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. 

[Russell Brazil]

Looks intriguing 

[Kevin Beverly]

I am interested in seeing this house I look for house in this neighborhood.  

[Matt Schelberg]

Also: I learned last week that this house is in an Economic Opportunity Zone, a part of the recent tax cut law.  There are 3 main benefits for Economic Opportunity Zones:

1) defer your 2018 capital gains taxes until 2026 (includes cap gains from any asset class: stocks, real estate, crypto, etc)

2) If you hold this property for at least 10 years there would be no capital gains tax on the proceeds.

3) Investment funds are raising hundreds of millions to invest in EOZs nationwide.  So even if you don't have cap gains to defer, there'd likely be a benefit of increased investor activity in this neighborhood

[Tunde Ayantola]

hello. Is 5his property still on sale? Thanks