400-402 Pitman Pl · Baltimore, MD 21202

$99,900

8 bd · 4.0 ba · 2,500 sqft · Townhouse · 155 Days on market

Built 1920 4,356 sqft lot $40/sqft · 66% 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
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! Prime corner building located in the highly sought-after Station North Arts District and Greenmount West neighborhood. This double-unit shell requires a full renovation and is ideally suited for a multi-family mixed-use development. The property is currently approved for 6 units, including 4 residential apartments and 2 ground-floor units. Much of the preliminary work is complete, allowing the next owner to focus on design and build-out. Documents available upon request. Projected annual income exceeds $100,000 once completed, making this an excellent long-term investment opportunity in a thriving area.

Key facts

• Approved for 6 units
• Double-unit shell
• 2 ground-floor units

Tags

• DOUBLE-UNIT SHELL
• APPROVED FOR 6 UNITS
• 4 RESIDENTIAL APARTMENTS
• 2 GROUND-FLOOR UNITS
• THRIVING AREA

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.7% 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 flat; 134 active listings in the ZIP; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• At $2,498/mo this rent would consume 50% of the median local household income ($59k/yr) (locally 1863% 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 $691 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 + 0.6% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $75k (43%) 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.
• Climate carrying-cost: major flood risk; 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 $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.50% ✓
• Cap rate: 21.71%
• Cash-on-cash: 55.05%
• DSCR: 3.45
• GRM: 3.3

CMA / ARV

• ARV (median comp): $296,101
• List price: $99,900
• Delta: -66.26%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 E 21st St	0.36mi	7/2.0 (-1)	2,200 (-12%)	8mo	$160,000	$73	44

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 · 0.59% rent growth · sell at horizon

5-year hold

• IRR: 50.6%
• Equity multiple: 3.13×
• Total profit: $59,668
• Equity at exit: $14,895

10-year hold

• IRR: 55.0%
• Equity multiple: 5.80×
• Total profit: $134,225
• Equity at exit: $8,638

Cash invested: $27,972 (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 21202

• Home prices YoY: -8.0%
• Rents YoY: 0.6%
• Active inventory: 134
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,498 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $1,283

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 44%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-07
   statusdays on market $99,900 Pending 155 DOM
2. 2026-06-04
   days on market $99,900 Active 153 DOM
3. 2026-06-03
   days on market $99,900 Active 152 DOM
4. 2026-06-02
   days on market $99,900 Active 151 DOM
5. 2026-06-01
   days on market $99,900 Active 150 DOM
6. 2026-05-31
   days on market $99,900 Active 149 DOM
7. 2026-05-06
   price $99,900 628-char remark

   Show marketing remark (628 chars)

   Investor special! Prime corner building located in the highly sought-after Station North Arts District and Greenmount West neighborhood. This double-unit shell requires a full renovation and is ideally suited for a multi-family mixed-use development. The property is currently approved for 6 units, including 4 residential apartments and 2 ground-floor units. Much of the preliminary work is complete, allowing the next owner to focus on design and build-out. Documents available upon request. Projected annual income exceeds $100,000 once completed, making this an excellent long-term investment opportunity in a thriving area.

8. 2026-01-02
   listed $175,000 Active 628-char remark

   Show marketing remark (628 chars)

   Investor special! Prime corner building located in the highly sought-after Station North Arts District and Greenmount West neighborhood. This double-unit shell requires a full renovation and is ideally suited for a multi-family mixed-use development. The property is currently approved for 6 units, including 4 residential apartments and 2 ground-floor units. Much of the preliminary work is complete, allowing the next owner to focus on design and build-out. Documents available upon request. Projected annual income exceeds $100,000 once completed, making this an excellent long-term investment opportunity in a thriving area.

9. 2025-12-26
   historical
10. 2025-12-26
    historical
11. 2025-10-09
    price $250,000
12. 2025-10-09
    price $250,000
13. 2025-09-04
    price $299,000
14. 2025-09-04
    price $299,000
15. 2025-07-25
    price $315,000
16. 2025-07-25
    price $315,000
17. 2025-06-24
    status Active
18. 2025-06-24
    status Active
19. 2025-06-10
    historical Active Under Contract
20. 2025-06-10
    historical Active Under Contract
21. 2025-02-26
    price $325,000
22. 2025-02-26
    price $325,000
23. 2025-01-22
    price $350,000
24. 2025-01-22
    price $350,000
25. 2025-01-11
    price $365,000
26. 2025-01-11
    price $365,000
27. 2024-12-18
    price $370,000
28. 2024-12-18
    price $370,000
29. 2024-11-23
    price $375,000
30. 2024-11-23
    price $375,000
31. 2024-10-31
    price $395,000
32. 2024-10-31
    price $395,000
33. 2024-09-19
    price $430,000
34. 2024-09-19
    price $430,000
35. 2024-09-10
    price $450,000
36. 2024-09-10
    price $450,000
37. 2024-08-28
    listed $475,000 Active
38. 2024-08-21
    status Active
39. 2024-08-19
    listed $475,000 Active
40. 2024-08-19
    historical
41. 2021-01-07
    soldstatus $90,000
42. 2017-11-17
    soldstatus $90,000
43. 1981-12-10
    soldstatus $6,000

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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: $29,980
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$2,398
• − Management: −$2,398
• − Depreciation: −$2,906
• Taxable income: $14,683
• Est. tax owed @ 24.0%: −$3,524
• After-tax cash flow: $11,876/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): 20,683
• Household income: $59,377
• Rent vs Own: 78.6% rent · 21.4% own
• Severe rent burden: 1863.0

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 0.63)
• Race & ethnicity: Black 52% White 31% Hispanic / Latino 7% Two or more races 6% Asian 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 12% · Canada, South Korea, China
• Languages at home: 87% English-only · Spanish 4% Other Indo-European 2% Arabic 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: ▼ -25.44%
• Current HPI: 291.3702
• Rent YoY: ▲ 0.59%
• 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

+1565.0% since first listed

37 events — show timeline

• 2026-05-06 Price Changed $99,900 BRIGHT MLS
• 2026-01-02 Listed $175,000 BRIGHT MLS
• 2025-12-26 Listing Removed — BRIGHT MLS
• 2025-12-26 Listing Removed — BRIGHT MLS
• 2025-10-09 Price Changed $250,000 BRIGHT MLS
• 2025-10-09 Price Changed $250,000 BRIGHT MLS
• 2025-09-04 Price Changed $299,000 BRIGHT MLS
• 2025-09-04 Price Changed $299,000 BRIGHT MLS
• 2025-07-25 Price Changed $315,000 BRIGHT MLS
• 2025-07-25 Price Changed $315,000 BRIGHT MLS
• 2025-06-24 Relisted — BRIGHT MLS
• 2025-06-24 Relisted — BRIGHT MLS
• 2025-06-10 Contingent — BRIGHT MLS
• 2025-06-10 Contingent — BRIGHT MLS
• 2025-02-26 Price Changed $325,000 BRIGHT MLS
• 2025-02-26 Price Changed $325,000 BRIGHT MLS
• 2025-01-22 Price Changed $350,000 BRIGHT MLS
• 2025-01-22 Price Changed $350,000 BRIGHT MLS
• 2025-01-11 Price Changed $365,000 BRIGHT MLS
• 2025-01-11 Price Changed $365,000 BRIGHT MLS
• 2024-12-18 Price Changed $370,000 BRIGHT MLS
• 2024-12-18 Price Changed $370,000 BRIGHT MLS
• 2024-11-23 Price Changed $375,000 BRIGHT MLS
• 2024-11-23 Price Changed $375,000 BRIGHT MLS
• 2024-10-31 Price Changed $395,000 BRIGHT MLS
• 2024-10-31 Price Changed $395,000 BRIGHT MLS
• 2024-09-19 Price Changed $430,000 BRIGHT MLS
• 2024-09-19 Price Changed $430,000 BRIGHT MLS
• 2024-09-10 Price Changed $450,000 BRIGHT MLS
• 2024-09-10 Price Changed $450,000 BRIGHT MLS
• 2024-08-28 Listed $475,000 BRIGHT MLS
• 2024-08-21 Relisted — BRIGHT MLS
• 2024-08-19 Listing Removed — BRIGHT MLS
• 2024-08-19 Listed $475,000 BRIGHT MLS
• 2021-01-07 Sold (Public Records) $90,000 Public Records
• 2017-11-17 Sold (Public Records) $90,000 Public Records
• 1981-12-10 Sold (Public Records) $6,000 Public Records

Property tax history

-10.0%/yr

Latest (2025): $117 · -96.2% YoY. Source: county tax records.