Rent ready 13.7% Cap Rate for just 67k Sold

$67500
2 beds
1 baths

Sold

Price:: $67500
Address:: 602 Whitelock St
Baltimore, MD 21217
Bedrooms:: 2
Bathrooms:: 1

Terms:: For Sale
Property Type:: Home
Const. Type:: Condo

Additional Features

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Hi Friend,

Today we've got a rent ready 13.7% cap rate condo at only $67,500 available for your consideration. Nestled in a quiet area near Druid Lake, this unit will generate rental income of $1150/mth and we guarantee tenant placement within 30 days of closing or we'll cover the first month's rent. Data below will show the wonderful nearby amenities, which include the Maryland Zoo, Druid Hill Park lake, MICA college, quick downtown and highway access, public transit and more. Before the downturn these units sold above 110k each. Grab yours now while the price is still right and enjoy the equity as it continues it's climb.

Looking forward to answering your questions! -Cris
919-675-CRIS

602 Whitelock St, Baltimore, MD

602 Whitelock St, Baltimore, MD 21217
2br/1ba
Cap Rate: 13.70%
Income Analysis
Sales Price: $67,500
Total monthly projected rental income: $1,150/mo
Estimate Annual Taxes: $769
Estimated Annual Insurance: $840
Estimated Annual Maintenance Costs: $1,150
** 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: $1,380
**The fee is 10% of the monthly rent.
Annual Net Rental Income: $13,800
Annual Cumulative Hard Costs: $4,139
Adjusted Gross Annual Income: $9,661
5 Year Return: $48,305
10 Year Return: $96,610

Property and Area Photos

More About Reservoir Hill Community

Reservoir Hill ZIP codes: 21217

Reservoir Hill is a beautiful and historic residential neighborhood adjacent to Druid Hill Park. It is home to stately Victorian town homes, restored apartment buildings, and a diverse mix of residents, who together function as a unified community. The neighborhood is also home to numerous green spaces, such as the Whitelock Community Farm and hosts wonderful events such as the yearly 1st Day Hike and the seasonal Druid Hill Farmer's Market. Be sure when visiting to check out the year round events scheduled at the historic Rawlings Conservatory pictured above, which was opened to the public in 1888 or enjoy a day trip to the Maryland Zoo in Baltimore. It's also a quick walk or bike ride to the Maryland Institute College of Art with excellent proximity to downtown and the Inner Harbor.

Unaware of what the Baltimore
Real Estate Market has to offer?

RealtyTrac and Bigger Pockets ran the numbers for 2017. Baltimore City was named the #1 Rental Millenial Mecca Market for 2017 as well as #2 in the Nation for Single Family Rental Income Returns! Finally it's recently been named the #1 market in the US for property flip returns as well.

Make sure to also read about the multi-billion dollar Port Covington project coming up in downtown Baltimore too. It's one of the largest development projects currently on the East Coast, bringing in 20k new employees to the downtown area. Recently Goldman Sachs invested $233 Million in this project too in an effort to lure Amazon to make Baltimore it's 2nd Home.

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.

Call (919) 675-2747 for more details