8 N Pulaski St · Baltimore, MD 21223

$114,000

3 bd · 3.0 ba · 2,230 sqft · Townhouse · 2 Days on market

Built 1920 0.25 ac lot Est $219k · 48% under

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

Located at 8 N. Pulaski Street in Baltimore, this flexible space offers a unique opportunity for both residential living or commercial office/administrative use. The property features a functional layout with multiple rooms that can be easily converted into bedrooms, making it ideal for a live/work setup or a shared living arrangement. An elevator adds convenience and accessibility throughout the building. Positioned just minutes from downtown Baltimore, the property is within walking distance to Grace Memorial (LifeBridge) and only minutes from the University of Maryland Medical Center, Camden Yards, and M & T Bank Stadium. Commuters will appreciate being on the bus line and just 5 min

Key facts

• Built 1920
• Listed 2 days

Property features AI

Finance

• Other: Ownership: Fee simple

Exterior

• Parking: Public parking available; Other parking type
• Utilities: Public water; Public sewer
• Home design: End of row townhouse; Estimated year built
• Construction: Brick construction; Permanent foundation
• Exterior features: Above-grade additional structure; Not located on tidal water; Located within city limits; Cross street: West Baltimore Street

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two main-level bedrooms; One bedroom on the first upper level
• Bathrooms: Three full bathrooms (one on main level, one on first upper level, one on lower level)
• Heating & cooling: Forced air heating; Hot water heating; Cooling via multiple units, wall unit, and window units; Natural gas fuel for heating, cooling, and hot water
• Interior features: Doors with lever handles; Elevator; Full basement
• Laundry & utility: Laundry hookups

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $114k.

Deal economics

• At list price, monthly cash flow is $871 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Cap rate 15.5% 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 (+7.5%/yr); 422 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,959/mo this rent would consume 51% of the median local household income ($46k/yr) (locally 1755% 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 $788 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $47k; list at $114k implies a 144% 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 $114,000

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. 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.
6. 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.
7. 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: 1.72% ✓
• Cap rate: 15.46%
• Cash-on-cash: 32.73%
• DSCR: 2.46
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $218,540
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 N Pulaski St	0.00mi	3/3.0	2,230 (0%)	1mo	$114,000	$51	99
10 N Pulaski St	0.00mi	4/1.5 (+1)	2,232 (+0%)	3mo	$92,500	$41	86
41 N Gorman Ave	0.17mi	2/3.0 (-1)	2,100 (-6%)	9mo	$205,000	$98	70
1706 Lemmon St	0.37mi	3/1.0	2,200 (-1%)	4mo	$38,500	$18	69
206 S Gilmor St	0.48mi	4/2.5 (+1)	2,200 (-1%)	3mo	$215,000	$98	66
1709 Hollins St	0.34mi	3/3.5	2,436 (+9%)	9mo	$230,000	$94	59
1810 Edmondson Ave	0.52mi	4/2.0 (+1)	2,290 (+3%)	8mo	$55,000	$24	55
105 N Fulton Ave	0.30mi	4/2.0 (+1)	2,000 (-10%)	6mo	$50,000	$25	55
329 N Gilmor St	0.52mi	4/2.5 (+1)	2,066 (-7%)	6mo	$315,000	$152	51
35 S Calhoun St	0.60mi	3/2.5	1,985 (-11%)	7mo	$245,000	$123	45
1319 W Lombard St	0.64mi	4/2.0 (+1)	2,046 (-8%)	7mo	$385,000	$188	41
2537 Calverton Heights Ave	0.74mi	3/3.0	1,924 (-14%)	6mo	$235,000	$122	38

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: 32.5%
• Equity multiple: 2.45×
• Total profit: $46,229
• Equity at exit: $16,998

10-year hold

• IRR: 41.8%
• Equity multiple: 5.80×
• Total profit: $153,358
• Equity at exit: $9,857

Cash invested: $31,920 (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: 422
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,959 high
• Mortgage (P&I): −$598
• Tax from tax record: −$32 /mo · $380/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $871

Break-even live

Break-even rent $857

Max offer price $114,000

Occupancy floor 51%

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 N Bentalou St Baltimore, MD	3.0	2.5	1844	$1,700	$0.92	2d	1	0.16mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	23d	1	0.21mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	43d	1	0.29mi
1725 Hollins St Unit 4 Baltimore, MD	2.0	1.0	2796	$1,195	$0.43	44d	1	0.29mi
1725 Hollins St #3 Baltimore, MD	2.0	1.0	2796	$1,195	$0.43	43d	1	0.29mi
1814 Penrose Ave Baltimore, MD	3.0	1.0	1624	$1,700	$1.05	17d	1	0.31mi
476 S Bentalou St Baltimore, MD	2.0	1.5	1630	$1,300	$0.80	43d	1	0.46mi
1518 1/2 W Lexington St Baltimore, MD	2.0	2.0	1650	$1,200	$0.73	4d	1	0.49mi
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.60mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.60mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.60mi
1509 Edmondson Ave #1 Baltimore, MD	3.0	2.0	1600	$2,275	$1.42	23d	1	0.67mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	23d	1	0.74mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.77mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	43d	1	0.79mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.86mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	0.87mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	17d	1	0.88mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	43d	1	0.88mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	2d	12	0.90mi
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	23d	1	0.91mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	23d	1	0.93mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	23d	1	0.94mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	23d	1	0.95mi
2922 Edmondson Ave Baltimore, MD	3.0	2.0	1620	$1,900	$1.17	43d	1	0.95mi
110 S Poppleton St Baltimore, MD	3.0	1.5	1800	$1,900	$1.06	43d	1	0.96mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	0.96mi
2744 W Mosher St Baltimore, MD	4.0	2.0	1412	$2,100	$1.49	23d	1	1.06mi
1226 W Cross St Baltimore, MD	3.0	3.0	1551	$2,250	$1.45	43d	1	1.06mi
1012 W Lanvale St Baltimore, MD	2.0	2.0	2008	$1,925	$0.96	23d	1	1.09mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	23d	1	1.09mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	12d	1	1.12mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	23d	1	1.13mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	2d	1	1.14mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	3d	1	1.14mi
804 Hollins St Unit 1 Baltimore, MD	3.0	2.0	1800	$2,700	$1.50	4d	1	1.14mi
827 Washington Blvd Baltimore, MD	3.0	1.0	1512	$2,000	$1.32	23d	1	1.14mi
324 Scott St Baltimore, MD	4.0	2.5	1656	$3,000	$1.81	43d	1	1.16mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	43d	1	1.19mi
519 Scott St Unit 2 Baltimore, MD	3.0	3.0	1600	$3,000	$1.88	43d	1	1.21mi

Listing history 4 events

1. 2026-05-07
   status Pending
2. 2026-05-05
   listed $114,000 Active
3. 1995-08-04
   soldstatus $46,800
4. 1993-02-01
   soldstatus $48,025

ⓘ 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: $380 · $32/mo
• Projected year-2 tax: $812 · $68/mo
• Expected delta: +$431/yr (+$36/mo · 113.3%)

ⓘ 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: $23,508
• − Mortgage interest: −$6,386
• − Property taxes: −$380
• − Insurance: −$570
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − Depreciation: −$3,316
• Taxable income: $9,094
• Est. tax owed @ 24.0%: −$2,183
• After-tax cash flow: $8,264/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

+137.4% since first listed

4 events — show timeline

• 2026-05-07 Pending — BRIGHT MLS
• 2026-05-05 Listed $114,000 BRIGHT MLS
• 1995-08-04 Sold (Public Records) $46,800 Public Records
• 1993-02-01 Sold (Public Records) $48,025 Public Records

Property tax history

-4.1%/yr

Latest (2025): $380 · +0.0% YoY. Source: county tax records.