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514 E 43rd St, Baltimore, MD
Hi!
Under 100k with a 13% Cap Rate is the deal of the day. Let’s take a ride back up to Pen Lucy neighborhood for another great property to consider. Sitting between three major Universities (Notre Dame, Morgan State & JHU) and walking distance from a fourth (Layola), this property won’t disappoint.
A charming 3br/1.5ba SFR on a quiet one way street for $97,900 that generates you $1500/mth in rent at rehab completion. Rear deck, fenced in yard, finished walk out basement, granite counters and stainless appliances. This is a great little house and as always the budget is included in the sales price to bring it back to new again. Read more neighborhood details below as well.
Looking forward to answering your questions!
-Cris
919-675-CRIS
514 E 43rd St, Baltimore, MD
514 E 43rd St, Baltimore, MD 21212
3br/1.5ba
Cap Rate: 12.83% + 22k equity
Income Analysis
Listing Price: $97,900
Total monthly projected rental income: $1,500/mo
Estimate Annual Taxes: $715
Estimated Annual Insurance: $840
Estimated Annual Maintenance Costs: $1,500
** 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: $1,800
**The fee is 10% of the monthly rent.
Annual Net Rental Income: $18,000
Annual Cumulative Hard Costs: $4,855
Adjusted Gross Annual Income: $13,145
5 Year Return: $65,725
10 Year Return: $131,450
Property and Area Photos
More About Pen Lucy Community
Pen Lucy ZIP codes: 21218
Pen Lucy is a surprisingly large neighborhood on the York Road / Greenmount Avenue corridor in North Baltimore. Many housing styles are represented, from swell-front duplexes to Victorians to brick rowhomes. One row of homes on Belgian Avenue has particularly beautiful roof pediments. Mullan Park on Old York Road features a community playground, and the Springfield Woods forest located on the north side of the neighborhood is being preserved and restored by residents group (The Friends of the Springfield Woods). Within Pen Lucy’s boundaries are a small retail district along Old York Road, many churches including the Church of the Blessed Sacrament, and several apartment complexes.
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 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.