Depending on how this is negotiated, the seller is not negatively affected if the purchase price is negotiated to be increased by $3k. 

You don't want to find out two years from now that you are really cash flow negative and the equity you pulled out is only breaking even on your next endeavor.Rates are going up but newish investors tend to hyper focus on the difference 1% makes on a loan repayments.

Baltimore has had negative population growth for decades and that probably won't change soon, although it does offer lots of product to wholesale -- it's become tougher to find stuff in neighborhoods that people want to buy in.

We have now two quarters with negative GDP, which technically makes it a recession, but the labor market is more than strong. 

I got standard toilets, and they have been giving me grief. 

(Now, we see the negative side of this as well, as we work with a lot of first-time homebuyers who are wondering if they'll have to choose between either renting forever because home prices are too high or moving out of the city they love.)I digress ... there aren't a lot of "secrets" to affording in this city.

Do potential buyers see it as a negative?

They wanted me to sign a termination agreement noting a $10,000 fee for making any negative claims against them, posting negative reviews or contacting any governmental agency or the BBB.  

Is the 20% down payment driving factor behind the negative CoC return?

1) When you BRRR a single family home - it has NEGATIVE cashflow while you're renovating it (it's not producing income because it's not rented)When I BRRR apartment buildings nowadays - it cashflows on Day 1.