Morrell Park-South Baltimore

[Jeff K.]

Hi all.

I have a possible off-market deal in the Morrell Park area in south Baltimore. 

I was curious if any seasoned investors have any experience with that area?

The ARV's appear low- but there do seem to be plenty of homeowners around. What type of rentals work best; market or section 8? What are market rates like and possibilities of stable tenants?

Overall neighborhood stability? 

What would you like to be your "all-in" number of purchase price and rehab for a rental?

Any ideas would be a great help!

[Tim Youse]

I've been following that area for the past couple months but have yet to buy. Check the listings for sold rehabs and then check the MD SDAT to see what the rehabbers got them for. That doesn't give you concrete #s on what the rehabs cost or the initial condition of the homes, but it does get you an idea of what some other investors considered a "deal". I see places over there going for around 20K +/- $7k - depending on the level or "ruin" and the rehabbed comps going for as high as $80k. Take this with a grain of salt, but a refi might be difficult due to so many low priced comps. Maybe another investor could chime in.

Check out my previous post on the topic. 

South Baltimore investing - Morrell Park