I'm looking to invest in a SFH in the Barclay neighborhood in Baltimore and am curious what you guys think.
It seems like a decent prospect for appreciation and cashflow since it's situated between JHU and Penn Station and is the site of a fairly substantial development project (Telesis), but I understand the strength of the deal will be determined by what price and condition I acquire the property at.
I'm looking at the southern part of the neighborhood, specifically. Just wanted to know what everyone's thoughts are.
Thanks in advance!
Barclay is a microcosm of Baltimore City. It is possibly the most block by block neighborhood I know. For that reason, it really depends on what street/block you are on - the price differences can be pretty dramatic. I actually own a property there (2100 block of Barclay St) and a good friend of mine owns a house there as well (300 block of E 22nd St). Even those two properties are only about a block away from each other, they almost seem like different neighborhoods.
As you can guess from my owning property there, I like the area quite a bit. The more challenged parts (to the east) are solid cash flow areas that seem to be in the path of progress (new apartment buildings, city-built homes, Penn station redevelopment, etc). Long story short, I encourage you to consider that area and also be aware that comps are very difficult there so make sure the numbers make sense.
Hope that helps!
I like the area. Definitely block by block. I know a deal that was done there. A six block difference on the same street, same style of house was a 40K difference.