2425 Mcculloh St · Baltimore, MD 21217

$69,900

3 bd · 1.0 ba · 1,102 sqft · Townhouse public records · 23 Days on market

Built 1914 Est $84k · 17% 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 +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2425 Mcculloh St, a classic brick exterior, high ceilings, and original architectural details bring historic charm to every corner. Main level features an ample living room, a separate dining room, and the kitchen. Step out onto the spacious patio just off the kitchen, perfect for summer BBQs, and enjoy the private backyard. Upstairs you'll find three cozy bedrooms and a full bath. The full basement provides ample storage or potential for a finished space. Located in the desirable Reservoir Hill / Penn North neighborhood, this home is just steps from Druid Hill Park, local shops, and public transit. Zoned for Booker T. Washington Middle School and Frederick Douglass High School,

Key facts

• Brick exterior
• Private backyard
• Full basement

Tags

• BRICK EXTERIOR
• HIGH CEILINGS
• ORIGINAL ARCHITECTURAL DETAILS
• SPACIOUS PATIO
• PRIVATE BACKYARD
• FULL BASEMENT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Fee simple ownership
• Construction: Brick exterior; Permanent foundation; Above-grade and below-grade structures
• Exterior features: Brick construction; Property is an interior townhouse/rowhouse; Not tidal water

Interior

• Bedrooms: 3 bedrooms on the first upper level
• Bathrooms: 1 full bathroom
• Heating & cooling: Radiator heating; Natural gas heating and hot water
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $70k.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.8% 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 (+6.6%/yr); 331 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,702/mo this rent would consume 53% of the median local household income ($38k/yr) (locally 2921% 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 $483 of loan paydown is wiped out by about $2k 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 + 6.6% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 2.44% ✓
• Cap rate: 18.81%
• Cash-on-cash: 44.69%
• DSCR: 2.99
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $83,752
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2418 Etting St	0.16mi	2/1.0 (-1)	1,080 (-2%)	4mo	$53,500	$50	81
1603 Clifton Ave	0.36mi	3/1.0	1,100 (-0%)	2mo	$130,000	$118	81
2109 N Fulton Ave N	0.40mi	3/1.0	1,100 (-0%)	4mo	$35,000	$32	77
1552 N Fulton Ave	0.59mi	3/1.0	1,113 (+1%)	4mo	$125,000	$112	68
1705 N Payson St	0.66mi	3/1.5	1,100 (-0%)	5mo	$38,000	$35	63
2818 Woodbrook Ave	0.40mi	3/1.0	1,232 (+12%)	3mo	$45,500	$37	59
2820 Woodbrook Ave	0.40mi	3/1.5	1,232 (+12%)	2mo	$85,000	$69	58
1214 N Woodyear St	0.66mi	3/2.0	1,080 (-2%)	5mo	$68,500	$63	58
1201 N Calhoun St	0.69mi	3/2.5	1,080 (-2%)	5mo	$102,000	$94	54
1901 Linden Ave	0.47mi	2/1.5 (-1)	1,240 (+12%)	1mo	$275,000	$222	49
2208 Mount Royal Ter	0.57mi	3/3.5	1,216 (+10%)	4mo	$299,900	$247	43
1735 N Payson St	0.64mi	3/1.5	1,250 (+13%)	6mo	$95,000	$76	41

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 46.3%
• Equity multiple: 3.13×
• Total profit: $41,648
• Equity at exit: $10,422

10-year hold

• IRR: 53.8%
• Equity multiple: 7.39×
• Total profit: $124,976
• Equity at exit: $6,044

Cash invested: $19,572 (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 21217

• Rents YoY: 6.6%
• Active inventory: 331
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$367
• Tax from tax record: −$220 /mo · $2,642/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $729

Break-even live

Break-even rent $780

Max offer price $69,900

Occupancy floor 52%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	43d	1	0.07mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	43d	1	0.07mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	43d	1	0.07mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	43d	1	0.08mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	43d	1	0.12mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	43d	1	0.16mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	43d	1	0.17mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	24d	1	0.19mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	2d	1	0.23mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.27mi
901 Druid Park Lake Dr Baltimore, MD	1.0–2.0	1.0	681	$1,250	$1.84	43d	1	0.28mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	43d	1	0.29mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	43d	1	0.30mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	24d	3	0.30mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	43d	1	0.31mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	4d	4	0.32mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	20d	1	0.32mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	24d	4	0.33mi
2016 Linden Ave Unit B Baltimore, MD	2.0	1.0	700	$1,400	$2.00	24d	1	0.33mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	18d	1	0.34mi
906 Whitelock St #2 Baltimore, MD	2.0	1.0	800	$1,250	$1.56	4d	1	0.35mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	18d	1	0.35mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	12d	1	0.35mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	2d	1	0.38mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	11d	1	0.38mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	43d	1	0.39mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	43d	1	0.42mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	20d	1	0.42mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	24d	1	0.43mi
2444 Callow Ave Unit B Baltimore, MD	2.0	1.0	980	$1,362	$1.39	4d	1	0.44mi
1562 N Woodyear St Baltimore, MD	2.0	1.5	788	$1,325	$1.68	24d	1	0.44mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.45mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	43d	1	0.45mi
750 Reservoir St Unit A Baltimore, MD	2.0	1.0	900	$1,650	$1.83	43d	1	0.46mi
750 Reservoir St Unit B Baltimore, MD	2.0	2.0	900	$1,850	$2.06	43d	1	0.46mi
1909 McCulloh St Unit 2 Baltimore, MD	2.0	1.0	717	$1,300	$1.81	24d	1	0.46mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	15d	1	0.48mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	43d	1	0.49mi
1829 Eutaw Pl Unit B Baltimore, MD	2.0	2.0	1278	$2,100	$1.64	4d	1	0.50mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	17d	1	0.50mi

Listing history 16 events

1. 2026-06-18
   days on market $69,900 Active 23 DOM
2. 2026-06-17
   days on market $69,900 Active 22 DOM
3. 2026-06-16
   days on market $69,900 Active 21 DOM
4. 2026-06-15
   days on market $69,900 Active 20 DOM
5. 2026-06-13
   days on market $69,900 Active 18 DOM
6. 2026-06-09
   days on market $69,900 Active 14 DOM
7. 2026-06-08
   days on market $69,900 Active 13 DOM
8. 2026-06-07
   days on market $69,900 Active 12 DOM
9. 2026-06-04
   days on market $69,900 Active 9 DOM
10. 2026-06-03
    days on market $69,900 Active 8 DOM
11. 2026-06-02
    days on market $69,900 Active 7 DOM
12. 2026-06-01
    days on market $69,900 Active 6 DOM
13. 2026-05-31
    days on market $69,900 Active 5 DOM
14. 2026-05-26
    listed $69,900 Active
15. 2024-05-16
    soldstatus $210,000
16. 2024-03-28
    soldstatus $49,000

ⓘ 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: $2,642 · $220/mo
• Projected year-2 tax: $2,642 · $220/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 7/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,427
• − Mortgage interest: −$3,915
• − Property taxes: −$2,642
• − Insurance: −$350
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$2,033
• Taxable income: $8,218
• Est. tax owed @ 24.0%: −$1,972
• After-tax cash flow: $6,774/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+42.7% since first listed

3 events — show timeline

• 2026-05-26 Listed $69,900 BRIGHT MLS
• 2024-05-16 Sold (Public Records) $210,000 Public Records
• 2024-03-28 Sold (Public Records) $49,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,642 · +5.4% YoY. Source: county tax records.