829 E Baltimore Ave

Fort Worth, TX 76104

$219,999D

2 bd · 1.0 ba · 1,328 sqft · Built 1930 · MultiFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,854/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-79/mo
• Annual: $-948/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 0.84%
• Cash to close: $61,600

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $220k.
• At list price, monthly cash flow is $-79 ($-948/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (15.7% below list).
• It's been on market 121 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (15.7% below list) — sets the bar for 1% rule.
• 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.
• Location reads 80/100 on livability (#49 in TX, #1,954 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools D+, crime F.
• Fort Worth ISD (urban): math 18% / reading 28% proficiency, ranked #742 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 176 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 3y ago; this cycle's ask is 12122% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.9% in Fort Worth — 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.
• This rent runs 36% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?