Mt Vernon Baltimore Property

4 Replies

@Jeffrey Ward

I'm very new to RE investing, (but familiar with Baltimore) so take my opinion with a grain of salt. That location is pretty solid. My partner lived 5-6 blocks south of that at one point and I locked my bike there for 15 minutes and my bike seat got stolen. Literally, someone pulled out the seat... Made for an awkward ride home. This may sound contradictory, but even with that, I think it's a solid place to invest. Baltimore School for the Arts is right there and that's one of top public high schools in Baltimore.

But what's your plan? Buy and hold? BRRRR?

That's actually priced as a turnkey price believe it or not. Recently rehabbed in 2017. They are even willing to leave the furniture, which would make it a decent student housing option, but I haven't gotten that far. I think I'd prefer consistent tenants over that, so the furniture might be more of a burden in that case.

Running some conservative numbers looks like it's more of a 3% CoC return. I don't believe their expenses are so low. Seems kind of unbelievable. But trusting their numbers gives closer to 10-12% CoC return.

I can tell you that this neighborhood is one of the best out there. Historic and all. George Peabody Library (Google this) is literally just some cobblestone steps away. The monument, you can go up there for $6/person. It's a tourist spot, though it doesn't get crowded given the city's rep. Diverse - lots of foreign students cos of Johns Hopkins music school. Also, lots of young professionals. Restaurants are just around the corners at every which way you go. I go past this property every morning I do my run/walk. I live right here and in my 2 years, yes there will be police activities but where is there not? For me, Mt. Vernon IS downtown. Mercy hospital is a couple of blocks away. 

I hope that helps as far as covering the neighborhood. My apologies for not covering the property as it is out of my criteria.