I have a 6 unit building in Baltimore near Bon Secours Hospital. Possibility of rental to hospital that would be very profitable. Currently rehabbing an 18 unit building, so don;t have time for this one. Partially rehabbed (framed and some electric and ductwork). Seller will hold some financing and have access ti hard money. Contact me via email: rsinvestor@aol.com and I will provide a phone number to you.

Although banks won't lend under the conditions you state, hard money lenders will. I'm on a number of lists to receive property listings in Baltimore. Just a word of caution: You must do your due dilligence on any like these. Some are solid numbers. Others aren't. But here's a sampling of what's available:

A 2- unit row house fully rented and renovated in Brooklyn, Baltimore, MD, Price $110K. Rental amount $550 each unit or $1100. Newly renovated with yard in back. Lead Free Certificate. [DC/VAREIG]

17xx N. Broadway St. 21213 3 - Story!! 5 Rooms Occupied - Rent $2,000 per month Price: $115,500K [DC/VA REIG]

2567 W. Fairmount Avenue
Baltimore MD 21223
4 Unit Boarding House
3 Units receive $400/month
1 Unit receives $300/month
Total rental income $1500/month
In Excellent Condition!!!
Only 120k
[DC/VAREIG]

This is a must see!!!!
22xx Eutaw Place Baltimore Maryland 21217 NEWLY RENOVATED!!!!!!
Hardwood floors, stainless steel appliance, and crown molding etc.
3 units
top: 2400 sf asking price 350,000
middle:1600sf asking price 265,000
bottom: 2400sf asking price 350,000
WILL PAY ALL CLOSING and give between 10,000 to 20,000 back at table
assignment fee 2,500 paid up front
[DC/VAREIG]

DEAL #6 - seller financing available 13xx Harlem – between $60,000-65,000. Huge 4 story, being re-zoned as 4 unit, not marketed yet. Best use is 4, large apartments, one per floor, 2BRs that rent for $750-850/month each. Using 100 times rent rule, assume $800 x 4 for rent = $3,200 per month. Total investment of less than $320,000 would produce great long term cash flow. Other large buildings nearby being renovated in same manner. Brand new townhomes just built and to be marketed ½ block away. Call xxxx for Access
[DC/VAREIG]

18xx N. Carey St. Balt, MD 21217
$105,000
(Price Reduced By $4,900)
Remodeled W. Balt TH- Perfect 4 Room Rentals= Mega Cash Flow!
Lovely 6 Bdr & 2 Ba Row Home w/ Finished Basement
Great Sized Backyard
ARV $130K PLUS
COMPS
1. 1636 GILMOR ST: Close Price: $130,000
2. 2406 MADISON AVE: Close Price: $195,000
[EZ]

29xx Allendale Rd. Balt, MD 21216
$175,000
Under Contract Accepting Back-ups
Cash Flowing 3 Unit w/ Potential for 4th Apt & $50k+ Equity= Mega Cash 4u!
CASH COW!
Seperately Metered: 3 Furnaces & 3 HW Heaters
Zoned for 3 Units!
New Roof
Est Reps = < $10k (Replace Rear Wooden Fire Escape)
Basement Can be Converted into 4th Apt
ARV $250K
1st Floor-3 Bdr & 1 Ba(Tentative Sec 8 Tenant for $900 mo)
2nd Floor-2 Bdr & 1 Ba($700/mo)
3rd Floor- 1 Bdr & 1 Ba($550 mo)
Potential 4th Apt- Basement Conversion Rents @$500+
Total Rent Potential >$2500 mo!
COMPS
Single Units
1. 3813 Bateman Ave:1/18/08, $305K
2. 2807 Elsinore Ave: 11/30/07, $315K
3. 3602 Duvall Ave: 11/15/07, $294K
Multi Units
1. 4004 Maine Ave: 11/07, $225k
3 Unit= 1(3) Bdrm, 2-(2)Bdrms
[EZ]

21xx N. Fulton Ave, 2-UNITS! Only $69.9K, tune-up and rent for $1625/m!
Dear Fellow Investor,
This 2-unit TH is separately metered, has two gas FHA furnaces (one older) and two hot water tanks(!)
The first floor is a 1BR/1BA unit and the second is a 2BR/1BA unit. It has CPVC water supply lines, 100 amp power, newer windows. Sheetrock repair and cosmetics needed. http://Www.Rentometer.com says the median rent for a 1BR apt in the area is $725/m and for a 2BR is $900/m, for a total of $1625/m income. Help with financing, contractors and property management available.
Address: 21xx N. Fulton Avenue, Baltimore, MD 21217
Description: 2-unit, needs some work
ADC Map: 34G9
Your Price: $69.9K
Potential rent: $1625/m
After Repair Value: $119K (average of area sales below)
[DJ]

Vic, I know of a few multi-unit properties for sale in Mt. Vernon. Email me mbeinfest@gmail.com

If you would consider a partner look me up. I am always looking for partners to joint venture with.

Only a lender presented with the specifics could answer this question -- if the rental income is going to be much higher than the mortgage payments and you have a substantial down payment it may be possible. If you would like to discuss it with some of the lenders I know, let me know.

Vic - no doc or stated loans in Maryland are all now but extinct. Sorry - you will need to show income.. unless you want to go the way of a private investor and in that case you will need a lot of $$ down and be prepared for a double digit interest rate.

Vic,

Banks are looking for either your ability to make payments, or in the case of income producing properties, then they want to see that the property can make the payments. Although, they will often discount the current rents to something like 60-80% of net to account for unexpected issues in income. Do not, under any circumstances, go buy rent producing property without representation from someone who has a boat load of experience buying these types of properties. It is a science that is learned through experience.

You should also have an accountant or financial planner that knows how to pour over the income/expense history. You'll need a very good inspector as well.

Tread carefully, what looks good to you might not look so good after the experts have given it a once over.

Good luck,

Jeffrey