Baltimore SFRs Ground Rent and Lead Free Cert
Hello BP,
I'm negotiating a sales contract for a property located in 21229 area. My focus is cash flow so I accept the fact that the neighborhood is below average (but not a war zone area). The property is close to Edgewood St & Hilton Pkwy (south side of Gwynns Park). It's 4-bed 2 bath with almost rent ready condition selling for $50K. The seller doesn't have any info on lead paint; the property has ground rent of $150/year.
My questions are:
1. How much will that roughly cost to have lead-free certified and how long will that usually take? I can't seem to get a straight answer from several PM companies I spoke to.
2. Is it worth to spend $3,100 to have ground rent removed at closing ($2,500 for the sale price, $350 for attorney, $250 for recording).
3. What do you think about this neighborhood overall and whether the listing price is reasonable. I noticed there were some flips sold in the same block.
This is my first investment property in Baltimore so I'm eager to learn as quick as possible. I appreciate your help very much!