2113 Mcculloh St · Baltimore, MD 21217

$119,900

3 bd · 2.0 ba · 1,350 sqft · Townhouse public records · 34 Days on market

Built 1920 $89/sqft · at area comps Est $122k · at est.

---

Why this score? — see what drove the C+ 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 +26.4/30.0
• 1% rule +9.6/10.0
• DSCR +9.0/10.0
• ARV discount +8.2/15.0
• 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

Calling all investors and savvy buyers looking for their next opportunity! This value-packed property is the perfect light rehab project for an investor looking to expand their rental portfolio or renovate and resell. Featuring wood flooring throughout the main level, this home offers an open and functional floor plan with a spacious living room, an island kitchen complete with granite countertops, stainless steel appliances, and tile backsplash, plus a convenient main level full bath. The upper level includes 3 bedrooms and an additional full bath, while the unfinished basement provides excellent storage space and potential for future finishing. With solid bones and cosmetic updates needed

Key facts

• Wood flooring
• Island kitchen
• Unfinished basement

Tags

• WOOD FLOORING
• ISLAND KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• TILE BACKSPLASH
• UNFINISHED BASEMENT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Brick construction
• Construction: Brick exterior; Other type foundation
• Exterior features: Interior townhouse/rowhouse; No tidal water

Interior

• Kitchen: Kitchen equipped with refrigerator, microwave, and disposal
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Unfinished basement; Disposal; Refrigerator; Microwave

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+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); 48% 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 $1,750/mo this rent would consume 55% 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 $829 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $120k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.9% 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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: 1.46% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• GRM: 5.7

CMA / ARV

• ARV (median comp): $121,706
• List price: $119,900
• Delta: -1.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2115 Mcculloh St	0.00mi	3/1.5	1,350 (0%)	4mo	$77,000	$57	95
2418 Druid Hill Ave	0.28mi	3/1.5	1,328 (-2%)	6mo	$77,000	$58	77
700 Cumberland St	0.38mi	4/2.0 (+1)	1,280 (-5%)	3mo	$107,800	$84	67
1901 Linden Ave	0.27mi	2/1.5 (-1)	1,240 (-8%)	1mo	$275,000	$222	66
2453 Mcculloh St	0.32mi	3/1.0	1,460 (+8%)	3mo	$99,900	$68	65
1407 Jordan St	0.54mi	3/3.0	1,400 (+4%)	5mo	$425,500	$304	60
1719 Baker St	0.55mi	2/1.0 (-1)	1,400 (+4%)	2mo	$19,250	$14	58
1306 Rutter St	0.75mi	3/1.0	1,312 (-3%)	5mo	$290,000	$221	52
2820 Woodbrook Ave	0.65mi	3/1.5	1,232 (-9%)	2mo	$85,000	$69	52
2208 Mount Royal Ter	0.54mi	3/3.5	1,216 (-10%)	4mo	$299,900	$247	49
2818 Woodbrook Ave	0.64mi	3/1.0	1,232 (-9%)	3mo	$45,500	$37	48
1735 N Payson St	0.74mi	3/1.5	1,250 (-7%)	6mo	$95,000	$76	47

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: 5.3%
• Equity multiple: 1.22×
• Total profit: $7,275
• Equity at exit: $17,877

10-year hold

• IRR: 18.4%
• Equity multiple: 2.85×
• Total profit: $61,973
• Equity at exit: $10,367

Cash invested: $33,572 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,750 high
• Mortgage (P&I): −$629
• Tax from tax record: −$391 /mo · $4,698/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $313

Break-even live

Break-even rent $1,355

Max offer price $119,900

Occupancy floor 77%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	17d	1	0.04mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	43d	1	0.05mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	10d	1	0.08mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	2d	1	0.08mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	43d	1	0.11mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	43d	1	0.13mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	23d	1	0.17mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.23mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	43d	1	0.24mi
1829 Eutaw Pl Unit B Baltimore, MD	2.0	2.0	1278	$2,100	$1.64	4d	1	0.25mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	43d	1	0.26mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	43d	1	0.30mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	43d	1	0.30mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	43d	1	0.31mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	43d	1	0.32mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	43d	1	0.33mi
815 Lennox St Baltimore, MD	3.0	3.5	1600	$2,790	$1.74	23d	1	0.34mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	43d	1	0.35mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	17d	1	0.35mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	43d	1	0.37mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	14d	1	0.38mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.39mi
1722 Bolton St Unit 3 Baltimore, MD	2.0	1.0	942	$1,600	$1.70	4d	1	0.39mi
734 Watts St Baltimore, MD	3.0	3.5	1720	$2,900	$1.69	43d	1	0.40mi
750 Reservoir St Unit B Baltimore, MD	2.0	2.0	900	$1,850	$2.06	43d	1	0.40mi
750 Reservoir St Unit A Baltimore, MD	2.0	1.0	900	$1,650	$1.83	43d	1	0.40mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	43d	1	0.40mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	23d	3	0.41mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	23d	1	0.41mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	43d	1	0.42mi
1714 Park Ave #202 Baltimore, MD	2.0	2.0	1000	$1,800	$1.80	23d	1	0.43mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	12d	1	0.44mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	43d	1	0.45mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	1d	1	0.46mi
1729 Park Ave Unit 4 Baltimore, MD	2.0	2.0	900	$1,725	$1.92	4d	1	0.46mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	4d	4	0.49mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	19d	1	0.49mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	20d	1	0.50mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	23d	1	0.51mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	23d	4	0.52mi

Listing history 23 events

1. 2026-06-18
   days on market $119,900 Active 34 DOM
2. 2026-06-17
   price $119,900 Active 33 DOM
3. 2026-06-17
   days on market $134,900 Active 33 DOM
4. 2026-06-16
   days on market $134,900 Active 32 DOM
5. 2026-06-15
   days on market $134,900 Active 31 DOM
6. 2026-06-13
   days on market $134,900 Active 29 DOM
7. 2026-06-09
   days on market $134,900 Active 25 DOM
8. 2026-06-08
   days on market $134,900 Active 24 DOM
9. 2026-06-07
   days on market $134,900 Active 23 DOM
10. 2026-06-04
    days on market $134,900 Active 20 DOM
11. 2026-06-03
    days on market $134,900 Active 19 DOM
12. 2026-06-02
    days on market $134,900 Active 18 DOM
13. 2026-06-01
    days on market $134,900 Active 17 DOM
14. 2026-05-31
    days on market $134,900 Active 16 DOM
15. 2026-05-15
    listed $134,900 Active 834-char remark
16. 2025-01-21
    historical
17. 2024-11-28
    listed $215,000 Active
18. 2024-11-28
    historical
19. 2024-09-24
    listed $215,000 Active
20. 2024-08-13
    historical
21. 2024-08-12
    listed $215,000 Active
22. 2024-07-18
    historical
23. 1988-05-13
    soldstatus $55,000

ⓘ 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: $4,698 · $391/mo
• Projected year-2 tax: $4,698 · $391/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: $21,003
• − Mortgage interest: −$6,716
• − Property taxes: −$4,698
• − Insurance: −$600
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$3,488
• Taxable income: $2,141
• Est. tax owed @ 24.0%: −$514
• After-tax cash flow: $3,236/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

+118.0% since first listed

10 events — show timeline

• 2026-06-17 Price Changed $119,900 BRIGHT MLS
• 2026-05-15 Listed $134,900 BRIGHT MLS
• 2025-01-21 Listing Removed — BRIGHT MLS
• 2024-11-28 Listing Removed — BRIGHT MLS
• 2024-11-28 Listed $215,000 BRIGHT MLS
• 2024-09-24 Listed $215,000 BRIGHT MLS
• 2024-08-13 Listing Removed — BRIGHT MLS
• 2024-08-12 Listed $215,000 BRIGHT MLS
• 2024-07-18 Coming Soon — BRIGHT MLS
• 1988-05-13 Sold (Public Records) $55,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $4,698 · +1282.5% YoY. Source: county tax records.