Are Baltimore County BRRR deals a thing of the past?

[Ken Chud]

is anyone still able to find a good BRRR deal in the Baltimore County these days? What are the numbers and where do you source the inventory? Million dollar questions lol

[Sara Frank]

Quote from @Daniel Suarez:

@Russell Brazil are you renting that Canton one by the room? Also, was it a chap Reno? Would you mind sharing some numbers?

Hi there, I didn't do a traditional BRRRR because I am living in the property and used 203k loan so my money down was very low. It was a 2 bed 1.5 bath, I did a 70k Reno that turned it into 3 bed 3 bath. Still a legal single family but I put a kitchenette in the basement and rent that as a studio on airbnb. Upstairs is 2 bed 2 bath. I plan to put another ~10-15k in before I refinance at the 1 year mark (tenancy requirement from FHA). This is the Canton neighborhood, though so much higher purchase price. I believe you can definitely get better margins in some other neighborhoods in Baltimore.  

250k PP + 85 k reno = 335k all in. Comps are around 415k. PITI (w/ steep $280 PMI) is 2200/mo. Airbnb brings in 1700/month (will be higher in the summer) and I rent second upstairs bedroom for 700/month so I make a couple bucks living there. It will end up being a good deal for me but that's largely due to the financing I used as a FTHB. PMI should go away at refi. Purchase prices are definitely higher in Baltimore but the refis are coming in high as well, it has just shifted.