Medfield/Woodberry or Station North?

Question

I'm considering two options for my next place. I already own a cash-flow positive rental property in Belair-Edison. The catch is that I want to live in the new property for at least a couple of years, so I'm trying to buy a place that I like, but that will be fairly easy to rent out with decent cash flow and/or appreciation when I decide to leave. I'm balancing a few factors, and would like some outside input.

Medfield/Woodberry:

-Medium-sized 3/2 rowhouses in the low $200s, many unrenovated - I'd call it a solidly lower middle class neighborhood, generally pretty relaxed and low-key

-Walking distance to Hampden, Roland Park (one of the more $$$ neighborhoods in Bmore), a little further up the 83 from central Bmore/downtown

-Very green, safe(r), parks, residential

-Apparently has a good school district

Barclay/Station North:

-Mixed residential and retail, "arts district", walking distance to Amtrak/Marc Penn Station

-Not as safe. Not as green, but that appears to be changing. Huge investment in Central Baltimore and new parks going in, etc.

-A number of gut renovations with high-end finishes and bigger spaces. Gut renos range from the mid-$200s to mid $300s, usually are eligible for various tax credits and grants from the city, V2V, etc.

-Parking generally not included, so you'd have to park on the street in a non-residential neighborhood

So - Medfield has probably lower appreciation but might deliver decent cash flow because the homes are fairly low priced, and you could do lower-cost upgrades, like opening up a kitchen wall, taking up old carpets, etc. The school district is good so that could attract families. Barclay/Station North would give me a fancy new reno with a bit more space, but probably no parking and a maybe (?) less safe neigbhorhood for now, but the area probably will result in the most appreciation as more investment and new developments come in. Also, being in walking distance from Penn Station means that DC commuters will be more likely to want to live there.

Thoughts? Suggestions? I've spent the last couple of weeks looking at places in these areas. I ruled out Hampden proper because it seems to be pretty overpriced, and I live in Remington right now. Remington has teeny-tiny row houses and is also fairly pricey for what you get now.

Account Closed · Answer

Station North is the hottest area in Baltimore now - we build a large tavern there - spent $1,100,000.00 call the Baltimore Eagle, we also own the building Joe's Squares Pizza is, plus 11 units on Charles Street and other commercial buildings. Call for more information on the area.

Account Closed · Answer

I have two houses in remington right now that i might discuss. 3/1s 27 and 2800 block of huntingdon. Nice places with good size. Aka, ideal location. As far as the rest??? Station north forget it. Too close to greenmount/biddle st on the wrong side of 83. Avoid. Woodberry/medfield...woodberry borders park circle...right where parkheights/reis/druid park merge...aka seventh circle of hell. Medfield is the only id consider. Probably very pricey.

Lisa S. · Answer

Alright - I put in an offer in Medfield, and I am financing with a conventional construction loan. It needs to be renovated but is in good shape generally and already has central A/C. Now the classic question - does anyone have referrals for a reliable, reasonable GC? They must be licensed (of course) in order to work with the lender. I have a couple of leads but thought I'd ask here as well. I know that there are always problems with renovations/rehabs, but hoping someone will have good connections here.

Lisa S. · Answer

Thanks all - Baltimore is such a strange place. Everyone says that it's different from block-to-block, but you really don't know what that means until you spend a A LOT of time here. You quite literally have to walk every street. I do really enjoy this Remington-Hampden-Medfield area, and there is actually a lot of new stuff coming to Medfield as well. Case in point: http://www.baltimoresun.com/entertainment/music/mi...

Ozzy Sirimsi · Answer

@Lisa S. both Seth and Ned already said it but I can repeat it too :)))

I personally would stay away from Barclay/Station North area, since you are going to live there. Yes, there is new developments, and area still needs a lot of work.

Here and there, I check a house over there because of the price, or the condition, and as soon as I go, I chance my mind :)))

If you can find a decent house with a good price tag on it, small part of woodberry and medfield are definitely nice.

I live in Hampden, I cannot agree or disagree on house prices of hampden. There is a big demand, new restaurants are keep coming in, new developments are being built, I don't know where it is going, but It is not going back down soon.

Lisa S. · Answer

@Ned Carey I did mention Remington in the last paragraph - that's where I live now, and I find the housing stock to be not so great. The row houses here are teeny-tiny.

I'm interested in Station North because of the investment going in - lots of new developments in the area. Can't really figure out if it's a 5 year play or a 10-15 year play.

Daniel B Trader · Answer

@Lisa S. obviously way late here but if you still need GC recommendations please feel free to contact me!

Ned Carey · Answer

You would not be the first person to take two houses to make one there.

Ned Carey · Answer

@Lisa S. You didn't mention Remington which is right next to Hamden. It is definitely up and coming.

I would consider all good bets for the future. Woodberry, Medfield, Hamden, Remington I think are more well established. The arts district may be cooler in some regards but you are closer to sketchier neighborhoods.

Medfield/Woodberry or Station North?

Medfield/Woodberry or Station North?

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