2428 Mcculloh St · Baltimore, MD 21217

$239,900

5 bd · 1.0 ba · 1,224 sqft · Townhouse public records · 72 Days on market

Built 1910 1,300 sqft lot $196/sqft · 61% above area Est $223k · 8% over

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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 +18.4/30.0
• DSCR +5.8/10.0
• Rent growth +4.2/5.0
• ARV discount +4.1/15.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Not your typical flip — the Seller is the Builder who oversaw every detail of this top-to-bottom renovation from the ground up. Ask any question about what's behind the walls; you'll get a straight answer. This 5-bedroom, 3-full-bath Federal brick rowhome delivers 1,836 SF of finished living space across three levels. The main floor flows from a sunlit living room through an open dining area into an expansive galley kitchen with white quartz counters, gray cabinetry, and stainless steel appliances. Step out to a generous rear deck overlooking a fully fenced yard — ideal for entertaining. Upstairs: three bedrooms and two full baths, including a private en-suite. The finished lower level adds two conforming bedrooms with legal egress windows, full-height ceilings, a third full bath, and an in-unit stackable washer/dryer. A 90% efficient forced-air gas furnace and central A/C keep every level comfortable year-round. Location is moving fast — Reservoir Square is delivering a new Streets Market grocery store and Ryan Homes new construction just blocks away. The Parkview Recreation Center renovation is nearly complete, and Druid Hill Park's major expansion (new park space, restored lake, and added amenities) is in its final phase. Walk Score: 89. Transit Score: 83. Offered at $275,000 | $150/SF | Ground Rent | FHA, VA, Conventional & Cash Welcome.

Key facts

• Built 1910
• Listed 72 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $240k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (12.4% below list).
• Recommended offer: $210k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 6.0% in Baltimore — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+6.6%/yr); 333 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,101/mo this rent would consume 66% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $210,069 (12.4% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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 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: 0.88% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 9.5

CMA / ARV

• ARV (median comp): $223,160
• List price: $239,900
• Delta: 7.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2505 Woodbrook Ave	0.21mi	4/2.0 (-1)	1,256 (+3%)	7mo	$11,000	$9	71
700 Cumberland St	0.32mi	4/2.0 (-1)	1,280 (+5%)	3mo	$107,800	$84	66
1940 W North Ave	0.56mi	5/3.0	1,307 (+7%)	8mo	$173,000	$132	48
1616 N Fulton Ave	0.54mi	4/2.5 (-1)	1,200 (-2%)	21mo	$70,000	$58	43
2855 Woodbrook Ave	0.42mi	4/2.0 (-1)	1,320 (+8%)	19mo	$50,000	$38	43
1440 Presstman St	0.49mi	4/2.0 (-1)	1,400 (+14%)	12mo	$60,000	$43	34

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.75×
• Total profit: $-16,821
• Equity at exit: $35,770

10-year hold

• IRR: 6.7%
• Equity multiple: 1.57×
• Total profit: $38,384
• Equity at exit: $20,742

Cash invested: $67,172 (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: 333
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,101 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$78 /mo · $942/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $223

Break-even live

Break-even rent $1,818

Max offer price $239,900

Occupancy floor 84%

Sensitivity live

Price	-10% $359	-5% $291	+0% $223	+5% $155	+10% $87
Rent	-10% $57	-5% $140	+0% $223	+5% $306	+10% $389
Rate	-1.0pp $344	-0.5pp $284	base $223	+0.5pp $161	+1.0pp $98

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	4d	1	0.23mi
2216 Whittier Ave Baltimore, MD	5.0	1.5	1392	$1,975	$1.42	26d	1	0.58mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	26d	1	0.85mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	22d	1	0.92mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	45d	1	0.96mi
305 W 31st St Baltimore, MD	4.0	2.0	1500	$2,499	$1.67	45d	1	1.14mi
2641 N Howard St Baltimore, MD	4.0	3.5	1344	$2,800	$2.08	26d	1	1.18mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	6d	1	1.19mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	14d	1	1.19mi
7 W 24th St Unit 1 Baltimore, MD	5.0	2.5	1443	$2,395	$1.66	22d	1	1.19mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	26d	1	1.28mi

Listing history 17 events

1. 2026-06-21
   days on market $239,900 Active 72 DOM
2. 2026-06-18
   days on market $239,900 Active 69 DOM
3. 2026-06-17
   days on market $239,900 Active 68 DOM
4. 2026-06-16
   pricedays on market $239,900 Active 67 DOM
5. 2026-06-15
   days on market $249,900 Active 66 DOM
6. 2026-06-13
   days on market $249,900 Active 64 DOM
7. 2026-06-09
   days on market $249,900 Active 60 DOM
8. 2026-06-08
   days on market $249,900 Active 59 DOM
9. 2026-06-07
   days on market $249,900 Active 58 DOM
10. 2026-06-04
    days on market $249,900 Active 55 DOM
11. 2026-06-03
    days on market $249,900 Active 54 DOM
12. 2026-06-02
    days on market $249,900 Active 53 DOM
13. 2026-06-01
    days on market $249,900 Active 52 DOM
14. 2026-05-31
    days on market $249,900 Active 51 DOM
15. 2026-04-10
    listed $275,000 Active 1387-char remark

    Show marketing remark (1387 chars)

    Not your typical flip — the Seller is the Builder who oversaw every detail of this top-to-bottom renovation from the ground up. Ask any question about what's behind the walls; you'll get a straight answer. This 5-bedroom, 3-full-bath Federal brick rowhome delivers 1,836 SF of finished living space across three levels. The main floor flows from a sunlit living room through an open dining area into an expansive galley kitchen with white quartz counters, gray cabinetry, and stainless steel appliances. Step out to a generous rear deck overlooking a fully fenced yard — ideal for entertaining. Upstairs: three bedrooms and two full baths, including a private en-suite. The finished lower level adds two conforming bedrooms with legal egress windows, full-height ceilings, a third full bath, and an in-unit stackable washer/dryer. A 90% efficient forced-air gas furnace and central A/C keep every level comfortable year-round. Location is moving fast — Reservoir Square is delivering a new Streets Market grocery store and Ryan Homes new construction just blocks away. The Parkview Recreation Center renovation is nearly complete, and Druid Hill Park's major expansion (new park space, restored lake, and added amenities) is in its final phase. Walk Score: 89. Transit Score: 83. Offered at $275,000 | $150/SF | Ground Rent | FHA, VA, Conventional & Cash Welcome.

16. 2026-02-02
    historical
17. 2025-10-31
    listed $275,000 Active

ⓘ 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: $942 · $78/mo
• Projected year-2 tax: $1,778 · $148/mo
• Expected delta: +$837/yr (+$70/mo · 88.8%)

ⓘ 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,208
• − Mortgage interest: −$13,438
• − Property taxes: −$942
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,017
• − Management: −$2,017
• − Depreciation: −$6,979
• Taxable loss: −$1,383
• Est. tax savings @ 24.0%: +$332
• After-tax cash flow: $3,008/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

+0.0% since first listed

3 events — show timeline

• 2026-04-10 Listed $275,000 BRIGHT MLS
• 2026-02-02 Listing Removed — BRIGHT MLS
• 2025-10-31 Listed $275,000 BRIGHT MLS

Property tax history

-2.1%/yr

Latest (2025): $942 · +0.7% YoY. Source: county tax records.