1427 W Baltimore St · Baltimore, MD 21223

$299,900

6 bd · 7.5 ba · 3,690 sqft · MultiFamily · 37 Days on market

Built 1920 Good condition 2,178 sqft lot $81/sqft · 14% below area Est $348k · 14% under ↓ 17% since listing

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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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.4/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Discover a prime investment opportunity in the heart of UNION SQUARE! This 3 unit contains a first floor/street level commercial space with two apartments above on the 2nd and 3rd floors. property is excellent for an owner occupant who wants to operate their business from the first floor storefront and live in one apartment upstairs and still obtain rental income from the 2nd apartment on the 3rd floor. The 2nd floor apartment has the potential to be 2 bedrooms. For the investor the property offers great cash flow as it currently sits. Improve the property and see even greater returns with a potential rental income of $4500 or more per month! Although in need of some TLC, this property is

Key facts

• Two apartments
• Detached garage
• 2,178 sq ft lot

Tags

• FIRST FLOOR COMMERCIAL SPACE
• TWO APARTMENTS
• POTENTIAL RENTAL INCOME
• DETACHED GARAGE
• SMALL REAR OUTDOOR SPACE

Property features AI

Finance

• Financial info: Three total rental units with vacancy allowance rate of 7%; Gross scheduled income / total actual rent: $39,600; Net operating income: $27,720; Income sources include apartment rentals, parking and shop rentals; Operating expenses include insurance, trash and advertising; Annual insurance expense: $3,500; Pest control expense: $250; Ground rent payment frequency: annually; Lease considered

Exterior

• Parking: Detached garage (rear entry) with additional storage — 1 garage space
• Utilities: Public water and public sewer; Electric service 120/240V available; Cable TV available; Underground utilities available; Natural gas available; Hot water (electric)
• Home design: Historic building; Over storefront property; Four total levels; Fee simple ownership; Average condition
• Construction: Brick construction with brick front; Built-up roof; Below-grade unfinished area
• Exterior features: Above-grade additional structures; Urban location within city limits; Bus, commuter rail and metro/subway stations within 1 mile

Interior

• Bedrooms: Three one-bedroom units; One single-room unit
• Heating & cooling: Heat pump heating (electric); Ductless / mini-split cooling (electric)
• Interior features: Basement with connecting stairway (unfinished); Building not winterized; Over storefront structure

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.5-bath units multifamily listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $600/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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); 425 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $4,901/mo this rent would consume 128% 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.71%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $347,928
• List price: $299,900
• Delta: -13.80%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1433 W Lombard St	0.14mi	5/— (-1)	3,510 (-5%)	3mo	$450,000	$128	78
1042 Edmondson Ave	0.58mi	6/—	4,121 (+12%)	11mo	$67,500	$16	44

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: 24.4%
• Equity multiple: 2.06×
• Total profit: $89,322
• Equity at exit: $44,716

10-year hold

• IRR: 34.9%
• Equity multiple: 4.93×
• Total profit: $330,372
• Equity at exit: $25,930

Cash invested: $83,972 (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: 425
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $4,901 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,029
• Net cashflow: $1,799

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 58%

Sensitivity live

Price	-10% $2,007	-5% $1,903	+0% $1,799	+5% $1,696	+10% $1,592
Rent	-10% $1,412	-5% $1,606	+0% $1,799	+5% $1,993	+10% $2,186
Rate	-1.0pp $1,950	-0.5pp $1,876	base $1,799	+0.5pp $1,722	+1.0pp $1,642

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	2.5	$4,902
Total (3 units)			$4,901

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $299,900 Active 37 DOM
2. 2026-06-18
   days on market $299,900 Active 34 DOM
3. 2026-06-17
   days on market $299,900 Active 33 DOM
4. 2026-06-16
   days on market $299,900 Active 32 DOM
5. 2026-06-15
   days on market $299,900 Active 31 DOM
6. 2026-06-13
   days on market $299,900 Active 29 DOM
7. 2026-06-09
   days on market $299,900 Active 25 DOM
8. 2026-06-08
   days on market $299,900 Active 24 DOM
9. 2026-06-07
   days on market $299,900 Active 23 DOM
10. 2026-06-04
    days on market $299,900 Active 20 DOM
11. 2026-06-03
    days on market $299,900 Active 19 DOM
12. 2026-06-02
    days on market $299,900 Active 18 DOM
13. 2026-06-01
    days on market $299,900 Active 17 DOM
14. 2026-05-31
    days on market $299,900 Active 16 DOM
15. 2026-05-15
    listed $299,900 Active 1527-char remark
16. 2024-08-31
    historical
17. 2024-05-21
    listed $360,000 Active

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

Taxation est. · year 1

• Rental income: $58,812
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,705
• − Management: −$4,705
• − Depreciation: −$8,724
• Taxable income: $17,881
• Est. tax owed @ 24.0%: −$4,291
• After-tax cash flow: $17,300/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a good exterior and interior. It has the potential for further value increases through painting and minor updates.

Value-add opportunities

• Resale Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and overall aesthetic of the property, making it more attractive to potential buyers.
• Rental Updating the kitchen appliances — Modernizing the kitchen with new appliances can attract tenants and increase rental income.
• Both Upgrading the flooring — Replacing worn-out flooring with new, more durable materials can improve the overall condition of the property and increase its value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and overall aesthetic of the property, making it more attractive to potential buyers. ↑
• Rental Updating the kitchen appliances — Modernizing the kitchen with new appliances can attract tenants and increase rental income. ↑
• Both Upgrading the flooring — Replacing worn-out flooring with new, more durable materials can improve the overall condition of the property and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.7% since first listed

3 events — show timeline

• 2026-05-15 Listed $299,900 BRIGHT MLS
• 2024-08-31 Listing Removed — BRIGHT MLS
• 2024-05-21 Listed $360,000 BRIGHT MLS