Where are the Multifamilies in Maryland?

Question

Hi BP friends,

I just got a hold of Scott Trench's new book Set for Life (Absolutely AMAZING read, by the way. If you don't have it and you're a W2 Employee like myself, get it. Please!)

Anyhow, Scott makes a great point about multi-family investing as a first-time homebuyer. I wanted to know, based on you guys' experience, where would the most opportunity lie in finding a triplex/fourplex (Preferably fourplex) in Maryland? Assume the price-point is negligible, you'd use an FHA loan to finance the purchase, and you'd be house-hacking the property. What counties in Maryland  have fourplexes available for first-time homebuyers to purchase, are the best benefit and value to the buyer, and what would the rents look like in such areas?

Thanks!

Andrew Michael · Answer

For Multi's Russell pretty much covered it.  The only place I would add is Carroll County.  There are multi's there, specifically out towards Wesminster and Hampstead area.

Russell Brazil · Answer

Multifamily properties exist in only the tiniest numbers in the DC metro area.  It is not a strategy you should focus too strongly on in our area.  Where they do exist, Takoma Park (Very Restrictive rent control) DC neighborhoods of Anacostia, Trinidad, Deanwood (Most wont qualify for FHA financing), a few in Frederick MD, and a few in Baltimore. You might have one offs here and there, for instance one of the only examples of one in College Park just sold.

Malcolm Lawson · Answer

For the most part you see them just outside of DC and Baltimore or across the Bay Bridge in Queen Ann County.  They are pretty rare outside of those areas.  Occasionally you do find them though.

Another option you can pursue is creating your own multi unit.  If you find a home with a basement with it's own entrance or detached garage you could convert into a rental unit.  Sometimes you even find homes with a separate guest house you could rent out.

Account Closed · Answer

Hi Russell,

Thanks for the quick response! I understand what you're saying. Just in my search alone, it seems like multi-families are one in a million in our area. For the first-time homeowner who wants to house-hack and start to make his/her home an asset, what strategy would you recommend for our area? (Is there a region of Maryland with duplexes that command higher rent prices, or is multifamily altogether not a viable option in our market?)

Aaron M. · Answer

Baltimore has a few multi-units on MLS now (or at least as of a couple weeks ago).  Many are in tough parts of the city, I believe.  That said, I saw a two unit in Parkville (upper NW Baltimore near the Baltimore Cnty line).  The neighborhood and property were pleasant.  The numbers, however, did not work for me.

Tobey Porter · Answer

I live in Calvert County and there is nothing in our area.  From what I can tell you and Russell are correct....they are VERY hard to find in this area.

Russell Brazil · Answer

SFH, TH, and condos are all more realistic aspirations than MFH.

Where are the Multifamilies in Maryland?

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