423 Furrow · Baltimore, MD 21223

$68,000

3 bd · 1.0 ba · 1,040 sqft · Townhouse public records · 82 Days on market

Built 1920 1,040 sqft lot $65/sqft · 136% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Attention investors and savvy buyers! 423 Furrow Street presents a solid value-add opportunity with 3 bedrooms, 1 bathroom, and over 1,000 sq ft of living space. The property has been freshly painted and features recent bathroom updates, offering a strong foundation for rental income or renovation resale potential. Vacant and easy to show with notice. Conveniently located near transit, shopping, and city amenities, making it attractive to future tenants or homeowners alike.

Key facts

• Near shopping
• Near city amenities
• Built 1920

Tags

• RECENT BATHROOM UPDATES
• NEAR SHOPPING
• NEAR CITY AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $68k.

Deal economics

• At list price, monthly cash flow is $828 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $64k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.9% 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 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 43% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $470 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 + 7.5% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 33y 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 $20k; list at $68k implies a 240% 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 $63,920 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.42% ✓
• Cap rate: 20.90%
• Cash-on-cash: 52.18%
• DSCR: 3.32
• GRM: 3.4

CMA / ARV

• ARV (median comp): $28,836
• List price: $68,000
• Delta: 135.82%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 S Bentalou St	0.11mi	4/3.0 (+1)	1,032 (-1%)	1mo	$190,000	$184	80
2402 Wilkens Ave	0.20mi	2/1.0 (-1)	1,092 (+5%)	0mo	$45,000	$41	77
2408 Wilkens Ave	0.21mi	3/2.0	1,092 (+5%)	2mo	$99,900	$91	76
2130 Eagle St	0.17mi	4/2.0 (+1)	1,000 (-4%)	2mo	$78,110	$78	75
2008 Wilkens Ave	0.19mi	2/1.5 (-1)	1,100 (+6%)	4mo	$145,000	$132	72
1910 W Fayette St	0.55mi	3/1.0	1,020 (-2%)	4mo	$39,000	$38	68
420 S Smallwood St	0.02mi	3/3.5	910 (-12%)	4mo	$100,000	$110	65
305 S Calhoun St	0.69mi	3/1.0	1,008 (-3%)	4mo	$40,000	$40	59
43 Wheeler Ave N	0.47mi	3/1.0	1,144 (+10%)	3mo	$34,000	$30	59
1404 Lemmon St	0.68mi	3/2.0	1,100 (+6%)	1mo	$189,000	$172	54
2642 Wilkens Ave	0.40mi	2/1.5 (-1)	1,174 (+13%)	4mo	$51,000	$43	49
1927 Penrose Ave	0.63mi	3/1.0	1,170 (+12%)	4mo	$40,000	$34	46

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: 55.2%
• Equity multiple: 3.60×
• Total profit: $49,548
• Equity at exit: $10,139

10-year hold

• IRR: 62.0%
• Equity multiple: 8.69×
• Total profit: $146,329
• Equity at exit: $5,879

Cash invested: $19,040 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$357
• Tax from tax record: −$88 /mo · $1,051/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $828

Break-even live

Break-even rent $598

Max offer price $68,000

Occupancy floor 45%

Sensitivity live

Price	-10% $866	-5% $847	+0% $828	+5% $809	+10% $789
Rent	-10% $698	-5% $763	+0% $828	+5% $893	+10% $958
Rate	-1.0pp $862	-0.5pp $845	base $828	+0.5pp $810	+1.0pp $792

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: $17,000
• Closing costs: $2,040
• 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	44d	1	0.14mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	11d	1	0.22mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	0.22mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	0.22mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	44d	1	0.24mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.27mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.31mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	44d	1	0.32mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	44d	1	0.37mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	44d	1	0.39mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.40mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.42mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.43mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.43mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.50mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	44d	1	0.50mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	24d	1	0.50mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	44d	1	0.50mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	5d	1	0.51mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.58mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	44d	1	0.60mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.66mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	22d	1	0.71mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.71mi
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	44d	1	0.75mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	44d	1	0.78mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.78mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.81mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	13d	1	0.81mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	24d	1	0.82mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	0.83mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	44d	1	0.84mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	24d	1	0.85mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	22d	1	0.85mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	44d	1	0.87mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	5d	1	0.87mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	5d	1	0.88mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	24d	1	0.90mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	44d	1	0.90mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.91mi

Listing history 39 events

1. 2026-06-18
   days on market $68,000 Active 82 DOM
2. 2026-06-17
   days on market $68,000 Active 81 DOM
3. 2026-06-16
   days on market $68,000 Active 80 DOM
4. 2026-06-15
   days on market $68,000 Active 79 DOM
5. 2026-06-13
   days on market $68,000 Active 77 DOM
6. 2026-06-09
   days on market $68,000 Active 73 DOM
7. 2026-06-08
   days on market $68,000 Active 72 DOM
8. 2026-06-07
   days on market $68,000 Active 71 DOM
9. 2026-06-04
   days on market $68,000 Active 68 DOM
10. 2026-06-03
    days on market $68,000 Active 67 DOM
11. 2026-06-02
    days on market $68,000 Active 66 DOM
12. 2026-06-01
    days on market $68,000 Active 65 DOM
13. 2026-05-31
    days on market $68,000 Active 64 DOM
14. 2026-03-28
    listed $68,000 Active 478-char remark

    Show marketing remark (478 chars)

    Attention investors and savvy buyers! 423 Furrow Street presents a solid value-add opportunity with 3 bedrooms, 1 bathroom, and over 1,000 sq ft of living space. The property has been freshly painted and features recent bathroom updates, offering a strong foundation for rental income or renovation resale potential. Vacant and easy to show with notice. Conveniently located near transit, shopping, and city amenities, making it attractive to future tenants or homeowners alike.

15. 2026-02-16
    historical
16. 2025-12-19
    price $75,000
17. 2025-10-18
    listed $80,000 Active
18. 2025-08-18
    historical
19. 2025-04-30
    listed $74,900 Active
20. 2010-03-08
    soldstatus $20,000
21. 2010-03-08
    soldstatus $20,000 Sold
22. 2010-02-26
    status Contract
23. 2010-02-23
    historical
24. 2010-01-14
    price $22,900
25. 2010-01-06
    listed $29,900 Active
26. 2010-01-06
    listed $22,900
27. 2007-07-31
    soldstatus $110,000
28. 2007-03-08
    listed $110,000
29. 2007-03-08
    historical
30. 2001-05-17
    soldstatus $1,800
31. 2000-12-12
    historical
32. 2000-04-27
    listed $2,600
33. 1999-10-24
    historical
34. 1999-04-25
    listed
35. 1996-09-17
    historical
36. 1996-03-18
    listed
37. 1994-04-26
    historical
38. 1993-10-26
    listed
39. 1984-06-25
    soldstatus $20,500

ⓘ 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: $1,051 · $88/mo
• Projected year-2 tax: $1,051 · $88/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 8/10 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: $19,753
• − Mortgage interest: −$3,809
• − Property taxes: −$1,051
• − Insurance: −$340
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$1,978
• Taxable income: $9,415
• Est. tax owed @ 24.0%: −$2,260
• After-tax cash flow: $7,676/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

+231.7% since first listed

26 events — show timeline

• 2026-03-28 Listed $68,000 BRIGHT MLS
• 2026-02-16 Listing Removed — BRIGHT MLS
• 2025-12-19 Price Changed $75,000 BRIGHT MLS
• 2025-10-18 Listed $80,000 BRIGHT MLS
• 2025-08-18 Listing Removed — BRIGHT MLS
• 2025-04-30 Listed $74,900 BRIGHT MLS
• 2010-03-08 Sold (MLS) $20,000 MRIS
• 2010-03-08 Sold (MLS) $20,000 BRIGHT MLS
• 2010-02-26 Pending — MRIS
• 2010-02-23 Listing Removed — BRIGHT MLS
• 2010-01-14 Price Changed $22,900 MRIS
• 2010-01-06 Listed $29,900 MRIS
• 2010-01-06 Listed $22,900 BRIGHT MLS
• 2007-07-31 Sold (MLS) $110,000 MRIS
• 2007-03-08 Delisted — MRIS
• 2007-03-08 Listed $110,000 MRIS
• 2001-05-17 Sold (MLS) $1,800 MRIS
• 2000-12-12 Delisted — MRIS
• 2000-04-27 Listed $2,600 MRIS
• 1999-10-24 Delisted — MRIS
• 1999-04-25 Listed — MRIS
• 1996-09-17 Delisted — MRIS
• 1996-03-18 Listed — MRIS
• 1994-04-26 Delisted — MRIS
• 1993-10-26 Listed — MRIS
• 1984-06-25 Sold (Public Records) $20,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,051 · +13.6% YoY. Source: county tax records.