Annapolis Historic District Rehab
I'd like to hear from any Maryland investors out there who have done rehabs in historic districts. I have a lead on a property in downtown Annapolis and I'd like to hear some pros and cons for buying historic properties.
I am aware of the tougher codes and restrictions in dealing with these houses, and this one needs to be totally gutted ($100K rehab). Ideally, I would like to wholesale it, so I guess my biggest concern is finding buyers who don't mind dealing with the extra headaches of historic properties.
That said, this property has potential at $2200-$2400 per month rent (3 bed/1 bath) and is also zoned to be an office space with a rental unit on the second floor. It's proximity to the courthouse and the state house give it potential as an office for a lawyer or lobbyist.
I'd like to hear some general feedback from anyone who has done these rehabs and what are some of the extra cost items I need to take into consideration or any other major issues that come with an historic property.
Thanks.
