702 Homestead St, Baltimore, MD 21218

Property Description

● Strong Cash Flow Potential in a Growing Neighborhood — 12.1% projected ROI at market rents.. ● Strong Physical Condition — 2020 roof, replacement wood windows, individual HVAC units, and updated plumbing minimize repair expenses. ● Walkable Location Near Daily Essentials — Tenants enjoy access to Giant, Ace Hardware, the YMCA, and a year-round farmers market—all within a 4-minute walk—supporting consistent rental demand. Owner-Occupant Financing Scenarios: A: House Hack with FHA Financing: Purchase with just 3.5% down, occupy one apartment, and projected rental income from the other three apartments is essentially equal to your entire monthly PITI and PMI. B: Prefer Conventional Financing? Put 20% down and collect rent from the other three apartments. Your projected monthly housing cost is only $729 per month—less than renting a comparable two-bedroom apartment in Better Waverly while building equity in your own apartment building. (Call us for details) 702 Homestead Street features four two-bedroom apartments. Kitchens include laminate countertops, wood cabinets, 30" gas ranges, dishwashers, and stainless steel sinks, with some garbage disposals. Bathrooms are equipped with modern vanities, steel tubs, and ceramic tile tub surrounds. Flooring includes carpet in the living areas and ceramic tile in the kitchens and bathrooms. Each apartment includes washer and dryer hookups, allowing tenants to install their own in-unit laundry. The building features a 2020 asphalt shingle roof and separately metered gas and electric service, making ownership and expense allocation straightforward. Each apartment is served by its own gas-fired furnace with central air conditioning and individual electric water heater. Supply lines are C-PVC and drain lines are PVC. The owner currently pays water and sewer, creating an opportunity for a future owner to implement a utility reimbursement program and improve net operating income. Better Waverly is a neighborhood where approximately 51% of residents own their homes, contributing to well-maintained properties, attractive streetscapes, and long-term neighborhood stability. The property is located just 0.2 miles—or a 4-minute walk—from Giant, Ace Hardware, the YMCA, and the Enoch Pratt Library. The year-round 32nd Street Farmers Market is just a few blocks away, while Johns Hopkins University's Homewood Campus is less than one mile away. Numerous nearby renovation projects continue to demonstrate private investment and confidence in the neighborhood's future.