109 Gilmor St · Baltimore, MD 21223

$179,900

4 bd · 3.0 ba · 2,752 sqft · Townhouse · 30 Days on market

Built 1860 871 sqft lot Est $341k · 47% 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 +8.9/10.0
• 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

This property is part of a larger portfolio. Please contact for more details regarding associated listings. Closings will need to be coordinated with the other properties in the portfolio but may sell to individual buyers. Seller will only accept offers from serious buyers who can align with that timeline.

Key facts

• Built 1860
• Listed 30 days

Property features AI

Finance

• Other: Finished area above grade and assessor-reported measurements; Below-grade unfinished area reported (864)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas fuel
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick construction; Block foundation; Built-up roof; Above-grade and below-grade structures; Year built reported by assessor
• Exterior features: No tidal water

Interior

• Bedrooms: Four bedrooms on the first upper level
• Bathrooms: Three full bathrooms (all upper levels)
• Heating & cooling: Forced air heating; Natural gas heating and hot water; Central air conditioning; Ceiling fans
• Interior features: Basement with connecting stairway; unfinished; Living area reported by assessor

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $833 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,507/mo this rent would consume 66% 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 $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200; list at $180k implies a 89850% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — 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 $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — 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: 1.39% ✓
• Cap rate: 11.85%
• Cash-on-cash: 19.84%
• DSCR: 1.88
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $341,248
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1322 W Lombard St	0.31mi	4/3.5	2,752 (0%)	9mo	$330,000	$120	76
610 N Fulton Ave	0.41mi	4/3.0	2,688 (-2%)	8mo	$75,000	$28	71
1064 W Fayette St	0.35mi	4/3.5	2,900 (+5%)	3mo	$425,000	$147	70
1711 Hollins St	0.24mi	3/3.5 (-1)	3,004 (+9%)	1mo	$345,000	$115	65
2324 Edmondson Ave	0.71mi	3/2.5 (-1)	2,748 (-0%)	2mo	$208,000	$76	58
828 Edmondson Ave	0.69mi	3/3.0 (-1)	2,760 (+0%)	8mo	$373,590	$135	56
1709 Hollins St	0.24mi	3/3.5 (-1)	2,436 (-12%)	9mo	$230,000	$94	55
737 Dolphin St	0.73mi	5/3.5 (+1)	2,580 (-6%)	3mo	$325,000	$126	46
708 N Gilmor St	0.45mi	5/4.5 (+1)	3,135 (+14%)	2mo	$275,000	$88	43
829 Mchenry St	0.73mi	4/3.5	2,440 (-11%)	5mo	$374,900	$154	41
822 Harlem Ave	0.74mi	3/3.5 (-1)	2,484 (-10%)	1mo	$308,000	$124	41
1003 S Carey St	0.66mi	3/3.5 (-1)	2,352 (-14%)	8mo	$325,000	$138	32

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: 16.7%
• Equity multiple: 1.71×
• Total profit: $35,773
• Equity at exit: $26,824

10-year hold

• IRR: 28.2%
• Equity multiple: 4.04×
• Total profit: $152,952
• Equity at exit: $15,554

Cash invested: $50,372 (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: 6.0×

Monthly cashflow live

• Estimated rent: $2,507 high
• Mortgage (P&I): −$943
• Tax from tax record: −$129 /mo · $1,549/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $833

Break-even live

Break-even rent $1,453

Max offer price $179,900

Occupancy floor 62%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1328 W Lombard St Baltimore, MD	3.0	3.5	2312	$3,600	$1.56	12d	1	0.28mi
1138 W Lombard St Baltimore, MD	3.0	3.5	2400	$1,795	$0.75	24d	1	0.38mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	0.54mi
853 W Lombard St Baltimore, MD	3.0	2.5	2824	$2,650	$0.94	24d	1	0.69mi
1227 Washington Blvd Baltimore, MD	4.0	3.5	2664	$2,950	$1.11	4d	1	0.73mi
217 S Fremont Ave Baltimore, MD	3.0	3.5	3338	$3,000	$0.90	43d	1	0.87mi
782 W Hamburg St Baltimore, MD	3.0	3.5	3734	$3,500	$0.94	24d	1	0.97mi
549 Mosher St Baltimore, MD	3.0	1.0	2200	$1,350	$0.61	43d	1	1.01mi
912 S Paca St Baltimore, MD	3.0	2.0	2000	$2,250	$1.12	43d	1	1.03mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	1.19mi
1614 McCulloh St #1 Baltimore, MD	3.0	3.0	2885	$2,400	$0.83	43d	1	1.19mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	1.20mi
1927 Druid Hill Ave #2 Baltimore, MD	3.0	2.0	3312	$2,350	$0.71	43d	1	1.25mi
1929 McCulloh St Baltimore, MD	3.0	2.5	3293	$2,595	$0.79	43d	1	1.31mi
7 W Mulberry St Unit 05 Baltimore, MD	3.0	2.0	1940	$1,750	$0.90	24d	1	1.42mi

Listing history 18 events

1. 2026-06-18
   days on market $179,900 Active 30 DOM
2. 2026-06-17
   days on market $179,900 Active 29 DOM
3. 2026-06-16
   days on market $179,900 Active 28 DOM
4. 2026-06-15
   days on market $179,900 Active 27 DOM
5. 2026-06-13
   pricedays on market $179,900 Active 25 DOM
6. 2026-06-09
   days on market $189,900 Active 21 DOM
7. 2026-06-08
   days on market $189,900 Active 20 DOM
8. 2026-06-07
   days on market $189,900 Active 19 DOM
9. 2026-06-04
   days on market $189,900 Active 16 DOM
10. 2026-06-03
    days on market $189,900 Active 15 DOM
11. 2026-06-02
    days on market $189,900 Active 14 DOM
12. 2026-06-02
    price $189,900 Active 13 DOM
13. 2026-06-01
    days on market $199,900 Active 13 DOM
14. 2026-05-31
    days on market $199,900 Active 12 DOM
15. 2026-05-19
    listed $199,900 Active
16. 2000-03-05
    historical
17. 1999-08-02
    listed
18. 1983-05-04
    soldstatus $200

ⓘ 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: $1,549 · $129/mo
• Projected year-2 tax: $1,755 · $146/mo
• Expected delta: +$206/yr (+$17/mo · 13.3%)

ⓘ 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: $30,083
• − Mortgage interest: −$10,077
• − Property taxes: −$1,549
• − Insurance: −$900
• − Repairs & maintenance: −$2,407
• − Management: −$2,407
• − Depreciation: −$5,233
• Taxable income: $7,510
• Est. tax owed @ 24.0%: −$1,802
• After-tax cash flow: $8,193/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

4 events — show timeline

• 2026-05-19 Listed $199,900 BRIGHT MLS
• 2000-03-05 Delisted — MRIS
• 1999-08-02 Listed — MRIS
• 1983-05-04 Sold (Public Records) $200 Public Records