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Updated over 8 years ago on . Most recent reply

Realistically, what could I afford in Baltimore?
Alright, so I am a New Yorker born and raised and I have always wanted to own a row home. Being that price in NYC are prohibitively expensive (let's not even go there... lol) I realize my dream of home ownership (as in my own brownstone or row home) will probably never happen here an that is okay.
Initially I was thinking about sub30k properties but I just don't want to put that much work in for a property I probably wouldn't keep for 30+ years.
So I've been looking at places to buy in the near future. Possible contenders were Philadelphia, Harrisburg (quickly x'ed out because I heard it's just not safe though I looooove the old housing stock), Albany, Buffalo, Troy, Rochester, Pittsburgh and Baltimore. I think my heart is set on Baltimore. It also seems to make sense financially: you can buy a 4-plex for under 400k, take out an FHA loan (probably not what I'd want to do--I'd want to put down 20%) and rent out all four units.
Am I crazy or is Baltimore a good market right now? If you guys know of any towns on the east coast with lots of row houses and a somewhat lively downtown, even if very small, let me know.
Let's say, hypothetically, I had 80k to use in savings, made 80k a year and had good credit (700+). Could I afford a 4-plex in a decent enough area of Baltimore to pay for my mortgage, build up equity, and put at least a thousand back into savings each month? Or is this a total pipe dream? Please smack me in the face with reality as hard as you want, guys!
Most Popular Reply

There are two problems. First, there aren't really that many multifamily homes. You could totally buy several houses in a row, if that is your plan, though.
The second is that many, many parts of Baltimore are street by street. You can buy a townhouse for $4000, but it may not be a wise idea. The multiple trips down are a very good idea.
I'd check into some of the meetups in the Baltimore area. There are several, and would be invaluable to you.