Rental Property Investor · Glen Arm, MD · Member since 2015 · 105 posts · 41 votes
Hello BP community!
I'm moving from Los Angeles to Baltimore for business and I want to turn this great opportunity into my FIRST real estate investment opportunity as well.
If you're active in the area, I'd love to hear from you on what neighborhoods or suburbs I should be looking at.
I am a single, white, 35 yo female looking for a safe neighborhood where I can live in one unit and rent out two or three while I live in the other. I have dogs and cats and would love to have a yard, which is why I'm open to the surrounding areas as well. I work from home and will only need to commute to Mt. Vernon max once a week.
So, the breakdown:
Duplex or Triplex
Within an hour of Mt. Vernon
Budget up to $250K
Safe, but doesn't have to be as clean and pristine as Canton or Fells Point
So far I have heard that Patterson Park, Hampden and Mt. Washington might be suitable candidates. If you have any other suggestions, I'm all ears!
I'm going to be in town exploring real estate all day on Saturday, April 11 if anyone wants to join me!
Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
11y
Julie,
Congratulations on your move to Charm City! I think you'll quickly find that its not all drugs and murder like its sometimes made out to be. Its an amazing city with so many unique neighborhoods, suburbs - and Opportunity!
The Harford Rd corridor (Lauraville, Hamilton, Parkville) is my favorite part of the city to invest in. The large homes and lots in the area is desirable for 30-somethings who want to stay in the city but have a more "suburban" feel then some of the downtown neighborhoods. There is also a good stock of large distressed homes lend themselves well to SFH-to-appartment conversions if you're up for a project.
Hamden is another neighborhood that sees a lot demand but still hasn't become over-gentrified to the point of making it nearly impossible to find investor friendly opportunities.
My final recommendation is Reservoir Hill. Its got a more urban feel than the Harford Rd corridor, but is similar in that there are a lot of large, distressed homes that lend themselves to SFH-appartment conversions. The neighborhood is undergoing a revival due to its super convenient, central location and amazing architecture so there is a lot of potential for appreciation in the area for a buy-and-hold.
You will definitely want to start with finding a GOOD realtor. There are a lot of crappy, fly-by-night agents in Maryland and a handful of really top notch guys that stand out. I'd be happy to refer a few if you want to send me a private message.
Baltimore, MD · Member since 2014 · 145 posts · 65 votes
11y
Julie,
Check out the area between North Ave and about 27th Street, along Charles/St. Paul/Calvert streets. This area is known as Old Goucher, Barclay, and Charles North, and encompasses a bit of the southern end of Charles Village. The closer you stay to Charles Street, the better, as some areas west of Charles Street can get a bit rough. Several bus lines run through the neighborhood, and there are plans/talks to extend the free Charm City Circulator should run as far north as Charles Village. You could conceivably commute without a car, completely for free. Also, the neighborhood has a Safeway and some other convenient amenities. Getting renters shouldn't be too tough given that you are between MICA, JHU, and UB.
Ping @Matthew Newcomer. He's got a project going on in the neighborhood, and I think he lives there as well.
Take a look at Reservoir Hill. It's in transition, but you've got great architecture and you are really close to MICA. The area has some blight, but hey, it's Baltimore. You've got pocket parks in the area that might be perfect for you, but you walking around after dark may make you a bit uncomfortable.
Going south to Station North, you have some interesting opportunities. I lived there for a few months and there were multiple pocket parks perfect for dogs. A multi in Patterson Park is going to be above the price range you quoted. Hampden might be an option, and if you are looking for something with a decent yard, you might consider Hamilton/Lauraville. Some of houses are multi-units or have in-law apartments.
Investor · Baltimore, MD · Member since 2012 · 1k+ posts · 655 votes
11y
I have a friend who has a small multi near Patterson Park and is doing pretty well with it and loves the area. She's Hispanic though so not sure if that will help with what you're looking for. You seem to already have a good idea of the areas that would suit you well.
Rental Property Investor · Dunedin, FL · Member since 2015 · 121 posts · 61 votes
11y
HI Julie- my 30 year old niece lives in Hamden (for the last 2? years) with her boyfriend and dog and just adores it- very interesting mix of hipster and old baltimore "hon" style. there are a ton of foreclosures in the area which I am looking at, but don't know about multi-families. there are several dog parks and "the Avenue" (36th) has lots of doggy friendly shops. She got her car broken into once and then recently it was hit and run'ed while it was parked in front of their house but other than that she feels safe and enjoys the neighborhood. They walk the ~6 blocks to the Avenue where there are lots of hipster restaurants etc. I am going to be looking around there in the next couple of weeks to start getting a sense of things- haven't started being a ballsy REI yet, still sniffing around. Good luck with your search!
Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
11y
Julie,
Congratulations on your move to Charm City! I think you'll quickly find that its not all drugs and murder like its sometimes made out to be. Its an amazing city with so many unique neighborhoods, suburbs - and Opportunity!
The Harford Rd corridor (Lauraville, Hamilton, Parkville) is my favorite part of the city to invest in. The large homes and lots in the area is desirable for 30-somethings who want to stay in the city but have a more "suburban" feel then some of the downtown neighborhoods. There is also a good stock of large distressed homes lend themselves well to SFH-to-appartment conversions if you're up for a project.
Hamden is another neighborhood that sees a lot demand but still hasn't become over-gentrified to the point of making it nearly impossible to find investor friendly opportunities.
My final recommendation is Reservoir Hill. Its got a more urban feel than the Harford Rd corridor, but is similar in that there are a lot of large, distressed homes that lend themselves to SFH-appartment conversions. The neighborhood is undergoing a revival due to its super convenient, central location and amazing architecture so there is a lot of potential for appreciation in the area for a buy-and-hold.
You will definitely want to start with finding a GOOD realtor. There are a lot of crappy, fly-by-night agents in Maryland and a handful of really top notch guys that stand out. I'd be happy to refer a few if you want to send me a private message.
Investor · Baltimore, MD · Member since 2012 · 25 posts · 14 votes
11y
Depending on how adventurous you want to be, you can check out Pigtown which is right next to the casino and the stadium. New rehabs are going for around $130K in the area, but I also have a junkie squatting next door to the house I'm rehabbing.
Ridgely's Delight is a relatively safe community as well, close to the stadium. Prices here are still have room for appreciation.
Mt. Vernon/Seton Hill area is well on it's way to being gentrified, good rents for relatively cheap houses.
If you look at a map of Baltimore and imagine a butterfly on top of the map, you want to live in the body and stay away from the wings.
Investor · Washington, Washington D.C. · Member since 2014 · 96 posts · 39 votes
11y
The two areas I find myself most drawn to are Reservoir Hill and Pigtown, both of which have already been mentioned. I know other investors like other areas, but I think those two areas are notable because properties can be acquired cheaply, but also resold or appraised for good value after renovations.
I realize this is an "artificial" boundary, but I tend not to want to invest west of Eutaw Street in Reservoir Hill. Seems like a very clear line of demarcation. Good luck!
Depending on how adventurous you want to be, you can check out Pigtown which is right next to the casino and the stadium. New rehabs are going for around $130K in the area, but I also have a junkie squatting next door to the house I'm rehabbing.
Ridgely's Delight is a relatively safe community as well, close to the stadium. Prices here are still have room for appreciation.
Wow, I've never once heard anyone mention "Ridgely's Delight"! Thanks for that. And I've heard of the "White L" (yeah, offensive), but never the butterfly reference. I like that better. Thanks, Alex!
The two areas I find myself most drawn to are Reservoir Hill and Pigtown, both of which have already been mentioned. I know other investors like other areas, but I think those two areas are notable because properties can be acquired cheaply, but also resold or appraised for good value after renovations.
I realize this is an "artificial" boundary, but I tend not to want to invest west of Eutaw Street in Reservoir Hill. Seems like a very clear line of demarcation. Good luck!
Thanks, Eric! I've been so drawn to Hampden and Woodberry that I've overlooked Pigtown and Reservoir Hill. I appreciate the reminder.
Real Estate Agent · Baltimore, MD · Member since 2017 · 47 posts · 16 votes
9y
Hello Julie are you still looking in Reservoir Hill neighborhood? Pigtown is my specialty as I've personally lived there for 7 years. But I'm going to have a 2 unit Res Hill listing coming online in a few weeks. It will likely be priced around 185k and rents for around 950 +1150. Could be a great fit for someone trying to do some house hacking.
Rental Property Investor · Glen Arm, MD · Member since 2015 · 105 posts · 41 votes
9y
Hey @Mark Moyer, thanks for checking in. I actually ended up buying a home in Lauraville/Arcadia area. I am still looking for buy-and-hold rentals, especially multis in 21214 and 21213. I'm open to Pigtown, but know nothing about it. Keep me in mind if anything comes up. Thanks!