Old East Baltimore Project
As some of you know I like to show my readers a project from start to finish. I put a contract on another one today and should close within 45 days or so. Hopefully if everything goes well, I will start the pictures and posts within a month or two. As you know the Hopkins Project is on hold for now. I was told I would have a letter within 2 months and there are only two weeks or so left. At that point I am going to restart that project and just let the chips fall where they may. Here are the details on the Old E. Baltimore project category.
- Purchase Price 37k
- COMPS 75K
- Approx Rehab Costs 20k (Conservative)
- 3 Bedroom 1 Bath Rowhouse
Current Condition: New Drywall, New Plumbing, New Paint, New Carpet, New fixtures (some missing). I found out that the previous investor took the furnace, refrigerator and stove out before the foreclosure auction.
This property was owned by another investor in the area. We have crossed paths several times but I didn’t realize that it was hers until after the sale. She owns hundreds of properties in the city but she was basically in over her head and her balloon payment was due on several of her properties. They were all auctioned off today but I believe she managed to stop one of them. This kind of thing happens to many investors and we must all fight through the failures in order to reap the rewards. She actually didn’t do too badly because one of them sold for more than 60k over what she paid.
Rent comps are between 800-1200 for a 3 bedroom 1 bath in the area. The math looks good and the price was cheap so I’m pretty happy so far. Now lets hope there aren’t any encumbrances in the way as I go through the due diligence process. As always, stay tuned by clicking the Old E Baltimore Project category.
