932 W Pratt St W · Baltimore, MD 21223

$109,000

3 bd · 1.0 ba · 1,224 sqft · Townhouse public records · 18 Days on market

Built 1900 Est $211k · 48% 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 MLS

Just reduced 10K! Great Investment Opportunity close to stadiums, convention center, Inner Harbor. Completely renovated 3BR/1BA townhome, exposed brick, new Maple HW floors, new doors & hardware, new water heater, new A/C & heater, new duct work, new washer/dryer, newer stove, fridge, kitchen cabinets, new slate tile, new wood fence back yard! Solid return on investment for price point. Sold AS-IS.

Key facts

• Built 1900
• Listed 18 days

Tags

• EASY ACCESS TO INNER HARBOR
• EASY ACCESS TO ORIOLE PARK

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Cable TV available
• Home design: End-of-row townhouse; Owned as fee simple; Year of major remodel: 2016 (effective)
• Construction: Brick construction; Slab foundation; Tar/gravel and composite roof; Above-grade and below-grade structures
• Exterior features: Fully fenced

Interior

• Kitchen: Upgraded countertops
• Bedrooms: Two bedrooms on the first upper level; One bedroom on the second upper level
• Flooring: Wood floors
• Bathrooms: One full bathroom (all upper levels total: 1)
• Heating & cooling: Central heating (forced air); Natural gas heating; Central air conditioning; Ceiling fans; Natural gas hot water
• Interior features: Family room off the kitchen; Upgraded countertops; Crown moldings; Window treatments; Wood floors; Recessed lighting; Open floor plan; Six-panel and storm doors; Brick and drywall walls/ceilings; Basement present (other type)
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $109k.

Deal economics

• At list price, monthly cash flow is $572 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (+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 $1,872/mo this rent would consume 49% 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 $754 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 + 7.5% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 11y 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: property tax is 3.2% of price; built in 1900 — 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 $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.72% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.49%
• DSCR: 2.00
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $210,528
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Parkin St	0.15mi	3/2.0	1,208 (-1%)	0mo	$175,000	$145	86
835 1/2 W Lombard St	0.22mi	3/1.0	1,242 (+2%)	1mo	$255,000	$205	86
1110 W Lombard St	0.14mi	3/2.5	1,206 (-2%)	1mo	$180,000	$149	84
916 S Carey St	0.36mi	3/1.5	1,288 (+5%)	1mo	$100,000	$78	72
1145 W Cross St	0.30mi	2/1.5 (-1)	1,172 (-4%)	2mo	$121,900	$104	70
1244 Carroll St	0.38mi	3/1.5	1,140 (-7%)	0mo	$213,900	$188	68
538 Eislen St	0.50mi	2/1.0 (-1)	1,170 (-4%)	1mo	$345,000	$295	63
1404 Lemmon St	0.36mi	3/2.0	1,100 (-10%)	1mo	$189,000	$172	62
1236 Sargeant St	0.31mi	2/2.0 (-1)	1,350 (+10%)	2mo	$205,000	$152	58
817 W Cross St	0.46mi	3/3.5	1,320 (+8%)	0mo	$260,000	$197	55
835 W Cross St	0.44mi	3/2.5	1,380 (+13%)	1mo	$243,600	$177	51
22 S Howard St Unit R-401	0.75mi	2/2.0 (-1)	1,309 (+7%)	1mo	$165,000	$126	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: 20.9%
• Equity multiple: 1.91×
• Total profit: $27,766
• Equity at exit: $16,252

10-year hold

• IRR: 32.3%
• Equity multiple: 4.66×
• Total profit: $111,585
• Equity at exit: $9,424

Cash invested: $30,520 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,872 high
• Mortgage (P&I): −$572
• Tax from tax record: −$290 /mo · $3,481/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $572

Break-even live

Break-even rent $1,148

Max offer price $109,000

Occupancy floor 64%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 W Lombard St Baltimore, MD	3.0	1.0	1452	$1,600	$1.10	23d	1	0.05mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	43d	1	0.10mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	4d	1	0.12mi
1000 Hollins St Unit 1000 Hollins Baltimore, MD	3.0	2.5	1472	$2,600	$1.77	44d	1	0.14mi
1111 W Lombard St Baltimore, MD	3.0	1.0	1200	$1,295	$1.08	4d	1	0.15mi
1115 W Lombard St Baltimore, MD	3.0	1.0	1468	$2,100	$1.43	43d	1	0.15mi
104 S Carrollton Ave Baltimore, MD	3.0	4.0	1232	$2,400	$1.95	4d	1	0.20mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	2d	1	0.23mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	23d	1	0.23mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	17d	1	0.26mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	23d	1	0.26mi
748 McHenry St Baltimore, MD	3.0	2.0	1288	$2,100	$1.63	4d	1	0.28mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	43d	1	0.28mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	43d	1	0.29mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	12d	1	0.29mi
508 Wyeth St Baltimore, MD	3.0	3.0	1234	$1,850	$1.50	43d	1	0.30mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	2d	12	0.30mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	20d	1	0.30mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	43d	1	0.30mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	12d	1	0.32mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	4d	1	0.32mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	23d	1	0.32mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	43d	1	0.32mi
10 S Carey St Baltimore, MD	2.0	1.0	1140	$1,550	$1.36	23d	1	0.32mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	23d	1	0.33mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	23d	1	0.34mi
519 Scott St Unit 1 Baltimore, MD	2.0	2.0	800	$2,000	$2.50	43d	1	0.34mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	21d	1	0.35mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	0.36mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	0.36mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	23d	1	0.37mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	0.37mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	0.37mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	23d	1	0.39mi
709 Scott St Baltimore, MD	3.0	3.0	1448	$2,500	$1.73	14d	1	0.40mi
709 Scott St Baltimore, MD	3.0	2.5	1448	$2,500	$1.73	23d	1	0.40mi
656 Portland St Baltimore, MD	2.0	1.5	1300	$1,950	$1.50	43d	1	0.40mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	0.41mi
662 Washington Blvd Baltimore, MD	4.0	2.5	1300	$2,700	$2.08	43d	1	0.43mi
812 S Paca St Baltimore, MD	3.0	2.0	990	$1,500	$1.52	12d	1	0.46mi

Listing history 11 events

1. 2026-06-16
   statusdays on market $109,000 Pending 18 DOM
2. 2026-06-15
   days on market $109,000 Active 17 DOM
3. 2026-06-13
   days on market $109,000 Active 15 DOM
4. 2026-06-09
   days on market $109,000 Active 11 DOM
5. 2026-06-08
   days on market $109,000 Active 10 DOM
6. 2026-06-07
   days on market $109,000 Active 9 DOM
7. 2026-06-04
   days on market $109,000 Active 6 DOM
8. 2026-06-03
   days on market $109,000 Active 5 DOM
9. 2026-06-02
   days on market $109,000 Active 4 DOM
10. 2026-06-01
    days on market $109,000 Active 3 DOM
11. 2026-05-31
    days on market $109,000 Active 2 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: $3,481 · $290/mo
• Projected year-2 tax: $3,481 · $290/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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,466
• − Mortgage interest: −$6,106
• − Property taxes: −$3,481
• − Insurance: −$545
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − Depreciation: −$3,171
• Taxable income: $5,569
• Est. tax owed @ 24.0%: −$1,336
• After-tax cash flow: $5,526/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

+890.9% since first listed

31 events — show timeline

• 2026-05-29 Listed $109,000 BRIGHT MLS
• 2025-08-29 Listing Removed — BRIGHT MLS
• 2025-05-09 Price Changed $147,000 BRIGHT MLS
• 2025-02-21 Listed $152,000 BRIGHT MLS
• 2025-02-16 Coming Soon — BRIGHT MLS
• 2017-09-28 Sold (Public Records) $105,000 Public Records
• 2017-09-12 Sold (MLS) $105,000 BRIGHT MLS
• 2017-09-12 Sold (MLS) $105,000 MRIS
• 2017-08-06 Pending — MRIS
• 2017-07-13 Price Changed $104,999 MRIS
• 2017-06-20 Listed $114,999 MRIS
• 2017-06-20 Listed $104,999 BRIGHT MLS
• 2016-08-11 Delisted — MRIS
• 2016-08-11 Listing Removed — BRIGHT MLS
• 2016-06-25 Price Changed — MRIS
• 2016-05-29 Price Changed — MRIS
• 2016-05-24 Listed — MRIS
• 2016-05-23 Listed $139,999 BRIGHT MLS
• 2016-02-12 Sold (MLS) $35,000 MRIS
• 2016-02-12 Sold (MLS) $35,000 BRIGHT MLS
• 2016-02-01 Pending — MRIS
• 2016-01-21 Relisted — MRIS
• 2015-12-22 Pending — MRIS
• 2015-12-20 Relisted — MRIS
• 2015-12-07 Pending — MRIS
• 2015-12-03 Relisted — MRIS
• 2015-11-17 Pending — MRIS
• 2015-11-10 Price Changed $39,500 MRIS
• 2015-09-25 Listed $41,000 MRIS
• 2015-09-25 Listed $39,500 BRIGHT MLS
• 1992-03-26 Sold (Public Records) $11,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $3,481 · +6.0% YoY. Source: county tax records.