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Old 08-14-2011, 06:39 PM
 
1 posts, read 1,646 times
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Greetings,
I live in NE DC, and while driving to Second Chance in Baltimore, I drove through Pigtown. I was shocked to see 2 Br / 1.5 Bath units that were ready to move in for $75k.

The nieghborhood, especially near the stadiums, seems gritty but very livable. And being a mile from so many schools/hospitals, it seems like it shouldnt be too hard to line up a renter for about $1000.

For those familiar with the area, what am I missing? Is there a rental market? Do you see things improving? (I live in DC, so I'm not adverse to investing in improving areas). Any and all advice is much apreciated.
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Old 08-14-2011, 08:09 PM
 
Location: Baltimore
1,759 posts, read 4,401,278 times
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I have a 3/2 rented for $1050 but I would say that's on the low side. Generally the closer you can stay toward the stadiums the more you'll fetch each month. There are some really nice homes for sale in the area that would easily be 2-3x as much on the other side of the stadiums.
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Old 08-15-2011, 09:06 AM
 
1,175 posts, read 2,486,784 times
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I think Pig Town is a great place to invest. IMO it is much farther along than some "up and coming" neighborhoods I've seen in DC. You've got the right idea, you want to be closer to the stadiums, because those are the nicest and perceived safest parts of the neighborhood.

Here are some nice Facebook pages to really get a feel for Pig Town. You can tell there is a lot of passion for the neighborhood, improving it, and doing it right.

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I think Pig Town is a few great bars away from really taking off. I am a federal Hill resident, and people want to live here because of all the great Bars and restaurants, and proximity to downtown, the harbor and parks. Pig Town has a great location, has a giant park, has a lot of rehabbed homes already, but the bars and restaurants are yet to crack the area. I know of at least one major Bar owner that is always on the verge of doing it, and Dog Pub from Fed Hill came very close to doing it 5 years ago.

There is also a giant plot of land on Ostend and Wicomico that will hopefully become something great soon. It was thought to be the home of a minor league soccer stadium, but it appears Bmore has a great chance of getting an MLS team, so that is very in Limbo. Either way, hopefully it will become something great.

http://www.bizjournals.com/baltimore...19/story1.html


They are working really hard to get "Main Street" going, which is the 3-4 block strip from Cross St. to MLK on Washington BLVD. This section is very close to all the new UMD BioPark stuff, so it has a promising location. They have gotten some nice bakeries, cafes, and carryout places, and are trying to get some nice restaurants in there, but the neighborhood has shown, if you are a troubled bar owner, you will not get approved.

Hopefully soon, but I think 10 years from now, people will talk very highly of Pig Town.

As far as the rental market goes. I think it will pick up, because renting in Federal Hill is getting so expensive. I'd say bedrooms in Federal Hill have gone up to about $700-$1100 per room. You should be able to find the people that have a $500-$700 per room budget.

Last edited by KLynch10; 08-15-2011 at 09:15 AM..
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