4221 Morrison Ct · Baltimore, MD 21226

$30,000

2 bd · 1.0 ba · 832 sqft · Townhouse public records · 37 Days on market

Built 1920 384 sqft lot $36/sqft · 56% below area ↓ 30% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

Key facts

• Built 1920
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $30k.

Deal economics

• At list price, monthly cash flow is $834 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• Cap rate 39.6% 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: 45 active listings in the ZIP; 22 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).

Forward outlook

• In year one you build about $3k of equity ($207 loan paydown + $2k appreciation (7.8% local appreciation)).
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $12k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1920 — 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 $29,100 (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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 4.70% ✓
• Cap rate: 39.64%
• Cash-on-cash: 119.10%
• DSCR: 6.30
• GRM: 1.8

CMA / ARV

• ARV (median comp): $68,506
• List price: $30,000
• Delta: -56.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4221 Morrison Ct	0.00mi	2/1.5	832 (0%)	1mo	$25,000	$30	97
4206 Grace Ct	0.03mi	2/1.0	832 (0%)	6mo	$60,500	$73	94
4101 Morrison Ct	0.09mi	2/1.0	832 (0%)	6mo	$32,500	$39	91
1607 Cereal St	0.37mi	2/1.0	840 (+1%)	6mo	$70,000	$83	76
3832 Saint Margaret St	0.56mi	2/1.0	810 (-3%)	2mo	$90,000	$111	68
1522 Plum St	0.13mi	2/1.0	728 (-12%)	10mo	$65,000	$89	65
3750 Saint Margaret St	0.57mi	2/1.0	784 (-6%)	1mo	$140,000	$179	62
3708 10th St	0.64mi	2/1.0	810 (-3%)	6mo	$88,500	$109	61
3727 Saint Margaret St	0.56mi	2/1.0	784 (-6%)	6mo	$65,000	$83	59
3816 10th St	0.61mi	2/1.0	864 (+4%)	9mo	$126,800	$147	57
3825 10th St	0.58mi	3/1.0 (+1)	810 (-3%)	10mo	$110,000	$136	55
3608 Saint Victor St	0.69mi	3/2.0 (+1)	864 (+4%)	11mo	$150,000	$174	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.74×
• Total profit: $65,043
• Equity at exit: $22,283

10-year hold

• IRR: —
• Equity multiple: 18.78×
• Total profit: $149,393
• Equity at exit: $43,755

Cash invested: $8,400 (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 21226

• Home prices YoY: 2.5%
• Active inventory: 45
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,411 high
• Mortgage (P&I): −$157
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $834

Break-even live

Break-even rent $356

Max offer price $30,000

Occupancy floor 36%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1628 Plum St Apt B (CB) Baltimore, MD	1.0	1.0	800	$850	$1.06	23d	1	0.12mi
1353 Cambria St Brooklyn, MD	3.0	2.0	986	$1,600	$1.62	17d	1	0.39mi
1305 E Patapsco Ave Brooklyn, MD	3.0	1.5	930	$1,650	$1.77	4d	1	0.46mi
1049 E Patapsco Ave Unit a Baltimore, MD	2.0	1.0	748	$1,257	$1.68	43d	1	0.57mi
3826 10th St Unit Entire House Baltimore, MD	3.0	2.0	1110	$2,400	$2.16	23d	1	0.60mi
837 E Jeffrey St Apt 1 Baltimore, MD	1.0	1.0	1116	$900	$0.81	17d	1	0.71mi
837 E Jeffrey St Unit 2 Baltimore, MD	1.0	1.0	1116	$900	$0.81	43d	1	0.71mi
807 Stoll St Unit 1 Baltimore, MD	1.0	1.0	658	$1,000	$1.52	43d	1	0.73mi
3840 8th St Brooklyn, MD	3.0	1.5	1088	$1,606	$1.48	4d	1	0.82mi
5215 Wasena Ave Brooklyn, MD	3.0	1.0	1030	$1,650	$1.60	43d	1	0.83mi
5227 Patrick Henry Dr Brooklyn, MD	2.0	1.0	736	$1,326	$1.80	21d	1	0.92mi
4206 Audrey Ave Brooklyn, MD	2.0	2.0	1104	$1,275	$1.15	43d	1	0.95mi
4206 Audrey Ave Brooklyn, MD	3.0	3.0	1104	$1,950	$1.77	23d	1	0.95mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	23d	1	1.00mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	4d	1	1.00mi
507 Washburn Ave Brooklyn, MD	3.0	1.5	1024	$2,500	$2.44	20d	1	1.00mi
3528 6th St Brooklyn, MD	2.0	2.5	1060	$1,500	$1.42	17d	1	1.05mi
1 Ballman Ct Unit 2 Baltimore, MD	2.0	1.0	700	$1,250	$1.79	43d	1	1.09mi
4400 4th St Unit BASEMENT Baltimore, MD	2.0	1.0	925	$1,350	$1.46	43d	1	1.14mi
520 Baltic Ave Unit B Baltimore, MD	1.0	1.0	800	$1,050	$1.31	43d	1	1.15mi
4207 3rd St Unit 3 Brooklyn, MD	2.0	1.0	850	$1,595	$1.88	5d	1	1.21mi
3513 Horton Ave Brooklyn, MD	3.0	1.0	1020	$1,600	$1.57	17d	1	1.25mi

Listing history 20 events

1. 2026-05-13
   status Pending 482-char remark

   Show marketing remark (482 chars)

   Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

2. 2026-05-01
   price $30,000 482-char remark

   Show marketing remark (482 chars)

   Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

3. 2026-04-16
   price $35,000 482-char remark

   Show marketing remark (482 chars)

   Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

4. 2026-04-06
   listed $42,500 Active 482-char remark

   Show marketing remark (482 chars)

   Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

5. 2026-04-05
   historical $42,500 482-char remark

   Show marketing remark (482 chars)

   Price improvement. Full renovation opportunity in Curtis Bay with strong upside potential. The property requires a complete rehab with interior demolition already started, offering a head start for investors looking to complete the project. Traditional rowhome layout provides a straightforward renovation scope, ideal for resale or long-term rental strategy. After-repair value supported by nearby renovated comparable sales. Sold strictly as-is. Cash or renovation financing only.

6. 2025-03-04
   soldstatus $36,000 Closed
7. 2025-02-08
   status Active Under Contract
8. 2025-01-31
   historical
9. 2025-01-27
   status Active
10. 2025-01-15
    historical
11. 2024-10-14
    listed $74,900 Active
12. 2024-06-30
    historical
13. 2024-01-31
    listed $74,900 Active
14. 2024-01-10
    historical
15. 2023-10-31
    historical
16. 2023-10-04
    price $79,999
17. 2023-09-28
    listed $85,000 Active
18. 2023-09-19
    historical
19. 2023-09-18
    listed $84,999 Active
20. 2004-07-12
    soldstatus $42,900

ⓘ 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: $1,334 · $111/mo
• Projected year-2 tax: $1,334 · $111/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 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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,932
• − Mortgage interest: −$1,680
• − Property taxes: −$1,334
• − Insurance: −$150
• − Repairs & maintenance: −$1,355
• − Management: −$1,355
• − Depreciation: −$873
• Taxable income: $10,185
• Est. tax owed @ 24.0%: −$2,444
• After-tax cash flow: $7,560/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
• City population: 61,566
• Population (ZIP): 6,593

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 0.61)
• Race & ethnicity: White 59% Black 18% Two or more races 13% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 7% Romanian 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1% 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: ▲ 7.75%
• Current HPI: 318.79
• Rent YoY: —
• Metro: —
• 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

-30.1% since first listed

20 events — show timeline

• 2026-05-13 Pending — BRIGHT MLS
• 2026-05-01 Price Changed $30,000 BRIGHT MLS
• 2026-04-16 Price Changed $35,000 BRIGHT MLS
• 2026-04-06 Listed $42,500 BRIGHT MLS
• 2026-04-05 Coming Soon $42,500 BRIGHT MLS
• 2025-03-04 Sold (MLS) $36,000 BRIGHT MLS
• 2025-02-08 Relisted — BRIGHT MLS
• 2025-01-31 Listing Removed — BRIGHT MLS
• 2025-01-27 Relisted — BRIGHT MLS
• 2025-01-15 Listing Removed — BRIGHT MLS
• 2024-10-14 Listed $74,900 BRIGHT MLS
• 2024-06-30 Listing Removed — BRIGHT MLS
• 2024-01-31 Listed $74,900 BRIGHT MLS
• 2024-01-10 Coming Soon — BRIGHT MLS
• 2023-10-31 Listing Removed — BRIGHT MLS
• 2023-10-04 Price Changed $79,999 BRIGHT MLS
• 2023-09-28 Listed $85,000 BRIGHT MLS
• 2023-09-19 Listing Removed — BRIGHT MLS
• 2023-09-18 Listed $84,999 BRIGHT MLS
• 2004-07-12 Sold (Public Records) $42,900 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,334 · +30.9% YoY. Source: county tax records.