Distressed Seller Needs to Unload Rowhouse in Baltimore City

[Matt Schelberg]

This 3 bed/1.5 bath rowhouse in the Rosemont neighborhood of 21216 is selling at a discount because the out-of-state owner is set to lose it to creditors. This property would work well as either a rental or a flip, and retail comps are easy to find in the immediate area (providing appraisal comps for a cash-out refi).  Needs reno.

Property: 2259 W Lafayette Ave, Baltimore, MD 21216

Location: Located on a good block with good neighbors who watch out for one another. A successful charter school (The Empowerment Academy) is one block away. The National Guard Reserve drill center is three blocks away. Wide, clean alleys.

Market Rents: $1,150-$1,275 (see Dropbox for comps)

Retail Sale ARV: $110k-$126k (avg DOM 30-60 days; see Dropbox for comps)

Reno Notes 

Flooring: Hardwoods

Roof: Flat (leak at skylight and several seams)

HVAC: Radiator heat; window unit AC. Gas boiler is Columbia, appears to be good condition

Water Heater: 2009 (gas)

Kitchen: Budget to replace cabinets and kitchen flooring

Bathroom: Black and white subway tile with a few chipped tiles on floor

Plumbing: Copper supply lines in place; budget to replace cast iron “stack”

Electric: 100amp service; budget to replace panel and fixtures

Parking: Private parking pad in rear

For additional info or showing please reply to this post.

[Ned Carey]

I haven't seen this house but offhand this is the kind of place people looking for cheap properties in Baltimore should be buying.