Updated almost 9 years ago on . Most recent reply
Baltimore Analysis - Waverly Area
So my business partner and I are looking at another turn key property right now in the the Waverly area and we'd love to get some help analyzing this one.
548 E 38th St. 21218
3 bed, 1 bath townhouse, fully renovated, updated windows, new roof
asking $110k, seller says the home is worth about $140k, seller will place voucher tenant through one of 13 subsidized programs in Baltimore. Tenant is placed before settlement. Rent will be between 1400-1500.
We have analyzed the the numbers through the rental calculator. The main question I have is for people who know Baltimore and know these neighborhoods. Is 1218 a neighborhood you would invest in? Do these numbers add up for what the ARV value is supposedly at and what the rent would be in that area?
Any help is appreciated.
Most Popular Reply
I would buy there. It is a decent area. I would not pay that price. Again, you need to ask yourself if it is truly worth $140K why is the seller selling for $110?
The avg purchase price on that bock is probably about 50K. However admittedly that is over along period of time. There is one outlier, a $175K sale in 2016. Other than that nothing has sold for over 100K on that block. One sold in 2015 for as low as 18K. You can do better in Baltimore.