1405 Ramsay St · Baltimore, MD 21223

$95,000

3 bd · 1.0 ba · 1,200 sqft · Townhouse · 5 Days on market

Built 1900

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Solid Brick Three-Level Rowhouse Offering Spacious Bedrooms and a Fully Fenced Backyard. This Property is Packed with Potential and Provides a Fantastic Opportunity for Investors or Buyers Looking to Create Instant Equity. In Need of Cosmetic Updates and Modernization, this Home is Ideal as a Rental Property or a Renovation Project to Customize and Add Value. A Great Opportunity to Own a Well-Built Home with Endless Possibilities. Sold AS-IS

Key facts

• Built 1900
• Listed 5 days

Property features AI

Finance

• Other: Pets allowed with no restrictions
• Financial info: Ground rent paid semi-annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Ground rent ownership interest; Very good condition; Estimated above-grade finished area
• Construction: Brick construction; Brick/mortar foundation; Double-pane windows; Above-grade and below-grade structures; Year built reported by assessor
• Exterior features: Rear yard; Not in a federal flood zone

Interior

• Kitchen: Refrigerator; Gas oven/range
• Bedrooms: Three bedrooms on the first upper level
• Flooring: Wood flooring
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Central heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Efficiency kitchen layout; Drywall walls and ceilings; Partial finished basement
• Laundry & utility: Basement space for utilities

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $95k.

Deal economics

• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 16.4% 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: 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: Frederick Elementary (math 2% / reading 2%, grade F, #826 of 860 statewide, top 100%, 393 students, 90% FRL, charter); Paul Laurence Dunbar High (math 2% / reading 22%, grade F, #193 of 222 statewide, top 88%, 1,067 students, 73% FRL) — zoned schools at 82% FRL track the district average.
• Market conditions: Rents rising fast (+7.5%/yr); 422 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); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,766/mo this rent would consume 46% of the median local household income ($46k/yr) (locally 1755% 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 $657 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 $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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 $38k; list at $95k implies a 150% 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 $95,000

Questions for the listing agent

1. Built in 1900 — 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: 1.86% ✓
• Cap rate: 16.35%
• Cash-on-cash: 35.92%
• DSCR: 2.60
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $206,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1110 W Lombard St	0.33mi	3/2.5	1,206 (+0%)	1mo	$180,000	$149	77
916 S Carey St	0.18mi	3/1.5	1,288 (+7%)	1mo	$100,000	$78	76
1404 Lemmon St	0.19mi	3/2.0	1,100 (-8%)	1mo	$189,000	$172	72
1244 Carroll St	0.37mi	3/1.5	1,140 (-5%)	0mo	$213,900	$188	72
121 Parkin St	0.55mi	3/2.0	1,208 (+1%)	0mo	$175,000	$145	69
1145 W Cross St	0.46mi	2/1.5 (-1)	1,172 (-2%)	2mo	$121,900	$104	66
835 1/2 W Lombard St	0.62mi	3/1.0	1,242 (+4%)	1mo	$255,000	$205	64
1236 Sargeant St	0.27mi	2/2.0 (-1)	1,350 (+12%)	2mo	$205,000	$152	56
1933 W Pratt St	0.45mi	4/— (+1)	1,365 (+14%)	2mo	$30,000	$22	50
817 W Cross St	0.61mi	3/3.5	1,320 (+10%)	0mo	$260,000	$197	44
835 W Cross St	0.59mi	3/2.5	1,380 (+15%)	1mo	$243,600	$177	40
528 S Bentalou St	0.70mi	4/3.0 (+1)	1,032 (-14%)	0mo	$190,000	$184	31

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: 36.5%
• Equity multiple: 2.64×
• Total profit: $43,689
• Equity at exit: $14,165

10-year hold

• IRR: 45.3%
• Equity multiple: 6.30×
• Total profit: $141,041
• Equity at exit: $8,214

Cash invested: $26,600 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,766 high
• Mortgage (P&I): −$498
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $796

Break-even live

Break-even rent $758

Max offer price $95,000

Occupancy floor 50%

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: $23,750
• Closing costs: $2,850
• 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	22d	1	0.10mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	24d	1	0.19mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	24d	1	0.23mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	22d	1	0.24mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.26mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	43d	1	0.27mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	43d	1	0.27mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	0.27mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	24d	1	0.28mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	0.29mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	4d	1	0.31mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	12d	1	0.31mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	0.31mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	0.32mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	2d	1	0.33mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.33mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	0.34mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	24d	1	0.34mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	24d	1	0.34mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	12d	1	0.36mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	24d	1	0.37mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	43d	1	0.37mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	18d	1	0.37mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	4d	1	0.38mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	43d	1	0.38mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	43d	1	0.41mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	43d	1	0.43mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	0.44mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	4d	1	0.47mi
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	24d	1	0.47mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.47mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	24d	1	0.50mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	43d	1	0.51mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	24d	1	0.54mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	43d	1	0.55mi
508 Wyeth St Baltimore, MD	3.0	3.0	1234	$1,850	$1.50	43d	1	0.55mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.56mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	43d	1	0.58mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	43d	1	0.59mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	20d	1	0.59mi

Listing history 6 events

1. 2026-06-18
   days on market $95,000 Active 5 DOM
2. 2026-06-17
   days on market $95,000 Active 4 DOM
3. 2026-06-16
   days on market $95,000 Active 3 DOM
4. 2026-06-15
   days on market $95,000 Active 2 DOM
5. 2026-06-13
   remarks 459-char remark
6. 2026-06-13
   listed $95,000 Active 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: $728 · $61/mo
• Projected year-2 tax: $882 · $73/mo
• Expected delta: +$154/yr (+$13/mo · 21.1%)

ⓘ 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: $21,186
• − Mortgage interest: −$5,321
• − Property taxes: −$728
• − Insurance: −$475
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$2,764
• Taxable income: $8,508
• Est. tax owed @ 24.0%: −$2,042
• After-tax cash flow: $7,514/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

+69.8% since first listed

18 events — show timeline

• 2026-06-13 Listed $95,000 BRIGHT MLS
• 2026-02-13 Sold (MLS) $38,000 BRIGHT MLS
• 2026-02-05 Pending — BRIGHT MLS
• 2026-02-05 Price Changed $38,000 BRIGHT MLS
• 2026-01-29 Listed $29,900 BRIGHT MLS
• 2018-10-03 Price Changed $44,000 BRIGHT MLS
• 2018-02-18 Delisted — MRIS
• 2018-01-31 Price Changed — MRIS
• 2017-12-20 Price Changed — MRIS
• 2017-11-20 Price Changed — MRIS
• 2017-11-09 Price Changed — MRIS
• 2017-08-22 Price Changed — MRIS
• 2017-08-04 Listed — MRIS
• 2017-08-04 Listed $69,000 BRIGHT MLS
• 2005-08-10 Sold (MLS) $39,900 MRIS
• 2005-06-22 Delisted — MRIS
• 2005-04-26 Listed $39,900 MRIS
• 1986-10-20 Sold (Public Records) $55,935 Public Records

Property tax history

+0.1%/yr

Latest (2025): $728 · +10.7% YoY. Source: county tax records.