All Forum Posts by: Matt Dubois

That’s one thing I’m looking at, adding a bedroom and possibly a bath to the basement.  

Two identical models/footprints I looked at:

A -  2 beds 1 bath. Hot water baseboard heat (gas boiler). Bath is upgraded but dated (prob in 90’s), kitchen is updated probably mid 2000’s.  Basement is full height, has a front room that could easily be turned into a bedroom.  Basement would need a dig out/pump for a bathroom install.  Rooftop deck with interior stairs, plenty of room to add a 2nd bath upstairs (master bath) and maybe even move the washer/dryer upstairs.  Parking pad. No central air. $265k

B -  Same footprint/style as A.  But already  3 bed 3 bath.  I don’t like how they laid out the upstairs baths.  I don’t like how they installed the central air ducts.  No room now for an interior stairwell for a rooftop deck, and currently no rooftop deck.  Hot water radiator, oil fired boiler looks original to the house (1915-ish).   The bedrooms are all the same size.  The basement bath is not a dugout/pit, the toilet has a mascerator and the tub is raised (at 5’9” my head hit the ceiling in the tub), so I’d like to change that.  It does have a parking pad, also.  $285k

Option A I could get 1 roommate and wind up paying less than I am currently in rent.  Add a bath to the basement and finish off the bedroom. Move the tenant into the basement/bath while I update the upstairs with a master bath and laundry.  Also add central air (most likely a Mini split system).  Then get a 2nd roommate and my mortgage would be covered.

Option B - I could conceivably get 2 roommates immediately.  Slight inconvenience to the basement tenant while upgrading the basement bath.  Needs boiler conversion to gas boiler (house already has gas for stove and water heater).  But I really don’t like the layout of the baths upstairs and also how they tan the ducting for the central air.  Very inefficient use of the space upstairs (space that is currently open in Option A).

What's the market trend in Canton right now?  I'm looking for a personal residence that I can house hack - preferrably a 3br/2ba or one that has space I can upgrade to a 3br/2ba.  Prices to me seem to be a little high, yet I keep hearing that the market is slowing.  I'm not necessarily one for "timing the market" but at the same time I'm not in a huge rush and wondering if I should tough it out for another 3-6 months.

Today I looked at a potential property, it's a short sale, was purchased in 2007 for $275,000, currently asking $240,000.

A couple weeks ago I put in an offer (they barely countered, basically said nope.) on a 2br/1ba with no central air but plenty of room to make it a 3br/3ba (and a parking pad!) for $255,000 (seller pay closing) on a $265,000 asking price house.  I know I came in kind of low; they bought it in 2014 for $242,000.  Am I way off?  

It just seems to me that the sellers are still wanting too much for what seems to me to be a slowing area...  

Thinking of converting a property into a multi-family (4-units) in Fells Point.  Checked into the zoning because it was formerly a commercial property in a rowhome in R-8 zoning.  No issues or anything special needed as far as zoning goes, but they said we'd have to apply for a parking variance if we couldn't provide 4 spaces.  

Anyone ever hear of anything like this?  Advice on a next step?  Will be checking into it more, just wanted some feedback from Baltimore BP members, too.

Thanks!

@Tom Shallcross - thanks for that link.  They really are all over the place in their responses!

@Heath Ryans sounds good, thanks!

How do I estimate a 4-unit property ARV? The property I'm looking at is currently a former funeral home with enough room to split it into 4 2br/2ba units. Rents estimated at $1500 each on the low end, and possibly as high as $2000 each.

I have the following comps, but my agent had to go back 1000 days to get them:

The lowest rent property is in a less desirable part of the area and is older and run down.  The other units are more updated to about where we're targeting - above builders grade but not top-of-the-line, either, if that makes sense. 

My agent feels it'll appraise at $550,000 - $600,000.  I'm a little skeptical.  

@Andrew Syrios 

@Ned Carey

Thank you both!

@Ozzy Sirimsi thank you!

@Christina J.  thanks for the welcome and the tips!

What's involved with splitting a rowhome into multiple units?  Just trying to ballpark costs, thinking ahead for my 2nd or 3rd deal, if it's something I should consider.  

Off the top of my head:

• Cost to have BGE install additional meters
• Cost to have additional water meters installed
• Zoning -  would I need to get approval first?  
• Rough estimate of rehab of a shell

My assumption would be that it'd only be feasible starting with a shell.