18 W Franklin St · Baltimore, MD 21201

$950,000

12 bd · None ba · 10,966 sqft · MultiFamily · 141 Days on market

Built 1820 4,356 sqft lot $87/sqft · 27% below area Est $1307k · 27% under

---

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 +8.7/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional investment opportunity in the heart of Mount Vernon. This fully occupied, six-unit, mixed-use building generates over 119k in annual income and features long-term tenants who wish to stay. Ideally located in one of Baltimore's most historic and vibrant neighborhoods, the property combines five residential and one commercial space, offering strong cash flow and stability. The building has been thoughtfully updated adding modern finishes while keeping its historic integrity. 18 W Franklin St. features 3 residential units and 1 commercial unit. Fully leased, with great tenants. 7 W Hamilton St. features an amazing 3 bedroom loft apartment with garage and a very cute 1 bedroom courtyard apartment, both leased to amazing tenants. Additional highlights include a beautiful courtyards, classic Mount Vernon charm, and close proximity to restaurants, shops, and public transportation. Roof and gutters were replaced in 2016. A perfect turnkey investment in a premier city location! Call LA to make your viewing appointment today.

Key facts

• Strong cash flow
• Long-term tenants
• Mixed-use building

Tags

• INVESTMENT OPPORTUNITY
• MIXED-USE BUILDING
• LONG-TERM TENANTS
• STRONG CASH FLOW
• HISTORIC INTEGRITY
• MODERN FINISHES

What this means for you Summary

Snapshot

• This is a 12-bed/?-bath multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $950k).
• Recommended offer: $836k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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 flat; 61 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $13,058/mo this rent would consume 343% of the median local household income ($46k/yr) (locally 2648% 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 $7k of loan paydown is wiped out by about $28k 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 + 0.3% rent growth), your $266k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago; this cycle's ask has dropped $150k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $610k; list at $950k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1820 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $836,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1820 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.37% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.14%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (median comp): $1,306,704
• List price: $950,000
• Delta: -27.30%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.28% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.20×
• Total profit: $53,473
• Equity at exit: $141,648

10-year hold

• IRR: 12.2%
• Equity multiple: 1.84×
• Total profit: $223,702
• Equity at exit: $82,139

Cash invested: $266,000 (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 21201

• Home prices YoY: -3.8%
• Rents YoY: 0.3%
• Active inventory: 61
• Price-to-rent: 36.4×

Monthly cashflow live

• Estimated rent: $13,058 high
• Mortgage (P&I): −$4,982
• Tax from tax record: −$1,138 /mo · $13,654/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,742
• Net cashflow: $3,800

Break-even live

Break-even rent $8,248

Max offer price $950,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$13,056
Total (6 units)			$13,058

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $950,000 Active 141 DOM
2. 2026-06-17
   days on market $950,000 Active 140 DOM
3. 2026-06-16
   days on market $950,000 Active 139 DOM
4. 2026-06-15
   days on market $950,000 Active 138 DOM
5. 2026-06-13
   days on market $950,000 Active 136 DOM
6. 2026-06-09
   days on market $950,000 Active 132 DOM
7. 2026-06-08
   days on market $950,000 Active 131 DOM
8. 2026-06-07
   days on market $950,000 Active 130 DOM
9. 2026-06-04
   days on market $950,000 Active 127 DOM
10. 2026-06-03
    days on market $950,000 Active 126 DOM
11. 2026-06-02
    days on market $950,000 Active 125 DOM
12. 2026-06-01
    days on market $950,000 Active 124 DOM
13. 2026-05-31
    days on market $950,000 Active 123 DOM
14. 2026-04-21
    price $950,000 1043-char remark

    Show marketing remark (1043 chars)

    Exceptional investment opportunity in the heart of Mount Vernon. This fully occupied, six-unit, mixed-use building generates over 119k in annual income and features long-term tenants who wish to stay. Ideally located in one of Baltimore's most historic and vibrant neighborhoods, the property combines five residential and one commercial space, offering strong cash flow and stability. The building has been thoughtfully updated adding modern finishes while keeping its historic integrity. 18 W Franklin St. features 3 residential units and 1 commercial unit. Fully leased, with great tenants. 7 W Hamilton St. features an amazing 3 bedroom loft apartment with garage and a very cute 1 bedroom courtyard apartment, both leased to amazing tenants. Additional highlights include a beautiful courtyards, classic Mount Vernon charm, and close proximity to restaurants, shops, and public transportation. Roof and gutters were replaced in 2016. A perfect turnkey investment in a premier city location! Call LA to make your viewing appointment today.

15. 2026-04-21
    status Active 1043-char remark

    Show marketing remark (1043 chars)

    Exceptional investment opportunity in the heart of Mount Vernon. This fully occupied, six-unit, mixed-use building generates over 119k in annual income and features long-term tenants who wish to stay. Ideally located in one of Baltimore's most historic and vibrant neighborhoods, the property combines five residential and one commercial space, offering strong cash flow and stability. The building has been thoughtfully updated adding modern finishes while keeping its historic integrity. 18 W Franklin St. features 3 residential units and 1 commercial unit. Fully leased, with great tenants. 7 W Hamilton St. features an amazing 3 bedroom loft apartment with garage and a very cute 1 bedroom courtyard apartment, both leased to amazing tenants. Additional highlights include a beautiful courtyards, classic Mount Vernon charm, and close proximity to restaurants, shops, and public transportation. Roof and gutters were replaced in 2016. A perfect turnkey investment in a premier city location! Call LA to make your viewing appointment today.

16. 2026-02-17
    historical 1043-char remark

    Show marketing remark (1043 chars)

    Exceptional investment opportunity in the heart of Mount Vernon. This fully occupied, six-unit, mixed-use building generates over 119k in annual income and features long-term tenants who wish to stay. Ideally located in one of Baltimore's most historic and vibrant neighborhoods, the property combines five residential and one commercial space, offering strong cash flow and stability. The building has been thoughtfully updated adding modern finishes while keeping its historic integrity. 18 W Franklin St. features 3 residential units and 1 commercial unit. Fully leased, with great tenants. 7 W Hamilton St. features an amazing 3 bedroom loft apartment with garage and a very cute 1 bedroom courtyard apartment, both leased to amazing tenants. Additional highlights include a beautiful courtyards, classic Mount Vernon charm, and close proximity to restaurants, shops, and public transportation. Roof and gutters were replaced in 2016. A perfect turnkey investment in a premier city location! Call LA to make your viewing appointment today.

17. 2025-11-26
    listed $1,100,000 Active 1043-char remark

    Show marketing remark (1043 chars)

    Exceptional investment opportunity in the heart of Mount Vernon. This fully occupied, six-unit, mixed-use building generates over 119k in annual income and features long-term tenants who wish to stay. Ideally located in one of Baltimore's most historic and vibrant neighborhoods, the property combines five residential and one commercial space, offering strong cash flow and stability. The building has been thoughtfully updated adding modern finishes while keeping its historic integrity. 18 W Franklin St. features 3 residential units and 1 commercial unit. Fully leased, with great tenants. 7 W Hamilton St. features an amazing 3 bedroom loft apartment with garage and a very cute 1 bedroom courtyard apartment, both leased to amazing tenants. Additional highlights include a beautiful courtyards, classic Mount Vernon charm, and close proximity to restaurants, shops, and public transportation. Roof and gutters were replaced in 2016. A perfect turnkey investment in a premier city location! Call LA to make your viewing appointment today.

18. 2018-10-19
    historical
19. 2018-10-19
    historical
20. 2018-07-20
    listed $949,000 Active
21. 2018-07-20
    listed $949,000 Active
22. 2015-06-26
    soldstatus $610,000
23. 2015-06-16
    historical
24. 2015-06-15
    soldstatus $610,000 Sold
25. 2015-06-15
    soldstatus $610,000
26. 2015-06-15
    soldstatus $610,000 Sold
27. 2015-06-15
    soldstatus $610,000
28. 2015-05-04
    status Contract
29. 2015-05-03
    status Contract
30. 2015-05-03
    historical
31. 2015-05-03
    historical
32. 2015-02-19
    listed $649,000 Active
33. 2015-02-19
    listed $649,000
34. 2015-02-12
    listed $649,000 Active
35. 2015-02-12
    listed $649,000
36. 2005-12-30
    soldstatus $675,000
37. 2005-12-30
    soldstatus $675,000
38. 2005-10-07
    historical
39. 2005-07-05
    listed $675,000

ⓘ 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: $13,654 · $1,138/mo
• Projected year-2 tax: $13,654 · $1,138/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $156,696
• − Mortgage interest: −$53,215
• − Property taxes: −$13,654
• − Insurance: −$4,750
• − Repairs & maintenance: −$12,536
• − Management: −$12,536
• − Depreciation: −$27,636
• Taxable income: $32,369
• Est. tax owed @ 24.0%: −$7,769
• After-tax cash flow: $37,834/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): 18,307
• Household income: $45,640
• Rent vs Own: 89.0% rent · 11.0% own
• Severe rent burden: 2648.0

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 0.57)
• Race & ethnicity: Black 61% White 23% Two or more races 7% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Other Indo-European 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: ▼ -10.03%
• Current HPI: 257.3988
• Rent YoY: ▲ 0.28%
• 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

+40.7% since first listed

26 events — show timeline

• 2026-04-21 Price Changed $950,000 BRIGHT MLS
• 2026-04-21 Relisted — BRIGHT MLS
• 2026-02-17 Listing Removed — BRIGHT MLS
• 2025-11-26 Listed $1,100,000 BRIGHT MLS
• 2018-10-19 Listing Removed — BRIGHT MLS
• 2018-10-19 Listing Removed — BRIGHT MLS
• 2018-07-20 Listed $949,000 BRIGHT MLS
• 2018-07-20 Listed $949,000 BRIGHT MLS
• 2015-06-26 Sold (Public Records) $610,000 Public Records
• 2015-06-16 Delisted — MRIS
• 2015-06-15 Sold (MLS) $610,000 BRIGHT MLS
• 2015-06-15 Sold (MLS) $610,000 MRIS
• 2015-06-15 Sold (MLS) $610,000 BRIGHT MLS
• 2015-06-15 Sold (MLS) $610,000 MRIS
• 2015-05-04 Pending — MRIS
• 2015-05-03 Pending — MRIS
• 2015-05-03 Listing Removed — BRIGHT MLS
• 2015-05-03 Listing Removed — BRIGHT MLS
• 2015-02-19 Listed $649,000 MRIS
• 2015-02-19 Listed $649,000 BRIGHT MLS
• 2015-02-12 Listed $649,000 BRIGHT MLS
• 2015-02-12 Listed $649,000 MRIS
• 2005-12-30 Sold (Public Records) $675,000 Public Records
• 2005-12-30 Sold (MLS) $675,000 MRIS
• 2005-10-07 Delisted — MRIS
• 2005-07-05 Listed $675,000 MRIS

Property tax history

+4.8%/yr

Latest (2012): $13,654 · -15.2% YoY. Source: county tax records.