1929 Grinnalds Ave · Baltimore, MD 21230

$100,000

3 bd · 2.0 ba · 1,530 sqft · Townhouse public records · 53 Days on market

Built 1926 1,395 sqft lot $65/sqft · 21% below area Est $127k · 21% 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
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great home for first time home buyer or investor. 3 Beds and 2 full baths. Just lots of upgrades and cosmetic repair needed. Price reflect condition. Close to major routes and shops. Put in some sweat and call it home or rent it out. Sell strictly as is.

Key facts

• Built 1926
• Listed 52 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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 soft (-1.0%/yr); 362 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $691 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 + 0.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 29y 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 $45k; list at $100k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1926 — 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: 1.91% ✓
• Cap rate: 15.97%
• Cash-on-cash: 34.55%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (median comp): $127,356
• List price: $100,000
• Delta: -21.48%
• 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
2030 Griffis Ave	0.07mi	3/2.5	1,538 (+0%)	6mo	$155,000	$101	89
2507 Washington Blvd	0.10mi	3/1.5	1,589 (+4%)	6mo	$86,500	$54	82
1930 Grinnalds Ave	0.02mi	3/2.0	1,650 (+8%)	12mo	$150,000	$91	76
1931 Grinnalds Ave	0.00mi	3/1.5	1,320 (-14%)	12mo	$140,000	$106	65
1954 Sponson St	0.25mi	4/3.0 (+1)	1,474 (-4%)	11mo	$350,000	$237	64
2105 Maisel St	0.34mi	3/1.0	1,456 (-5%)	11mo	$180,000	$124	63
2360 Washington Blvd	0.13mi	3/2.0	1,680 (+10%)	19mo	$112,500	$67	62
2400 Ridgely St	0.44mi	3/2.5	1,440 (-6%)	10mo	$243,000	$169	60
1917 Grinnalds Ave	0.02mi	3/2.0	1,305 (-15%)	19mo	$83,500	$64	59
2832 Washington Blvd	0.48mi	3/1.5	1,344 (-12%)	1mo	$65,000	$48	54
2807 Washington Blvd	0.39mi	3/1.0	1,387 (-9%)	13mo	$125,750	$91	52
1619 Parkman Ave	0.67mi	3/2.0	1,620 (+6%)	12mo	$215,000	$133	49

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 2.06×
• Total profit: $29,594
• Equity at exit: $14,910

10-year hold

• IRR: 32.3%
• Equity multiple: 3.52×
• Total profit: $70,438
• Equity at exit: $8,646

Cash invested: $28,000 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$524
• Tax from tax record: −$134 /mo · $1,607/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $806

Break-even live

Break-even rent $886

Max offer price $100,000

Occupancy floor 53%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	21d	1	0.09mi
1633 Sexton St Baltimore, MD	4.0	3.0	1748	$1,999	$1.14	43d	1	0.23mi
941 Brunswick St Baltimore, MD	3.0	1.5	1558	$1,600	$1.03	43d	1	0.79mi
941 Brunswick St Baltimore, MD	3.0	1.5	1516	$1,650	$1.09	17d	1	0.79mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	4d	1	0.89mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	43d	1	0.90mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	10d	1	0.90mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	43d	1	0.92mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	43d	1	0.92mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	3d	1	0.92mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	43d	1	0.97mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	43d	1	1.01mi
476 S Bentalou St Baltimore, MD	2.0	1.5	1630	$1,300	$0.80	43d	1	1.02mi
3207 Bryant Ave Halethorpe, MD	3.0	2.0	1808	$2,350	$1.30	43d	1	1.07mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	23d	1	1.16mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	43d	1	1.17mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	23d	1	1.21mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	1.24mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	1.24mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	1.25mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	23d	1	1.26mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	1.27mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	23d	1	1.27mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	1.30mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	43d	1	1.30mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	1.34mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	17d	1	1.39mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	1d	1	1.39mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	23d	1	1.39mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	23d	1	1.40mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	23d	1	1.41mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	23d	1	1.41mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	1.42mi
2225 W Baltimore St Baltimore, MD	3.0	2.5	1200	$1,600	$1.33	23d	1	1.44mi
1226 W Cross St Baltimore, MD	3.0	3.0	1551	$2,250	$1.45	43d	1	1.45mi
1108 Sterrett St Baltimore, MD	2.0	1.0	1400	$2,300	$1.64	23d	1	1.45mi
2232 W Baltimore St Baltimore, MD	3.0	1.0	1250	$1,875	$1.50	23d	1	1.46mi
1110 S Paca St Baltimore, MD	2.0	3.5	1557	$2,150	$1.38	43d	1	1.47mi
1635 Frederick Ave Baltimore, MD	3.0	2.0	1224	$1,850	$1.51	43d	1	1.47mi
1912 W Baltimore St Unit 2 Baltimore, MD	2.0	1.5	1200	$2,100	$1.75	23d	1	1.48mi

Listing history 6 events

1. 2026-04-03
   listed $100,000 Active 254-char remark

   Show marketing remark (254 chars)

   Great home for first time home buyer or investor. 3 Beds and 2 full baths. Just lots of upgrades and cosmetic repair needed. Price reflect condition. Close to major routes and shops. Put in some sweat and call it home or rent it out. Sell strictly as is.

2. 2018-11-29
   soldstatus $45,000
3. 1998-11-04
   soldstatus $36,000
4. 1998-08-24
   soldstatus $36,000
5. 1998-05-12
   historical
6. 1997-09-16
   listed $42,500

ⓘ 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: $1,607 · $134/mo
• Projected year-2 tax: $1,607 · $134/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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,879
• − Mortgage interest: −$5,602
• − Property taxes: −$1,607
• − Insurance: −$500
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − Depreciation: −$2,909
• Taxable income: $8,601
• Est. tax owed @ 24.0%: −$2,064
• After-tax cash flow: $7,611/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+135.3% since first listed

6 events — show timeline

• 2026-04-03 Listed $100,000 BRIGHT MLS
• 2018-11-29 Sold (Public Records) $45,000 Public Records
• 1998-11-04 Sold (Public Records) $36,000 Public Records
• 1998-08-24 Sold (MLS) $36,000 MRIS
• 1998-05-12 Delisted — MRIS
• 1997-09-16 Listed $42,500 MRIS

Property tax history

-2.4%/yr

Latest (2025): $1,607 · +10.7% YoY. Source: county tax records.