Medfield/Woodberry or Station North?
I'm considering two options for my next place. I already own a cash-flow positive rental property in Belair-Edison. The catch is that I want to live in the new property for at least a couple of years, so I'm trying to buy a place that I like, but that will be fairly easy to rent out with decent cash flow and/or appreciation when I decide to leave. I'm balancing a few factors, and would like some outside input.
Medfield/Woodberry:
-Medium-sized 3/2 rowhouses in the low $200s, many unrenovated - I'd call it a solidly lower middle class neighborhood, generally pretty relaxed and low-key
-Walking distance to Hampden, Roland Park (one of the more $$$ neighborhoods in Bmore), a little further up the 83 from central Bmore/downtown
-Very green, safe(r), parks, residential
-Apparently has a good school district
Barclay/Station North:
-Mixed residential and retail, "arts district", walking distance to Amtrak/Marc Penn Station
-Not as safe. Not as green, but that appears to be changing. Huge investment in Central Baltimore and new parks going in, etc.
-A number of gut renovations with high-end finishes and bigger spaces. Gut renos range from the mid-$200s to mid $300s, usually are eligible for various tax credits and grants from the city, V2V, etc.
-Parking generally not included, so you'd have to park on the street in a non-residential neighborhood
So - Medfield has probably lower appreciation but might deliver decent cash flow because the homes are fairly low priced, and you could do lower-cost upgrades, like opening up a kitchen wall, taking up old carpets, etc. The school district is good so that could attract families. Barclay/Station North would give me a fancy new reno with a bit more space, but probably no parking and a maybe (?) less safe neigbhorhood for now, but the area probably will result in the most appreciation as more investment and new developments come in. Also, being in walking distance from Penn Station means that DC commuters will be more likely to want to live there.
Thoughts? Suggestions? I've spent the last couple of weeks looking at places in these areas. I ruled out Hampden proper because it seems to be pretty overpriced, and I live in Remington right now. Remington has teeny-tiny row houses and is also fairly pricey for what you get now.