1817 W Mulberry St · Baltimore, MD 21223

$75,000

3 bd · 1.0 ba · 1,100 sqft · Townhouse · 11 Days on market

Built 1920 900 sqft lot Est $123k · 39% 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

Here's you opportunity for an incredible investment property in Baltimore. This value-add opportunity you’ve been waiting for. With strong bones, central A/C, a functional layout, and minimal updates needed, this property is primed for your next rental, flip, or long-term hold. The home features 3 bedrooms, 1 full bath, a spacious main level, and a large unfinished basement offering additional value-add potential. Major systems include a gas furnace, gas water heater, and a residential sprinkler system—an uncommon feature that adds both value and peace of mind. Located just minutes from UMMC, downtown Baltimore, major employers, public transportation, and commuter routes, this

Key facts

• Gas furnace
• Gas water heater
• Convenient access

Tags

• FUNCTIONAL LAYOUT
• LARGE UNFINISHED BASEMENT
• GAS FURNACE
• GAS WATER HEATER
• RESIDENTIAL SPRINKLER SYSTEM
• CONVENIENT ACCESS

Property features AI

Exterior

• Utilities: Public water; Public sewer; Hot water heated by natural gas
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Above-grade and below-grade structures
• Exterior features: Located within city limits (Baltimore City); No tidal water

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Central heating (natural gas); Central air conditioning (natural gas)
• Interior features: Unfinished basement

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 $877 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 20.3% 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 (+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 $1,720/mo this rent would consume 45% 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 $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 + 7.5% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $75k implies a 88% 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 $75,000

Questions for the listing agent

1. Built in 1920 — 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: 2.29% ✓
• Cap rate: 20.33%
• Cash-on-cash: 50.12%
• DSCR: 3.23
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $123,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 Lemmon St	0.58mi	3/2.0	1,100 (0%)	1mo	$189,000	$172	68
43 Wheeler Ave N	0.50mi	3/1.0	1,144 (+4%)	3mo	$34,000	$30	68
2141 Vine St	0.34mi	2/1.0 (-1)	1,200 (+9%)	3mo	$20,000	$17	62
1906 W Fairmount Ave	0.27mi	2/3.5 (-1)	1,200 (+9%)	3mo	$134,900	$112	55
633 N Brice St	0.28mi	4/2.5 (+1)	1,250 (+14%)	2mo	$78,000	$62	51
2435 Lauretta Ave	0.51mi	3/1.0	1,260 (+14%)	1mo	$45,000	$36	51
1239 W Lombard St	0.64mi	2/1.0 (-1)	1,000 (-9%)	3mo	$150,000	$150	48
1226 W Pratt St	0.68mi	2/1.5 (-1)	1,000 (-9%)	2mo	$80,000	$80	45
1110 W Lombard St	0.71mi	3/2.5	1,206 (+10%)	1mo	$180,000	$149	44
2576 W Baltimore St W	0.75mi	3/2.0	1,200 (+9%)	2mo	$152,000	$127	44
2544 W Fairmount Ave	0.69mi	2/1.5 (-1)	1,204 (+10%)	2mo	$55,000	$46	43
1241 W Lombard St	0.63mi	2/1.0 (-1)	963 (-12%)	3mo	$150,000	$156	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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 52.8%
• Equity multiple: 3.47×
• Total profit: $51,871
• Equity at exit: $11,183

10-year hold

• IRR: 59.7%
• Equity multiple: 8.33×
• Total profit: $153,860
• 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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,720 high
• Mortgage (P&I): −$393
• Tax from tax record: −$57 /mo · $681/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $877

Break-even live

Break-even rent $609

Max offer price $75,000

Occupancy floor 44%

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
1846 W Saratoga St Unit 1 Baltimore, MD	2.0	1.0	1250	$1,300	$1.04	43d	1	0.07mi
2012 W Saratoga St Baltimore, MD	3.0	1.0	1300	$1,700	$1.31	24d	1	0.19mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.19mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.19mi
1839 W Fayette St Baltimore, MD	3.0	1.5	1426	$1,675	$1.17	24d	1	0.26mi
1519 Penrose Ave Baltimore, MD	3.0	2.0	1200	$1,875	$1.56	43d	1	0.26mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	24d	1	0.33mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	43d	1	0.33mi
813 N Fulton Ave Unit 1 Baltimore, MD	2.0	1.0	1200	$1,350	$1.12	43d	1	0.35mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	43d	1	0.38mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	4d	1	0.38mi
1315 Harlem Ave Unit B Baltimore, MD	2.0	1.0	900	$1,425	$1.58	24d	1	0.43mi
1315 Harlem Ave Unit C Baltimore, MD	2.0	1.0	900	$1,425	$1.58	43d	1	0.43mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	20d	1	0.46mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	24d	1	0.48mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	24d	1	0.49mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	43d	1	0.49mi
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	17d	1	0.50mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	12d	1	0.52mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	24d	1	0.53mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	0.53mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	4d	1	0.55mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	12d	1	0.55mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	43d	1	0.58mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.58mi
918 N Bentalou St Baltimore, MD	3.0	1.5	1485	$1,750	$1.18	43d	1	0.59mi
1049 Brantley Ave Unit 2 Baltimore, MD	3.0	1.0	1200	$1,350	$1.12	24d	1	0.60mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.68mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	0.68mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	43d	1	0.68mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	2d	12	0.70mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	22d	1	0.70mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.71mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	0.71mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	0.71mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	0.72mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	24d	1	0.74mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.74mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	24d	1	0.76mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	43d	1	0.77mi

Listing history 8 events

1. 2026-06-18
   days on market $75,000 Active 11 DOM
2. 2026-06-17
   days on market $75,000 Active 10 DOM
3. 2026-06-16
   days on market $75,000 Active 9 DOM
4. 2026-06-15
   days on market $75,000 Active 8 DOM
5. 2026-06-13
   days on market $75,000 Active 6 DOM
6. 2026-06-09
   days on market $75,000 Active 2 DOM
7. 2026-06-08
   remarks 687-char remark
8. 2026-06-08
   listed $75,000 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: $681 · $57/mo
• Projected year-2 tax: $749 · $62/mo
• Expected delta: +$68/yr (+$6/mo · 10.0%)

ⓘ 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: $20,634
• − Mortgage interest: −$4,201
• − Property taxes: −$681
• − Insurance: −$375
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$2,182
• Taxable income: $9,894
• Est. tax owed @ 24.0%: −$2,374
• After-tax cash flow: $8,151/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

+87.5% since first listed

2 events — show timeline

• 2026-06-07 Listed $75,000 BRIGHT MLS
• 2025-08-04 Sold (Public Records) $40,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $681 · +11.5% YoY. Source: county tax records.