What’s Available Wednesday? Baltimore!
What are you looking for in a market when you’re buying a turnkey property? Let’s head over to the city of Baltimore, Maryland to find out!
Home prices are still well below pre-recession peak. Housing demand is increasing and properties are selling faster. Plus, job creation is attracting quality tenants, which only means good things for real estate investors like you! And if you love to visit, can we suggest the National Aquarium, maybe catch an Orioles game, and eat a few crabs of course (we hear no one does it like Baltimore!)?
These homes will go fast, so if you want in on the cash flow this new market will provide, take a look at this property and get in touch.
Single Family Home
Location: Baltimore, MD
Built In: 1922 (available for CASH PURCHASE ONLY on a “buy-then-renovate” model)*
Purchase price: $119,000 (not a foreclosure, normal sale)
Property info: 2 bedrooms, 1 bathroom, 1,218 square feet, 2 stories
Monthly rent collected: $1,325
Monthly expenses (conservatively estimated)
Property taxes: $148
Property management fees: $133
Vacancy (7%): 93
Repairs (5%): $66
Total Monthly Expenses- $510
Net Income = Income – Expenses = $816
Cap Rate =8.22%
Cash-on-cash return =
Depends on your leveraging
- Appraisal Guarantee: Renovated property guaranteed by Seller to appraise for more than you paid (or seller will buy it back)
- Renovation Cost Guaranteed: Seller guarantees the cost of renovation quoted up front (or seller pays the overage).
- 120 Day Renovation Completion Guarantee: Seller guarantees renovation completion in 120 days (or seller starts paying you the full gross monthly rent on day 121).
- Rental Amount Guarantee: Seller’s Property Manager guarantees the rental amount quoted (or Seller’s Property Manager will pay you the difference).
- First Year of Ownership: Comprehensive Maintenance Guarantee on Entire Property – Property manager will cover all labor and materials for any maintenance required during your first year of ownership if you use the Seller’s Property Management Company.
- First Year of Ownership: Rental Guarantee – Property manager will pay you the full gross monthly rent in the event that any of your tenants default during your first year of ownership if you use the Seller’s Property Management Company.
- First 3 Years of Ownership: Full Manufacturer’s Warranty on Brand New Stove, Hot Water Heater, Refrigerator, Microwave, Washer, Dryer, Dishwasher..
- First 10 Years of Ownership: Full Warranty on Brand New Roof – Provided by Roofing Company.
* Baltimore properties are available for CASH PURCHASE ONLY on a “buy-then-renovate” model. These are all hand-selected rental properties in high-demand Baltimore areas. After you close on the distressed property, the seller will professionally renovate the property for you in 120 days and guarantee that the new appraised value on the improved property will be more than your total out of pocket expenses.
Note: The total (already discounted) price shown for all Baltimore properties includes the price of the distressed property PLUS the full renovation cost.
If you are interested in this amazing property – or seeing others like it, just contact Melissa at firstname.lastname@example.org – we’ll get right back to you!
Source: Hipster Investments