2323 Mcculloh St · Baltimore, MD 21217

$115,000

3 bd · 1.0 ba · 1,416 sqft · Townhouse public records · 65 Days on market

Built 1915 $81/sqft · at area comps Est $118k · at est.

---

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 +8.5/15.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

Key facts

• Built 1915
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $115k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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 (+6.6%/yr); 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $1,739/mo this rent would consume 54% of the median local household income ($38k/yr) (locally 2921% 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 $795 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 + 6.6% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $28k; list at $115k implies a 304% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1915 — 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: 1.51% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $117,547
• List price: $115,000
• Delta: -2.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2453 Mcculloh St	0.15mi	3/1.0	1,460 (+3%)	3mo	$99,900	$68	85
2115 Mcculloh St	0.16mi	3/1.5	1,350 (-5%)	4mo	$77,000	$57	80
1719 Baker St	0.53mi	2/1.0 (-1)	1,400 (-1%)	2mo	$19,250	$14	67
700 Cumberland St	0.33mi	4/2.0 (+1)	1,280 (-10%)	3mo	$107,800	$84	57
1901 Linden Ave	0.37mi	2/1.5 (-1)	1,240 (-12%)	1mo	$275,000	$222	54
1407 Jordan St	0.70mi	3/3.0	1,400 (-1%)	5mo	$425,500	$304	53
2311 Orem Ave	0.60mi	3/1.0	1,284 (-9%)	5mo	$35,000	$27	52
2818 Woodbrook Ave	0.50mi	3/1.0	1,232 (-13%)	3mo	$45,500	$37	52
2820 Woodbrook Ave	0.50mi	3/1.5	1,232 (-13%)	2mo	$85,000	$69	51
831 Lennox St	0.35mi	3/3.5	1,600 (+13%)	3mo	$363,740	$227	49
2105 Whittier Ave	0.70mi	3/1.5	1,587 (+12%)	1mo	$80,000	$50	44
2208 Mount Royal Ter	0.54mi	3/3.5	1,216 (-14%)	4mo	$299,900	$247	38

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 · 6.63% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 1.78×
• Total profit: $25,227
• Equity at exit: $17,147

10-year hold

• IRR: 29.3%
• Equity multiple: 4.08×
• Total profit: $99,141
• Equity at exit: $9,943

Cash invested: $32,200 (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 21217

• Rents YoY: 6.6%
• Active inventory: 334
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,739 high
• Mortgage (P&I): −$603
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $585

Break-even live

Break-even rent $998

Max offer price $115,000

Occupancy floor 61%

Sensitivity live

Price	-10% $650	-5% $618	+0% $585	+5% $552	+10% $520
Rent	-10% $448	-5% $516	+0% $585	+5% $654	+10% $722
Rate	-1.0pp $643	-0.5pp $614	base $585	+0.5pp $555	+1.0pp $525

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1205 Clendenin St Baltimore, MD	3.0	1.5	1560	$800	$0.51	25d	1	0.02mi
1121 Whitelock St Baltimore, MD	2.0	1.0	1180	$1,300	$1.10	45d	1	0.07mi
2433 Druid Hill Ave Baltimore, MD	2.0	2.5	1092	$1,999	$1.83	45d	1	0.13mi
2409 Francis St Baltimore, MD	3.0	1.0	1298	$1,500	$1.16	45d	1	0.14mi
2143 Druid Hill Ave Unit 2 Baltimore, MD	2.0	1.0	915	$1,400	$1.53	45d	1	0.14mi
2449 Druid Hill Ave Baltimore, MD	2.0	1.0	1100	$1,800	$1.64	45d	1	0.15mi
2339 Eutaw Pl Ste 1 Baltimore, MD	2.0	1.0	1300	$1,275	$0.98	45d	1	0.17mi
519 Sanford Pl Baltimore, MD	3.0	1.0	1300	$1,650	$1.27	17d	1	0.17mi
2511 Madison Ave #2 Baltimore, MD	3.0	1.0	1100	$1,650	$1.50	45d	1	0.21mi
2037 McCulloh St Unit 3 Baltimore, MD	2.0	2.0	937	$1,650	$1.76	19d	1	0.21mi
2028 Druid Hill Ave Baltimore, MD	3.0	2.5	1437	$1,799	$1.25	12d	1	0.24mi
2028 Druid Hill Ave Unit 1 Baltimore, MD	3.0	2.5	1437	$1,750	$1.22	4d	1	0.24mi
1507 Retreat St Unit 1 Baltimore, MD	3.0	3.0	1098	$2,500	$2.28	45d	1	0.24mi
1515 Retreat St Baltimore, MD	3.0	2.0	1098	$1,800	$1.64	25d	1	0.25mi
2202 Brookfield Ave Baltimore, MD	2.0	1.0	980	$1,600	$1.63	45d	1	0.28mi
1931 McCulloh St Unit 1 Baltimore, MD	3.0	1.0	1000	$1,500	$1.50	45d	1	0.28mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	3d	1	0.30mi
1920 McCulloh St Apt 2 Baltimore, MD	2.0	1.0	1000	$1,450	$1.45	45d	1	0.31mi
823 Newington Ave Unit 1 Baltimore, MD	2.0	1.0	913	$1,700	$1.86	19d	1	0.33mi
2401 Brookfield Ave Baltimore, MD	2.0–3.0	1.0–2.0	1102	$1,675	$1.52	25d	3	0.34mi
2614 Pennsylvania Ave Baltimore, MD	1.0–3.0	1.0–2.0	982	$1,141	$1.16	5d	4	0.35mi
2407 Brookfield Ave Unit 4 Baltimore, MD	2.0	2.0	1300	$1,550	$1.19	45d	1	0.35mi
1624 Westwood Ave Baltimore, MD	3.0	2.0	1000	$1,900	$1.90	45d	1	0.36mi
1614 N Calhoun St Baltimore, MD	2.0	1.0	950	$1,300	$1.37	45d	1	0.37mi
2636 Pennsylvania Ave Baltimore, MD	1.0–2.0	1.0	846	$956	$1.13	25d	4	0.37mi
2402 Lakeview Ave Apt 2 Baltimore, MD	2.0	1.0	900	$1,250	$1.39	14d	1	0.38mi
1829 Eutaw Pl Unit B Baltimore, MD	2.0	2.0	1278	$2,100	$1.64	5d	1	0.39mi
1534 N Stricker St Baltimore, MD	2.0	1.5	900	$1,475	$1.64	16d	1	0.39mi
810 Brooks Ln Unit 2 Baltimore, MD	3.0	1.0	900	$1,350	$1.50	21d	1	0.40mi
815 Lennox St Baltimore, MD	3.0	3.5	1600	$2,790	$1.74	25d	1	0.40mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	45d	1	0.40mi
1806 N Mount St Baltimore, MD	3.0	3.0	1200	$1,700	$1.42	21d	1	0.41mi
750 Reservoir St Unit A Baltimore, MD	2.0	1.0	900	$1,650	$1.83	45d	1	0.43mi
750 Reservoir St Unit B Baltimore, MD	2.0	2.0	900	$1,850	$2.06	45d	1	0.43mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	45d	1	0.44mi
2438 Callow Ave Baltimore, MD	2.0	2.0	950	$1,462	$1.54	25d	1	0.46mi
1729 N Fulton Ave Baltimore, MD	3.0	2.0	1081	$1,795	$1.66	45d	1	0.46mi
2444 Callow Ave Unit B Baltimore, MD	2.0	1.0	980	$1,362	$1.39	5d	1	0.47mi
734 Watts St Baltimore, MD	3.0	3.5	1720	$2,900	$1.69	45d	1	0.48mi
1516 N Mount St Baltimore, MD	3.0	1.5	1830	$1,750	$0.96	16d	1	0.51mi

Listing history 35 events

1. 2026-06-18
   days on market $115,000 Active 65 DOM
2. 2026-06-17
   days on market $115,000 Active 64 DOM
3. 2026-06-16
   days on market $115,000 Active 63 DOM
4. 2026-06-15
   days on market $115,000 Active 62 DOM
5. 2026-06-13
   days on market $115,000 Active 60 DOM
6. 2026-06-09
   days on market $115,000 Active 56 DOM
7. 2026-06-08
   days on market $115,000 Active 55 DOM
8. 2026-06-07
   days on market $115,000 Active 54 DOM
9. 2026-06-04
   days on market $115,000 Active 51 DOM
10. 2026-06-03
    days on market $115,000 Active 50 DOM
11. 2026-06-02
    days on market $115,000 Active 49 DOM
12. 2026-06-01
    days on market $115,000 Active 48 DOM
13. 2026-05-31
    days on market $115,000 Active 47 DOM
14. 2026-04-23
    status Active 528-char remark

    Show marketing remark (528 chars)

    * * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

15. 2026-03-10
    status Pending 528-char remark

    Show marketing remark (528 chars)

    * * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

16. 2026-03-02
    status Active 528-char remark

    Show marketing remark (528 chars)

    * * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

17. 2026-02-27
    historical 528-char remark

    Show marketing remark (528 chars)

    * * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

18. 2026-02-27
    listed $115,000 528-char remark

    Show marketing remark (528 chars)

    * * * Back on the market. Buyer failed to perform. Great investment opportunity. Much of the leg work has been done. Updated electrical and plumbing. This spacious home offers LVP flooring near completion in main living space and in bedrooms. The bathroom has been updated and awaiting your finishing touches. The kitchen needs updating but flooring has been completed. The full basement could be finished off for more living space or offers ample storage. Bring your vision and turn this into a lovely home or a great rental!

19. 2026-02-10
    historical
20. 2025-08-21
    listed $120,000 Active
21. 2025-08-15
    historical
22. 2020-11-21
    historical
23. 2020-11-20
    soldstatus $28,500 Closed
24. 2020-04-17
    status Pending
25. 2020-04-15
    historical Active Under Contract
26. 2020-03-20
    status Active
27. 2020-02-17
    status Pending
28. 2020-01-29
    price $37,500
29. 2020-01-29
    status Active
30. 2019-12-20
    historical
31. 2019-11-19
    listed $48,750 Active
32. 2007-06-12
    soldstatus $60,000
33. 2007-03-14
    historical
34. 2007-03-03
    listed
35. 1999-06-28
    soldstatus $53,000

ⓘ 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: $1,654 · $138/mo
• Projected year-2 tax: $1,654 · $138/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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,867
• − Mortgage interest: −$6,442
• − Property taxes: −$1,654
• − Insurance: −$575
• − Repairs & maintenance: −$1,669
• − Management: −$1,669
• − Depreciation: −$3,345
• Taxable income: $5,513
• Est. tax owed @ 24.0%: −$1,323
• After-tax cash flow: $5,697/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): 30,792
• Household income: $38,409
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2921.0

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 (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 4% Hispanic / Latino 2% Asian 2%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 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: ▼ -187.20%
• Current HPI: 104.2102
• Rent YoY: ▲ 6.63%
• 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

+117.0% since first listed

22 events — show timeline

• 2026-04-23 Relisted — BRIGHT MLS
• 2026-03-10 Pending — BRIGHT MLS
• 2026-03-02 Relisted — BRIGHT MLS
• 2026-02-27 Listed $115,000 BRIGHT MLS
• 2026-02-27 Listing Removed — BRIGHT MLS
• 2026-02-10 Listing Removed — BRIGHT MLS
• 2025-08-21 Listed $120,000 BRIGHT MLS
• 2025-08-15 Coming Soon — BRIGHT MLS
• 2020-11-21 Listing Removed — BRIGHT MLS
• 2020-11-20 Sold (MLS) $28,500 BRIGHT MLS
• 2020-04-17 Pending — BRIGHT MLS
• 2020-04-15 Contingent — BRIGHT MLS
• 2020-03-20 Relisted — BRIGHT MLS
• 2020-02-17 Pending — BRIGHT MLS
• 2020-01-29 Price Changed $37,500 BRIGHT MLS
• 2020-01-29 Relisted — BRIGHT MLS
• 2019-12-20 Listing Removed — BRIGHT MLS
• 2019-11-19 Listed $48,750 BRIGHT MLS
• 2007-06-12 Sold (Public Records) $60,000 Public Records
• 2007-03-14 Delisted — MRIS
• 2007-03-03 Listed — MRIS
• 1999-06-28 Sold (Public Records) $53,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $1,654 · +0.0% YoY. Source: county tax records.