I'm new to real estate investing. This would be my first property. I am interested in buying a 2 unit property and renting out one unit and living in the other, or possibly buying a property to rent. What are the best areas in Baltimore that are cash flow positive and have a stable rental occupancy rate? I was possibly looking at Canton, Fells Point, Hampden, Charles Village, Reservoir Hill and Dundalk. Any suggestions on areas with lower fixed buy-in costs and stable cash flow? Would a property in Parkville and Dundalk be a better idea than a property in the city? Any thoughts would be appreciated.
Thank you for your help as I start this process.
All the areas you mentioned are decent (i.e. generally lower crime rate areas). However, as that is the case, these are more desirable to homeowners and thus the properties are priced higher making it harder to get good cash flow. Charles Village and Reservoir Hill may be your best bets to "house hack." These are larger properties and many have been converted to multi-family over the years. Charles Village will be the more expensive area compared to Reservoir Hill. In addition, each of these areas is close enough to schools, (Johns Hopkins, MICA, and U of B) to be attractive to students as renters. Parkville and Dundalk each straddle the city/county line and are, on average, much safer neighborhoods, but there are fewer multi-unit properties.
I'm a wholesaler and might be able to help you find what you are looking for. Feel free to contact me.
Almost everybody looking for a multi-unit around Canton, Charles Village etc..., and they are over priced.
Parkville or Dundalk could be budget friendly if you like to live in