347 S Smallwood St · Baltimore, MD 21223

$140,000

12 bd · None ba · — sqft · Townhouse · 100 Days on market

Built 1900 1,134 sqft lot Est $179k · 22% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Large 3 unit property with serious upside potential in Carrollton Ridge with a mix of steady cashflow, and renovation upside. Unit 1 is a studio apartment with a long term tenant paying $575 per month. Unit 2 is currently vacant on the main level and is a large 1 bedroom unit, with market rent around $1,000 per month. Unit 3 is on the top level and is currently vacant. This unit needs a cosmetic renovation but features 3 bedrooms and 1 bathroom. Whether you’re looking to expand your portfolio or step into multi-family investing with confidence, this opportunity won’t last. This property can be sold on its own or as a package as part of a discounted portfolio package with 4109 Norfolk Ave, 4110 Norfolk Ave, and 3004 Edmondson Ave. Buyer to verify all information provided by agent.

Key facts

• 1,134 sq ft lot
• Built 1900
• Listed 100 days

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$179,330) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 12-bed/?-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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: Rents rising fast (+7.5%/yr); 422 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,490/mo this rent would consume 65% 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 $968 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 + 7.5% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 19y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.78% ✓
• Cap rate: 15.61%
• Cash-on-cash: 33.29%
• DSCR: 2.48
• GRM: 4.7

CMA / ARV

• ARV (median comp): $179,330
• List price: $140,000
• Delta: -21.93%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 33.3%
• Equity multiple: 2.49×
• Total profit: $58,369
• Equity at exit: $20,874

10-year hold

• IRR: 42.6%
• Equity multiple: 5.93×
• Total profit: $193,159
• Equity at exit: $12,105

Cash invested: $39,200 (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 21223

• Rents YoY: 7.5%
• Active inventory: 422
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,490 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$88 /mo · $1,051/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $1,087

Break-even live

Break-even rent $1,114

Max offer price $140,000

Occupancy floor 51%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $140,000 Active 100 DOM
2. 2026-06-17
   days on market $140,000 Active 99 DOM
3. 2026-06-16
   days on market $140,000 Active 98 DOM
4. 2026-06-15
   days on market $140,000 Active 97 DOM
5. 2026-06-13
   days on market $140,000 Active 95 DOM
6. 2026-06-09
   days on market $140,000 Active 91 DOM
7. 2026-06-08
   days on market $140,000 Active 90 DOM
8. 2026-06-07
   days on market $140,000 Active 89 DOM
9. 2026-06-04
   days on market $140,000 Active 86 DOM
10. 2026-06-03
    days on market $140,000 Active 85 DOM
11. 2026-06-02
    days on market $140,000 Active 84 DOM
12. 2026-06-01
    days on market $140,000 Active 83 DOM
13. 2026-05-31
    days on market $140,000 Active 82 DOM
14. 2026-04-14
    price $140,000 802-char remark

    Show marketing remark (802 chars)

    Large 3 unit property with serious upside potential in Carrollton Ridge with a mix of steady cashflow, and renovation upside. Unit 1 is a studio apartment with a long term tenant paying $575 per month. Unit 2 is currently vacant on the main level and is a large 1 bedroom unit, with market rent around $1,000 per month. Unit 3 is on the top level and is currently vacant. This unit needs a cosmetic renovation but features 3 bedrooms and 1 bathroom. Whether you’re looking to expand your portfolio or step into multi-family investing with confidence, this opportunity won’t last. This property can be sold on its own or as a package as part of a discounted portfolio package with 4109 Norfolk Ave, 4110 Norfolk Ave, and 3004 Edmondson Ave. Buyer to verify all information provided by agent.

15. 2026-03-10
    listed $150,000 Active 802-char remark

    Show marketing remark (802 chars)

    Large 3 unit property with serious upside potential in Carrollton Ridge with a mix of steady cashflow, and renovation upside. Unit 1 is a studio apartment with a long term tenant paying $575 per month. Unit 2 is currently vacant on the main level and is a large 1 bedroom unit, with market rent around $1,000 per month. Unit 3 is on the top level and is currently vacant. This unit needs a cosmetic renovation but features 3 bedrooms and 1 bathroom. Whether you’re looking to expand your portfolio or step into multi-family investing with confidence, this opportunity won’t last. This property can be sold on its own or as a package as part of a discounted portfolio package with 4109 Norfolk Ave, 4110 Norfolk Ave, and 3004 Edmondson Ave. Buyer to verify all information provided by agent.

16. 2026-02-26
    historical
17. 2026-01-21
    price $150,000
18. 2025-12-29
    status Active
19. 2025-12-25
    historical
20. 2025-09-02
    listed $160,000 Active
21. 2021-07-27
    soldstatus $100,000
22. 2021-04-30
    soldstatus $100,000 Closed
23. 2021-04-05
    status Pending
24. 2021-03-27
    listed $75,000 Active
25. 2019-06-07
    soldstatus $35,000 Closed
26. 2019-05-20
    historical Active Under Contract
27. 2019-05-07
    price $65,000
28. 2019-03-26
    price $99,900
29. 2019-02-16
    price $115,000
30. 2019-02-04
    listed $125,000 Active
31. 2016-10-21
    soldstatus $13,000 Sold
32. 2016-10-21
    soldstatus $13,000 Sold
33. 2016-09-28
    status Contract
34. 2016-09-28
    status Contract
35. 2016-09-08
    listed $5,000 Active
36. 2016-09-08
    listed $5,000 Active
37. 2009-12-02
    soldstatus $13,000
38. 2008-03-13
    historical
39. 2007-06-01
    listed
40. 2007-06-01
    historical
41. 2007-04-05
    listed
42. 2007-04-05
    historical
43. 2007-02-07
    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: $1,051 · $88/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: +$238/yr (+$20/mo · 22.6%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,885
• − Mortgage interest: −$7,842
• − Property taxes: −$1,051
• − Insurance: −$700
• − Repairs & maintenance: −$2,391
• − Management: −$2,391
• − Depreciation: −$4,073
• Taxable income: $11,438
• Est. tax owed @ 24.0%: −$2,745
• After-tax cash flow: $10,304/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

+976.9% since first listed

30 events — show timeline

• 2026-04-14 Price Changed $140,000 BRIGHT MLS
• 2026-03-10 Listed $150,000 BRIGHT MLS
• 2026-02-26 Listing Removed — BRIGHT MLS
• 2026-01-21 Price Changed $150,000 BRIGHT MLS
• 2025-12-29 Relisted — BRIGHT MLS
• 2025-12-25 Listing Removed — BRIGHT MLS
• 2025-09-02 Listed $160,000 BRIGHT MLS
• 2021-07-27 Sold (Public Records) $100,000 Public Records
• 2021-04-30 Sold (MLS) $100,000 BRIGHT MLS
• 2021-04-05 Pending — BRIGHT MLS
• 2021-03-27 Listed $75,000 BRIGHT MLS
• 2019-06-07 Sold (MLS) $35,000 BRIGHT MLS
• 2019-05-20 Contingent — BRIGHT MLS
• 2019-05-07 Price Changed $65,000 BRIGHT MLS
• 2019-03-26 Price Changed $99,900 BRIGHT MLS
• 2019-02-16 Price Changed $115,000 BRIGHT MLS
• 2019-02-04 Listed $125,000 BRIGHT MLS
• 2016-10-21 Sold (MLS) $13,000 MRIS
• 2016-10-21 Sold (MLS) $13,000 MRIS
• 2016-09-28 Pending — MRIS
• 2016-09-28 Pending — MRIS
• 2016-09-08 Listed $5,000 MRIS
• 2016-09-08 Listed $5,000 MRIS
• 2009-12-02 Sold (Public Records) $13,000 Public Records
• 2008-03-13 Delisted — MRIS
• 2007-06-01 Delisted — MRIS
• 2007-06-01 Listed — MRIS
• 2007-04-05 Delisted — MRIS
• 2007-04-05 Listed — MRIS
• 2007-02-07 Listed — MRIS

Property tax history

+6.9%/yr

Latest (2025): $1,051 · +13.6% YoY. Source: county tax records.