2511 Mcculloh St · Baltimore, MD 21217

$75,000

3 bd · 1.0 ba · 1,276 sqft · Townhouse public records · 20 Days on market

Built 1907 1,300 sqft lot $59/sqft · 15% below area Est $88k · 15% under ↓ 29% since listing

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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 +14.3/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks

List Price is Opening Bid. Online Auction Only! Bidding begins Wednesday June 24th & ends Monday June 29, 2026 at 11:00 AM. Updated brick townhouse located in the Reservoir Hill neighborhood of Baltimore City. This property features 3 bedrooms and 1.5 bathrooms and is currently vacant, offering immediate occupancy. The main level includes a living room, dining room, half bath, kitchen, and a convenient laundry closet with stacked washer and dryer. The upper level offers three bedrooms and one full bathroom. The lower level is unfinished, providing additional storage or future potential. Interior features include wood-type flooring, carpeting in the bedrooms, central A/C, and a large

Key facts

• Natural light
• Laundry closet
• Fenced rear yard

Tags

• FENCED REAR YARD
• LAUNDRY CLOSET
• NATURAL LIGHT
• HISTORIC NEIGHBORHOOD
• PROXIMITY TO DRUID HILL PARK
• EASY ACCESS TO DOWNTOWN

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Interior townhouse/rowhouse
• Construction: Brick exterior
• Exterior features: Brick construction; Other foundation; Above- and below-grade other structures; Lot approximately 13 x 100 (estimated); Located within city limits

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom on upper level; One half bathroom on main level
• Heating & cooling: Radiator heating fueled by natural gas; Central air conditioning (electric)
• Interior features: Unfinished basement; Two or more access exits

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $75k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.6% 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 lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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 $1,723/mo this rent would consume 54% 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1907 — 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 $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.30% ✓
• Cap rate: 17.61%
• Cash-on-cash: 40.43%
• DSCR: 2.80
• GRM: 3.6

CMA / ARV

• ARV (median comp): $88,450
• List price: $75,000
• Delta: -15.21%
• 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
2818 Woodbrook Ave	0.36mi	3/1.0	1,232 (-3%)	3mo	$45,500	$37	75
2311 Orem Ave	0.44mi	3/1.0	1,284 (+1%)	4mo	$35,000	$27	75
2820 Woodbrook Ave	0.36mi	3/1.5	1,232 (-3%)	2mo	$85,000	$69	74
2453 Mcculloh St	0.02mi	3/1.0	1,460 (+14%)	3mo	$99,900	$68	72
700 Cumberland St	0.36mi	4/2.0 (+1)	1,280 (+0%)	3mo	$107,800	$84	71
2115 Mcculloh St	0.34mi	3/1.5	1,350 (+6%)	4mo	$77,000	$57	70
1901 Linden Ave	0.52mi	2/1.5 (-1)	1,240 (-3%)	1mo	$275,000	$222	63
1603 Clifton Ave	0.34mi	3/1.0	1,100 (-14%)	2mo	$130,000	$118	60
2109 N Fulton Ave N	0.37mi	3/1.0	1,100 (-14%)	4mo	$35,000	$32	56
2208 Mount Royal Ter	0.60mi	3/3.5	1,216 (-5%)	4mo	$299,900	$247	51
1719 Baker St	0.56mi	2/1.0 (-1)	1,400 (+10%)	2mo	$19,250	$14	51
1552 N Fulton Ave	0.61mi	3/1.0	1,113 (-13%)	4mo	$125,000	$112	47

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: 41.4%
• Equity multiple: 2.88×
• Total profit: $39,537
• Equity at exit: $11,183

10-year hold

• IRR: 49.5%
• Equity multiple: 6.80×
• Total profit: $121,729
• Equity at exit: $6,485

Cash invested: $21,000 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,723 high
• Mortgage (P&I): −$393
• Tax from tax record: −$229 /mo · $2,746/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $707

Break-even live

Break-even rent $827

Max offer price $75,000

Occupancy floor 54%

Sensitivity live

Price	-10% $750	-5% $729	+0% $707	+5% $686	+10% $665
Rent	-10% $571	-5% $639	+0% $707	+5% $776	+10% $844
Rate	-1.0pp $745	-0.5pp $727	base $707	+0.5pp $688	+1.0pp $668

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	45d	1	0.04mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	45d	1	0.06mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	45d	1	0.09mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	45d	1	0.10mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	45d	1	0.11mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	45d	1	0.12mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	25d	1	0.14mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	3d	1	0.18mi
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	25d	1	0.19mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	45d	1	0.22mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.26mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	5d	4	0.27mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	25d	4	0.27mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	45d	1	0.31mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	45d	1	0.35mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	45d	1	0.35mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	25d	3	0.35mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	21d	1	0.36mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	45d	1	0.36mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	19d	1	0.38mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	21d	1	0.38mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	19d	1	0.39mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	13d	1	0.40mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	12d	1	0.41mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	4d	1	0.41mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	45d	1	0.43mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	45d	1	0.45mi
2231 Orem Ave Baltimore, MD	3.0	1.5	1140	$1,750	$1.54	18d	1	0.45mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	45d	1	0.46mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	16d	1	0.47mi
2301 Whittier Ave Unit 3 Baltimore, MD	2.0	2.0	1104	$1,650	$1.49	45d	1	0.47mi
2301 Whittier Ave Unit 1 Baltimore, MD	2.0	1.0	1104	$1,400	$1.27	45d	1	0.47mi
2301 Whittier Ave Unit 2 Baltimore, MD	2.0	2.0	1104	$1,400	$1.27	45d	1	0.47mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	25d	1	0.48mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	45d	1	0.48mi
2444 Callow Ave Unit B Baltimore, MD	2.0	1.0	980	$1,362	$1.39	5d	1	0.49mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	45d	1	0.49mi
2201 Whittier Ave Baltimore, MD	4.0	2.0	1750	$1,700	$0.97	19d	1	0.49mi
750 Reservoir St Unit A Baltimore, MD	2.0	1.0	900	$1,650	$1.83	45d	1	0.51mi
750 Reservoir St Unit B Baltimore, MD	2.0	2.0	900	$1,850	$2.06	45d	1	0.51mi

Listing history 27 events

1. 2026-06-21
   days on market $75,000 Active 20 DOM
2. 2026-06-18
   days on market $75,000 Active 17 DOM
3. 2026-06-17
   days on market $75,000 Active 16 DOM
4. 2026-06-16
   days on market $75,000 Active 15 DOM
5. 2026-06-15
   days on market $75,000 Active 14 DOM
6. 2026-06-13
   days on market $75,000 Active 12 DOM
7. 2026-06-09
   days on market $75,000 Active 8 DOM
8. 2026-06-08
   days on market $75,000 Active 7 DOM
9. 2026-06-07
   days on market $75,000 Active 6 DOM
10. 2026-06-04
    days on market $75,000 Active 3 DOM
11. 2026-06-03
    days on market $75,000 Active 2 DOM
12. 2026-06-02
    statusdays on marketlisting id $75,000 Active 1 DOM
13. 2026-05-15
    historical
14. 2026-04-03
    listed $75,000 Active
15. 2026-03-30
    historical
16. 2026-03-19
    price $200,000
17. 2026-02-20
    price $225,000
18. 2026-01-23
    listed $229,000 Active
19. 2026-01-22
    historical
20. 2025-04-03
    historical
21. 2025-03-24
    price $75,000
22. 2025-02-19
    price $85,000
23. 2025-02-19
    status Active
24. 2024-12-05
    historical
25. 2024-11-08
    listed $99,000 Active
26. 2022-04-21
    historical
27. 2022-04-19
    listed $105,000 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: $2,746 · $229/mo
• Projected year-2 tax: $2,746 · $229/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: $20,671
• − Mortgage interest: −$4,201
• − Property taxes: −$2,746
• − Insurance: −$375
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − Depreciation: −$2,182
• Taxable income: $7,860
• Est. tax owed @ 24.0%: −$1,886
• After-tax cash flow: $6,603/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

-28.6% since first listed

16 events — show timeline

• 2026-06-01 Listed $75,000 BRIGHT MLS
• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-04-03 Listed $75,000 BRIGHT MLS
• 2026-03-30 Listing Removed — BRIGHT MLS
• 2026-03-19 Price Changed $200,000 BRIGHT MLS
• 2026-02-20 Price Changed $225,000 BRIGHT MLS
• 2026-01-23 Listed $229,000 BRIGHT MLS
• 2026-01-22 Coming Soon — BRIGHT MLS
• 2025-04-03 Listing Removed — BRIGHT MLS
• 2025-03-24 Price Changed $75,000 BRIGHT MLS
• 2025-02-19 Price Changed $85,000 BRIGHT MLS
• 2025-02-19 Relisted — BRIGHT MLS
• 2024-12-05 Listing Removed — BRIGHT MLS
• 2024-11-08 Listed $99,000 BRIGHT MLS
• 2022-04-21 Listing Removed — BRIGHT MLS
• 2022-04-19 Listed $105,000 BRIGHT MLS

Property tax history

+0.7%/yr

Latest (2025): $2,746 · +2.9% YoY. Source: county tax records.