1922 N Forest Park Ave · Baltimore, MD 21207

$100,000

5 bd · 3.0 ba · 2,490 sqft · SingleFamily public records · 32 Days on market

Built 1920 0.44 ac lot $40/sqft · 66% below area ↓ 5% since listing

---

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
• Appreciation +9.8/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Monday, May 4, 2026. Live On Site Auction - Wednesday, May 6, 2026 at 12:00 noon. List price is opening bid only. Apartment building arranged for 2 two bedroom units and 1 one bedroom unit. The building sits on just under a half acre with a new electric line, sewer line and gutters. Well located near Windsor Mill Road and Security Boulevard, public transportation, employment centers and parks are in abundance. The prime location, employment centers, and broad tenant base make this an exceptional opportunity for an investor seeking a smooth acquisition with a strong future cash-flow potential.

Key facts

• 0.44 acre lot
• 4 parking spots
• Built 1920

🏷️ Possibly a rental listed for sale. The $100,000 price doesn't fit this home's estimated sale value (~$295,599) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/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 19.6% 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 (+5.2%/yr); 126 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 41% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $10k of equity ($691 loan paydown + $10k appreciation (9.5% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.5% appreciation + 5.2% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% 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 32 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 1920 — 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: 2.27% ✓
• Cap rate: 19.56%
• Cash-on-cash: 47.39%
• DSCR: 3.11
• GRM: 3.7

CMA / ARV

• ARV (median comp): $295,599
• List price: $100,000
• Delta: -66.17%
• Verdict: UNDERPRICED
• Comps: 11 within 2.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5211 W North Ave	0.09mi	4/4.0 (-1)	2,680 (+8%)	13mo	$408,500	$152	63
2301 Hillhouse Rd	0.35mi	5/3.5	2,664 (+7%)	17mo	$470,000	$176	56
2531 Pickwick Rd	0.69mi	4/2.5 (-1)	2,400 (-4%)	12mo	$448,000	$187	45
2505 Pickwick Rd	0.67mi	4/3.5 (-1)	2,740 (+10%)	19mo	$375,000	$137	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.5% appreciation · 5.23% rent growth · sell at horizon

5-year hold

• IRR: 62.5%
• Equity multiple: 5.53×
• Total profit: $126,736
• Equity at exit: $86,461

10-year hold

• IRR: 57.3%
• Equity multiple: 12.74×
• Total profit: $328,668
• Equity at exit: $182,727

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 21207

• Home prices YoY: 1.1%
• Rents YoY: 5.2%
• Active inventory: 126
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,275 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $1,106

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 46%

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: —

Listing history 13 events

1. 2026-05-04
   status Pending 691-char remark

   Show marketing remark (691 chars)

   REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Monday, May 4, 2026. Live On Site Auction - Wednesday, May 6, 2026 at 12:00 noon. List price is opening bid only. Apartment building arranged for 2 two bedroom units and 1 one bedroom unit. The building sits on just under a half acre with a new electric line, sewer line and gutters. Well located near Windsor Mill Road and Security Boulevard, public transportation, employment centers and parks are in abundance. The prime location, employment centers, and broad tenant base make this an exceptional opportunity for an investor seeking a smooth acquisition with a strong future cash-flow potential.

2. 2026-04-02
   listed $100,000 Active 691-char remark

   Show marketing remark (691 chars)

   REAL ESTATE AUCTION featuring ON SITE and SIMULCAST ONLINE BIDDING!! Online Bidding Opens - Monday, May 4, 2026. Live On Site Auction - Wednesday, May 6, 2026 at 12:00 noon. List price is opening bid only. Apartment building arranged for 2 two bedroom units and 1 one bedroom unit. The building sits on just under a half acre with a new electric line, sewer line and gutters. Well located near Windsor Mill Road and Security Boulevard, public transportation, employment centers and parks are in abundance. The prime location, employment centers, and broad tenant base make this an exceptional opportunity for an investor seeking a smooth acquisition with a strong future cash-flow potential.

3. 2009-12-01
   historical
4. 2009-12-01
   historical Expired
5. 2009-04-02
   listed
6. 2009-04-02
   listed $185,000
7. 2007-12-01
   historical
8. 2007-04-26
   listed
9. 2005-10-06
   historical
10. 2005-08-19
    listed
11. 2004-05-06
    historical
12. 2003-07-06
    listed
13. 1990-01-02
    soldstatus $105,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $27,295
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$2,184
• − Management: −$2,184
• − Depreciation: −$2,909
• Taxable income: $12,417
• Est. tax owed @ 24.0%: −$2,980
• After-tax cash flow: $10,290/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 County · 769,527 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 47,099
• Household income: $67,060
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 2139.0

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 (78%)
• Race & ethnicity: Black 78% White 8% Hispanic / Latino 7% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Swedish 1%
• Foreign-born: 13% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 4% French/Haitian/Cajun 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: ▲ 9.50%
• Current HPI: 843.63
• Rent YoY: ▲ 5.23%
• 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

-4.8% since first listed

13 events — show timeline

• 2026-05-04 Pending — BRIGHT MLS
• 2026-04-02 Listed $100,000 BRIGHT MLS
• 2009-12-01 Listing Removed — BRIGHT MLS
• 2009-12-01 Delisted — MRIS
• 2009-04-02 Listed — MRIS
• 2009-04-02 Listed $185,000 BRIGHT MLS
• 2007-12-01 Delisted — MRIS
• 2007-04-26 Listed — MRIS
• 2005-10-06 Delisted — MRIS
• 2005-08-19 Listed — MRIS
• 2004-05-06 Delisted — MRIS
• 2003-07-06 Listed — MRIS
• 1990-01-02 Sold (Public Records) $105,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,447 · +3.9% YoY. Source: county tax records.