1403 Ramsay St · Baltimore, MD 21223

$92,500

2 bd · 1.0 ba · 871 sqft · Townhouse · 46 Days on market

Built 1900 871 sqft lot $106/sqft · 29% below area Est $131k · 29% under

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

AGENTS - PLEASE VIEW AGENT REMARKS IN BRIGHT MLS. Great cash flow with guaranteed rent, in Mt. Clair Junction area. Section 8 tenant rented previously, Lead testing done, monitored security system, house shows well. Don't miss it. Offers may be entered ONLINE through Thursday, May 21, 2026 at 1:00 pm. AT SELLER'S DISCRETION, AN OFFER MAY BE ACCEPTED AT ANY TIME.

Key facts

• Built 1900
• Listed 46 days

Property features AI

Finance

• Other: Not in a federal flood zone; In city limits
• Financial info: Ownership interest: ground rent; Ground rent amount: $40 (semi-annually); Land assessed value noted; Improvement assessed value noted

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Hot water: natural gas; Electric cooling; Natural gas heating
• Home design: Interior townhouse/rowhouse; Year built: estimated
• Construction: Brick/mortar foundation; Above-grade other structures noted
• Exterior features: Brick front; Ground rent exists (semi-annual payment)

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: Partially finished basement

🏷️ Possibly a rental listed for sale. The $92,500 price doesn't fit this home's estimated sale value (~$130,888) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $92k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.

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); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL) — zoned schools average 62% FRL vs 79% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 43% at this address vs 12% district-wide (+32 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 (+7.5%/yr); 425 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $640 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 + 7.5% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $4k; list at $92k implies a 2543% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $89,725 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.68% ✓
• Cap rate: 14.28%
• Cash-on-cash: 28.51%
• DSCR: 2.27
• GRM: 5.0

CMA / ARV

• ARV (median comp): $130,888
• List price: $92,500
• Delta: -29.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1133 Sargeant St	0.33mi	2/1.5	912 (+5%)	2mo	$67,500	$74	73
1241 W Lombard St	0.25mi	2/1.0	963 (+11%)	3mo	$150,000	$156	69
1121 Cleveland St	0.48mi	2/1.0	912 (+5%)	2mo	$109,900	$121	68
1606 Lemmon St	0.24mi	2/1.0	744 (-15%)	1mo	$20,000	$27	64
1607 Lemmon St	0.24mi	1/1.0 (-1)	974 (+12%)	1mo	$20,000	$21	64
1608 Lemmon St	0.25mi	2/1.0	744 (-15%)	1mo	$20,000	$27	64
1610 Lemmon St	0.25mi	2/1.0	744 (-15%)	1mo	$20,000	$27	63
1612 Lemmon St	0.25mi	2/1.0	744 (-15%)	1mo	$20,000	$27	63
1226 W Pratt St	0.22mi	2/1.5	1,000 (+15%)	2mo	$80,000	$80	62
1239 W Lombard St	0.25mi	2/1.0	1,000 (+15%)	3mo	$150,000	$150	62
1604 Lemmon St	0.24mi	1/1.0 (-1)	744 (-15%)	1mo	$20,000	$27	59
802 W Barre St	0.73mi	3/3.0 (+1)	990 (+14%)	3mo	$285,000	$288	27

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: 27.7%
• Equity multiple: 2.22×
• Total profit: $31,562
• Equity at exit: $13,792

10-year hold

• IRR: 37.7%
• Equity multiple: 5.29×
• Total profit: $111,104
• Equity at exit: $7,998

Cash invested: $25,900 (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: 425
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,551 high
• Mortgage (P&I): −$485
• Tax from tax record: −$86 /mo · $1,033/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $615

Break-even live

Break-even rent $772

Max offer price $92,500

Occupancy floor 55%

Sensitivity live

Price	-10% $668	-5% $641	+0% $615	+5% $589	+10% $563
Rent	-10% $493	-5% $554	+0% $615	+5% $677	+10% $738
Rate	-1.0pp $662	-0.5pp $639	base $615	+0.5pp $591	+1.0pp $567

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	23d	1	0.10mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	25d	1	0.26mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	45d	1	0.27mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	45d	1	0.27mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	6d	1	0.31mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	14d	1	0.31mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	4d	1	0.33mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	0d	1	0.33mi
1712 W Lombard St #4 Baltimore, MD	1.0	1.0	550	$900	$1.64	45d	1	0.33mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	25d	1	0.34mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	25d	1	0.34mi
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	45d	1	0.35mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	14d	1	0.36mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	45d	1	0.37mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	6d	1	0.38mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	45d	1	0.41mi
28 N Norris St Baltimore, MD	1.0	2.0	700	$1,450	$2.07	45d	1	0.43mi
1323 W Fayette St Baltimore, MD	2.0	1.0	1000	$1,350	$1.35	0d	1	0.45mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	6d	1	0.47mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	45d	1	0.51mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,375	$1.60	45d	1	0.55mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	22d	1	0.59mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	45d	1	0.59mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$2,588	$2.50	0d	11	0.61mi
519 Scott St Unit 1 Baltimore, MD	2.0	2.0	800	$2,000	$2.50	45d	1	0.62mi
776 Washington Blvd Unit 3F Baltimore, MD	1.0	1.0	800	$1,000	$1.25	45d	1	0.62mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	25d	1	0.64mi
802 Mangold St Baltimore, MD	2.0	2.5	960	$2,300	$2.40	0d	1	0.70mi
121 S Fremont Ave Baltimore, MD	1.0	1.0	582	$2,100	$3.61	22d	5	0.73mi
812 S Paca St Baltimore, MD	3.0	2.0	990	$1,500	$1.52	14d	1	0.74mi
725 W Pratt St Baltimore, MD	1.0	1.0	584	$1,925	$3.29	0d	8	0.74mi
666 Melvin Dr Baltimore, MD	1.0	1.5	852	$1,450	$1.70	0d	1	0.79mi
657 Dover St Baltimore, MD	1.0	2.0	1080	$1,400	$1.30	14d	1	0.79mi
653 Dover St Baltimore, MD	1.0	1.5	936	$1,500	$1.60	22d	1	0.80mi
638 S Paca St Unit 2404866494 Baltimore, MD	3.0	1.5	1100	$2,200	$2.00	45d	1	0.80mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	19d	1	0.85mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	25d	1	0.90mi
519 W Pratt St Baltimore, MD	1.0	1.0	576	$1,400	$2.43	4d	2	0.93mi
1315 Harlem Ave Unit B Baltimore, MD	2.0	1.0	900	$1,425	$1.58	25d	1	0.94mi
1315 Harlem Ave Unit C Baltimore, MD	2.0	1.0	900	$1,425	$1.58	45d	1	0.94mi

Listing history 44 events

1. 2026-06-21
   days on market $92,500 Active 46 DOM
2. 2026-06-18
   days on market $92,500 Active 43 DOM
3. 2026-06-17
   days on market $92,500 Active 42 DOM
4. 2026-06-16
   days on market $92,500 Active 41 DOM
5. 2026-06-15
   days on market $92,500 Active 40 DOM
6. 2026-06-13
   days on market $92,500 Active 38 DOM
7. 2026-06-09
   days on market $92,500 Active 34 DOM
8. 2026-06-08
   days on market $92,500 Active 33 DOM
9. 2026-06-07
   days on market $92,500 Active 32 DOM
10. 2026-06-04
    days on market $92,500 Active 29 DOM
11. 2026-06-03
    days on market $92,500 Active 28 DOM
12. 2026-06-02
    days on market $92,500 Active 27 DOM
13. 2026-06-01
    days on market $92,500 Active 26 DOM
14. 2026-05-31
    days on market $92,500 Active 25 DOM
15. 2026-05-06
    historical
16. 2026-05-06
    listed $95,000 Active 364-char remark
17. 2026-04-03
    price $135,000
18. 2026-03-28
    price $143,000
19. 2025-12-16
    price $143,200
20. 2025-10-27
    listed $143,500 Active
21. 2025-09-12
    historical
22. 2025-09-09
    price $143,000
23. 2025-07-28
    price $145,500
24. 2025-07-01
    price $155,000
25. 2025-06-16
    price $159,250
26. 2025-04-03
    price $159,500
27. 2025-04-03
    price $167,500
28. 2025-03-28
    price $169,500
29. 2025-03-25
    price $169,999
30. 2025-03-20
    price $172,275
31. 2025-03-14
    price $172,500
32. 2025-02-14
    price $175,000
33. 2025-02-06
    price $179,999
34. 2025-01-08
    price $182,500
35. 2024-09-30
    listed $189,000 Active
36. 2008-09-16
    soldstatus $3,500
37. 2005-11-29
    soldstatus $77,000
38. 2005-10-31
    soldstatus $77,000
39. 2005-09-23
    historical
40. 2005-06-11
    listed $82,001
41. 2005-02-17
    soldstatus $40,000
42. 2004-12-15
    soldstatus $40,000
43. 2004-10-20
    historical
44. 2004-08-23
    listed $40,000

ⓘ 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: $1,033 · $86/mo
• Projected year-2 tax: $1,033 · $86/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: $18,608
• − Mortgage interest: −$5,181
• − Property taxes: −$1,033
• − Insurance: −$462
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$2,691
• Taxable income: $6,263
• Est. tax owed @ 24.0%: −$1,503
• After-tax cash flow: $5,881/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

+131.2% since first listed

31 events — show timeline

• 2026-05-27 Price Changed $92,500 BRIGHT MLS
• 2026-05-06 Listing Removed — BRIGHT MLS
• 2026-05-06 Listed $95,000 BRIGHT MLS
• 2026-04-03 Price Changed $135,000 BRIGHT MLS
• 2026-03-28 Price Changed $143,000 BRIGHT MLS
• 2025-12-16 Price Changed $143,200 BRIGHT MLS
• 2025-10-27 Listed $143,500 BRIGHT MLS
• 2025-09-12 Listing Removed — BRIGHT MLS
• 2025-09-09 Price Changed $143,000 BRIGHT MLS
• 2025-07-28 Price Changed $145,500 BRIGHT MLS
• 2025-07-01 Price Changed $155,000 BRIGHT MLS
• 2025-06-16 Price Changed $159,250 BRIGHT MLS
• 2025-04-03 Price Changed $159,500 BRIGHT MLS
• 2025-04-03 Price Changed $167,500 BRIGHT MLS
• 2025-03-28 Price Changed $169,500 BRIGHT MLS
• 2025-03-25 Price Changed $169,999 BRIGHT MLS
• 2025-03-20 Price Changed $172,275 BRIGHT MLS
• 2025-03-14 Price Changed $172,500 BRIGHT MLS
• 2025-02-14 Price Changed $175,000 BRIGHT MLS
• 2025-02-06 Price Changed $179,999 BRIGHT MLS
• 2025-01-08 Price Changed $182,500 BRIGHT MLS
• 2024-09-30 Listed $189,000 BRIGHT MLS
• 2008-09-16 Sold (Public Records) $3,500 Public Records
• 2005-11-29 Sold (Public Records) $77,000 Public Records
• 2005-10-31 Sold (MLS) $77,000 MRIS
• 2005-09-23 Delisted — MRIS
• 2005-06-11 Listed $82,001 MRIS
• 2005-02-17 Sold (Public Records) $40,000 Public Records
• 2004-12-15 Sold (MLS) $40,000 MRIS
• 2004-10-20 Delisted — MRIS
• 2004-08-23 Listed $40,000 MRIS

Property tax history

-0.9%/yr

Latest (2025): $1,033 · +2.3% YoY. Source: county tax records.