BRRRR or Turnkey Rental Deal in Baltimore, MD

Real Estate Marketplace 7 Replies

Price $20,000
Location Hafer Street, 1, Baltimore, MD, 21223
Property Details

Townhouse

  • Current Rent: $850
  • Square Footage:
  • Bedrooms: 3
  • Bathrooms: 2.0
  • Occupied: No
  • Lot Size:

I'm looking for a private money lender or partner to purchase this home. Owner is motivate to sell due to daughter requiring stem cell procedure. 

The home is in great condition, requires updates of the baths and new paint.  Basement is unfinished. All mechanical systems in good condition. 

I have performed a BRRRR analysis, Rental analysis, and recent comps for review.

Deal Summary:

Monthly Income: $850.00 Monthly Expenses: $119 / $277 Monthly Cash Flow: $731 / $573 

Pro Forma Cap Rate:14.62%  

NOI: $8,774.00 Total Cash Needed: $30,500.00 Cash on Cash ROI: 28.8% / 57.3% Purchase Cap Rate: 43.87%

  

Medium k street linkedin profile 400x400Ron Walton, K Street Property Management | [email protected] | 240.686.6842 | http://KStreetPM.com | MD Agent # 636638, DC Agent # SP98371074

Additional Pictures 

Medium k street linkedin profile 400x400Ron Walton, K Street Property Management | [email protected] | 240.686.6842 | http://KStreetPM.com | MD Agent # 636638, DC Agent # SP98371074

What is your ARV and repair costs?

What are the comps in that area?

MD Agent # 648842

The ARV is $60K

Comps range from $59-$64 with some surrounding areas showing solds as high as $125 plus.  Baltimore is a block by block market.

Map of Comparable Listings
Pin
Status
Address
Price
Subject
2643 Hafer Street Baltimore, MD 21223
$61,900
For Sale
401 S Mount Street Baltimore, MD 21223
$64,900
For Sale
2111 Mchenry Street Baltimore, MD 21223
$64,900
For Sale
2655 Dulany Street Baltimore, MD 21223
$59,900
Sold
2507 W Fayette Street Baltimore, MD 21223
$59,900
Sold
119 S Gilmor Street Baltimore, MD 21223
$60,001
Sold
1833 W Lombard Street Baltimore, MD 21223
$62,000

Medium k street linkedin profile 400x400Ron Walton, K Street Property Management | [email protected] | 240.686.6842 | http://KStreetPM.com | MD Agent # 636638, DC Agent # SP98371074

Does the 30,500 include repairs? If not, how much for repairs? Also, can you explain why there are two numbers under Monthly Expenses and monthly cashflow? - Monthly Expenses: $119 / $277 Monthly Cash Flow: $731 / $573? 

Thanks for the inquiry.  The first set of numbers indicate the initial rental summary.

The second set of number is base on a refinance scenario .

$30,500 includes repair.

Medium k street linkedin profile 400x400Ron Walton, K Street Property Management | [email protected] | 240.686.6842 | http://KStreetPM.com | MD Agent # 636638, DC Agent # SP98371074