Belair-Edison and Section 8 buy-and-holds

Belair-Edison and Section 8 buy-and-holds

Specialist · Baltmore, MD · Member since 2014 · 10 posts · 0 votes

Any investors in the area with experience in dealing with Belair-Edison SFRs? The returns look promising on some of these homes; however, most of these properties appear to be geared towards Section 8 tenants (and by "most", I think nearly all of them are open to accepting vouchers).  Additionally, I'm also seeing that a significant number of available rentals are in the 30-60 DOM range, some rentals with even more.  While I like the potential returns, I don't have enough experience in the area to know if my base case vacancy rate of 10% is too thin given the market.  I also have my base case R&M and capex percentages set to 5% each, which may be insufficient given the class of tenant.  Any advice that can be offered would be much appreciated.  Some of these homes appear to be in turnkey condition and I like the forecasted ROIs ... I'm just having a hard time finding confidence in these numbers given my inexperience with the area and demographics.  

Thanks in advance for any help that can be offered! 

-Greg

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  • Edgewood, MD · Member since 2016 · 26 posts · 5 votes
    9y
    Apparently vouchers aren't being issued right now.... a friend of mine has several rentals in bel air Edison and he has one that's been sitting for 3 months now.... not saying that won't change but just FYI....
  • Baltimore, MD · Member since 2016 · 51 posts · 28 votes
    9y

    I own a 3/2 SFH in Belair Edison that we bought for $125k as a (very nice!) turnkey. We are renting it to a Section 8 voucher holder (a single mom and two kids), and we got $1405 for it. This was recently...maybe we got someone in so quickly and easily because it was new? I'm not sure.

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