6553 Woodgreen Cir, Baltimore, MD 21207 — 30.9% Cash-on-Cash

About this property

6553 Woodgreen Cir is a brick-front interior townhouse in Baltimore's 21207 zip, offering 1,724 square feet across three levels with three bedrooms and four bathrooms.

The listing describes a brick-front row townhouse with a rear deck, fenced backyard, and a fully finished basement that adds a half bath to the lower level — three functional features that meaningfully expand livable and rentable space beyond the headline bedroom count. Four bathrooms total in a 1,724-square-foot layout gives the property a higher bath-to-bedroom ratio than most comparable units in the zip.

The lot is 1,799 square feet, consistent with dense urban rowhouse configurations. The property is flagged as non-owner occupied in public records, which suggests existing rental infrastructure or at minimum no owner-occupant displacement at closing. It is not in pre-foreclosure or auction status. It landed on the market two days ago with no price reduction from the original listing, and the tax-assessed value sits at $162,667 — roughly 14.4% below the $190,000 ask, a gap that's narrow enough to suggest the listing price is grounded rather than speculative.

The listing requires all offers to be submitted through Homepath, indicating this is a Fannie Mae-owned asset — a detail that shapes the offer process and financing options available to buyers.

The investment case

The financial profile here is unusually strong: a 30.9% cash-on-cash return against a city average of negative 1.4%, driven by a purchase price well below the Baltimore median and estimated rent that covers total monthly costs by a wide margin.

List Price

$190,000

Monthly Payment (PITI+HOA)

$1,494

Principal & Interest

$999

Property Tax

$182

Insurance

$63

HOA

$250

PMI

$0

Est. Monthly Rent

$2,471

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

30.9%

Cap Rate

13.6%

Monthly Cash Flow

$977

Gross Rent Multiplier

6.4

DSCR

2.2

At $190,000, this property is priced at roughly 46.7% of Baltimore's city median listing price of $407,000. That discount is the engine behind the returns. With a 20% down payment of $38,000 and a monthly payment of $1,494 — covering principal, interest, taxes, insurance, and a $250 HOA fee — the estimated $2,471 monthly rent leaves $977 in monthly cash flow before maintenance and vacancy.

The cap rate of 13.6% and net operating income of $2,158 per month are the numbers that stand out most to experienced buyers. A cap rate above 10% in any U.S. market is uncommon; in a city where the average cash-on-cash sits at negative 1.4%, 13.6% marks this as a genuine outlier rather than a rounding-error anomaly.

The debt service coverage ratio of 2.2 means the property generates more than twice the income needed to cover its debt obligations — a cushion that absorbs vacancy, maintenance, and management costs without immediately threatening break-even. The gross rent multiplier of 6.4 is low, reinforcing that the acquisition price is efficient relative to gross income potential.

Within ZIP 21207 specifically, this property's 30.9% CoC return compares to a zip average of 11.6% — nearly three times the local benchmark. It also ranks at or above the threshold for Baltimore's top-10 deals citywide, where the weakest entry on that leaderboard sits at 30.85%. Figures exclude depreciation tax benefits, which vary by individual tax situation.

Annual return outlook

The 39.7% total five-year ROI is built on three distinct components, with cash flow doing the heaviest lifting by a wide margin.

Of the 39.7% projected total return, cash flow contributes 30.9 percentage points — the dominant driver by design. Mortgage paydown adds an estimated 4.9 points as principal reduces over the holding period. Appreciation contributes an estimated 3.9 points, based on a projected annual appreciation rate of approximately 3.9% for the Baltimore market. Because that figure is a modeled estimate rather than a data-verified historical rate, it carries more uncertainty than the cash flow and paydown components, which are grounded in current financing terms and rent estimates.

The practical implication: even if appreciation underperforms and delivers half the projected contribution, the cash flow component alone sustains a return profile that most Baltimore deals can't match at any appreciation assumption. This is not a bet on price appreciation — it's a yield play with appreciation as a secondary bonus.

For a five-year hold, the math favors investors who plan to operate the property as a rental rather than flip. The low acquisition price relative to for-sale comps in the zip (the median comparable listing sits at $310,000) also suggests potential upside if the property is eventually sold into that market, though that outcome depends on condition, timing, and local demand at exit.

Cash flow is the thesis here. Appreciation and paydown are additive, not load-bearing.

How it compares to nearby for-sale listings

Five active for-sale listings in ZIP 21207 provide a pricing benchmark, and 6553 Woodgreen Cir sits well below all of them.

The for-sale comp median in 21207 is $310,000 — $120,000 above the $190,000 ask here. At 1,724 square feet, this property prices at roughly $110 per square foot. The nearest comp by size, 901 Masefield Rd at 1,680 square feet, lists at $305,000, or approximately $181 per square foot. That's a 65% premium per square foot over this listing.

Even the lowest-priced comp, 1512 Clairidge Rd at $214,999 and 1,615 square feet, comes in at $133 per square foot — still 21% above the Woodgreen price per square foot. The highest-priced comp, 5935 Harford Ave at $320,000, achieves $227 per square foot on a smaller 1,410-square-foot footprint.

Days on market across the comp set range from one to six days, suggesting the 21207 market is moving quickly at current price points. At two days on market with no price reduction, this listing is tracking in line with that pace. The gap between this property's ask and the comp median is wide enough that an investor buying here isn't competing for the same buyer pool as the $300K-plus listings — this is a different price tier entirely, which partially explains the yield differential.

Rental demand in this zip

There are no closed rental comps available within ZIP 21207 for three-bedroom properties, which limits direct validation of the $2,471 monthly rent estimate.

The absence of rental comp data in 21207 for this bedroom count is a real constraint. The $2,471 estimated monthly rent is the figure underpinning the entire cash flow calculation, and without local closed-lease comparables to anchor it, investors should treat it as a directional estimate rather than a confirmed market rate.

That said, the investment math doesn't require the rent estimate to be precise to remain attractive. At $1,494 in total monthly costs, the property reaches break-even at roughly $1,500 in rent — about 60.7% of the projected figure. A renter paying $1,900 per month, well below the estimate, would still generate $406 in monthly cash flow and a positive CoC return. The margin of safety is wide.

The property's four-bathroom count and finished basement may support the higher end of the rent range for the area, as those features add functional value that one-bath or two-bath units can't match. The rear deck and fenced backyard are also differentiators in a rowhouse market where outdoor space is limited.

Investors who want to stress-test the rent assumption before closing should pull active rental listings in 21207 and adjacent zips for three-bedroom units to establish a floor. The cash flow story holds across a wide rent range, but independent rent verification before committing is prudent given the absence of comp data.

Who this property suits + risks to weigh

This property fits a cash-flow-focused investor comfortable with a Fannie Mae asset purchase process and an HOA, not a buyer relying on appreciation or a quick flip.

Best fit

The ideal buyer here is a landlord-oriented investor seeking immediate income rather than a value-add renovation play. The non-owner-occupied status in public records suggests the property may already be configured for rental use, which reduces the setup friction. A 20% down payment of $38,000 is the capital requirement to achieve the 30.9% CoC return — a relatively accessible entry point compared to the $81,400 down payment the city median listing would require at the same leverage ratio.

The Homepath purchase process means financing options specific to Fannie Mae-owned properties may be available, including owner-occupant first-look periods and certain low-down-payment programs, though investor buyers should confirm current program eligibility directly.

Risks to weigh

The $250 monthly HOA fee is a fixed cost that doesn't flex with vacancy — it reduces cash flow regardless of whether the unit is occupied. Over a 12-month vacancy period, that's $3,000 in HOA fees alone on top of mortgage obligations. Understanding what the HOA covers and the financial health of the association is a necessary due diligence step before closing.

The rent estimate lacks local comp support, as noted. The 13.6% cap rate and $977 monthly cash flow are compelling, but both depend on achieving close to the projected rent. Vacancy rates, property management costs (if the investor isn't self-managing), and deferred maintenance on a rowhouse of unspecified age are the variables most likely to compress actual returns below the modeled figures.

The tax-assessed value of $162,667 versus the $190,000 purchase price also means the buyer is paying above assessed value — not unusual, but worth monitoring if Baltimore reassesses upward in coming years, which would increase the property tax line.