Baltimore Experts Help Please!!! Is this a good deal in Rognel Heights?

[Nicole Bryan]

Hello Team,

I have a property under contract in Rognel Heights Community of Baltimore (near Edmonson Village). It's under contract for $49,000. It's a 4 bedroom, 2 bathroom property and can rent for about $1100.

In terms of financing I am putting 25% down with interest rate of 4.75% with total including closing costs coming to around $18,000. 

The property needs some work that will be somewhere between $5,000 and $7,000 so I would be all in at around $25,000. My PITI payments would be around $450.

I'm not sure if I should move forward primarily because of the repair costs. My original intent was to be all in at no more than $20,000 to make this a good deal. 

Properties in the area have sold from anywhere from $50,000-$120,000 in the last year. There are a few fix and flips included. 

I have until tomorrow to make a decision or the deal will be nullified. Let me know your thoughts please. Thanks!