1932 Mcculloh St · Baltimore, MD 21217

$127,250

3 bd · 1.5 ba · 1,220 sqft · Townhouse public records · 17 Days on market

Built 1920 1,307 sqft lot Est $115k · 11% 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1932 McCulloh Street.   The home was renovated in 2018  and  just  repainted top to bottom.   Hardwood floors throughout,   new furnace installed 2020.  Deck off of kitchen and second deck off back bedroom.   Full basement with lots of storage or finish for a club room.   Located minutes away from harbor and very close to the zoo and Druid Hill Park.   All you need to do is move in!

Key facts

• Built 1920
• Listed 17 days

Property features AI

Finance

• Financial info: Total actual rent reported; Land and improvement assessed values available
• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Year built estimated
• Exterior features: Not in a federal flood zone; Tidal water not present; Above grade and below grade structures

Interior

• Kitchen: Gas oven/range
• Bedrooms: 3 bedrooms on the upper level
• Bathrooms: 1 full bathroom on the upper level; 1 half bathroom on the main level
• Heating & cooling: Central heating (forced air); Electric heating fuel; Central air conditioning (electric)
• Interior features: Dining area; Breakfast area; Unfinished basement
• Laundry & utility: Front-loading washer; Front-loading dryer; Stacked washer/dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $127k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $127k).
• Recommended offer: $125k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+6.6%/yr); 331 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); 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).
• At $1,691/mo this rent would consume 53% 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 $880 of loan paydown is wiped out by about $4k 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 + 6.6% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 24y ago; this cycle's ask is 17% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $125,341 (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. 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: 1.33% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.91%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $114,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1901 Linden Ave	0.24mi	2/1.5 (-1)	1,240 (+2%)	1mo	$275,000	$222	80
2115 Mcculloh St	0.12mi	3/1.5	1,350 (+11%)	4mo	$77,000	$57	74
700 Cumberland St	0.45mi	4/2.0 (+1)	1,280 (+5%)	3mo	$107,800	$84	62
2208 Mount Royal Ter	0.58mi	3/3.5	1,216 (-0%)	4mo	$299,900	$247	61
1214 N Woodyear St	0.43mi	3/2.0	1,080 (-12%)	5mo	$68,500	$63	54
2418 Etting St	0.42mi	2/1.0 (-1)	1,080 (-12%)	4mo	$53,500	$50	51
1201 N Calhoun St	0.47mi	3/2.5	1,080 (-12%)	5mo	$102,000	$94	51
1552 N Fulton Ave	0.65mi	3/1.0	1,113 (-9%)	4mo	$125,000	$112	50
1603 Clifton Ave	0.67mi	3/1.0	1,100 (-10%)	2mo	$130,000	$118	49
2109 N Fulton Ave N	0.70mi	3/1.0	1,100 (-10%)	4mo	$35,000	$32	45
1407 Jordan St	0.44mi	3/3.0	1,400 (+15%)	5mo	$425,500	$304	44
1719 Baker St	0.59mi	2/1.0 (-1)	1,400 (+15%)	2mo	$19,250	$14	39

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: 9.6%
• Equity multiple: 1.39×
• Total profit: $14,008
• Equity at exit: $18,973

10-year hold

• IRR: 21.6%
• Equity multiple: 3.16×
• Total profit: $76,941
• Equity at exit: $11,002

Cash invested: $35,630 (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: 331
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,691 high
• Mortgage (P&I): −$667
• Tax from tax record: −$173 /mo · $2,072/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $443

Break-even live

Break-even rent $1,130

Max offer price $127,250

Occupancy floor 69%

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: $31,812
• Closing costs: $3,818
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	43d	1	0.04mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	43d	1	0.05mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	17d	1	0.06mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	10d	1	0.06mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	2d	1	0.06mi
1909 McCulloh St Unit 2 Baltimore, MD	2.0	1.0	717	$1,300	$1.81	23d	1	0.07mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	43d	1	0.13mi
1829 Eutaw Pl Unit B Baltimore, MD	2.0	2.0	1278	$2,100	$1.64	4d	1	0.20mi
2016 Linden Ave Unit B Baltimore, MD	2.0	1.0	700	$1,400	$2.00	23d	1	0.24mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	16d	1	0.30mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	43d	1	0.32mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	43d	1	0.33mi
1524 Madison Ave Unit 1 Baltimore, MD	2.0	2.0	800	$1,600	$2.00	23d	1	0.33mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	43d	1	0.34mi
1722 Bolton St Unit 3 Baltimore, MD	2.0	1.0	942	$1,600	$1.70	4d	1	0.34mi
1562 N Woodyear St Baltimore, MD	2.0	1.5	788	$1,325	$1.68	23d	1	0.36mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	43d	1	0.36mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	43d	1	0.38mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	43d	1	0.39mi
1714 Park Ave #202 Baltimore, MD	2.0	2.0	1000	$1,800	$1.80	23d	1	0.39mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	17d	1	0.40mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	14d	1	0.40mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	43d	1	0.41mi
750 Reservoir St Unit A Baltimore, MD	2.0	1.0	900	$1,650	$1.83	43d	1	0.42mi
750 Reservoir St Unit B Baltimore, MD	2.0	2.0	900	$1,850	$2.06	43d	1	0.42mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	43d	1	0.42mi
1729 Park Ave Unit 4 Baltimore, MD	2.0	2.0	900	$1,725	$1.92	4d	1	0.43mi
1409 McCulloh St Unit McCulloh UA Baltimore, MD	2.0	1.5	1080	$1,550	$1.44	43d	1	0.44mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	43d	1	0.46mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	23d	3	0.46mi
906 Whitelock St #2 Baltimore, MD	2.0	1.0	800	$1,250	$1.56	4d	1	0.47mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	43d	1	0.48mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	12d	1	0.49mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	43d	1	0.49mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	23d	1	0.49mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	43d	1	0.51mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	2d	1	0.54mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	20d	1	0.55mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	23d	1	0.55mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	4d	4	0.56mi

Listing history 12 events

1. 2026-06-18
   days on market $127,250 Coming Soon 17 DOM
2. 2026-06-17
   days on market $127,250 Coming Soon 16 DOM
3. 2026-06-16
   days on market $127,250 Coming Soon 15 DOM
4. 2026-06-15
   days on market $127,250 Coming Soon 14 DOM
5. 2026-06-13
   days on market $127,250 Coming Soon 12 DOM
6. 2026-06-09
   days on market $127,250 Coming Soon 8 DOM
7. 2026-06-08
   days on market $127,250 Coming Soon 7 DOM
8. 2026-06-07
   days on market $127,250 Coming Soon 6 DOM
9. 2026-06-04
   days on market $127,250 Coming Soon 3 DOM
10. 2026-06-03
    days on market $127,250 Coming Soon 2 DOM
11. 2026-06-02
    remarks 199-char remark
12. 2026-06-02
    listed $127,250 Coming Soon 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: $2,072 · $173/mo
• Projected year-2 tax: $2,072 · $173/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 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: $20,288
• − Mortgage interest: −$7,128
• − Property taxes: −$2,072
• − Insurance: −$636
• − Repairs & maintenance: −$1,623
• − Management: −$1,623
• − Depreciation: −$3,702
• Taxable income: $3,504
• Est. tax owed @ 24.0%: −$841
• After-tax cash flow: $4,471/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

+115.8% since first listed

63 events — show timeline

• 2026-06-01 Coming Soon $127,250 BRIGHT MLS
• 2021-08-05 Sold (Public Records) $112,371 Public Records
• 2021-05-07 Sold (MLS) $112,371 BRIGHT MLS
• 2021-04-07 Pending — BRIGHT MLS
• 2021-04-05 Listed $109,000 BRIGHT MLS
• 2017-06-18 Listing Removed — BRIGHT MLS
• 2017-06-18 Delisted — MRIS
• 2017-06-13 Relisted — MRIS
• 2017-06-02 Delisted — MRIS
• 2017-05-03 Price Changed — MRIS
• 2017-05-03 Relisted — MRIS
• 2017-05-02 Delisted — MRIS
• 2017-04-06 Relisted — MRIS
• 2017-04-06 Delisted — MRIS
• 2017-04-05 Relisted — MRIS
• 2017-03-24 Delisted — MRIS
• 2017-03-23 Relisted — MRIS
• 2017-03-21 Delisted — MRIS
• 2016-12-09 Price Changed — MRIS
• 2016-09-24 Listed — MRIS
• 2016-09-24 Listed $59,900 BRIGHT MLS
• 2014-11-03 Delisted — MRIS
• 2014-11-03 Listing Removed — BRIGHT MLS
• 2014-10-30 Relisted — MRIS
• 2014-10-09 Delisted — MRIS
• 2014-08-27 Price Changed — MRIS
• 2014-06-12 Price Changed — MRIS
• 2014-05-30 Listed — MRIS
• 2014-05-29 Listed $89,000 BRIGHT MLS
• 2014-03-12 Sold (MLS) $32,000 BRIGHT MLS
• 2014-03-12 Sold (MLS) $32,000 MRIS
• 2014-03-10 Pending — MRIS
• 2014-03-04 Listing Removed — BRIGHT MLS
• 2014-02-21 Relisted — MRIS
• 2014-02-19 Delisted — MRIS
• 2014-02-18 Relisted — MRIS
• 2014-02-14 Delisted — MRIS
• 2013-06-17 Price Changed $43,000 MRIS
• 2013-02-19 Listed $50,000 MRIS
• 2013-02-19 Listed $43,000 BRIGHT MLS
• 2013-02-09 Delisted — MRIS
• 2013-02-09 Listing Removed — BRIGHT MLS
• 2012-11-02 Price Changed — MRIS
• 2012-08-27 Price Changed — MRIS
• 2012-07-19 Price Changed — MRIS
• 2012-06-28 Listed — MRIS
• 2012-06-28 Listed $50,000 BRIGHT MLS
• 2009-12-01 Delisted — MRIS
• 2009-12-01 Listing Removed — BRIGHT MLS
• 2009-10-24 Price Changed — MRIS
• 2009-09-19 Listed — MRIS
• 2009-09-18 Listed $128,000 BRIGHT MLS
• 2007-04-21 Delisted — MRIS
• 2007-02-26 Listed — MRIS
• 2007-01-27 Delisted — MRIS
• 2006-08-28 Listed — MRIS
• 2006-05-10 Sold (Public Records) $90,000 Public Records
• 2006-04-05 Sold (MLS) $90,000 MRIS
• 2006-03-01 Delisted — MRIS
• 2005-10-18 Listed $90,000 MRIS
• 2004-06-29 Sold (Public Records) $58,965 Public Records
• 2002-10-31 Delisted — MRIS
• 2002-04-18 Listed — MRIS

Property tax history

+3.1%/yr

Latest (2025): $2,072 · +7.3% YoY. Source: county tax records.