As stated below it's hard to provide a cost estimate site unseen.
How are you funding the rehab? You should consider doing a 203K for this project. The 203K Loan program works if you are a seller or buyer. After you make contact with a licensed and competent contractor to determine the cost of your project, you are able to roll those cost of rehab into the loan.
Check out the following link for more information. http://goo.gl/fK7iTi
Good morning Monica, just completed rehabbing a vacant to value property in East Baltimore just north of the Johns Hopkins Medical Campus. 2 bedrooms 3 baths, open floor plan. In the process of completing paperwork for the Historic Tax Credit. I'm an owner/agent. Please telephone me at 443 610 1670 if interested. Michael Young... more
You may want to look at the crime statistics. Here is one site which gives some information on the topic. http://crimebaltimore.com/. Other sites with more information are also available.
You should look closely at the sales data to determine if the area is right for your intended purposes, such as personal residence, rental investment, rehab investment, and so on. I can provide data if you give more specifics about your intentions.... more
No matter where or what the property is, the Seller can go and is only willing to go so low for a net value and likewise the Buyer can give and is only willing to give so much, with both price and closing concessions considered. What do you actually want? I'll tell you if it is feasible and if so how to accomplish it.... more
The only situation more potentially hazardous, for a buyer, than dealing directly with a SELLER - is dealing directly with a BUILDER! Find a Realtor you like & trust and get them to review your situation. Coldwell Banker has attorneys available at no cost to buyers to advise in such scenarios. Also, the contract components allowable by law in Maryland are mostly standard. Next Step: DO NOTHING VERBALLY. Ask her to send you an email specifing EVERYTHING she's telling you re: 1) recent appraisals in the development/neighborhood, & why she thinks it will appraise low (FHA loans come through banks and the appraisal would not likely differ whther conventional, FHA or any other program), 2) 10% premium to builder for add-on costs, 3) Point out specific languge she's referencing in the contract for the above issues. If she'd unwilling to put it in writing, it isn't legit, and she will likely back down.
Lastly, with so many nearly new homes on the market, and in short sale or pre-foreclosure, and builders so hungry, you should have no problem getting a dream home without builder nightmares.
You also need to have Realtor look at recent sales and compare sold prices/DOM with/without the options. You may be investing poorly in some options, while others offer a good ROI. I sell a lot of properties in the city zips and I know which options I encourage my builders to include and which are just icing and never help sell the cake. 410-258-8935 if I can be of further assistance.... more
All of the answers here are correct. It is numerous things that have made the process drag on. I think the lack of knowledge/experience by the listing agent hurts. I can't tell you how many times I talk to an agent to find out that they keep having sellers sign offers and submit them to the lender. They are treating this like an auction and not like a contingency.
Assuming that you are asking about the average price per internal square foot, e.g. living area, for residential properties, many agents simply do not specify this on the multiple list service. When it is shown, it is sometimes under or overstated, and usually correlates directly with what is shown in the tax record, which is typically derived by measuring the exterior dimensions of the dwelling. If two stories, the assessor will multiply by 2. This doesn't truly reflect the actual living area, because that is derived by removing common areas from the total.
Having said that, I did look at the last 3 months of closed sales (4 of them for detached, fee simple homes) in zip code 21230. I did not include one of them, because the home was boarded-up. The three others appeared to be livable condition. Here are the stats:
Average Original List Price: $164,933
Last List Price Prior to Sale: $156,967
Average Closed Sales Price: $151,667
Next, I looked at each of the tax records and derived the average square footage of the three as 1487 sqft. Based upon the average of actual closed prices, the cost per sqft is approximately $102.
Please note that this price does not reflect any property which includes ground rent. In other words, the figure only reflects an average of the three most recently sold detached homes owned in fee-simple.... more