@Vina Real I wouldn't put a room in the basement. One of my rentals in baltimore just flooded in the basement, twice this past week due to water main breaks. I had to install a sump pump and a NEW WATER HEATER (there was already a working water heater down there and the flood ruined it). It ended up costing $1700 total. I would never put a bedroom in the basement after this experience unless I knew the grade of the land slopped down ensuring the basement wouldn't flood. It sounds like with two sump pumps, that's a real concern with this place. There may be another way to add another bedroom up stairs, just check with the contractor. Also, I would be very cautious investing in Baltimore again for these reasons:
1. The houses are older, older houses have way more problems that pop up
2. The streets are hit or miss. One end of the block can be appealing, while just five houses down can be considered the slums.
3. You may or may not find a good renter.
4. If you're planning on BRRRing, check with your lender to make sure they lend in that zip code. And ensure you meet any other requirements.
My advice:
1. Check out the gosection8 website and see how long renovated homes are waiting to be rented, check out zillow for the same stats.
2. Visit the location in person. Google Maps is not good enough for Baltimore. You want to see the back of the house, front, sides, everything. Look for cracks on the sides of the house, trees whose roots may be too close to the house, leaning structures attached to the house, these are basic things you will be able to spot without an inspector. If its a row house, you don't want to be next door to a vacant house, they attract rodents, they attract people you don't want around your house, and generally most people don't want to live next to a vacant house.
3. If the house was built prior to 1978, you have to get a lead inspection and register it with the Maryland Lead *something* don't remember the exact name. Google lead poisoning in Baltimore; that alone was almost enough to scare me away. Insurance companies don't cover lead poising.
4. Google Baltimore landlord to get information about the landlord tenant laws.
Do a lot more research. Seriously. I own rentals in PG County and Baltimore, Baltimore rentals require more.
Best of luck. Also, if you're really thinking about buying this place, research, research, research.
