408 S Gilmor St · Baltimore, MD 21223

$155,000

5 bd · 3.0 ba · 1,234 sqft · Townhouse · 15 Days on market

Built 1915 Est $228k · 32% 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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• 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

ONLINE AUCTION: Bidding begins 6/26/2025 @ 10:00 AM. Bidding ends 6/30/2025 @ 11:40 AM. List Price is Suggested Opening Bid. Deposit: $5,000. Two-story townhome located in the Mount Clare neighborhood. Within +/- 1 mile of Carroll Park and Westside Shopping Center. Nearest major traffic arteries include S Monroe St and Wilkens Ave. Vacant and in need of renovation.

Key facts

• Quartz countertops
• Fully renovated home
• Brand-new kitchen

Tags

• FULLY RENOVATED HOME
• BRIGHT OPEN-CONCEPT LAYOUT
• BRAND-NEW KITCHEN
• MODERN PENINSULA
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Fee simple ownership; Two or more access/exit points

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; 200+ amp electric service; Electric hot water
• Home design: Interior townhouse / rowhouse
• Construction: Brick construction; Block and brick/mortar foundation
• Exterior features: Fully fenced yard; Property is inside city limits (Baltimore City)

Interior

• Bedrooms: Three bedrooms on the upper level; Two bedrooms on the lower level
• Bathrooms: Two full bathrooms on the upper level; One full bathroom on the lower level; Three full bathrooms total
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Fully finished basement with windows; Estimated living area

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath townhouse listed at $155k.

Deal economics

• At list price, monthly cash flow is $812 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,215/mo this rent would consume 58% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 28y 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 $44k; list at $155k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $152,675 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.43% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.44%
• DSCR: 2.00
• GRM: 5.8

CMA / ARV

• ARV (median comp): $228,182
• List price: $155,000
• Delta: -3.63%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1933 W Pratt St	0.33mi	4/— (-1)	1,365 (+11%)	2mo	$30,000	$22	60
508 Wyeth St	0.67mi	4/3.0 (-1)	1,234 (0%)	8mo	$173,500	$141	57
1180 Cleveland St	0.55mi	4/2.5 (-1)	1,248 (+1%)	11mo	$245,000	$196	56
19 N Smallwood St	0.64mi	4/3.5 (-1)	1,230 (-0%)	10mo	$210,000	$171	55
609 S Pulaski St S	0.37mi	4/3.0 (-1)	1,395 (+13%)	11mo	$201,000	$144	47
6 N Stockton St	0.49mi	4/1.0 (-1)	1,170 (-5%)	11mo	$50,000	$43	46
614 Scott St	0.72mi	4/2.5 (-1)	1,304 (+6%)	11mo	$270,000	$207	41
1 N Smallwood St	0.62mi	4/1.0 (-1)	1,352 (+10%)	10mo	$39,000	$29	34

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: 19.9%
• Equity multiple: 1.85×
• Total profit: $37,041
• Equity at exit: $23,111

10-year hold

• IRR: 30.9%
• Equity multiple: 4.36×
• Total profit: $145,960
• Equity at exit: $13,402

Cash invested: $43,400 (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: 5.8×

Monthly cashflow live

• Estimated rent: $2,215 high
• Mortgage (P&I): −$813
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $812

Break-even live

Break-even rent $1,187

Max offer price $155,000

Occupancy floor 58%

Sensitivity live

Price	-10% $899	-5% $856	+0% $812	+5% $768	+10% $724
Rent	-10% $637	-5% $724	+0% $812	+5% $899	+10% $987
Rate	-1.0pp $890	-0.5pp $851	base $812	+0.5pp $772	+1.0pp $731

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	0.41mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	4d	1	0.41mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	18d	1	0.48mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	11d	1	0.72mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	44d	1	0.72mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	4d	1	0.73mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	13d	1	0.84mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	5d	1	0.84mi
662 Washington Blvd Baltimore, MD	4.0	2.5	1300	$2,700	$2.08	44d	1	0.90mi
834 N Stricker St Baltimore, MD	4.0	1.0	1200	$1,500	$1.25	21d	1	1.09mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	1.19mi
910 N Arlington Ave Unit 2 Baltimore, MD	4.0	2.0	1220	$1,850	$1.52	24d	1	1.20mi
1914 Mosher St Unit 1914 Baltimore, MD	4.0	2.5	1200	$1,700	$1.42	44d	1	1.22mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	1.30mi

Listing history 27 events

1. 2026-06-18
   days on market $155,000 Active 15 DOM
2. 2026-06-17
   days on market $155,000 Active 14 DOM
3. 2026-06-16
   days on market $155,000 Active 13 DOM
4. 2026-06-15
   days on market $155,000 Active 12 DOM
5. 2026-06-13
   days on market $155,000 Active 10 DOM
6. 2026-06-09
   days on market $155,000 Active 6 DOM
7. 2026-06-08
   days on market $155,000 Active 5 DOM
8. 2026-06-07
   days on market $155,000 Active 4 DOM
9. 2026-06-04
   pricedays on marketlisting id $155,000 Active 1 DOM
10. 2026-06-01
    days on market $219,900 Active 84 DOM
11. 2026-05-31
    days on market $219,900 Active 83 DOM
12. 2026-03-09
    listed $219,900 Active 1172-char remark
13. 2025-08-29
    soldstatus $44,000 Closed 367-char remark

    Show marketing remark (367 chars)

    ONLINE AUCTION: Bidding begins 6/26/2025 @ 10:00 AM. Bidding ends 6/30/2025 @ 11:40 AM. List Price is Suggested Opening Bid. Deposit: $5,000. Two-story townhome located in the Mount Clare neighborhood. Within +/- 1 mile of Carroll Park and Westside Shopping Center. Nearest major traffic arteries include S Monroe St and Wilkens Ave. Vacant and in need of renovation.

14. 2025-07-01
    status Pending 367-char remark

    Show marketing remark (367 chars)

    ONLINE AUCTION: Bidding begins 6/26/2025 @ 10:00 AM. Bidding ends 6/30/2025 @ 11:40 AM. List Price is Suggested Opening Bid. Deposit: $5,000. Two-story townhome located in the Mount Clare neighborhood. Within +/- 1 mile of Carroll Park and Westside Shopping Center. Nearest major traffic arteries include S Monroe St and Wilkens Ave. Vacant and in need of renovation.

15. 2025-06-11
    listed $15,000 Active 367-char remark

    Show marketing remark (367 chars)

    ONLINE AUCTION: Bidding begins 6/26/2025 @ 10:00 AM. Bidding ends 6/30/2025 @ 11:40 AM. List Price is Suggested Opening Bid. Deposit: $5,000. Two-story townhome located in the Mount Clare neighborhood. Within +/- 1 mile of Carroll Park and Westside Shopping Center. Nearest major traffic arteries include S Monroe St and Wilkens Ave. Vacant and in need of renovation.

16. 2011-08-09
    historical Withdrawn
17. 2011-08-09
    historical
18. 2011-06-20
    price
19. 2011-05-09
    listed Active
20. 2011-05-08
    listed $30,000
21. 2005-12-08
    soldstatus $196,000
22. 2000-09-24
    soldstatus $52,000
23. 2000-08-01
    historical
24. 2000-07-03
    listed $9,800
25. 1998-08-05
    historical
26. 1998-05-23
    listed
27. 1990-07-05
    soldstatus $24,000

ⓘ 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: $728 · $61/mo
• Projected year-2 tax: $1,209 · $101/mo
• Expected delta: +$481/yr (+$40/mo · 66.0%)

ⓘ 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 8/10 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: $26,579
• − Mortgage interest: −$8,682
• − Property taxes: −$728
• − Insurance: −$775
• − Repairs & maintenance: −$2,126
• − Management: −$2,126
• − Depreciation: −$4,509
• Taxable income: $7,632
• Est. tax owed @ 24.0%: −$1,832
• After-tax cash flow: $7,909/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

+545.8% since first listed

18 events — show timeline

• 2026-06-03 Listed $155,000 BRIGHT MLS
• 2026-06-01 Listing Removed — BRIGHT MLS
• 2026-03-09 Listed $219,900 BRIGHT MLS
• 2025-08-29 Sold (MLS) $44,000 BRIGHT MLS
• 2025-07-01 Pending — BRIGHT MLS
• 2025-06-11 Listed $15,000 BRIGHT MLS
• 2011-08-09 Delisted — MRIS
• 2011-08-09 Listing Removed — BRIGHT MLS
• 2011-06-20 Price Changed — MRIS
• 2011-05-09 Listed — MRIS
• 2011-05-08 Listed $30,000 BRIGHT MLS
• 2005-12-08 Sold (Public Records) $196,000 Public Records
• 2000-09-24 Sold (MLS) $52,000 MRIS
• 2000-08-01 Delisted — MRIS
• 2000-07-03 Listed $9,800 MRIS
• 1998-08-05 Delisted — MRIS
• 1998-05-23 Listed — MRIS
• 1990-07-05 Sold (Public Records) $24,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $728 · +10.7% YoY. Source: county tax records.