Belvedere Square/Chincopen Park Baltimore

[Stephen E.]

Hi. I'm looking at a property in Baltimore and wondering about Belvedere Square/Chincopen Park. Baltimore seems a little difficult with high property taxes ($3200).

The house is owned by a relative so it's an off market deal at what seems a good price. Rents for $1,750 (double) and the asking price is $160k.

Just curious on everyone's thoughts. I would probably do it as a BRRR, which isn't something I've done much of previously. Pretty sure the rent is on the low side.

[David Wandel]

The area is ok. I am assuming it is a duplex? One bedrooms or two? If they are 1 bedrooms your rents are in line with the market rents. You purchase price is also in line with the market depending on the condition but is not a deal by any means. The duplexes do not sell for as much as a single family.

Are there tenants in place and are they paying? If they aren't paying it will take at least a year to get them evicted.

Two things to remember about Baltimore City- the property taxes are high and the courts are very tenant friendly.Pre Covid it was 90 days minimum to evict. There is some horrible legislation before the house regarding tenant rights. I would expect some version to pass this year. The legislation will increase the cost and length of the eviction process.

And let's not forget the DPW and the inaccurate and over priced water bills.

The rents are pretty high here in Baltimore City but you had better know how to screen your tenants.