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2427 Mcelderry St Baltimore Treasure
Hi!
That’s right, 85k Equity for just 135k buy in. My team is having a great time with these Historic renovations and the storefront properties have such unique character once complete. So we’ve picked up another charming option for your consideration. This one will offer a rear deck, off street parking and walking proximity to both Patterson Park and The Johns Hopkins Hospital. Oh, and it does not hurt that we’re leaving you 63% equity on the table either. Ask me about a 10yr tax rate lock which will push your ARV to the top of the market.Rent it out at rehab completion or sell it for an ultra strong return on your investment … the choice is yours. As always the budget is included in the sales price to bring it back to new again.
Looking forward to answering your questions!
-Cris
919-675-CRIS
2427 Mcelderry St, Baltimore, MD
2427 Mcelderry St, Baltimore, MD 21205
3br/2.5ba
Cap Rate: 10.12% + 85k equity
Income Analysis
Listing Price: $135,000
Total monthly projected rental income: $1600/mo
Estimate Annual Taxes: $590
Estimated Annual Insurance: $840
Estimated Annual Maintenance Costs: $1,600
** This estimate is based on any potential repairs the property may need over the course of a year. In our experience, this number is typically lower, but we always estimate on the high side.
Annual Property Management: $1,920
**The fee is 10% of the monthly rent.
Annual Net Rental Income: $19,200
Annual Cumulative Hard Costs: $4,950
Adjusted Gross Annual Income: $14,250
5 Year Return: $71,250
10 Year Return: $142,500
Comps:
2445 Jefferson St listed for $220,000
2300 E Fayette St listed for $343,000 (comparable storefront)
428 N Milton Ave sold 09/16 for $226,960
906 Montford Ave sold 5/16 for $209,423
Property and Area Photos
More About McElderry Park Community
McElderry Park ZIP codes: 21205
McElderry Park is an exciting community in the process of revitalization with many investors and residents parcitipating in the forward progress. The neighborhood is rich with assets to help this effort:
– A strong community association and active group of stakeholders
– Housing stock available at affordable prices
– Two Community gardens, murals and restored lots
– Community Resource Center and local libraries
– Two Schools, several day cares and lots of afterschool programming partners
– Monument St. shopping corridor and proximity to Northeast Market
– Close to Hopkins, Patterson Park, Butchers Hill, the Highlandtown Farmers’ Market, Canton & Fells Point
– Easy access to all major highways and routes.
McElderry Park is part of the East Monument Historic District. Development began in the area in the 1870’s. The district was the center of the city’s Bohemian immigrant community. Many of the two-story Neoclassical row houses in this area were built by a group of Bohemian builders, including Frank Novak. Frank Novak later became the city’s most prolific builder of reasonably priced two-story houses, concentrating his efforts in the eastern and southeastern sections of the city as industrial expansion brought even more jobs to this area. Construction in the neighborhood was essentially completed in 1926. Modern day organization of the community began in the 70’s by a group called NAG, Neighbors Against Grime. In 1985 the McElderry Park Community Association was formed.
What’s a Pre-hab?
Pre-hab means we have not started work on the property yet. However the prices you see are our “turn-key price” that includes full rehab (granite counters, stainless appliances, hardwood floors) and we turn these around in 45 – 60 days. We also guarantee tenant placement within 30 days of completion or we cover the 1st month’s rent, should you utilize our Tenant Placement and Property Management services.
If you have your own pre-hab you’d like a construction quote on, we’d be glad to provide that for you as well.
What’s a Cap Rate?
The net income an asset produces in a given year divided by its purchase price. The capitalization rate is used to help determine the rate of return, or how fast an asset pays for itself and begins to make a profit. For example, if an asset cost $1,000,000 and it produces $100,000 in a given year, the capitalization rate is 10% and it will take 10 years to pay for the asset with the money it produces. However, it is important to note that the capitalization rate may change from year to year. For example, the same asset could produce $100,000 in year one but $250,000 in year two. It is informally known as the cap rate.