1931 W Pratt St · Baltimore, MD 21223

$25,000

2 bd · 1.5 ba · 1,331 sqft · Townhouse · 15 Days on market

Built 1920 765 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 +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

* Great deal for rental income * * Commercial + Residential * Rental income should be around $1500, Do business down stairs and live upstairs,

Key facts

• Built 1920
• Listed 15 days

Property features AI

Finance

• Financial info: Assessment values reported (land and improvements)

Exterior

• Parking: On-street parking
• Utilities: Public water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Other foundation details; Other structures above and below grade; Year built: estimated
• Exterior features: No tidal water

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Heating: Other; Cooling: Other; Hot water: Other
• Interior features: Estimated living area; No basement; Accessibility features present

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 58.0% 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: 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.
• 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); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.5%/yr); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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 + 7.5% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago; this cycle's ask is 900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $16k; list at $25k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 6.33% ✓
• Cap rate: 57.99%
• Cash-on-cash: 184.64%
• DSCR: 9.22
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $162,382
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2216 W Fayette St	0.39mi	3/1.5 (+1)	1,326 (-0%)	1mo	$77,000	$58	75
1906 W Saratoga St	0.50mi	3/1.5 (+1)	1,273 (-4%)	2mo	$155,000	$122	63
2516 W Fairmount Ave	0.55mi	3/1.0 (+1)	1,304 (-2%)	2mo	$30,000	$23	62
1236 Sargeant St	0.71mi	2/2.0	1,350 (+1%)	2mo	$205,000	$152	61
2211 W Pratt St	0.21mi	3/1.0 (+1)	1,500 (+13%)	2mo	$30,000	$20	60
916 S Carey St	0.61mi	3/1.5 (+1)	1,288 (-3%)	1mo	$100,000	$78	60
1241 James St	0.69mi	3/2.0 (+1)	1,412 (+6%)	1mo	$225,000	$159	50
2576 W Baltimore St W	0.62mi	3/2.0 (+1)	1,200 (-10%)	2mo	$152,000	$127	46
2416 W Franklin St	0.73mi	3/2.0 (+1)	1,435 (+8%)	2mo	$67,000	$47	44
2680 Saint Benedict St	0.70mi	3/2.0 (+1)	1,445 (+9%)	2mo	$45,000	$31	44
1110 W Lombard St	0.67mi	3/2.5 (+1)	1,206 (-9%)	1mo	$180,000	$149	44
1109 S Carey St	0.68mi	3/2.0 (+1)	1,478 (+11%)	2mo	$219,900	$149	42

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.30×
• Total profit: $72,076
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 27.43×
• Total profit: $184,999
• Equity at exit: $2,162

Cash invested: $7,000 (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 21223

• Rents YoY: 7.5%
• Active inventory: 425
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,582 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $1,077

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 27%

Sensitivity live

Price	-10% $1,094	-5% $1,086	+0% $1,077	+5% $1,068	+10% $1,060
Rent	-10% $952	-5% $1,015	+0% $1,077	+5% $1,140	+10% $1,202
Rate	-1.0pp $1,090	-0.5pp $1,083	base $1,077	+0.5pp $1,071	+1.0pp $1,064

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	45d	1	0.18mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,375	$1.60	45d	1	0.23mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	25d	1	0.23mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	45d	1	0.28mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	25d	1	0.30mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	45d	1	0.31mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	25d	1	0.31mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	25d	1	0.32mi
476 S Bentalou St Baltimore, MD	2.0	1.5	1630	$1,300	$0.80	45d	1	0.34mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	6d	1	0.36mi
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	4d	1	0.37mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.42mi
2005 Penrose Ave Baltimore, MD	3.0	1.0	1232	$1,600	$1.30	0d	1	0.42mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	45d	1	0.44mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	19d	1	0.46mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	23d	1	0.48mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	25d	1	0.49mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	45d	1	0.50mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.50mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	45d	1	0.50mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	45d	1	0.50mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	25d	1	0.50mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	25d	1	0.52mi
1518 1/2 W Lexington St Baltimore, MD	2.0	2.0	1650	$1,200	$0.73	6d	1	0.53mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	6d	1	0.53mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	14d	1	0.53mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	45d	1	0.55mi
1323 W Fayette St Baltimore, MD	2.0	1.0	1000	$1,350	$1.35	0d	1	0.56mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	25d	1	0.56mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,200	$1.79	0d	1	0.61mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	25d	1	0.64mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	45d	1	0.65mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	45d	1	0.66mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	6d	1	0.67mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	25d	1	0.67mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	23d	1	0.68mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	45d	1	0.68mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	45d	1	0.72mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	6d	1	0.72mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,595	$1.33	0d	1	0.73mi

Listing history 10 events

1. 2026-06-21
   days on market $25,000 Active 15 DOM
2. 2026-06-18
   days on market $25,000 Active 12 DOM
3. 2026-06-17
   days on market $25,000 Active 11 DOM
4. 2026-06-16
   days on market $25,000 Active 10 DOM
5. 2026-06-15
   days on market $25,000 Active 9 DOM
6. 2026-06-13
   days on market $25,000 Active 7 DOM
7. 2026-06-09
   days on market $25,000 Active 3 DOM
8. 2026-06-08
   days on market $25,000 Active 2 DOM
9. 2026-06-07
   remarks 145-char remark
10. 2026-06-07
    listed $25,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,985
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − Depreciation: −$727
• Taxable income: $13,320
• Est. tax owed @ 24.0%: −$3,197
• After-tax cash flow: $9,728/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): 19,572
• Household income: $45,840
• Rent vs Own: 68.0% rent · 32.0% own
• Severe rent burden: 1755.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -97.99%
• Current HPI: 140.5836
• Rent YoY: ▲ 7.51%
• 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

+316.7% since first listed

11 events — show timeline

• 2026-06-06 Price Changed $25,000 BRIGHT MLS
• 2026-06-06 Listed $2,500 BRIGHT MLS
• 2025-12-01 Listing Removed — BRIGHT MLS
• 2025-11-24 Price Changed $65,000 BRIGHT MLS
• 2025-11-21 Price Changed $69,000 BRIGHT MLS
• 2025-11-12 Listed $75,000 BRIGHT MLS
• 2012-04-25 Sold (Public Records) $16,500 Public Records
• 2005-03-30 Sold (Public Records) $200,000 Public Records
• 2002-08-03 Delisted — MRIS
• 2002-02-17 Listed — MRIS
• 1990-01-09 Sold (Public Records) $6,000 Public Records