732 Dolphin St · Baltimore, MD 21217

$90,000

5 bd · 1.0 ba · 1,842 sqft · Townhouse public records · 25 Days on market

Built 1920 $49/sqft · 51% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Endless potential! Solid bones and ready for your vision. A prime renovation opportunity—similar home directly across the street recently sold for $325K!

Key facts

• Built 1920
• Listed 25 days

Property features AI

Finance

• Other: Fee simple ownership; Approximately 1,842 finished above-grade square feet (assessor); Approximately 662 unfinished below-grade square feet (assessor)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse
• Construction: Brick construction; Brick/mortar foundation; Above- and below-grade structures; Built year per assessor
• Exterior features: No tidal water

Interior

• Bedrooms: One bedroom on the main level; Two bedrooms on the first upper level; Two bedrooms on the second upper level
• Bathrooms: One full bathroom (located on an upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (natural gas); Natural gas hot water
• Interior features: Unfinished basement; Living area per assessor

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.9% 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); 331 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,480/mo this rent would consume 77% 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 $622 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $90k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.76% ✓
• Cap rate: 23.92%
• Cash-on-cash: 62.97%
• DSCR: 3.80
• GRM: 3.0

CMA / ARV

• ARV (median comp): $182,776
• List price: $90,000
• Delta: -50.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
754 Dolphin St	0.03mi	5/2.0	1,842 (0%)	3mo	$164,000	$89	92
1218 Myrtle Ave	0.06mi	5/2.0	1,680 (-9%)	10mo	$75,000	$45	70
719 W Lafayette Ave W	0.14mi	4/1.0 (-1)	2,067 (+12%)	9mo	$120,000	$58	61
256 Waxter Way	0.62mi	4/3.5 (-1)	1,836 (-0%)	0mo	$450,000	$245	55
1013 Harlem Ave	0.14mi	5/3.5	2,117 (+15%)	4mo	$170,000	$80	55
900 Argyle Ave	0.27mi	4/3.5 (-1)	2,000 (+9%)	6mo	$240,000	$120	53
1344 Division St	0.30mi	5/3.5	2,098 (+14%)	4mo	$49,500	$24	49
503 N Paca St	0.56mi	6/3.0 (+1)	1,904 (+3%)	9mo	$340,000	$179	48
1127 N Stricker St	0.56mi	4/2.0 (-1)	1,710 (-7%)	10mo	$170,000	$99	45
220 W Read St	0.74mi	5/1.5	2,016 (+9%)	5mo	$290,500	$144	43
22 Parkin St	0.69mi	4/3.0 (-1)	1,747 (-5%)	6mo	$219,900	$126	41
329 N Gilmor St	0.63mi	4/2.5 (-1)	2,066 (+12%)	6mo	$315,000	$152	34

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: 66.1%
• Equity multiple: 4.14×
• Total profit: $79,069
• Equity at exit: $13,419

10-year hold

• IRR: 71.5%
• Equity multiple: 9.69×
• Total profit: $219,001
• Equity at exit: $7,782

Cash invested: $25,200 (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: 331
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,480 high
• Mortgage (P&I): −$472
• Tax from tax record: −$127 /mo · $1,529/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $1,322

Break-even live

Break-even rent $806

Max offer price $90,000

Occupancy floor 42%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 W Franklin St Baltimore, MD	4.0	4.5	1913	$2,650	$1.39	24d	1	0.30mi
1628 McCulloh St Unit 2 Baltimore, MD	4.0	2.5	2000	$2,000	$1.00	4d	1	0.51mi
1725 Druid Hill Ave Baltimore, MD	4.0	3.0	2195	$2,100	$0.96	24d	1	0.53mi
1625 Edmondson Ave Unit 1 Baltimore, MD	4.0	3.0	1500	$2,175	$1.45	4d	1	0.65mi
1625 Edmondson Ave Unit 2 Baltimore, MD	4.0	3.0	1500	$1,895	$1.26	12d	1	0.65mi
1315 Presstman St Baltimore, MD	4.0	2.0	1700	$2,000	$1.18	44d	1	0.66mi
922 W Lombard St Baltimore, MD	4.0	2.0	2364	$2,300	$0.97	24d	1	0.76mi
147 W Lafayette Ave Baltimore, MD	4.0	2.5	2400	$3,250	$1.35	44d	1	0.78mi
803 McHenry St Baltimore, MD	4.0	2.5	1856	$2,599	$1.40	3d	1	0.93mi
636 Portland St Baltimore, MD	4.0	2.0	1545	$2,650	$1.72	24d	1	0.95mi
324 Scott St Baltimore, MD	4.0	2.5	1656	$3,000	$1.81	44d	1	0.98mi
819 Ramsay St Baltimore, MD	4.0	3.5	1856	$3,000	$1.62	12d	1	1.00mi
662 Washington Blvd Baltimore, MD	4.0	2.5	1300	$2,700	$2.08	44d	1	1.01mi
610 Scott St Baltimore, MD	5.0	3.0	1700	$2,750	$1.62	12d	1	1.13mi
2505 Woodbrook Ave Baltimore, MD	4.0	2.0	1256	$1,745	$1.39	2d	1	1.17mi
2303 Calverton Heights Ave Baltimore, MD	4.0	2.0	1314	$2,250	$1.71	24d	1	1.18mi
2302 Mount Royal Ter Baltimore, MD	4.0	3.5	2351	$3,000	$1.28	24d	1	1.22mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	3d	1	1.37mi
311 S Pulaski St Baltimore, MD	5.0	3.0	1450	$2,400	$1.66	44d	1	1.37mi
2128 N Pulaski St Baltimore, MD	4.0	3.0	2166	$2,200	$1.02	44d	1	1.47mi
1032 Valley St Baltimore, MD	4.0	2.0	1900	$2,150	$1.13	4d	1	1.47mi
7 W 24th St Unit 1 Baltimore, MD	5.0	2.5	1443	$2,395	$1.66	20d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $90,000 Active 25 DOM
2. 2026-06-17
   days on market $90,000 Active 24 DOM
3. 2026-06-16
   days on market $90,000 Active 23 DOM
4. 2026-06-15
   days on market $90,000 Active 22 DOM
5. 2026-06-13
   days on market $90,000 Active 20 DOM
6. 2026-06-09
   days on market $90,000 Active 16 DOM
7. 2026-06-08
   days on market $90,000 Active 15 DOM
8. 2026-06-07
   days on market $90,000 Active 14 DOM
9. 2026-06-04
   days on market $90,000 Active 11 DOM
10. 2026-06-03
    days on market $90,000 Active 10 DOM
11. 2026-06-02
    days on market $90,000 Active 9 DOM
12. 2026-06-01
    days on market $90,000 Active 8 DOM
13. 2026-05-31
    days on market $90,000 Active 7 DOM
14. 2026-05-09
    historical
15. 2026-05-06
    listed $115,000 Active
16. 2026-05-04
    historical
17. 1992-12-01
    soldstatus $30,000

ⓘ 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: $1,529 · $127/mo
• Projected year-2 tax: $1,529 · $127/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: $29,760
• − Mortgage interest: −$5,041
• − Property taxes: −$1,529
• − Insurance: −$450
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − Depreciation: −$2,618
• Taxable income: $15,360
• Est. tax owed @ 24.0%: −$3,686
• After-tax cash flow: $12,181/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

+200.0% since first listed

6 events — show timeline

• 2026-05-27 Price Changed $90,000 BRIGHT MLS
• 2026-05-27 Relisted — BRIGHT MLS
• 2026-05-09 Listing Removed — BRIGHT MLS
• 2026-05-06 Listed $115,000 BRIGHT MLS
• 2026-05-04 Coming Soon $115,000 BRIGHT MLS
• 1992-12-01 Sold (Public Records) $30,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $1,529 · +8.3% YoY. Source: county tax records.