1947 E 31st St · Baltimore, MD 21218

$112,000

4 bd · 3.0 ba · 2,264 sqft · Townhouse public records · 26 Days on market

Built 1922

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

AGENTS - PLEASE VIEW AGENT REMARKS IN BRIGHT MLS. Rare opportunity to acquire a diversified 5-property Baltimore portfolio featuring a mix of stabilized rental income and value-add potential. Assets span multiple Baltimore submarkets with proximity to hospitals, universities, transit, downtown employment centers and redevelopment corridors. Ideal for investors seeking immediate cash flow with long-term appreciation upside. Portfolio includes tenant-occupied units generating income and properties positioned for future rent growth. Package sale preferred. Package includes: 110 S Catherine Street; Baltimore, MD 21223 / 1947 E 31st Street; Baltimore, MD 21218 / 4806 Reisterstown Road; Baltimore

Key facts

• Community pool
• Built 1922
• Listed 26 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; No septic system; Natural gas heating and hot water
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Brick/mortar foundation; Above-grade and below-grade structures; Built year per assessor
• Exterior features: Community pool; Property located within city limits

Interior

• Bedrooms: Four bedrooms on the first upper level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Radiator heating; Natural gas hot water
• Interior features: Unfinished basement; Living area per assessor

🏷️ Possibly a rental listed for sale. The $112,000 price doesn't fit this home's estimated sale value (~$271,680) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $112k.

Deal economics

• At list price, monthly cash flow is $934 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $112k).
• Recommended offer: $110k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% 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 (+1.6%/yr); 325 active listings in the ZIP; 34 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).
• This rent runs 42% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $774 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 + 1.6% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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 $43k; list at $112k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $110,320 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — 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: 1.93% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.74%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $271,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1609 E 30th St	0.28mi	5/3.5 (+1)	2,250 (-1%)	3mo	$269,000	$120	77
3012 Harford Rd	0.09mi	5/2.0 (+1)	2,144 (-5%)	12mo	$206,000	$96	68
1764 Homestead St	0.53mi	4/3.5	2,200 (-3%)	7mo	$257,500	$117	62
2219 Chesterfield Ave	0.58mi	4/4.0	2,170 (-4%)	1mo	$320,000	$147	61
2785 The Alameda	0.33mi	5/3.5 (+1)	2,009 (-11%)	2mo	$299,999	$149	57
1306 E 33rd St	0.53mi	4/2.5	2,050 (-10%)	2mo	$170,000	$83	56
2701 The Alameda	0.34mi	3/3.5 (-1)	2,050 (-10%)	9mo	$200,000	$98	54
3707 The Alameda	0.64mi	3/2.5 (-1)	2,205 (-3%)	7mo	$275,000	$125	53
2709 The Alameda	0.34mi	3/2.0 (-1)	2,100 (-7%)	13mo	$242,000	$115	52
2542 Harford Rd	0.57mi	5/3.0 (+1)	2,100 (-7%)	6mo	$220,000	$105	52
1542 Kennewick Rd	0.65mi	4/2.0	2,040 (-10%)	3mo	$310,000	$152	47
1509 E 36th St	0.53mi	3/2.0 (-1)	2,040 (-10%)	9mo	$259,900	$127	42

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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.23×
• Total profit: $38,430
• Equity at exit: $16,700

10-year hold

• IRR: 36.4%
• Equity multiple: 4.14×
• Total profit: $98,459
• Equity at exit: $9,684

Cash invested: $31,360 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,162 high
• Mortgage (P&I): −$587
• Tax est. 1.5%: −$140 /mo · $1,680/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $934

Break-even live

Break-even rent $980

Max offer price $112,000

Occupancy floor 52%

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1923 E 31st St Baltimore, MD	3.0	1.5	2264	$1,600	$0.71	24d	1	0.03mi
2045 E 31st St Baltimore, MD	5.0	3.0	2200	$895	$0.41	24d	1	0.10mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1800	$1,995	$1.11	44d	1	0.44mi
1539 Abbotston St Baltimore, MD	3.0	2.0	1900	$1,899	$1.00	4d	1	0.44mi
3005 Belair Rd Baltimore, MD	3.0	2.0	2000	$1,600	$0.80	18d	1	0.80mi
4006 Loch Raven Blvd Baltimore, MD	3.0	2.5	2016	$2,695	$1.34	18d	1	0.92mi
1539 Ralworth Rd Baltimore, MD	3.0	2.0	1580	$1,950	$1.23	15d	1	0.93mi
1829 N Port St Baltimore, MD	3.0	1.5	2000	$1,625	$0.81	44d	1	1.00mi
3027 Shannon Dr Baltimore, MD	3.0	2.0	1950	$2,500	$1.28	44d	1	1.10mi
3031 Shannon Dr Baltimore, MD	5.0	2.5	2155	$2,600	$1.21	24d	1	1.10mi
3551 Elmley Ave Baltimore, MD	3.0	1.5	1872	$2,095	$1.12	24d	1	1.12mi
1333 E North Ave Baltimore, MD	4.0	2.5	1860	$2,200	$1.18	24d	1	1.17mi
4110 Harris Ave Unit 1 Baltimore, MD	3.0	2.0	2450	$1,650	$0.67	24d	1	1.19mi
1511 E Lafayette Ave Baltimore, MD	4.0	3.5	1988	$2,650	$1.33	4d	1	1.19mi
424 Ilchester Ave Baltimore, MD	3.0	3.0	1976	$1,800	$0.91	15d	1	1.22mi
420 E 28th St Unit 1 Baltimore, MD	5.0	2.5	1600	$2,600	$1.62	4d	1	1.23mi
3300 Dudley Ave Baltimore, MD	4.0	2.0	1724	$2,200	$1.28	44d	1	1.26mi
348 E University Pkwy Baltimore, MD	4.0	2.0	1809	$2,400	$1.33	44d	1	1.27mi
1532 N Broadway Baltimore, MD	3.0	4.0	2696	$2,700	$1.00	3d	1	1.29mi
4244 Shamrock Ave Baltimore, MD	3.0	1.5	1920	$1,850	$0.96	24d	1	1.29mi
3421 University Pl Baltimore, MD	5.0	2.0	1960	$3,500	$1.79	24d	1	1.30mi
534 E 23rd St Baltimore, MD	3.0	2.5	1700	$2,350	$1.38	44d	1	1.31mi
3214 Abell Ave Baltimore, MD	3.0	1.5	2300	$2,800	$1.22	24d	1	1.31mi
2621 E Oliver St Baltimore, MD	3.0	2.0	1600	$1,700	$1.06	24d	1	1.31mi
3010 Guilford Ave Baltimore, MD	5.0	2.5	2174	$3,980	$1.83	11d	1	1.37mi
719 E 20th St Baltimore, MD	5.0	3.0	2060	$2,400	$1.17	2d	1	1.41mi
719 E 20th St Baltimore, MD	5.0	3.5	2060	$3,000	$1.46	24d	1	1.41mi
312 E 25th St Baltimore, MD	4.0	3.5	1960	$2,800	$1.43	44d	1	1.42mi
313 E 25th St Baltimore, MD	5.0	2.5	2350	$2,550	$1.09	24d	1	1.42mi
513 E 41st St Baltimore, MD	4.0	1.5	1620	$1,900	$1.17	44d	1	1.43mi
1403 N Linwood Ave Baltimore, MD	3.0	2.0	1660	$1,995	$1.20	44d	1	1.43mi
2912 Grindon Ave Baltimore, MD	5.0	3.5	2400	$3,300	$1.38	11d	1	1.46mi
324 E 23rd St Baltimore, MD	3.0	1.5	2018	$2,200	$1.09	24d	1	1.47mi
706 E 43rd St Baltimore, MD	4.0	1.5	1596	$1,899	$1.19	2d	1	1.48mi

Listing history 26 events

1. 2026-06-18
   days on market $112,000 Active 26 DOM
2. 2026-06-17
   days on market $112,000 Active 25 DOM
3. 2026-06-16
   days on market $112,000 Active 24 DOM
4. 2026-06-15
   days on market $112,000 Active 23 DOM
5. 2026-06-13
   days on market $112,000 Active 21 DOM
6. 2026-06-09
   days on market $112,000 Active 17 DOM
7. 2026-06-08
   days on market $112,000 Active 16 DOM
8. 2026-06-07
   days on market $112,000 Active 15 DOM
9. 2026-06-04
   days on market $112,000 Active 12 DOM
10. 2026-06-03
    days on market $112,000 Active 11 DOM
11. 2026-06-02
    days on market $112,000 Active 10 DOM
12. 2026-06-01
    days on market $112,000 Active 9 DOM
13. 2026-05-31
    days on market $112,000 Active 8 DOM
14. 2026-05-23
    listed $112,000 Active
15. 2024-02-09
    historical
16. 2023-11-08
    listed $250,000 Active
17. 2023-11-05
    historical
18. 2015-12-23
    listed Active
19. 2015-12-23
    historical Withdrawn
20. 2012-03-24
    historical Withdrawn
21. 2012-03-24
    historical
22. 2011-12-10
    listed Active
23. 2011-12-10
    listed $185,000
24. 2008-08-01
    historical
25. 2008-05-06
    listed
26. 2005-03-07
    soldstatus $43,050

ⓘ 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 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: $25,944
• − Mortgage interest: −$6,274
• − Property taxes: −$1,680
• − Insurance: −$560
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$3,258
• Taxable income: $10,021
• Est. tax owed @ 24.0%: −$2,405
• After-tax cash flow: $8,803/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

+160.2% since first listed

13 events — show timeline

• 2026-05-23 Listed $112,000 BRIGHT MLS
• 2024-02-09 Listing Removed — BRIGHT MLS
• 2023-11-08 Listed $250,000 BRIGHT MLS
• 2023-11-05 Coming Soon — BRIGHT MLS
• 2015-12-23 Listed — MRIS
• 2015-12-23 Delisted — MRIS
• 2012-03-24 Delisted — MRIS
• 2012-03-24 Listing Removed — BRIGHT MLS
• 2011-12-10 Listed — MRIS
• 2011-12-10 Listed $185,000 BRIGHT MLS
• 2008-08-01 Delisted — MRIS
• 2008-05-06 Listed — MRIS
• 2005-03-07 Sold (Public Records) $43,050 Public Records

Property tax history

-17.4%/yr

Latest (2025): $164 · +0.0% YoY. Source: county tax records.