112 W Lexington St · Baltimore, MD 21201

$370,000

1 bd · 4.0 ba · 5,115 sqft · Townhouse · 96 Days on market

Built 1920 Fair condition 1,705 sqft lot $72/sqft · 48% below area Est $707k · 48% under ↓ 7% since listing

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.0/5.0
• Schools +1.8/10.0
• Cash flow +0.9/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 112 W Lexington St — a unique mixed-use property featuring a spacious storefront with an apartment above, offering excellent investment or owner occupant potential. This property provides incredible opportunity with a large attic space with walkway access and a full basement. Conveniently located with great visibility looking to combine business and residential living in one location. Endless potential awaits!

Key facts

• Large attic space
• Full basement
• Mixed-use property

Tags

• MIXED-USE PROPERTY
• SPACIOUS STOREFRONT
• LARGE ATTIC SPACE
• FULL BASEMENT
• GREAT VISIBILITY

What this means for you Summary

Snapshot

• This is a 1-bed/4.0-bath townhouse listed at $370k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (60.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (65.2% below list).
• Recommended offer: $129k (65.2% below list) — sets the bar for 1% rule.
• Cap rate 1.3% vs local median 6.0% in Baltimore — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Elmer A. Henderson: A Johns Hopkins Partnership (math 2% / reading 16%, grade F, #650 of 860 statewide, top 77%, 642 students, 80% FRL); Vanguard Collegiate Middle (math 3% / reading 15%, grade F, #212 of 225 statewide, top 95%, 343 students, 84% FRL); Baltimore Polytechnic Institute (math 71% / reading 84%, grade A-, #22 of 222 statewide, top 10%, 1,555 students, 43% FRL).
• Zoned-school proficiency averages 32% at this address vs 12% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Baltimore City Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 87 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 93% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 34% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 96 days — a 9% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,828 (65.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 65% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1920 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.35% ✗
• Cap rate: 1.30%
• Cash-on-cash: -17.83%
• DSCR: 0.21
• GRM: 23.9

CMA / ARV

• ARV (median comp): $707,044
• List price: $370,000
• Delta: -47.67%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 E Mulberry St	0.23mi	3/1.0 (+2)	4,680 (-8%)	9mo	$259,000	$55	47
801 Park Ave	0.47mi	3/3.0 (+2)	4,347 (-15%)	1mo	$700,000	$161	38
1019 Cathedral St	0.67mi	2/3.5 (+1)	5,601 (+10%)	14mo	$1,100,000	$196	34
2431 E Oliver St	2.14mi	3/4.5 (+2)	4,550 (-11%)	1mo	$85,600	$19	34
143 E West St	1.15mi	3/4.0 (+2)	4,640 (-9%)	7mo	$740,000	$159	34
225 Collington Ave S	1.72mi	3/3.5 (+2)	4,510 (-12%)	7mo	$675,000	$150	27
2812 Saint Paul St	2.11mi	3/2.5 (+2)	3,870 (-24%)	0mo	$598,400	$155	24
215 W Lanvale St	0.99mi	3/3.5 (+2)	4,532 (-11%)	15mo	$785,000	$173	21
2800 N Calvert St	2.10mi	3/— (+2)	3,942 (-23%)	13mo	$900,000	$228	19
675 President St #2805	1.05mi	3/3.5 (+2)	3,900 (-24%)	15mo	$1,400,000	$359	15
100 Harborview Dr Ph 1D	1.22mi	3/3.5 (+2)	3,864 (-24%)	17mo	$925,000	$239	14
2900 Saint Paul St	2.18mi	3/3.0 (+2)	3,880 (-24%)	14mo	$422,500	$109	14

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 · 0.28% rent growth · sell at horizon

5-year hold

• IRR: -54.6%
• Equity multiple: -0.56×
• Total profit: $-161,404
• Equity at exit: $55,168

10-year hold

• IRR: —
• Equity multiple: -1.70×
• Total profit: $-280,044
• Equity at exit: $31,991

Cash invested: $103,600 (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 21201

• Home prices YoY: -3.8%
• Rents YoY: 0.3%
• Active inventory: 87
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $1,288 high
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-1,539

Break-even live

Break-even rent $3,237

Max offer price $147,269

Occupancy floor —

Sensitivity live

Price	-10% $-1,284	-5% $-1,411	+0% $-1,539	+5% $-1,667	+10% $-1,795
Rent	-10% $-1,641	-5% $-1,590	+0% $-1,539	+5% $-1,488	+10% $-1,437
Rate	-1.0pp $-1,353	-0.5pp $-1,445	base $-1,539	+0.5pp $-1,635	+1.0pp $-1,733

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: $92,500
• Closing costs: $11,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
919 Saint Paul St Apt 1 Baltimore, MD	1.0	1.0	4221	$1,850	$0.44	64d	1	0.62mi
869 Hollins St Unit 3F Baltimore, MD	—	1.0	3628	$949	$0.26	71d	1	0.78mi
773 Washington Blvd #2 Baltimore, MD	1.0	1.0	6160	$1,200	$0.19	46d	1	0.83mi
773 Washington Blvd #2 Baltimore, MD	1.0	1.0	6160	$1,200	$0.19	34d	1	0.83mi
7 S Carrollton Ave Baltimore, MD	2.0	2.0	4950	$1,750	$0.35	93d	1	1.02mi
1503 Eutaw Pl Unit 1B Baltimore, MD	1.0	1.0	5362	$950	$0.18	93d	1	1.09mi
1503 Eutaw Pl Unit B1 Baltimore, MD	1.0	1.0	5362	$800	$0.15	73d	1	1.09mi
1435 Bolton St Baltimore, MD	1.0	1.0	4528	$1,200	$0.27	41d	1	1.11mi
1211 S Charles St Unit 5 Baltimore, MD	2.0	2.0	6464	$1,850	$0.29	41d	1	1.17mi
1602 Park Ave Unit 3F Baltimore, MD	1.0	1.0	4290	$1,300	$0.30	64d	1	1.22mi
1512 W Mount Royal Ave Unit 1F Baltimore, MD	—	1.0	4239	$999	$0.24	73d	1	1.23mi
1512 W Mount Royal Ave Unit 1R Baltimore, MD	—	1.0	4239	$1,250	$0.29	21d	1	1.23mi
1436 W Baltimore St #2 Baltimore, MD	1.0	1.0	4315	$1,100	$0.25	93d	1	1.24mi
1433 W Lombard St Unit 3 Baltimore, MD	1.0	1.0	3510	$1,299	$0.37	60d	1	1.27mi
1614 Shakespeare St Baltimore, MD	1.0	1.0	3561	$2,000	$0.56	67d	1	1.44mi

Listing history 15 events

1. 2026-06-16
   days on market $370,000 Active 96 DOM
2. 2026-06-15
   days on market $370,000 Active 95 DOM
3. 2026-06-13
   days on market $370,000 Active 93 DOM
4. 2026-06-09
   days on market $370,000 Active 89 DOM
5. 2026-06-08
   days on market $370,000 Active 88 DOM
6. 2026-06-07
   days on market $370,000 Active 87 DOM
7. 2026-06-04
   days on market $370,000 Active 84 DOM
8. 2026-06-03
   days on market $370,000 Active 83 DOM
9. 2026-06-02
   days on market $370,000 Active 82 DOM
10. 2026-06-01
    days on market $370,000 Active 81 DOM
11. 2026-05-31
    days on market $370,000 Active 80 DOM
12. 2026-05-05
    price $370,000 430-char remark

    Show marketing remark (430 chars)

    Welcome to 112 W Lexington St — a unique mixed-use property featuring a spacious storefront with an apartment above, offering excellent investment or owner occupant potential. This property provides incredible opportunity with a large attic space with walkway access and a full basement. Conveniently located with great visibility looking to combine business and residential living in one location. Endless potential awaits!

13. 2026-05-05
    price $370,000 430-char remark

    Show marketing remark (430 chars)

    Welcome to 112 W Lexington St — a unique mixed-use property featuring a spacious storefront with an apartment above, offering excellent investment or owner occupant potential. This property provides incredible opportunity with a large attic space with walkway access and a full basement. Conveniently located with great visibility looking to combine business and residential living in one location. Endless potential awaits!

14. 2026-03-12
    listed $399,900 Active 430-char remark

    Show marketing remark (430 chars)

    Welcome to 112 W Lexington St — a unique mixed-use property featuring a spacious storefront with an apartment above, offering excellent investment or owner occupant potential. This property provides incredible opportunity with a large attic space with walkway access and a full basement. Conveniently located with great visibility looking to combine business and residential living in one location. Endless potential awaits!

15. 2026-03-12
    listed $399,900 Active 430-char remark

    Show marketing remark (430 chars)

    Welcome to 112 W Lexington St — a unique mixed-use property featuring a spacious storefront with an apartment above, offering excellent investment or owner occupant potential. This property provides incredible opportunity with a large attic space with walkway access and a full basement. Conveniently located with great visibility looking to combine business and residential living in one location. Endless potential awaits!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,459
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$10,764
• Taxable loss: −$25,904
• Est. tax savings @ 24.0%: +$6,217
• After-tax cash flow: $-12,254/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.

Condition & rehab AI · 12 photos

Fair 40/100 Moderate rehab Est. rehab $127,875–$230,175 screening

This mixed-use property requires moderate renovations to improve its condition and value. The storefront and apartment above present opportunities for updates that can significantly enhance its appeal and marketability.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior paint — Visible discoloration
• Major flooring — Worn carpet
• Minor HVAC system — No visible issues

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet — Improves comfort and value ↑
• Rental Service HVAC — Ensures comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary The Historic Samuel Coleridge-Taylor Elementary F MD #826/860 Nat'l #41,309/41,679 Middle Stadium School F MD #222/225 Nat'l #13,801/14,009 High Baltimore School For The Arts F MD #125/222 Nat'l #6,890/17,239

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

B Composite livability gradescore 76/100

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 · 624,249 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 18,307
• Household income: $45,640
• Rent vs Own: 89.0% rent · 11.0% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 23% Two or more races 7% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Other Indo-European 2% Chinese 2%

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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: ▼ -10.03%
• Current HPI: 257.3988
• Rent YoY: ▲ 0.28%
• Metro: Baltimore-Columbia-Towson, MD
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

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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

-7.5% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $370,000 BRIGHT MLS
• 2026-05-05 Price Changed $370,000 BRIGHT MLS
• 2026-03-12 Listed $399,900 BRIGHT MLS
• 2026-03-12 Listed $399,900 BRIGHT MLS