I am trying to take advantage of grants to buy a first home in the city. PreApproved for 250K, but i would like to stay under 200K, probably more in the 150k-180K range.
I need to merge my desire for the home to be an "investment first" (i will live in this home a few years and then rent it) with my girl friends demand for a fully finished highly livable home.
The homes in the up and coming areas like Remington and hampden are not to her liking at that price point (not updated).
Canton has some homes we both like, but they are on the smaller side at my price point, and i suspect i am buying at the top of the market here (remember i want this to be an investment)
Charles village and Baltimore street side of Patterson offer inexpensive homes, but area has crime and home values are tredning poorly. Highland town seems to have nice homes that are overpriced for the market.
What do you all think of Greektown? Ryan Homes is building a project down there making me think the neighborhood is primed for growth and i can get a nice home for 150K-170K.
I'm down to 2 choices at my price point: a small updated row home in either Fells or Canton, or a larger updated home in Greektown. There is a third choice of hampdenor Remington if that is an overwelmingly better choice. Which is a better investment? Thanks!
1. Baltimore has crime everywhere, and i mean everywhere. Dont fool yourself.
2. 150-170 limits "finished" choices. fells is a borderline dump and loud, forget it. Canton is good but depends where youre at, where u want to be wont be in your price range. greektown is decent, not terrible/not great. near heavy expressways which isnt ideal, particularly for reselling. For growth at that price point im chosing remington, hottest area in the city. Top rowhomes sell (not list) for 200. Near everything but not on top of it. Hamden good also, but more of a busy area if u like it, and pricier
@David Swanke seems like you have some misaligned interests between what you want and what your partner wants.
Ideally you would figure out a way to house hack by buying a duplex but it will be tough to find a renovated duplex. If you are pre-approved for the 250 and are bringing in income by house hacking then it could be worth your while to use that full pre-approval amount.
As for the crime question, I live in an area of DC that has had a bad reputation but in the 2 years I have lived there I have never had one problem. I got to know my neighbors and live on a quiet block. I have one of my units on Airbnb and have continuously received positive feedback.
My point is that some of the neighborhood perception stuff can be subjective, so you have to check it out for yourself to see if you feel comfortable there. Again, you run into issues the more interests that are involved in finding consensus, which is why it is nice to do these things while you are still single :)
Keep us updated and good luck on the search! Also check out the Fannie Mae Homepath first look program.
If you're looking for a little more house you might consider the Hamilton area as well.
Ian Smith | http://iansmith.longandfoster.com | MD Agent # 666555
@David Swanke I see this is your first post, welcome to BP.
I am glad to see you are willing to buy a house for substantially less that you can get approved for. Living within your means is the only way to wealth in the long run.
Since you have limited your choices, I would spend some time looking at as much as you can in all of those areas. The more time you spend there the more comfortable (Or uncomfortable) you will become with the neighborhood.
Since you want this to be an investment. I wouldn't try to predict the best neighborhood. I would try to pick the best deal you can find out of the neighborhoods that are acceptable.
Of the neighborhoods you mentioned I would think Hamden the best. However Remington is more likely the most "up and coming" Canton, Charles Village or Hamilton are all solid choices. I would avoid fells point or the area north of Patterson Park since you want to live there. I don't know enough about Greektown but it doesn't excite me.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
The thing you guys have to give up on couple
of features you are looking for.
An updated house with enough sqft in a desirable location with a low price tag is an investor dream :))
Set your priorities up.
If it is an updated house, greektown is the best option with that price. If you want a nice community surrounded by nice restaurants etc... then Remington and hampden(more like medfield)
MD Agent # 657479
Thank you for your contributions.
GF and i can not meet eye to eye still.
1. Seems that unless i come up from my price point i am priced out of Hapdem. GF would not even look at a property like 806 Berry https://www.zillow.com/homes/for_sale/Hampden-Balt...
2. I like Remmington and keep looking to see if a 2 bedroom that looks finished comes up around 190K-200K, i would consider this.
3. Found a property in Greektown that is finished and looked great in person (331 Lehigh St S) . GF made up issues about kitchen and small bathroom so she wouldn't have to look out the back window and see "little Havana" https://www.redfin.com/MD/Baltimore/331-S-Lehigh-S...
Might still move on it dunno.
just to update you guys I went under contract with a house in Remmington. It's a bit on the high side, but low taxes make the payment under 1500 monthly, beautiful home (to the eye it's a flip so I worry about inspection) . 4 bed 2.5 bath and lie 2200 sq feet counting the basement, that has its own street enterence, and it's an end unit right up against the park and a nature trail. 2938 Miles Ave if anyone wants to look thanks
@David Swanke I was looking at sales and pending sales in Remington before I got to this post. The one you are buying looks lovely. We were basically driving all day yesterday and today around Remington, Charles village and around the three universities getting to know the areas. We are considering buying one in Remington and thought I should compare to the pending sales in the area and came across yours and another (23 w 27th) that I really liked.
We have a house on n broadway that we are improving and trying to get tenants for. We are ready for another and are possible thinking to live in for a couple years and maybe rent out in the future. We are considering college area and also looking in VA particularly near James Madison univ. (Harrisonburg) and UVA (Blacksburg). Hubby likes VA and i prefer Baltimore so i was researching to compare the two and cames across your post. We were supposed to go see the ones near JMU tomorrow but circumstances prevented the showing of those properties. Funny how things work (usually trying to be aware of the signs), anyways I prefer Baltimore more than the others.
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