ 21% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

Key facts

• Brand new roof
• Strong visibility
• Mixed-use zoning

Tags

• SEPARATE UPSTAIRS UNIT
• BRAND NEW ROOF
• STRONG VISIBILITY
• MIXED-USE ZONING

What this means for you Summary

Snapshot

• This is a 2-bed/0.5-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $858 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.7% 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 (+4.4%/yr); 173 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 36% of the median local income ($65k/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 $684 of loan paydown is wiped out by about $3k 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 + 4.4% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 249 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $44k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.97% ✓
• Cap rate: 16.69%
• Cash-on-cash: 37.14%
• DSCR: 2.65
• GRM: 4.2

CMA / ARV

• ARV (median comp): $271,906
• List price: $99,000
• Delta: -63.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4412 Springwood Ave	0.49mi	3/1.5 (+1)	1,624 (+2%)	3mo	$295,000	$182	62
6105 Walther Ave	0.40mi	3/2.0 (+1)	1,500 (-6%)	1mo	$250,000	$167	61
4212 Mary Ave	0.12mi	3/3.0 (+1)	1,430 (-10%)	3mo	$286,999	$201	60
3811 White Ave	0.41mi	3/1.5 (+1)	1,583 (-0%)	13mo	$255,000	$161	60
5602 Todd Ave	0.71mi	2/1.0	1,600 (+1%)	7mo	$145,000	$91	58
6008 Eurith Ave	0.50mi	3/1.5 (+1)	1,492 (-6%)	6mo	$235,000	$158	52
4401 Anntana Ave	0.64mi	3/1.0 (+1)	1,500 (-6%)	4mo	$175,000	$117	51
5702 Anthony Ave	0.39mi	3/2.0 (+1)	1,476 (-7%)	13mo	$240,000	$163	48
5710 Adleigh Ave	0.37mi	3/2.0 (+1)	1,377 (-13%)	13mo	$252,500	$183	39
4428 Raspe Ave	0.58mi	3/2.0 (+1)	1,728 (+9%)	11mo	$271,500	$157	38
4433 Forest View Ave	0.61mi	3/2.0 (+1)	1,412 (-11%)	11mo	$240,000	$170	33
5603 Knell Ave	0.72mi	3/2.0 (+1)	1,400 (-12%)	6mo	$315,000	$225	30

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 · 4.43% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 2.50×
• Total profit: $41,483
• Equity at exit: $14,761

10-year hold

• IRR: 42.3%
• Equity multiple: 5.28×
• Total profit: $118,644
• Equity at exit: $8,560

Cash invested: $27,720 (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 21206

• Rents YoY: 4.4%
• Active inventory: 173
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,952 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $858

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 51%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4111 Century Rd Baltimore, MD	3.0	1.5	1432	$2,500	$1.75	43d	1	0.07mi
5839 Benton Heights Ave #1 Baltimore, MD	1.0	1.0	1140	$1,150	$1.01	43d	1	0.19mi
4308 Hamilton Ave Baltimore, MD	2.0	1.0	1110	$1,416	$1.28	24d	1	0.40mi
5632 Belair Rd Baltimore, MD	3.0	1.5	1260	$2,100	$1.67	24d	1	0.46mi
5510 Plainfield Ave Unit 5510B Baltimore, MD	1.0	1.0	1232	$1,250	$1.01	43d	1	0.71mi
6410 Walther Ave Baltimore, MD	2.0	1.0–2.0	1195	$1,995	$1.67	43d	7	0.74mi
5307 Valiquet Ave Unit A Baltimore, MD	2.0	1.0	1672	$1,375	$0.82	43d	1	0.75mi
3721 Frankford Ave Baltimore, MD	3.0	2.0	1600	$2,050	$1.28	43d	1	0.79mi
3510 Hamilton Ave Baltimore, MD	3.0	2.5	2100	$2,300	$1.10	24d	1	0.81mi
4001 Echodale Ave Baltimore, MD	1.0	1.0	1701	$1,399	$0.82	43d	1	0.86mi
3412 Fleetwood Ave Baltimore, MD	3.0	2.5	1620	$2,195	$1.35	43d	1	0.92mi
4023 Belwood Ave Baltimore, MD	3.0	1.0	1080	$1,995	$1.85	43d	1	1.00mi
4104 Parkwood Ave Baltimore, MD	3.0	1.0	1224	$2,800	$2.29	24d	1	1.07mi
3514 Ailsa Ave Baltimore, MD	3.0	2.0	1800	$2,200	$1.22	43d	1	1.09mi
3158 Woodring Ave Parkville, MD	3.0	1.5	1500	$1,950	$1.30	24d	1	1.20mi
29 E Elm Ave Baltimore, MD	3.0	2.0	2052	$3,000	$1.46	5d	1	1.20mi
5313 Todd Ave Baltimore, MD	3.0	1.5	1280	$1,800	$1.41	16d	1	1.22mi
4517 Woodlea Ave Baltimore, MD	2.0	2.0	1326	$1,900	$1.43	2d	1	1.26mi
5253 Cedgate Rd Unit 1 Baltimore, MD	3.0	1.5	1152	$2,200	$1.91	43d	1	1.30mi
5248 Darien Rd Baltimore, MD	3.0	1.0	1584	$2,100	$1.33	43d	1	1.31mi
3309 Southern Ave Unit 2 Baltimore, MD	2.0	1.0	1200	$1,600	$1.33	12d	1	1.32mi
8133 Bartholomew Ct Baltimore, MD	3.0	2.5	1600	$2,700	$1.69	24d	1	1.34mi
3305 Rosekemp Ave Baltimore, MD	1.0	1.0	1644	$1,100	$0.67	43d	1	1.37mi
35-C Mopec Cir Nottingham, MD	2.0	1.0	1100	$1,445	$1.31	2d	10	1.38mi
2900 Ailsa Ave Apt 2 Baltimore, MD	3.0	1.0	1300	$1,750	$1.35	4d	1	1.46mi
2804 Christopher Ave Baltimore, MD	3.0	2.5	1280	$2,200	$1.72	24d	1	1.48mi

Listing history 27 events

1. 2026-06-18
   days on market $99,000 Active 249 DOM
2. 2026-06-17
   days on market $99,000 Active 248 DOM
3. 2026-06-16
   days on market $99,000 Active 247 DOM
4. 2026-06-15
   days on market $99,000 Active 246 DOM
5. 2026-06-13
   days on market $99,000 Active 244 DOM
6. 2026-06-09
   days on market $99,000 Active 240 DOM
7. 2026-06-08
   days on market $99,000 Active 239 DOM
8. 2026-06-07
   days on market $99,000 Active 238 DOM
9. 2026-06-04
   days on market $99,000 Active 235 DOM
10. 2026-06-03
    days on market $99,000 Active 234 DOM
11. 2026-06-02
    days on market $99,000 Active 233 DOM
12. 2026-06-01
    days on market $99,000 Active 232 DOM
13. 2026-05-31
    days on market $99,000 Active 231 DOM
14. 2026-05-01
    price $99,000 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

15. 2026-04-19
    price $129,000 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

16. 2026-02-10
    status Active 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

17. 2026-02-01
    status Pending 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

18. 2026-01-03
    price $139,000 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

19. 2025-10-02
    listed $142,500 Active 625-char remark

    Show marketing remark (625 chars)

    This property is ready for your vision. Zoned C2, it offers flexible options for retail, office, or service-based businesses on the main level, with a separate upstairs unit that was previously used as living quarters. Brand new roof Interior taken down to the studs – blank slate for customization Strong visibility and versatility with mixed-use zoning Perfect for investors or owner-operators looking to design their own layout and maximize returns. Bring your plans and unlock the potential. Buyer to perform any and all due diligence. Sold AS IS. Architectural drawings available. U & O Permit # BUSE-25-001385

20. 2025-02-19
    status Pending
21. 2025-02-19
    historical
22. 2025-02-01
    price $99,900
23. 2025-02-01
    status Active
24. 2025-01-02
    status Pending
25. 2024-08-02
    listed $125,000 Active
26. 2002-10-12
    historical
27. 2002-06-04
    listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,425
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,874
• − Management: −$1,874
• − Depreciation: −$2,880
• Taxable income: $9,272
• Est. tax owed @ 24.0%: −$2,225
• After-tax cash flow: $8,071/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): 48,902
• Household income: $64,531
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 2317.0

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: Predominantly Black (73%)
• Race & ethnicity: Black 73% White 20% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Ukrainian 1%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Spanish 2% Arabic 2% Other Indo-European 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: ▼ -191.83%
• Current HPI: 284.5645
• Rent YoY: ▲ 4.43%
• 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

-20.8% since first listed

14 events — show timeline

• 2026-05-01 Price Changed $99,000 BRIGHT MLS
• 2026-04-19 Price Changed $129,000 BRIGHT MLS
• 2026-02-10 Relisted — BRIGHT MLS
• 2026-02-01 Pending — BRIGHT MLS
• 2026-01-03 Price Changed $139,000 BRIGHT MLS
• 2025-10-02 Listed $142,500 BRIGHT MLS
• 2025-02-19 Pending — BRIGHT MLS
• 2025-02-19 Listing Removed — BRIGHT MLS
• 2025-02-01 Price Changed $99,900 BRIGHT MLS
• 2025-02-01 Relisted — BRIGHT MLS
• 2025-01-02 Pending — BRIGHT MLS
• 2024-08-02 Listed $125,000 BRIGHT MLS
• 2002-10-12 Delisted — MRIS
• 2002-06-04 Listed — MRIS