628 East 37th Street: Single Family Rental Home

> Renovated, Turn-Key Rental Home in Waverly Provides Stable Income with Reduced Maintenance Costs

> Modern & Appealing Finishes are Desirable for Tenants, Ensuring High Occupancy Rates

> One Mile from Union Memorial MedStar Hospital, Home to Over 2,500 Employees

> From LiveBaltimore.com: “Waverly boasts quick access to a YMCA, year-round farmers market, a commercial corridor and major commuting routes”

Waverly Investment Property Details:

A bright and spacious open floor plan greets tenants as they enter from their covered porch. Recessed lighting and large windows compliment the hardwood floors. Tenants appreciate ample wood shaker cabinetry and granite counters in the kitchen, including a breakfast bar. A top-notch appliance suite keeps this property one step ahead of other rentals in the immediate area, including a French door refrigerator with bottom freezer, gas range, dishwasher and over-the-range microwave. Three bedrooms and a full bathroom are located on the second floor. The bathroom has a modern vanity and steel tub with ceramic tile tub-surround, which tenants can easily clean and maintain. The kitchen and bathroom have ceramic tile flooring; upstairs is carpeted. A full basement allows tenants additional storage space and access to a full-size washer and dryer.

Utilities:

This Waverly investment property is easy to manage, as tenants are responsible for all utilities. The home is heated by a Columbia gas-fired hot-water boiler with radiator distribution. Tenants provide their own window air conditioners. A 40-gallon Rheem water heater, replaced in 2021, provides hot water. 100 amps serve the property. The main water supply is copper, saving a buyer worry and costly replacement in the future, with interior lines a mix of C-PVC and steel. All observable interior drain lines appear to be PVC.

What’s Great About Waverly:

LiveBaltimore.com loves Waverly, stating “quick access to a YMCA, year-round farmers market, a commercial corridor and major commuting routes.” Only one mile away from Union Memorial MedStar Hospital, and a little over a mile to Johns Hopkins University Homewood Campus. Loyola University is 1.5 miles northeast. The Waverly “Y” is within walking distance and offers an indoor pool with 4 swim lanes, 6,600 square foot fitness center and rock wall. There is plenty of green space nearby, as the neighborhood used to be home to Memorial Stadium, former home of the Baltimore Orioles. Now the Ripken Memorial Stadium Ball Field is a multiple use turf field, with full football field and 60′ baseball diamond, open to the public. More and more investors are finding that nearby outdoor amenities, and not indoor amenities, lead to higher tenant retention. The proximity to the YMCA and Ripken Ball Field creates happier, longer-term tenants.

Investment Summary:

$175,000
$136 Per Sq. Ft.
9.0 Times Actual Rent (GRM)
8.1 Times Market Rent (GRM)
8.46% Cap Rate
9.2% Projected Cash-on-Cash Return

Call Will Cannon to Talk About this Waverly Investment Property Today: 410-916-3331