Rental Property Investor · Baltimore, MD · Member since 2013 · 281 posts · 257 votes
Beautiful townhouse overlooking wooded park. Ready for moderate rehab to make a great cash-flowing rental. Elevated main floor ceilings, sprawling hardwood floors. New windows, electric service, light fixtures, kitchen floors (all Aug '17). The high-value Woodberry neighborhood is 3 blocks away.
The neighborhood: House is surrounded by trees -- a forested park is directly across the street and there is a wooded lot directly behind the house (rare for the city). There is an actively involved community that organizes a trash cleanup each summer to keep the neighborhood in good condition.
Market rents: $1,200-$1,250.
Voucher rents: $1,400- $1,600.
Rehab Estimate: $24,000+/-
ARV: $95,000 (sold comps on block range from $85,000-$105,000);
Type of Deal: Standard sale - I own this outright
Dropbox link with Photos; BP Rental Calculator; Comps
Reply to this post or call me at 443-333-9296 for additional details or a tour.
Hi @Clarence Hopkins, yes this is still available. The biggest repair items:
-new flooring (best option for rental in this market is probably a high-quality floating vinyl plank over existing hardwoods) likely $3k.
-Furnace and water heater are both 10+ years old and in 10 mins of troubleshooting we couldn't get them to fire up, so the reno estimate includes $3,500 for new HVAC equipment + AC and $600 for new water heater. They might be repairable but I budgeted for replacement to be on the safe side
I can share my itemized reno estimate for anyone who is interested, but of course I recommend doing your own D.D.
I tend to over-improve my rentals (granite counters, hardwoods, etc). Some landlords might opt for a smaller reno on this house.
This deal is currently under contract. I have a similar property coming available soon...if you missed out on this one feel free to send me a colleague request for updates on the next one.