What Makes This 6-Bedroom, West Baltimore Rental Home Special?
A great opportunity to own a recently renovated, lead-free limited, 6-bedroom, 3-bath rental home in the quiet Garwyn Oaks neighborhood of West Baltimore. The property has program tenants, which gives an investor 75% of guaranteed monthly contract rent and a 21.1% Cash-on-Cash return. Tenants pay on time with their portion of rent.
Boasting 6 bedrooms and 3 full bathrooms spread over three floors. The first floor has a large, open family/dining room, a full bathroom and 1 bedroom. The second floor has 4 bedrooms and a full bathroom. All bathrooms have modern vanities, 2 have shower/tub with ceramic surround and 1 with a stall shower with ceramic surround. The kitchen has ample counter and cabinet space with a 30″ stainless electric range and two refrigerators. The finished basement has 1 bedroom and 1 en-suite bath, full size washer and dryer, and ample storage room. The property is complimented by a covered front porch, a rear, fenced courtyard and two garages. A savvy investor would rent the garages to increase monthly cash flow.
Who Pays the Utilities?
The physical plant in this rental home is in great shape. The property was extensively rehabbed in 2018, including electric heat pump with central air, 40 gallon water heater, all new kitchen appliances and 200 AMP electric service. Double hung, vinyl replacement windows throughout. The tenants pay for electric service and the landlord pays for water.
This rental home is located on a quiet, tree lined street in Garwyn Oaks. The commute into and out of Garwyn Oaks is convenient. Garwyn Oaks is only a few minutes from major highways such as US-40, I-83, I-70, I-695 and I-95. Three Metro Station stops, including Mondawmin, Cold Spring & Rogers Ave., & the light rail system (North Ave) are a short distance away, which provide access to a number of bus lines as well. A short commute will get you downtown, the Penn and West Baltimore train stations, and BWI Airport. Easy access to points north as well, such as Owings Mills.
$85.00 per Sq. Ft.
6.4 times market rent (GRM)
10.36% Cap Rate
21.1% Cash-on-Cash return
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.