702 Homestead St, Baltimore, MD 21218

Description

● Price Improved to $380,000 with Strong Projected Returns: 9.70% cap rate and 13.4% projected cash-on-cash return, with two units rented and two available for immediate lease-up.

● Below-Market Rents Offer Organic Upside: Gradual rent increases can improve returns without major capital investment.

● Strong Physical Condition: 2020 roof, replacement wood windows, and updated plumbing help minimize future repair expenses.

● Walkable Location Near Daily Essentials: Giant, Ace Hardware, the YMCA, Enoch Pratt Library, and the year-round 32nd Street Farmers Market are all within a 4-minute walk, supporting consistent rental demand.

Owner Occupant Opportunity! Purchase with just 3.5% down using 96.5% LTV financing, live in one of the two-bedroom apartments, and collect projected rents from the other three apartments that exceed the total monthly PITI and PMI by approximately $103/month. In this scenario, rental income covers the entire projected housing payment.

With 20% down using conventional financing, projected rents from the other three apartments reduce the owner occupant’s monthly housing cost to approximately $805/month—well below the cost of renting many two-bedroom apartments. With two apartments currently vacant, the buyer can choose which apartment to occupy and then select the tenant for the other vacant unit.

Interiors: 702 Homestead Street includes four two-bedroom apartments. Kitchens have laminate countertops, wood cabinets, 30” gas ranges, dishwashers, and stainless steel sinks, with garbage disposals in some units. Bathrooms include modern vanities, steel tubs, and ceramic tile tub surrounds. Living areas are carpeted, while kitchens and baths have ceramic tile flooring. Washer and dryer hookups are provided in each apartment so occupants can supply their own in-unit laundry.

Utilities: A 2020 asphalt shingle roof, separately metered gas and electric service, and individual mechanical systems help simplify ownership. Each apartment has its own gas-fired furnace with central air conditioning and its own electric water heater. Observable supply lines are C-PVC and drain lines are PVC. The owner currently pays water and sewer, providing an opportunity for a future owner to implement utility reimbursement and improve cash flow.

What’s Special About Better Waverly: Better Waverly has a 51% homeownership rate, contributing to well-maintained homes and neighborhood stability. Giant, Ace Hardware, the YMCA, and the Enoch Pratt Library are just 0.2 miles, or a 4-minute walk, from 702 Homestead Street. The year-round 32nd Street Farmers Market is also only a few blocks away, and Johns Hopkins University’s Homewood Campus is less than one mile from the property. Renovation activity throughout the surrounding blocks reflects continued private investment in the neighborhood.