what baltimore neighborhoods would you buy a house into for under $100K?

[beasley106]

Originally Posted by ethnicappalachian

Oliver?

I guess they are referring to the Greektown/Highlandtown/Patterson Park neighborhoods since that area is undergoing a lot of gentrification as of late with a lot of white collar employees affiliated with John Hopkins moving there. I actually bought a row house there for $121,000 located just to the north of Baltimore Street about a year ago and on my street alone there are already a bunch or rehabs hitting the market as we speak and the value of my row home has already increased by a little over $7,000 just over the span of a year. That being said though the home I bought needed to have a lot of work done in regards to the upgrading the kitchen, replacing the existing hardwood floor, and the A/C condensor unit/furnace so for anything less than $100,000 it would probably need to be completely gutted/rehabbed, unless if course if it is in an undesirable neighborhood with high crime (like Oliver for example).

If the OP is seriously considering buying a home there he/she should look into a number of grants that are offered by the city of Baltimore through Live Baltimore since they offer a number of $5,000 grants to those who qualify (ie first time home buyers, employees affiliated with Under Armour/Hopkins, block grants, tax credits for rehabbing existing homes, etc).

[Digger 68]

Originally Posted by TommyCarcetti

My understanding is that a complete renovation of a standard two-story rowhome is ballpark $50,000 to $60,000. So considering folks who purchase a home for $100,000 - it's still less than buying a $200,000 home.

Wow, you made a factual statement.

[Spoiled1]

Originally Posted by ethnicappalachian

Oliver?

I think Oliver is a place you could consider. From my understanding, Oliver has undergone a lot of changes as well. I am new to Baltimore and looking to purchase a home too. Apparently last year Oliver had 450 vacant homes, now there is less than 50. The changes occurring in Eager Park/Ashland/Station East area has spilled into the surrounding neighborhoods (Oliver, Preston st, etc). Biddle Street seems to have a lot of vacant homes. As someone else has stated, they would need be completed gutted and rehabbed though.

[pwduvall]

Originally Posted by ethnicappalachian

Let's say you have $200K to blow and can afford to buy families houses (let's say 2-3 houses total) with that much money, where in Baltimore would you buy into? I've seen houses in McElderry Park and Patterson Park-Baltimore-Linwood areas for $65K to $80K rowhomes that's renovated and ready to move into. Are those areas any good?

If you can get a renovated rowhouse in Baltimore-Linwood for $80K, you should take it. I watch the listings and that would look like a real value. I think a judicious purchase in McElderry Park south of Jefferson Street might be a good idea. No matter what, don't assume that management and maintenance is going to be a snap.

Someone mentioned Oliver. That could work out if you are willing to do a rehab, buy the right property, and manage it right. Personally, I despise being a landlord. So much so that I sold off my one rental house at a loss... and I'm glad I did.

Finally, investing in already rehabbed houses as rentals doesn't grow the city at all. If you don't buy it, someone else will.