neighborhoods to buy in (Baltimore, Towson: real estate, apartments, rental market)

[ktaadin]

I've lived here in the city for a few years, and will probably be around a few more. I've started to think lately though of buying a small apartment, instead of continuing to rent. I'm thinking of either a 1 BR, just for me, or a 2 BR and then renting the other room out to a roommate.

I'm hoping that this property will be good in the future after I leave for renting out to tenants, or should at least hold purchase price value until I decide to sell it. I wouldn't see it as marketed for families or kids, rather to young professionals, college kids, or other more transient urban demographics.

Do you know which neighborhoods in the city might fit the bill? I'm trying to find data on vacancy rates, home price over time, etc, so that I could make the best possible financial investment out of this. Presently I live in Mt Vernon and it's fine, but I'm a bit concerned that the market here might be softer than in more prime neighborhoods like right around the inner harbor (harbor east, federal hill, fells point etc).

How is the rental demand for studio apartments in the city? I would think that in a city with Baltimore and relatively inexpensive real estate 1BR's would be much more desireable, but have no data to support that idea. I'm hoping to keep the price around 200k. Is there a difference in rental/resale value between condos/apartments versus small row-houses?

Thanks!

[ktaadin]

Also, I'm curious, if anybody is familiar with the apartment market in Towson (or other areas commutable to Baltimore, because that's where I work) I'd be curious to get their take on it. Not sure if it's considered to be equally attractive to my target demographic as the inner harbor areas are.

[morenita9218]

Hello -
Please PM me; I have a house you might be interested in, located in Hollins Market.
Faith
ps - studio apartments are harder to market; most apartments are 1BR or more.

[freeazabird]

Since you work in Towson you may want to consider the reasonably priced northeastern Baltimore neighborhoods. I know you said you'd prefer an apartment, but if this is due to pricing you can find small low maintenance homes in neighborhoods like Lake Walker and Lake Evesham.

[mrboltonman]

Mt. Vernon is a good rental market because of UB and MICA. It's hard to find a condo that you can actually rent and make money tho. Rental properties in general are hard to find that generate cash flow. It's best to do the calculation to see what appreciation you need to justify buying. Watch the condo fees and baltimore city taxes, ouch. There are also rules to even renting rooms that you should at least research.