1603 N Smallwood St · Baltimore, MD 21216

$98,000

2 bd · 1.5 ba · 1,100 sqft · Townhouse · 19 Days on market

Built 1915 1,330 sqft lot Est $76k · 29% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

HUD Owned Home, case number 241-774850. HUD Homes are sold "as is, " FHA insurable with repair escrow, subject to appraisal. This colonial townhouse, built in 1915, seamlessly blends historic style with modern comforts. Step inside to discover a thoughtfully designed open floor plan that invites natural light to dance across the carpeting and tile flooring. The eat-in kitchen equipped with custom-made wood cabinet & appliances is a culinary delight, featuring ample counter space and a layout that encourages creativity. The main level also features a convenient half bath, enhancing functionality for guests. Upstairs, two well-appointed bedrooms provide a serene retreat, compl

Key facts

• Open floor plan
• Half bath
• Eat-in kitchen

Tags

• OPEN FLOOR PLAN
• EAT-IN KITCHEN
• CUSTOM-MADE WOOD CABINET
• HALF BATH
• PARTIALLY FINISHED BASEMENT
• SPACIOUS FAMILY ROOM

Property features AI

Finance

• Other: Fee simple ownership
• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Hot water from 60+ gallon tank (natural gas); Heating fuel: oil and other; Cooling fuel: electric
• Home design: Interior townhouse/rowhouse; Level entry to main floor; Brick exterior with brick front
• Construction: Concrete perimeter foundation; Permanent foundation; Above-grade structures
• Exterior features: Front yard; Rear yard; Rear fencing; Deck(s); Porch(es); Sidewalks; Street lights

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two bedrooms on the first upper level
• Flooring: Carpet; Ceramic tile
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Radiator heating; Ceiling fan cooling
• Interior features: Open floor plan; Eat-in kitchen; Dining area; Bar; Tub with shower; Ceiling fan(s); Drywall, paneled, plaster and wood wall finishes
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $98k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 (+6.1%/yr); 252 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); 45% 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).
• This rent runs 44% of the median local income ($42k/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 $678 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 + 6.1% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $96,530 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.57% ✓
• Cap rate: 13.42%
• Cash-on-cash: 25.46%
• DSCR: 2.13
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $75,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1541 N Pulaski St	0.08mi	3/1.0 (+1)	1,100 (0%)	3mo	$115,000	$105	87
1705 N Payson St	0.17mi	3/1.5 (+1)	1,100 (0%)	5mo	$38,000	$35	83
1537 N Smallwood St	0.03mi	3/1.5 (+1)	1,200 (+9%)	3mo	$56,000	$47	76
1552 N Fulton Ave	0.31mi	3/1.0 (+1)	1,113 (+1%)	4mo	$125,000	$112	73
1603 Clifton Ave	0.52mi	3/1.0 (+1)	1,100 (0%)	2mo	$130,000	$118	67
2109 N Fulton Ave N	0.51mi	3/1.0 (+1)	1,100 (0%)	4mo	$35,000	$32	66
2727 Baker St	0.51mi	3/1.0 (+1)	1,116 (+2%)	3mo	$125,000	$112	64
2418 Etting St	0.67mi	2/1.0	1,080 (-2%)	4mo	$53,500	$50	61
2210 Ashburton St	0.70mi	2/1.0	1,024 (-7%)	2mo	$90,000	$88	52
2801 Presbury St	0.63mi	3/1.0 (+1)	1,200 (+9%)	4mo	$60,000	$50	46
2820 Woodbrook Ave	0.62mi	3/1.5 (+1)	1,232 (+12%)	2mo	$85,000	$69	44
2818 Woodbrook Ave	0.62mi	3/1.0 (+1)	1,232 (+12%)	3mo	$45,500	$37	41

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 · 6.1% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 1.95×
• Total profit: $26,137
• Equity at exit: $14,612

10-year hold

• IRR: 32.3%
• Equity multiple: 4.36×
• Total profit: $92,091
• Equity at exit: $8,473

Cash invested: $27,440 (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 21216

• Rents YoY: 6.1%
• Active inventory: 252
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,536 high
• Mortgage (P&I): −$514
• Tax from tax record: −$76 /mo · $916/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $582

Break-even live

Break-even rent $799

Max offer price $98,000

Occupancy floor 57%

Sensitivity live

Price	-10% $638	-5% $610	+0% $582	+5% $555	+10% $527
Rent	-10% $461	-5% $522	+0% $582	+5% $643	+10% $704
Rate	-1.0pp $632	-0.5pp $607	base $582	+0.5pp $557	+1.0pp $531

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	44d	1	0.18mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	24d	1	0.19mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	11d	1	0.19mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	900	$1,450	$1.61	24d	1	0.19mi
1617-A Moreland Ave Unit 2nd Flr Baltimore, MD	2.0	1.0	1500	$1,400	$0.93	44d	1	0.21mi
1722 N Monroe St Baltimore, MD	3.0	1.5	1000	$1,350	$1.35	24d	1	0.22mi
1930 N Payson St Baltimore, MD	2.0	2.0	980	$1,500	$1.53	24d	1	0.27mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	44d	1	0.34mi
2204 Clifton Ave Baltimore, MD	3.0	1.0	1400	$1,450	$1.04	5d	1	0.35mi
1433 N Fulton Ave Baltimore, MD	2.0	1.0	1200	$1,500	$1.25	44d	1	0.36mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	20d	1	0.39mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	44d	1	0.44mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.46mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	44d	1	0.49mi
2636 W North Ave Baltimore, MD	2.0–3.0	1.0–2.0	975	$1,300	$1.33	5d	1	0.50mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$876	$0.89	5d	4	0.50mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	24d	4	0.51mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	15d	1	0.53mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	44d	1	0.55mi
1562 N Woodyear St Baltimore, MD	2.0	1.5	788	$1,325	$1.68	24d	1	0.56mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	24d	1	0.62mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.64mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	18d	1	0.65mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	44d	1	0.65mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	24d	1	0.66mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	44d	1	0.67mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	44d	1	0.67mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	44d	1	0.67mi
2728 Winchester St Baltimore, MD	3.0	1.5	1260	$1,800	$1.43	4d	1	0.68mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	44d	1	0.70mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	44d	1	0.70mi
813 N Fulton Ave Unit 1 Baltimore, MD	2.0	1.0	1200	$1,350	$1.12	44d	1	0.71mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	44d	1	0.74mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	44d	1	0.74mi
3401 Woodbrook Ave Unit 1 Baltimore, MD	3.0	1.0	900	$1,199	$1.33	24d	1	0.76mi
2330 Bryant Ave Unit 2 Baltimore, MD	1.0	1.0	900	$1,350	$1.50	44d	1	0.76mi
2330 Bryant Ave Unit 4 Baltimore, MD	2.0	1.0	950	$1,500	$1.58	21d	1	0.76mi
2806 Riggs Ave Baltimore, MD	3.0	2.5	1412	$1,900	$1.35	4d	1	0.77mi
1606 Gwynns Falls Pkwy Baltimore, MD	2.0	1.0	748	$1,200	$1.60	24d	1	0.80mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	44d	1	0.81mi

Listing history 14 events

1. 2026-06-18
   days on market $98,000 Active 19 DOM
2. 2026-06-17
   days on market $98,000 Active 18 DOM
3. 2026-06-16
   days on market $98,000 Active 17 DOM
4. 2026-06-15
   days on market $98,000 Active 16 DOM
5. 2026-06-13
   days on market $98,000 Active 14 DOM
6. 2026-06-09
   days on market $98,000 Active 10 DOM
7. 2026-06-08
   days on market $98,000 Active 9 DOM
8. 2026-06-07
   days on market $98,000 Active 8 DOM
9. 2026-06-04
   days on market $98,000 Active 5 DOM
10. 2026-06-03
    days on market $98,000 Active 4 DOM
11. 2026-06-02
    days on market $98,000 Active 3 DOM
12. 2026-06-01
    days on market $98,000 Active 2 DOM
13. 2026-05-31
    remarks 685-char remark
14. 2026-05-31
    listed $98,000 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: $916 · $76/mo
• Projected year-2 tax: $992 · $83/mo
• Expected delta: +$76/yr (+$6/mo · 8.3%)

ⓘ 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: $18,430
• − Mortgage interest: −$5,490
• − Property taxes: −$916
• − Insurance: −$490
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − Depreciation: −$2,851
• Taxable income: $5,735
• Est. tax owed @ 24.0%: −$1,376
• After-tax cash flow: $5,610/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): 29,426
• Household income: $42,031
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 2264.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 4% Two or more races 3% White 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -107.42%
• Current HPI: 164.3933
• Rent YoY: ▲ 6.10%
• 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

1 event — show timeline

• 2026-05-30 Listed $98,000 BRIGHT MLS

Property tax history

-0.6%/yr

Latest (2025): $916 · +4.9% YoY. Source: county tax records.