Baltimore city is booming, and it’s no secret that builders are making big money by flipping homes. The fact is, the flipping game has become so strong in Baltimore city that many first time home buyers, or investors looking for low risk rent and hold options, are being priced out.
Let’s be honest, the beginner buyer isn’t able to afford the 400-600K it costs to buy a newly renovated rehab in the desirable areas of Baltimore. Does this mean the home ownership has to be put off until a later date? Is the American dream dead? The short answer is no. A smart first time home buyer can find newly updated homes for under 175K in many of the great Baltimore neighborhoods.
Small starter homes also make for great future rental properties, and so, are a smart long term investment! Smart sellers are making minor upgrades to their smaller homes to appeal to the first time home buyer looking for turn key properties without the hefty price tag. It’s no secret that kitchen and bath renovations add the most value to your home, so savvy sellers are starting there to increase their return.
Did you know that Patterson Park is rapidly becoming one of the more pricy and sought after neighborhoods in SE Baltimore…park front properties are selling for 700K! It’s hard to believe nestled only a block away is the perfect first home without the price tag. 12 N Bradford is working its way to the market at only 140K and will soon feature a new kitchen, bathroom, flooring, parking pad and more. This would have been an 80K home that would need too much work for the average buyer, but with a small investment the value and the buyer pool grow exponentially. Upgrades to this cozy home are in the works and you can follow the progress and listing updates here: https://meighanmoves.com/blog/