This fantastic three bedroom, two bathroom multi family home is located in Gay Street, a neighbourhood less than two miles from Downtown Baltimore. The property is also only four minutes from Johns Hopkins underground Metro station and just 0.7 miles from the Johns Hopkins University School of Medicine. On the first floor is a one bedroom apartment with tenants in place paying $900 per month in rent. The local management company have tenants ready to move into the 1st floor two bedroom apartment who will be paying $1,100 per month. The property also has $7,000 included in the price for updates needed for the new tenants.
Gay Street is a neighbourhood in Baltimore, Maryland with a population of 2,898. Living in Gay Street offers residents an urban feel and most residents rent their homes. In Gay Street there are a lot of bars, coffee shops, and parks. The property is well located and only 4 minutes and half a mile from Johns Hopkins underground Metro station.
Purchase price: 98,900
Gross annual rental income: $24,000
Property running costs: $3,973
(Tax, insurance and management costs)
Net annual rental income: $20,027
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%