Baltimore is in the midst of a real estate renaissance, with the city, state and non-profit groups pouring “unprecedented levels of funding” and effort into “rehabilitating entire blocks” of derelict or abandoned homes, according to the Wall Street Journal.
And that rehabilitation is already drawing new buyers to the city — where the median home sale price of $249,864 is up 3% year-over-year but still well below the national median of $408,776 — while also enticing amateur home flippers to get in on the action.
Must Read
- Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here’s what it is and 3 simple steps to fix it ASAP
- Millionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually going
One such investor, a Maryland plumber named Chris Waldron, told the WSJ he paid $45,000 at auction for an abandoned home that he hopes to sell for $300,000 after putting $130,000 into it.
The outlet described the home as having “kitchen equipment, furniture, clothes, bottles, a family picture and wooden planks with nails pointing upward coating the floor,” with Waldron exclaiming “What did I get myself into?” upon entry…