6 Wheeler Ave · Baltimore, MD 21223

$84,900

3 bd · 2.0 ba · 800 sqft · Townhouse · 35 Days on market

Built 1941 1,800 sqft lot $106/sqft · 170% above 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 +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained brick rowhome featuring fresh paint on both the exterior front and throughout the interior. The main level offers a convenient full bathroom and bedroom, ideal for guests or added accessibility. The home features luxury vinyl plank (LVP) flooring throughout, along with a new gas range, new refrigerator, and stainless steel microwave. The second floor includes an additional room that is perfect for a home office, study, or flex space. Both bathrooms are equipped with medicine cabinets to maximize storage. All bedrooms include ceiling fans for added comfort. Enjoy the spacious rear patio, perfect for outdoor entertaining or relaxing. This property may qualify for the Buy Back

Key facts

• New gas range
• Full bathroom
• New refrigerator

Tags

• BRICK ROWHOME
• FULL BATHROOM
• LUXURY VINYL PLANK FLOORING
• NEW GAS RANGE
• NEW REFRIGERATOR
• STAINLESS STEEL MICROWAVE

Property features AI

Finance

• Other: Income/expense note: Annual ground rent
• Financial info: Ground rent exists; $90 paid semi-annually; Land assessed separately from improvements

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Interior townhouse/rowhouse; Estimated year built
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Above-grade other structures

Interior

• Bedrooms: One bedroom on the main level; Two bedrooms on the first upper level
• Bathrooms: One full bathroom on the main level; One full bathroom on the first upper level (two full bathrooms total)
• Heating & cooling: Heat pump with natural gas backup; Natural gas hot water
• Interior features: Estimated living area; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $85k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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; 40 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 $1,721/mo this rent would consume 45% 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 $587 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 + 7.5% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $85k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — 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 $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.03% ✓
• Cap rate: 17.47%
• Cash-on-cash: 39.91%
• DSCR: 2.78
• GRM: 4.1

CMA / ARV

• ARV (median comp): $31,479
• List price: $84,900
• Delta: 169.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2214 Wilkens Ave	0.55mi	3/1.0	860 (+8%)	9mo	$65,000	$76	50
308 S Payson St	0.44mi	3/1.0	894 (+12%)	7mo	$25,000	$28	50
1612 Lemmon St	0.65mi	2/1.0 (-1)	744 (-7%)	1mo	$20,000	$27	49
1610 Lemmon St	0.65mi	2/1.0 (-1)	744 (-7%)	1mo	$20,000	$27	48
1608 Lemmon St	0.65mi	2/1.0 (-1)	744 (-7%)	1mo	$20,000	$27	48
1606 Lemmon St	0.65mi	2/1.0 (-1)	744 (-7%)	1mo	$20,000	$27	48
420 S Smallwood St	0.44mi	3/3.5	910 (+14%)	4mo	$100,000	$110	47
534 S Smallwood St	0.54mi	3/1.0	912 (+14%)	9mo	$39,900	$44	40
1926 Wilhelm St	0.48mi	2/1.0 (-1)	684 (-14%)	7mo	$7,500	$11	39
1613 Lemmon St	0.65mi	2/1.0 (-1)	686 (-14%)	1mo	$20,000	$29	36
1611 Lemmon St	0.65mi	2/1.0 (-1)	686 (-14%)	1mo	$20,000	$29	36
1605 Lemmon St	0.66mi	2/3.0 (-1)	686 (-14%)	1mo	$20,000	$29	36

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 · 7.51% rent growth · sell at horizon

5-year hold

• IRR: 41.2%
• Equity multiple: 2.88×
• Total profit: $44,777
• Equity at exit: $12,659

10-year hold

• IRR: 49.5%
• Equity multiple: 6.92×
• Total profit: $140,668
• Equity at exit: $7,341

Cash invested: $23,772 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,721 high
• Mortgage (P&I): −$445
• Tax from tax record: −$88 /mo · $1,060/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $791

Break-even live

Break-even rent $720

Max offer price $84,900

Occupancy floor 49%

Sensitivity live

Price	-10% $839	-5% $815	+0% $791	+5% $767	+10% $743
Rent	-10% $655	-5% $723	+0% $791	+5% $859	+10% $927
Rate	-1.0pp $833	-0.5pp $812	base $791	+0.5pp $769	+1.0pp $746

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
62 N Gorman Ave Baltimore, MD	3.0	2.0	1100	$2,500	$2.27	18d	1	0.10mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	44d	1	0.13mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	24d	1	0.36mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	24d	1	0.38mi
1918 W Baltimore St Baltimore, MD	2.0–3.0	1.0–2.0	857	$1,434	$1.67	44d	1	0.40mi
2815 W Mulberry St Baltimore, MD	4.0	2.0	1040	$2,050	$1.97	44d	1	0.53mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	44d	1	0.57mi
1601 Frederick Ave Unit 3 Baltimore, MD	2.0	1.0	1050	$1,050	$1.00	5d	1	0.67mi
2301 Riggs Ave Baltimore, MD	3.0	2.0	1072	$1,600	$1.49	24d	1	0.86mi
1324 W Lombard St Unit 2 Baltimore, MD	2.0	1.5	1100	$1,450	$1.32	44d	1	0.87mi
1324 W Lombard St Unit 1 Baltimore, MD	2.0	2.0	1100	$1,500	$1.36	24d	1	0.87mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,860	$1.70	5d	1	0.88mi
1315 Hollins St Unit 2 Baltimore, MD	3.0	2.0	1096	$1,950	$1.78	13d	1	0.88mi
305 S Calhoun St Baltimore, MD	2.0	1.0	1000	$1,300	$1.30	22d	1	0.89mi
48 S Carrollton Ave Unit 4 Baltimore, MD	2.0	1.0	670	$1,600	$2.39	44d	1	0.97mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	24d	1	0.98mi
1315 Harlem Ave Unit B Baltimore, MD	2.0	1.0	900	$1,425	$1.58	24d	1	1.02mi
1315 Harlem Ave Unit C Baltimore, MD	2.0	1.0	900	$1,425	$1.58	44d	1	1.02mi
1339 W Lafayette Ave #1 Baltimore, MD	2.0	2.0	700	$1,600	$2.29	13d	1	1.10mi
709 Denison St Baltimore, MD	2.0	2.0	840	$1,630	$1.94	24d	1	1.13mi
1215 James St Baltimore, MD	2.0	1.0	960	$1,500	$1.56	44d	1	1.14mi
1042 Ellicott Dr Baltimore, MD	2.0	1.0	900	$1,450	$1.61	44d	1	1.14mi
101 N Schroeder St Baltimore, MD	3.0	1.0–2.0	1037	$3,185	$3.07	3d	12	1.16mi
1142 Sargeant St Baltimore, MD	3.0	2.0	1080	$1,601	$1.48	2d	1	1.19mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	5d	1	1.19mi
1432 Carroll St Baltimore, MD	2.0	1.5	912	$1,900	$2.08	44d	1	1.20mi
1127 Sargeant St Baltimore, MD	2.0	1.5	1080	$1,275	$1.18	24d	1	1.20mi
1160 Washington Blvd Baltimore, MD	2.0	1.0	960	$1,575	$1.64	24d	1	1.21mi
923 McHenry St Baltimore, MD	3.0	1.0	1008	$1,625	$1.61	44d	1	1.22mi
1163 Washington Blvd Baltimore, MD	2.0	2.5	1012	$1,700	$1.68	13d	1	1.23mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	24d	1	1.26mi
847 McHenry St Baltimore, MD	2.0	2.0	952	$1,795	$1.89	5d	1	1.28mi
1617 Moreland Ave Baltimore, MD	2.0	1.0	900	$1,450	$1.61	24d	1	1.30mi
3706 W Franklin St Unit 1 Baltimore, MD	2.0	1.0	735	$1,100	$1.50	5d	1	1.33mi
853 Reinhart St Baltimore, MD	2.0	2.5	780	$1,800	$2.31	44d	1	1.36mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	24d	1	1.42mi
1346 N Carey St Baltimore, MD	2.0	1.5	1100	$1,500	$1.36	44d	1	1.43mi
1931 Griffis Ave Baltimore, MD	2.0	1.0	912	$1,349	$1.48	4d	1	1.43mi
805 Washington Blvd Unit B Baltimore, MD	2.0	2.0	1106	$1,650	$1.49	21d	1	1.43mi
805 Washington Blvd Unit A Baltimore, MD	2.0	2.0	1050	$1,650	$1.57	44d	1	1.43mi

Listing history 40 events

1. 2026-06-18
   days on market $84,900 Active 35 DOM
2. 2026-06-17
   days on market $84,900 Active 34 DOM
3. 2026-06-16
   days on market $84,900 Active 33 DOM
4. 2026-06-15
   days on market $84,900 Active 32 DOM
5. 2026-06-13
   days on market $84,900 Active 30 DOM
6. 2026-06-09
   days on market $84,900 Active 26 DOM
7. 2026-06-08
   days on market $84,900 Active 25 DOM
8. 2026-06-07
   days on market $84,900 Active 24 DOM
9. 2026-06-04
   pricedays on market $84,900 Active 21 DOM
10. 2026-06-03
    days on market $89,900 Active 20 DOM
11. 2026-06-02
    days on market $89,900 Active 19 DOM
12. 2026-06-01
    days on market $89,900 Active 18 DOM
13. 2026-05-31
    days on market $89,900 Active 17 DOM
14. 2026-05-14
    listed $89,900 Active 824-char remark
15. 2021-04-26
    soldstatus $43,000 Closed
16. 2021-03-24
    status Pending
17. 2021-03-04
    listed $45,000 Active
18. 2019-03-18
    historical
19. 2019-03-14
    listed $30,000 Active
20. 2017-08-23
    soldstatus $9,924
21. 2017-08-23
    soldstatus $9,924 Sold
22. 2017-07-11
    status Contract
23. 2017-06-30
    status Active
24. 2017-06-15
    status Contract
25. 2017-06-08
    status Active
26. 2017-05-26
    status Contract
27. 2017-05-20
    status Active
28. 2017-03-14
    status Contract
29. 2017-03-03
    price $10,600
30. 2017-02-24
    listed $13,100 Active
31. 2016-10-18
    historical Temporarily Off-Market
32. 2016-10-18
    historical
33. 2016-09-30
    listed Active
34. 2016-09-30
    listed $15,600
35. 2006-10-24
    soldstatus $75,000
36. 2006-10-23
    soldstatus $75,000
37. 2006-09-11
    historical
38. 2006-08-29
    listed $75,000
39. 2004-08-25
    soldstatus $16,800
40. 1991-07-18
    soldstatus $6,250

ⓘ 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: $1,060 · $88/mo
• Projected year-2 tax: $1,060 · $88/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 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: $20,652
• − Mortgage interest: −$4,756
• − Property taxes: −$1,060
• − Insurance: −$424
• − Repairs & maintenance: −$1,652
• − Management: −$1,652
• − Depreciation: −$2,470
• Taxable income: $8,637
• Est. tax owed @ 24.0%: −$2,073
• After-tax cash flow: $7,415/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

+1258.4% since first listed

28 events — show timeline

• 2026-06-03 Price Changed $84,900 BRIGHT MLS
• 2026-05-14 Listed $89,900 BRIGHT MLS
• 2021-04-26 Sold (MLS) $43,000 BRIGHT MLS
• 2021-03-24 Pending — BRIGHT MLS
• 2021-03-04 Listed $45,000 BRIGHT MLS
• 2019-03-18 Listing Removed — BRIGHT MLS
• 2019-03-14 Listed $30,000 BRIGHT MLS
• 2017-08-23 Sold (MLS) $9,924 MRIS
• 2017-08-23 Sold (MLS) $9,924 BRIGHT MLS
• 2017-07-11 Pending — MRIS
• 2017-06-30 Relisted — MRIS
• 2017-06-15 Pending — MRIS
• 2017-06-08 Relisted — MRIS
• 2017-05-26 Pending — MRIS
• 2017-05-20 Relisted — MRIS
• 2017-03-14 Pending — MRIS
• 2017-03-03 Price Changed $10,600 MRIS
• 2017-02-24 Listed $13,100 MRIS
• 2016-10-18 Listing Removed — BRIGHT MLS
• 2016-10-18 Delisted — MRIS
• 2016-09-30 Listed — MRIS
• 2016-09-30 Listed $15,600 BRIGHT MLS
• 2006-10-24 Sold (Public Records) $75,000 Public Records
• 2006-10-23 Sold (MLS) $75,000 MRIS
• 2006-09-11 Delisted — MRIS
• 2006-08-29 Listed $75,000 MRIS
• 2004-08-25 Sold (Public Records) $16,800 Public Records
• 1991-07-18 Sold (Public Records) $6,250 Public Records

Property tax history

+7.2%/yr

Latest (2025): $1,060 · +28.7% YoY. Source: county tax records.