1935 Grinnalds Ave · Baltimore, MD 21230

$129,900

3 bd · 1.0 ba · 1,080 sqft · Townhouse public records · 73 Days on market

Built 1926 1,307 sqft lot Est $119k · 9% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +3.8/5.0
• ARV discount +3.3/15.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity to add a tenant-occupied property to your investment portfolio or make it your own as a homeowner! This home features hardwood floors throughout and an open-concept main level with living and dining areas highlighted by beautiful inlaid floor detailing. The kitchen offers ample cabinet space for everyday functionality. Upstairs, you’ll find three bedrooms and a full bathroom with a tub/shower combo and skylight that fills the space with natural light. The lower level includes a finished area that can be used as a rec room or additional bedroom, along with a powder room featuring a rough-in for a future shower—providing added flexibility and potential. Enjoy the

Key facts

• Built 1926
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 soft (-1.0%/yr); 362 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k 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 + 0.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y 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.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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 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: 1.37% ✓
• Cap rate: 11.23%
• Cash-on-cash: 17.64%
• DSCR: 1.79
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $118,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1935 Grinnalds Ave	0.00mi	3/2.0	1,080 (0%)	1mo	$119,000	$110	95
1919 Grinnalds Ave	0.02mi	3/1.0	1,080 (0%)	7mo	$130,000	$120	93
2149 Harman Ave	0.18mi	2/1.0 (-1)	1,050 (-3%)	2mo	$115,000	$110	80
2527 Tolley St	0.18mi	2/1.0 (-1)	1,050 (-3%)	6mo	$120,000	$114	77
2809 Washington Blvd	0.39mi	3/1.0	1,110 (+3%)	3mo	$80,000	$72	75
2036 Deering Ave	0.35mi	3/1.5	1,112 (+3%)	3mo	$129,900	$117	74
2014 Grinnalds Ave	0.04mi	2/2.0 (-1)	1,015 (-6%)	6mo	$80,000	$79	74
2521 S Paca St	0.39mi	3/1.5	1,152 (+7%)	1mo	$30,000	$26	68
1710 Wickes Ave	0.38mi	3/2.0	1,024 (-5%)	3mo	$150,000	$146	67
2012 Griffis Ave	0.04mi	3/1.5	1,242 (+15%)	7mo	$107,000	$86	65
2439 Ridgely St	0.44mi	4/2.5 (+1)	1,152 (+7%)	4mo	$222,000	$193	54
2630 Alaska St	0.69mi	3/1.5	1,008 (-7%)	7mo	$85,000	$84	49

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.21×
• Total profit: $7,810
• Equity at exit: $19,369

10-year hold

• IRR: 12.3%
• Equity multiple: 1.84×
• Total profit: $30,567
• Equity at exit: $11,231

Cash invested: $36,372 (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 21230

• Rents YoY: -1.0%
• Active inventory: 362
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,777 high
• Mortgage (P&I): −$681
• Tax from tax record: −$134 /mo · $1,607/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $535

Break-even live

Break-even rent $1,100

Max offer price $129,900

Occupancy floor 65%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1931 Griffis Ave Baltimore, MD	2.0	1.0	912	$1,349	$1.48	4d	1	0.04mi
2056 Griffis Ave Baltimore, MD	3.0	1.5	1230	$1,495	$1.22	21d	1	0.09mi
3004 Elizabeth Ave Unit 1 Baltimore, MD	3.0	1.0	1024	$1,395	$1.36	4d	1	0.80mi
3017 Janice Ave Baltimore, MD	3.0	1.0	1024	$1,995	$1.95	23d	1	0.81mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	4d	1	0.89mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	43d	1	0.90mi
2514 Wilkens Ave Baltimore, MD	4.0	1.0	1344	$1,800	$1.34	10d	1	0.90mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	43d	1	0.92mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	43d	1	0.92mi
2509 Christian St Baltimore, MD	4.0	2.0	1248	$1,699	$1.36	3d	1	0.92mi
2600 W Patapsco Ave Baltimore, MD	1.0–2.0	1.0	856	$1,309	$1.53	2d	24	0.95mi
514 S Payson St Unit 2 Baltimore, MD	3.0	2.0	1264	$1,750	$1.38	43d	1	0.97mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	43d	1	1.01mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	43d	1	1.06mi
2200 W Patapsco Ave Baltimore, MD	3.0	1.0	890	$1,569	$1.76	43d	1	1.07mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	23d	1	1.16mi
1708 Hall Ave Unit 2 Halethorpe, MD	2.0	1.0	845	$1,625	$1.92	11d	1	1.16mi
307 S Smallwood St Baltimore, MD	2.0	2.5	1400	$1,350	$0.96	43d	1	1.17mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	23d	1	1.18mi
1303 James St Baltimore, MD	2.0	1.5	1160	$1,350	$1.16	23d	1	1.21mi
1127 S Carey St Baltimore, MD	3.0	2.5	1340	$1,900	$1.42	4d	1	1.24mi
1101 S Carey St Baltimore, MD	2.0	2.0	1400	$1,200	$0.86	21d	1	1.24mi
1259 Washington Blvd Baltimore, MD	3.0	3.0	1232	$2,999	$2.43	4d	1	1.25mi
1262 Glyndon Ave Baltimore, MD	2.0	3.0	1258	$1,850	$1.47	23d	1	1.26mi
1243 Washington Blvd Baltimore, MD	3.0	2.0	1148	$1,950	$1.70	43d	1	1.27mi
1253 Sargeant St Baltimore, MD	2.0	1.5	1200	$1,695	$1.41	23d	1	1.27mi
1205 Cleveland St Baltimore, MD	2.0	2.0	1232	$1,900	$1.54	43d	1	1.30mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	43d	1	1.30mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	43d	1	1.31mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	21d	1	1.33mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	1.34mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	12d	1	1.35mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	23d	1	1.37mi
1125 Washington Blvd Baltimore, MD	4.0	2.5	1200	$2,750	$2.29	17d	1	1.39mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	1d	1	1.39mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	23d	1	1.39mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	23d	1	1.39mi
1132 Nanticoke St Baltimore, MD	2.0	2.5	1500	$1,875	$1.25	23d	1	1.40mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	23d	1	1.41mi
1125 Wicomico St Baltimore, MD	3.0	3.0	1068	$1,955	$1.83	23d	1	1.41mi

Listing history 19 events

1. 2026-04-13
   status Pending
2. 2026-02-24
   price $129,900
3. 2026-01-30
   listed $135,000 Active
4. 2026-01-30
   price $135,000
5. 2026-01-29
   historical $130,000
6. 2012-09-24
   historical Withdrawn
7. 2012-09-24
   historical
8. 2012-08-21
   listed Active
9. 2012-08-21
   listed $120,000
10. 2006-06-13
    soldstatus $120,000
11. 2006-05-26
    soldstatus $120,000
12. 2006-04-03
    historical
13. 2006-03-22
    listed $120,000
14. 1997-05-01
    soldstatus $44,000
15. 1997-04-10
    soldstatus $44,000
16. 1997-03-07
    historical
17. 1996-12-08
    listed $49,850
18. 1996-11-20
    historical
19. 1996-05-21
    listed

ⓘ 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: $1,607 · $134/mo
• Projected year-2 tax: $1,607 · $134/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 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,326
• − Mortgage interest: −$7,276
• − Property taxes: −$1,607
• − Insurance: −$650
• − Repairs & maintenance: −$1,706
• − Management: −$1,706
• − Depreciation: −$3,779
• Taxable income: $4,602
• Est. tax owed @ 24.0%: −$1,105
• After-tax cash flow: $5,312/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): 32,977
• Household income: $91,842
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1463.0

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 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 13% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 1% Other Asian/Pacific 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: ▼ -311.43%
• Current HPI: 284.338
• Rent YoY: ▼ -1.00%
• 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

+160.6% since first listed

19 events — show timeline

• 2026-04-13 Pending — BRIGHT MLS
• 2026-02-24 Price Changed $129,900 BRIGHT MLS
• 2026-01-30 Listed $135,000 BRIGHT MLS
• 2026-01-30 Price Changed $135,000 BRIGHT MLS
• 2026-01-29 Coming Soon $130,000 BRIGHT MLS
• 2012-09-24 Delisted — MRIS
• 2012-09-24 Listing Removed — BRIGHT MLS
• 2012-08-21 Listed — MRIS
• 2012-08-21 Listed $120,000 BRIGHT MLS
• 2006-06-13 Sold (Public Records) $120,000 Public Records
• 2006-05-26 Sold (MLS) $120,000 MRIS
• 2006-04-03 Delisted — MRIS
• 2006-03-22 Listed $120,000 MRIS
• 1997-05-01 Sold (Public Records) $44,000 Public Records
• 1997-04-10 Sold (MLS) $44,000 MRIS
• 1997-03-07 Delisted — MRIS
• 1996-12-08 Listed $49,850 MRIS
• 1996-11-20 Delisted — MRIS
• 1996-05-21 Listed — MRIS

Property tax history

-1.3%/yr

Latest (2025): $1,607 · +10.7% YoY. Source: county tax records.