This fantastic three bedroom, one bathroom property is located in Lexington which is just just two miles from Downtown Baltimore and also just 2.2 miles from Mondawmin Mall. The property has included in the price $14.000 for a refurbishment which includes a new roof, kitchen cabinets, bathroom, and paint throughout. A new tenant is waiting to move in on completion however there is also a one month rental guarantee should the work be a few days late. The property is under management by a great local company.
The property is located in Lexington which is just two miles West of Downtown Baltimore. With the expansion of Mondawmin Mall which is just 2.2 miles away, the whole area is changing and going through a revitalisation. This is a great time to get in while the average home cost is low, capital growth in this area is predicted to be very good.
Purchase price: 64,900
Gross annual rental income: $15,600
Property running costs: $2,844
(Tax, insurance and management costs)
Net annual rental income: $12,756
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%