23 Pierside Dr #130

Baltimore, MD 21230

$145,000D

1 bd · 1.0 ba · 815 sqft · Built 2002 · Condo · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,018/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$475
• HOA: −$695
• Vac / Maint / Mgmt: −$424
• Net cashflow: $-337/mo
• Annual: $-4,040/yr
• Cap rate: 3.51%
• Cash-on-cash: -9.95%
• DSCR: 0.56
• 1% rule: 1.39%
• Cash to close: $40,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $-337 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (31.4% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 106 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (31.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• 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); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Watch-outs: property tax is 3.4% of price; HOA is 34% of rent.
• Market conditions: Rents soft (-1.0%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $44k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.5% vs local median 6.0% in Baltimore — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen backsplash — The backsplash appears to be in good condition, but could be replaced for a more modern look.
• Minor: Bathroom fixtures — The bathroom fixtures appear to be in good condition, but could be replaced for a more modern look.