118 E 25th St · Baltimore, MD 21218

$299,999

6 bd · 0.0 ba · 2,895 sqft · MultiFamily public records · 171 Days on market

Built 1910 1,662 sqft lot $104/sqft · 35% below area Est $464k · 35% 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
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Three unit, commercially zoned property for sale in Charles Village. Please submit valid cash proof of funds prior to attempting to scheduling a showing. Rent roll is in the agent remarks.

Key facts

• 1,662 sq ft lot
• Built 1910
• Listed 170 days

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $462/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $264k (12.0% 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 (+1.6%/yr); 330 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $4,182/mo this rent would consume 80% 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 $9k 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 + 1.6% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $49k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.78%
• DSCR: 1.88
• GRM: 6.0

CMA / ARV

• ARV (median comp): $463,535
• List price: $299,999
• Delta: -35.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 E North Ave	0.50mi	6/—	3,010 (+4%)	21mo	$515,000	$171	53
2517 Saint Paul St	0.04mi	6/5.0	3,240 (+12%)	9mo	$600,000	$185	50
3301 Guilford Ave	0.73mi	6/—	2,606 (-10%)	20mo	$505,000	$194	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 · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.40×
• Total profit: $33,855
• Equity at exit: $44,731

10-year hold

• IRR: 18.3%
• Equity multiple: 2.43×
• Total profit: $120,203
• Equity at exit: $25,938

Cash invested: $84,000 (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: 330
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $4,182 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$221 /mo · $2,651/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$878
• Net cashflow: $1,385

Break-even live

Break-even rent $2,429

Max offer price $299,999

Occupancy floor 62%

Sensitivity live

Price	-10% $1,554	-5% $1,470	+0% $1,385	+5% $1,300	+10% $1,215
Rent	-10% $1,054	-5% $1,219	+0% $1,385	+5% $1,550	+10% $1,715
Rate	-1.0pp $1,536	-0.5pp $1,461	base $1,385	+0.5pp $1,307	+1.0pp $1,228

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$4,182
Total (3 units)			$4,182

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
313 E 25th St Baltimore, MD	5.0	2.5	2350	$2,550	$1.09	25d	1	0.09mi
445 E 22nd St Baltimore, MD	6.0	4.5	3100	$3,900	$1.26	45d	1	0.34mi
3010 Guilford Ave Baltimore, MD	5.0	2.5	2174	$3,980	$1.83	12d	1	0.48mi
719 E 20th St Baltimore, MD	5.0	3.0	2060	$2,400	$1.17	3d	1	0.51mi
719 E 20th St Baltimore, MD	5.0	3.5	2060	$3,000	$1.46	25d	1	0.51mi
3421 University Pl Baltimore, MD	5.0	2.0	1960	$3,500	$1.79	25d	1	0.85mi
727 Reservoir St Baltimore, MD	6.0	3.0	3428	$3,000	$0.88	19d	1	0.89mi

Listing history 23 events

1. 2026-06-21
   days on market $299,999 Active 171 DOM
2. 2026-06-18
   days on market $299,999 Active 168 DOM
3. 2026-06-17
   days on market $299,999 Active 167 DOM
4. 2026-06-16
   days on market $299,999 Active 166 DOM
5. 2026-06-15
   days on market $299,999 Active 165 DOM
6. 2026-06-13
   days on market $299,999 Active 163 DOM
7. 2026-06-09
   days on market $299,999 Active 159 DOM
8. 2026-06-08
   days on market $299,999 Active 158 DOM
9. 2026-06-07
   days on market $299,999 Active 157 DOM
10. 2026-06-04
    days on market $299,999 Active 154 DOM
11. 2026-06-03
    days on market $299,999 Active 153 DOM
12. 2026-06-02
    days on market $299,999 Active 152 DOM
13. 2026-06-01
    days on market $299,999 Active 151 DOM
14. 2026-05-31
    days on market $299,999 Active 150 DOM
15. 2026-04-16
    price $299,999 188-char remark

    Show marketing remark (188 chars)

    Three unit, commercially zoned property for sale in Charles Village. Please submit valid cash proof of funds prior to attempting to scheduling a showing. Rent roll is in the agent remarks.

16. 2026-03-24
    price $200,000 188-char remark

    Show marketing remark (188 chars)

    Three unit, commercially zoned property for sale in Charles Village. Please submit valid cash proof of funds prior to attempting to scheduling a showing. Rent roll is in the agent remarks.

17. 2026-01-01
    listed $349,000 Active 188-char remark

    Show marketing remark (188 chars)

    Three unit, commercially zoned property for sale in Charles Village. Please submit valid cash proof of funds prior to attempting to scheduling a showing. Rent roll is in the agent remarks.

18. 2024-11-08
    soldstatus $900,000 Closed 195-char remark

    Show marketing remark (195 chars)

    CONTIGUOUS 5 BUILDING ASSEMBLAGE - 14 Residential & Office Units. 112 - 120 E. 25th Street. 100% Occupancy. $162,420 Gross scheduled annual income. To be sold as an entirety only - $900,000

19. 2024-10-08
    status Pending 195-char remark

    Show marketing remark (195 chars)

    CONTIGUOUS 5 BUILDING ASSEMBLAGE - 14 Residential & Office Units. 112 - 120 E. 25th Street. 100% Occupancy. $162,420 Gross scheduled annual income. To be sold as an entirety only - $900,000

20. 2024-09-25
    price $180,000 195-char remark

    Show marketing remark (195 chars)

    CONTIGUOUS 5 BUILDING ASSEMBLAGE - 14 Residential & Office Units. 112 - 120 E. 25th Street. 100% Occupancy. $162,420 Gross scheduled annual income. To be sold as an entirety only - $900,000

21. 2024-08-12
    listed $100,000 Active 195-char remark

    Show marketing remark (195 chars)

    CONTIGUOUS 5 BUILDING ASSEMBLAGE - 14 Residential & Office Units. 112 - 120 E. 25th Street. 100% Occupancy. $162,420 Gross scheduled annual income. To be sold as an entirety only - $900,000

22. 2022-08-27
    price $1,050
23. 1982-06-30
    soldstatus $100,500

ⓘ 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: $2,651 · $221/mo
• Projected year-2 tax: $2,961 · $247/mo
• Expected delta: +$309/yr (+$26/mo · 11.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $50,184
• − Mortgage interest: −$16,805
• − Property taxes: −$2,651
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,015
• − Management: −$4,015
• − Depreciation: −$8,727
• Taxable income: $12,471
• Est. tax owed @ 24.0%: −$2,993
• After-tax cash flow: $13,622/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

+198.5% since first listed

9 events — show timeline

• 2026-04-16 Price Changed $299,999 BRIGHT MLS
• 2026-03-24 Price Changed $200,000 BRIGHT MLS
• 2026-01-01 Listed $349,000 BRIGHT MLS
• 2024-11-08 Sold (MLS) $900,000 BRIGHT MLS
• 2024-10-08 Pending — BRIGHT MLS
• 2024-09-25 Price Changed $180,000 BRIGHT MLS
• 2024-08-12 Listed $100,000 BRIGHT MLS
• 2022-08-27 Price Changed $1,050 RENT.
• 1982-06-30 Sold (Public Records) $100,500 Public Records

Property tax history

+6.9%/yr

Latest (2012): $2,651 · +0.3% YoY. Source: county tax records.