6503 Gilmore St

Woodlawn, MD 21207

$275,000C-

4 bd · 1.0 ba · 1,510 sqft · Built 1948 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,138/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$449
• Net cashflow: $-143/mo
• Annual: $-1,710/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.22%
• DSCR: 0.90
• 1% rule: 0.78%
• Cash to close: $77,000

Investor read

• This is a 4-bed/1.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (22.2% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $214k (22.2% below list) — sets the bar for 1% rule.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (9.5% local appreciation)).
• Location reads 77/100 on livability (#78 in MD, #2,926 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A-; Watch: amenities D+, crime F.
• Baltimore County Public Schools (suburban): math 15% / reading 34% proficiency, ranked #11 of 24 in MD (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 126 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,511 units permitted in Baltimore County in 2024 (643 in 5+ unit buildings).
• Baltimore County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $12k; list at $275k implies a 2192% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 4.3% in Woodlawn — 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.
• This rent runs 38% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• 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.
• 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.