1816 N Smallwood St · Baltimore, MD 21216

$139,000

6 bd · 1.0 ba · 1,496 sqft · Townhouse · 213 Days on market

Built 1920 $93/sqft · 56% below area

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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 +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property has been set as a 3-unit property with 3 bathrooms, 3 kitchens

Key facts

• Built 1920
• Listed 213 days

What this means for you Summary

Snapshot

• This is a 6-bed/1.0-bath townhouse listed at $139k.

Deal economics

• At list price, monthly cash flow is $961 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 (+6.1%/yr); 252 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,336/mo this rent would consume 67% of the median local household income ($42k/yr) (locally 2264% 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 $961 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 + 6.1% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $99k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.68% ✓
• Cap rate: 14.59%
• Cash-on-cash: 29.62%
• DSCR: 2.32
• GRM: 5.0

CMA / ARV

• ARV (median comp): $318,698
• List price: $139,000
• Delta: -56.39%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2217 Bryant Ave	0.56mi	6/2.0	1,416 (-5%)	2mo	$55,000	$39	59
1805 N Monroe St N	0.27mi	5/2.0 (-1)	1,544 (+3%)	19mo	$110,000	$71	57
1940 W North Ave	0.20mi	5/3.0 (-1)	1,307 (-13%)	8mo	$173,000	$132	50
1428 N Fulton Ave	0.45mi	5/2.5 (-1)	1,418 (-5%)	21mo	$155,000	$109	42
1199 N Fulton Ave N	0.57mi	6/2.5	1,650 (+10%)	12mo	$250,000	$152	40
1193 N Fulton Ave	0.58mi	6/4.0	1,600 (+7%)	15mo	$46,000	$29	37
2315 N Pulaski St	0.38mi	7/5.0 (+1)	1,632 (+9%)	19mo	$66,000	$40	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 · 6.1% rent growth · sell at horizon

5-year hold

• IRR: 27.5%
• Equity multiple: 2.19×
• Total profit: $46,159
• Equity at exit: $20,725

10-year hold

• IRR: 36.7%
• Equity multiple: 4.90×
• Total profit: $151,785
• Equity at exit: $12,018

Cash invested: $38,920 (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 21216

• Rents YoY: 6.1%
• Active inventory: 252
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,336 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$98 /mo · $1,177/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $961

Break-even live

Break-even rent $1,120

Max offer price $139,000

Occupancy floor 54%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2216 Whittier Ave Baltimore, MD	5.0	1.5	1392	$1,975	$1.42	24d	1	0.56mi
715 N Rosedale St Baltimore, MD	5.0	3.0	1542	$2,550	$1.65	44d	1	1.19mi

Listing history 27 events

1. 2026-06-18
   days on market $139,000 Active 213 DOM
2. 2026-06-17
   days on market $139,000 Active 212 DOM
3. 2026-06-16
   days on market $139,000 Active 211 DOM
4. 2026-06-15
   days on market $139,000 Active 210 DOM
5. 2026-06-13
   days on market $139,000 Active 208 DOM
6. 2026-06-09
   days on market $139,000 Active 204 DOM
7. 2026-06-08
   days on market $139,000 Active 203 DOM
8. 2026-06-07
   days on market $139,000 Active 202 DOM
9. 2026-06-04
   days on market $139,000 Active 199 DOM
10. 2026-06-03
    days on market $139,000 Active 198 DOM
11. 2026-06-02
    days on market $139,000 Active 197 DOM
12. 2026-06-01
    days on market $139,000 Active 196 DOM
13. 2026-05-31
    days on market $139,000 Active 195 DOM
14. 2025-11-13
    listed $139,000 Active 76-char remark

    Show marketing remark (76 chars)

    This property has been set as a 3-unit property with 3 bathrooms, 3 kitchens

15. 2025-10-20
    soldstatus $99,000
16. 2025-09-09
    soldstatus $99,000 Closed 522-char remark

    Show marketing remark (522 chars)

    ONLINE AUCTION: Bidding begins 6/30/2025 @ 10:00 AM. Bidding ends 7/2/2025 @ 11:50 AM. List Price is Suggested Opening Bid. Deposit: $10,000 Two-story townhouse located in the Coppin Heights neighborhood, currently configured as three units. Near Druid Hill Park, a historic urban park with a conservatory, trails, and lake; Mondawmin Mall, a major retail hub; and Coppin State University, a public university. Major traffic arteries include W North Ave and Route 1 (N Monroe St). Property is partially occupied by tenant.

17. 2025-07-07
    status Pending 522-char remark

    Show marketing remark (522 chars)

    ONLINE AUCTION: Bidding begins 6/30/2025 @ 10:00 AM. Bidding ends 7/2/2025 @ 11:50 AM. List Price is Suggested Opening Bid. Deposit: $10,000 Two-story townhouse located in the Coppin Heights neighborhood, currently configured as three units. Near Druid Hill Park, a historic urban park with a conservatory, trails, and lake; Mondawmin Mall, a major retail hub; and Coppin State University, a public university. Major traffic arteries include W North Ave and Route 1 (N Monroe St). Property is partially occupied by tenant.

18. 2025-06-24
    listed $55,000 Active 522-char remark

    Show marketing remark (522 chars)

    ONLINE AUCTION: Bidding begins 6/30/2025 @ 10:00 AM. Bidding ends 7/2/2025 @ 11:50 AM. List Price is Suggested Opening Bid. Deposit: $10,000 Two-story townhouse located in the Coppin Heights neighborhood, currently configured as three units. Near Druid Hill Park, a historic urban park with a conservatory, trails, and lake; Mondawmin Mall, a major retail hub; and Coppin State University, a public university. Major traffic arteries include W North Ave and Route 1 (N Monroe St). Property is partially occupied by tenant.

19. 2021-01-26
    soldstatus $55,000
20. 2020-09-29
    soldstatus $55,000 Closed
21. 2020-09-08
    status Pending
22. 2020-09-05
    listed $55,000 Active
23. 2008-09-28
    soldstatus $38,000 Sold
24. 2008-07-10
    historical
25. 2008-06-30
    status
26. 2008-06-09
    historical
27. 2008-06-09
    listed $39,900

ⓘ 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: $1,177 · $98/mo
• Projected year-2 tax: $1,346 · $112/mo
• Expected delta: +$169/yr (+$14/mo · 14.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,033
• − Mortgage interest: −$7,786
• − Property taxes: −$1,177
• − Insurance: −$695
• − Repairs & maintenance: −$2,243
• − Management: −$2,243
• − Depreciation: −$4,044
• Taxable income: $9,846
• Est. tax owed @ 24.0%: −$2,363
• After-tax cash flow: $9,164/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): 29,426
• Household income: $42,031
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 2264.0

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 (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 4% Two or more races 3% White 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -107.42%
• Current HPI: 164.3933
• Rent YoY: ▲ 6.10%
• 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

+248.4% since first listed

14 events — show timeline

• 2025-11-13 Listed $139,000 Fizber.com
• 2025-10-20 Sold (Public Records) $99,000 Public Records
• 2025-09-09 Sold (MLS) $99,000 BRIGHT MLS
• 2025-07-07 Pending — BRIGHT MLS
• 2025-06-24 Listed $55,000 BRIGHT MLS
• 2021-01-26 Sold (Public Records) $55,000 Public Records
• 2020-09-29 Sold (MLS) $55,000 BRIGHT MLS
• 2020-09-08 Pending — BRIGHT MLS
• 2020-09-05 Listed $55,000 BRIGHT MLS
• 2008-09-28 Sold (MLS) $38,000 MRIS
• 2008-07-10 Delisted — MRIS
• 2008-06-30 Relisted — MRIS
• 2008-06-09 Delisted — MRIS
• 2008-06-09 Listed $39,900 MRIS

Property tax history

+0.9%/yr

Latest (2025): $1,177 · +5.7% YoY. Source: county tax records.