2044 Walbrook Ave · Baltimore, MD 21217

$75,000

36 bd · None ba · 3,700 sqft · MultiFamily · 18 Days on market

Built 1920 1,100 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Approved 6-unit redevelopment opportunity. Estimated 3,700 sq. ft. three-level end-of-block building with approval for a 6-unit apartment building. Seller has invested over $60,000 and completed the difficult early-stage work, including full gut-out, new subfloors on the main, second, and third levels, a new roof, and new rear siding. This property was previously in shell condition — you could stand in the basement and see the sky — and it has now been stabilized and is ready for development. Seller has obtained the Mayor’s Office sign-off for the proposed 6-unit use. Approval letter and architectural drawings are available in the document section. Buyer to verify all perm

Key facts

• New rear siding
• New subfloors
• Full gut-out

Tags

• REDEVELOPMENT OPPORTUNITY
• END-OF-BLOCK BUILDING
• FULL GUT-OUT
• NEW SUBFLOORS
• NEW ROOF
• NEW REAR SIDING

Property features AI

Finance

• Other: Total below-grade area approximately 1,000; Above-grade finished area approximately 3,700; Unfinished below-grade area approximately 1,000
• Financial info: Improvement assessed at $18,000; Land assessed at $20,000; Ground rent ownership interest; Annual ground rent noted in income/expense list

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: End of row townhouse; Flat rubber roof
• Construction: Brick construction; Slab foundation; Major rehab needed; Year built per assessor
• Exterior features: Ground rent exists; semi-annual ground rent payment of $120; Above-grade and below-grade structures

Interior

• Bedrooms: Six one-bedroom units
• Interior features: Unfinished basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $995/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 101.8% 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); 334 active listings in the ZIP; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $8,126/mo this rent would consume 254% 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 $519 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 $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; list at $75k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $73,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 10.83% ✓
• Cap rate: 101.81%
• Cash-on-cash: 341.12%
• DSCR: 16.18
• GRM: 0.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.63% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.99×
• Total profit: $398,890
• Equity at exit: $11,183

10-year hold

• IRR: —
• Equity multiple: 47.35×
• Total profit: $973,270
• Equity at exit: $6,485

Cash invested: $21,000 (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: 334
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $8,126 high
• Mortgage (P&I): −$393
• Tax from tax record: −$25 /mo · $305/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,706
• Net cashflow: $5,970

Break-even live

Break-even rent $570

Max offer price $75,000

Occupancy floor 22%

Sensitivity live

Price	-10% $6,012	-5% $5,991	+0% $5,970	+5% $5,948	+10% $5,927
Rent	-10% $5,328	-5% $5,649	+0% $5,970	+5% $6,291	+10% $6,611
Rate	-1.0pp $6,007	-0.5pp $5,989	base $5,970	+0.5pp $5,950	+1.0pp $5,930

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$8,124
Total (6 units)			$8,126

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $75,000 Active 18 DOM
2. 2026-06-18
   days on market $75,000 Active 15 DOM
3. 2026-06-17
   days on market $75,000 Active 14 DOM
4. 2026-06-16
   days on market $75,000 Active 13 DOM
5. 2026-06-15
   days on market $75,000 Active 12 DOM
6. 2026-06-13
   days on market $75,000 Active 10 DOM
7. 2026-06-09
   days on market $75,000 Active 6 DOM
8. 2026-06-08
   days on market $75,000 Active 5 DOM
9. 2026-06-07
   days on market $75,000 Active 4 DOM
10. 2026-06-04
    remarks 681-char remark
11. 2026-06-04
    listed $75,000 Active 1 DOM

ⓘ 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: $305 · $25/mo
• Projected year-2 tax: $561 · $47/mo
• Expected delta: +$256/yr (+$21/mo · 83.9%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $97,512
• − Mortgage interest: −$4,201
• − Property taxes: −$305
• − Insurance: −$375
• − Repairs & maintenance: −$7,801
• − Management: −$7,801
• − Depreciation: −$2,182
• Taxable income: $74,847
• Est. tax owed @ 24.0%: −$17,963
• After-tax cash flow: $53,671/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

+87.5% since first listed

14 events — show timeline

• 2026-06-03 Listed $75,000 BRIGHT MLS
• 2025-12-19 Listing Removed — BRIGHT MLS
• 2025-11-03 Relisted — BRIGHT MLS
• 2025-09-01 Contingent — BRIGHT MLS
• 2025-01-28 Listed $280,000 BRIGHT MLS
• 2024-12-29 Listing Removed — BRIGHT MLS
• 2024-12-19 Price Changed $289,000 BRIGHT MLS
• 2024-12-08 Listed $295,000 BRIGHT MLS
• 2012-02-17 Delisted — MRIS
• 2012-02-17 Listing Removed — BRIGHT MLS
• 2011-12-05 Price Changed — MRIS
• 2011-11-28 Listed — MRIS
• 2011-11-28 Listed $18,000 BRIGHT MLS
• 1995-11-28 Sold (Public Records) $40,000 Public Records

Property tax history

-2.6%/yr

Latest (2025): $305 · +18.2% YoY. Source: county tax records.