112 E 20th St · Baltimore, MD 21218

$240,000

15 bd · 5.0 ba · 2,322 sqft · Townhouse public records · 101 Days on market

Built 1890 1,206 sqft lot $103/sqft · 43% below area Est $424k · 43% under ↓ 34% 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

112 East 20th Street has been owned by the same party for about 50 years, with minimal capital improvements and rents maintained below current market levels. This long-term ownership profile creates an opportunity to acquire at a lower price per unit, with multiple paths to increase income through rent adjustments and targeted upgrades. 3-unit multifamily investment opportunity in Baltimore’s Barclay neighborhood, just five blocks north of Penn Station. Offered at $240,000 ($80,000 per unit), this income-producing property features two two-bedroom apartments and one one-bedroom apartment in a centrally located rental corridor with convenient access to Johns Hopkins University, Station North, I-83, and downtown Baltimore. Units feature plaster walls and ceilings, a mix of wood and vinyl flooring, and functional layouts. Kitchens include wood cabinetry, with two apartments offering laminate countertops and one with a porcelain sink top. Bathrooms include cast-iron tubs with ceramic tile or vinyl surrounds. The property is heated by a Trane gas-fired furnace with a central 40-gallon gas water heater. The building is separately metered with four electric meters and three gas meters. Currently, the landlord pays public service bills and one electric meter serving an apartment; however, a future owner could modify lease terms to transition electric service to tenants. Located in the revitalizing Barclay neighborhood between Station North and Charles Village, the property benefits from walkable access to Penn Station with MARC and Amtrak service connecting Baltimore to Washington, D. C. and the broader Northeast corridor. Market rent projections supported by comparable units indicate strong income potential, with renovated apartments in the area achieving rents of $1,500+ per month.

Key facts

• Wood cabinetry
• Separately metered
• Functional layouts

Tags

• FUNCTIONAL LAYOUTS
• WOOD CABINETRY
• CAST-IRON TUBS
• SEPARATELY METERED
• STRONG INCOME POTENTIAL

🏷️ Possibly a rental listed for sale. The $240,000 price doesn't fit this home's estimated sale value (~$423,982) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 15-bed/5.0-bath townhouse listed at $240k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (1.6% below list).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 6.0% in Baltimore — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+1.6%/yr); 325 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,361/mo this rent would consume 45% of the median local household income ($62k/yr) (locally 2564% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $218,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 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 1890 — 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: 0.98% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• GRM: 8.5

CMA / ARV

• ARV (median comp): $423,982
• List price: $240,000
• Delta: -43.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.63% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.62×
• Total profit: $-25,522
• Equity at exit: $35,785

10-year hold

• IRR: -3.2%
• Equity multiple: 0.80×
• Total profit: $-13,685
• Equity at exit: $20,751

Cash invested: $67,200 (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 21218

• Rents YoY: 1.6%
• Active inventory: 325
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,361 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$246 /mo · $2,952/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $260

Break-even live

Break-even rent $2,031

Max offer price $240,000

Occupancy floor 84%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $240,000 Active 101 DOM
2. 2026-06-17
   days on market $240,000 Active 100 DOM
3. 2026-06-16
   days on market $240,000 Active 99 DOM
4. 2026-06-15
   days on market $240,000 Active 98 DOM
5. 2026-06-13
   days on market $240,000 Active 96 DOM
6. 2026-06-09
   days on market $240,000 Active 92 DOM
7. 2026-06-08
   days on market $240,000 Active 91 DOM
8. 2026-06-07
   days on market $240,000 Active 90 DOM
9. 2026-06-04
   days on market $240,000 Active 87 DOM
10. 2026-06-03
    days on market $240,000 Active 86 DOM
11. 2026-06-02
    days on market $240,000 Active 85 DOM
12. 2026-06-01
    days on market $240,000 Active 84 DOM
13. 2026-05-31
    days on market $240,000 Active 83 DOM
14. 2026-03-09
    listed $240,000 Active 1812-char remark

    Show marketing remark (1812 chars)

    112 East 20th Street has been owned by the same party for about 50 years, with minimal capital improvements and rents maintained below current market levels. This long-term ownership profile creates an opportunity to acquire at a lower price per unit, with multiple paths to increase income through rent adjustments and targeted upgrades. 3-unit multifamily investment opportunity in Baltimore’s Barclay neighborhood, just five blocks north of Penn Station. Offered at $240,000 ($80,000 per unit), this income-producing property features two two-bedroom apartments and one one-bedroom apartment in a centrally located rental corridor with convenient access to Johns Hopkins University, Station North, I-83, and downtown Baltimore. Units feature plaster walls and ceilings, a mix of wood and vinyl flooring, and functional layouts. Kitchens include wood cabinetry, with two apartments offering laminate countertops and one with a porcelain sink top. Bathrooms include cast-iron tubs with ceramic tile or vinyl surrounds. The property is heated by a Trane gas-fired furnace with a central 40-gallon gas water heater. The building is separately metered with four electric meters and three gas meters. Currently, the landlord pays public service bills and one electric meter serving an apartment; however, a future owner could modify lease terms to transition electric service to tenants. Located in the revitalizing Barclay neighborhood between Station North and Charles Village, the property benefits from walkable access to Penn Station with MARC and Amtrak service connecting Baltimore to Washington, D. C. and the broader Northeast corridor. Market rent projections supported by comparable units indicate strong income potential, with renovated apartments in the area achieving rents of $1,500+ per month.

15. 1994-11-07
    soldstatus $365,000

ⓘ 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: $2,952 · $246/mo
• Projected year-2 tax: $2,952 · $246/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: $28,327
• − Mortgage interest: −$13,444
• − Property taxes: −$2,952
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,266
• − Management: −$2,266
• − Depreciation: −$6,982
• Taxable loss: −$783
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $3,311/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): 44,014
• Household income: $62,488
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 2564.0

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 0.58)
• Race & ethnicity: Black 60% White 26% Two or more races 6% Hispanic / Latino 5% Asian 5%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% French/Haitian/Cajun 2% Chinese 2%

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: ▼ -463.14%
• Current HPI: 292.3986
• Rent YoY: ▲ 1.63%
• 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

-34.2% since first listed

2 events — show timeline

• 2026-03-09 Listed $240,000 BRIGHT MLS
• 1994-11-07 Sold (Public Records) $365,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,952 · +5.4% YoY. Source: county tax records.