1908 Walbrook Ave · Baltimore, MD 21217

$120,000

4 bd · 2.0 ba · 1,290 sqft · Townhouse · 107 Days on market

Built 1920 980 sqft lot $93/sqft · 24% above area Est $97k · 24% over

---

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 +4.2/5.0
• 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 MLS

* * MOTIVATED SELLERS * * Property is great for a first time homebuyer or an investor ready to start their portfolio. Come tour it today.

Key facts

• Built 1920
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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); 334 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); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,829/mo this rent would consume 57% 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 $830 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $120k implies a 2082% 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 $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.52% ✓
• Cap rate: 13.12%
• Cash-on-cash: 24.40%
• DSCR: 2.09
• GRM: 5.5

CMA / ARV

• ARV (median comp): $97,048
• List price: $120,000
• Delta: 23.65%
• 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
700 Cumberland St	0.35mi	4/2.0	1,280 (-1%)	3mo	$107,800	$84	80
2820 Woodbrook Ave	0.25mi	3/1.5 (-1)	1,232 (-4%)	2mo	$85,000	$69	72
1707 N Pulaski St	0.24mi	3/2.0 (-1)	1,200 (-7%)	0mo	$115,000	$96	72
2818 Woodbrook Ave	0.25mi	3/1.0 (-1)	1,232 (-4%)	3mo	$45,500	$37	69
1537 N Smallwood St	0.39mi	3/1.5 (-1)	1,200 (-7%)	3mo	$56,000	$47	61
1722 N Bentalou St	0.36mi	4/2.0	1,450 (+12%)	3mo	$245,000	$169	60
1603 Clifton Ave	0.18mi	3/1.0 (-1)	1,100 (-15%)	2mo	$130,000	$118	56
2115 Mcculloh St	0.69mi	3/1.5 (-1)	1,350 (+5%)	4mo	$77,000	$57	50
1552 N Fulton Ave	0.34mi	3/1.0 (-1)	1,113 (-14%)	4mo	$125,000	$112	49
1541 N Pulaski St	0.35mi	3/1.0 (-1)	1,100 (-15%)	3mo	$115,000	$105	48
3014 Tioga Pkwy	0.69mi	3/1.0 (-1)	1,360 (+5%)	4mo	$180,000	$132	46
2453 Mcculloh St	0.51mi	3/1.0 (-1)	1,460 (+13%)	3mo	$99,900	$68	42

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: 21.6%
• Equity multiple: 1.92×
• Total profit: $30,975
• Equity at exit: $17,892

10-year hold

• IRR: 31.9%
• Equity multiple: 4.38×
• Total profit: $113,556
• Equity at exit: $10,375

Cash invested: $33,600 (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: 334
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,829 high
• Mortgage (P&I): −$629
• Tax from tax record: −$82 /mo · $986/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $683

Break-even live

Break-even rent $964

Max offer price $120,000

Occupancy floor 58%

Sensitivity live

Price	-10% $751	-5% $717	+0% $683	+5% $649	+10% $615
Rent	-10% $539	-5% $611	+0% $683	+5% $755	+10% $828
Rate	-1.0pp $744	-0.5pp $714	base $683	+0.5pp $652	+1.0pp $620

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1722 N Monroe St Baltimore, MD	3.0	1.5	1000	$1,350	$1.35	25d	1	0.19mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	45d	1	0.23mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	5d	4	0.24mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	21d	1	0.24mi
2204 Clifton Ave Baltimore, MD	3.0	1.0	1400	$1,450	$1.04	5d	1	0.25mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	45d	1	0.28mi
1616 N Fulton Ave Baltimore, MD	3.0	2.0	1620	$1,795	$1.11	5d	1	0.30mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	12d	1	0.32mi
1816 N Bentalou St Baltimore, MD	3.0	2.0	1350	$1,700	$1.26	25d	1	0.32mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	3d	1	0.32mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	19d	1	0.33mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	45d	1	0.33mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	18d	1	0.33mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	25d	1	0.36mi
2216 Whittier Ave Baltimore, MD	5.0	1.5	1392	$1,975	$1.42	25d	1	0.36mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	45d	1	0.38mi
1501 N Payson St Baltimore, MD	3.0	1.0	1400	$1,550	$1.11	45d	1	0.39mi
2405 W North Ave Baltimore, MD	4.0	3.0	1826	$1,900	$1.04	5d	1	0.41mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	16d	1	0.41mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	45d	1	0.46mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.48mi
3401 Woodbrook Ave Unit 1 Baltimore, MD	3.0	1.0	900	$1,199	$1.33	25d	1	0.48mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	45d	1	0.58mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	25d	1	0.59mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	45d	1	0.62mi
2636 W North Ave Baltimore, MD	2.0–3.0	1.0–2.0	975	$1,475	$1.51	5d	1	0.63mi
3104 Tioga Pkwy Baltimore, MD	3.0	2.0	1640	$2,050	$1.25	23d	1	0.71mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	4d	1	0.72mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	12d	1	0.72mi
1613 Riggs Ave Baltimore, MD	3.0	2.5	1800	$1,800	$1.00	25d	1	0.75mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	45d	1	0.76mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	25d	1	0.77mi
2910 Reisterstown Rd Baltimore, MD	1.0–3.0	1.0	950	$1,414	$1.49	16d	4	0.80mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	45d	1	0.81mi
2812 Clifton Ave Baltimore, MD	3.0	1.5	1650	$1,850	$1.12	45d	1	0.85mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	21d	1	0.85mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	25d	3	0.86mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	45d	1	0.86mi
2800 Presstman St Baltimore, MD	3.0	2.5	1460	$1,799	$1.23	25d	1	0.91mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	0.93mi

Listing history 22 events

1. 2026-06-21
   days on market $120,000 Active 107 DOM
2. 2026-06-18
   days on market $120,000 Active 104 DOM
3. 2026-06-17
   days on market $120,000 Active 103 DOM
4. 2026-06-16
   remarks 145-char remark
5. 2026-06-16
   days on market $120,000 Active 102 DOM
6. 2026-06-15
   days on market $120,000 Active 101 DOM
7. 2026-06-13
   days on market $120,000 Active 99 DOM
8. 2026-06-09
   days on market $120,000 Active 95 DOM
9. 2026-06-08
   days on market $120,000 Active 94 DOM
10. 2026-06-07
    days on market $120,000 Active 93 DOM
11. 2026-06-04
    days on market $120,000 Active 90 DOM
12. 2026-06-03
    days on market $120,000 Active 89 DOM
13. 2026-06-02
    days on market $120,000 Active 88 DOM
14. 2026-06-01
    days on market $120,000 Active 87 DOM
15. 2026-05-31
    days on market $120,000 Active 86 DOM
16. 2026-05-02
    price $120,000 139-char remark

    Show marketing remark (139 chars)

    * * MOTIVATED SELLERS * * Property is great for a first time homebuyer or an investor ready to start their portfolio. Come tour it today.

17. 2026-03-07
    listed $130,000 Active 139-char remark

    Show marketing remark (139 chars)

    * * MOTIVATED SELLERS * * Property is great for a first time homebuyer or an investor ready to start their portfolio. Come tour it today.

18. 2026-02-19
    historical $130,000 139-char remark

    Show marketing remark (139 chars)

    * * MOTIVATED SELLERS * * Property is great for a first time homebuyer or an investor ready to start their portfolio. Come tour it today.

19. 2022-03-07
    historical
20. 2022-02-23
    listed $20,000 Active
21. 1992-01-31
    soldstatus $5,500
22. 1988-09-08
    soldstatus $1,395,099

ⓘ 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: $986 · $82/mo
• Projected year-2 tax: $1,147 · $96/mo
• Expected delta: +$161/yr (+$13/mo · 16.3%)

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

Taxation est. · year 1

• Rental income: $21,945
• − Mortgage interest: −$6,722
• − Property taxes: −$986
• − Insurance: −$600
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − Depreciation: −$3,491
• Taxable income: $6,634
• Est. tax owed @ 24.0%: −$1,592
• After-tax cash flow: $6,606/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

-91.4% since first listed

7 events — show timeline

• 2026-05-02 Price Changed $120,000 BRIGHT MLS
• 2026-03-07 Listed $130,000 BRIGHT MLS
• 2026-02-19 Coming Soon $130,000 BRIGHT MLS
• 2022-03-07 Listing Removed — BRIGHT MLS
• 2022-02-23 Listed $20,000 BRIGHT MLS
• 1992-01-31 Sold (Public Records) $5,500 Public Records
• 1988-09-08 Sold (Public Records) $1,395,099 Public Records

Property tax history

+2.9%/yr

Latest (2025): $986 · +3.3% YoY. Source: county tax records.