RN in Baltimore, newbie on Rentals

[Account Closed]

Hi. I have decided to buy a townhouse in Baltimore (Canton), walking distance to Johns Hopkins Hospital as I am a RN. We get a lot of travel nurses and doctors/residents and I thought this would be a good idea for a renting the rooms. But I am not too sure if I am doing the right thing. As this is a new community and I am still under contract, and this will be for September delivery, hopefully closing will be in first week of October. This is about $368K 4-story, two-car garage, with dining and living room in the second floor, third floor are two rooms with own baths for each room. Fourth floor is the master suite. My question is that, is this a good idea to start my rental business with a brand new townhouse? I am planning to stay here for a year as my primary residence and after a year I rent out all three rooms and get a second home with 3-BR and rent out also the other rooms. Whoever is within Baltimore area, please let me know what your ideas are. Thank you so much for your time.

[Kristen Mathias]

I am "house hacking" in Baltimore while I am in School at Johns Hopkins Nursing School. From all of my research and doing the numbers in the area, canton doesn't make sense. I found a place 5 blocks from JHH, on the edge of Butchers hill. I will be living there about 2.5-3 years and for me the numbers work out so that I am not paying rent while I am going to school and also the rent after I leave will covers the mortgage. Unless you find some extremely good deal in Canton (that you would probably have to put some money into fixing) the numbers (in my opinion) just do not work out in Canton. 

Best of luck!