Investor · San Carlos, CA · Member since 2017 · 9 posts · 1 vote
Hi BP-ers! I'm a new member and been poring through the posts here. It's been real helpful! One question I haven't been able to find the answer to, so I'm hoping I'll get it answered here.
I'm currently looking at an Apartment Equity Deal on RealtyMogul for a property in Baltimore. Part of DD is the market trend in that neighborhood for apartments. I'm struggling to find a good centralized source for it. So far I have:
- Looked through Craigslist, Apartments.com for rental listings there, and what they say on the deal papers matches the ads I've seen.
- Looked through apartmentratings for reviews about this building, and they got a 3/5. With the main complaint being rats. I almost cancelled looking further till I looked at other apartment buildings, and they all have rat complaints!
- Looked at crime reports and it's a lot better than areas in San Francisco I have invested in!
What else do you guys look at? What am I missing here? Any help would be greatly appreciated!
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
9y
How large a building are you talking about? I would consider talking to a good commercial agent or CCIM to get comp. If you post the street and block number we can help you evaluate the area.
My biggest concern would be the ability to get a quality Property manager. You may want to talk to some of them to see if they would manage the prperty and how they would evaluate it.
Investor · San Carlos, CA · Member since 2017 · 9 posts · 1 vote
9y
Thank you for the replies!
Ned Carey this is a 190 unit building at 4515 Fairview Ave, Baltimore. How would I evaluate the area?
Thank you for your help!
I assume you are not talking about a single building but the complex of 10 units or so. The current earth view looks like all the roofs need work.
I would consider that a low B area for Baltimore. (out of A,B, or C and D being a total war zone.) The closer you get on Fairview or Norfolk ave to Garrison Blvd the worse it gets. It is somewhat isolated on a couple of sides which is generally good. You won't have a lot of through traffic from worse areas.
While I would consider that a decent area, a complex of that size can certainly change the neighborhood for the worse with the wrong tenants.
One thing I would do is talk to some neighbors and see if the complex has a reputation either good or bad.