3101 RICES LN
About This Property
Incredible investor opportunity! There is a ton of potential in this spacious 4-bedroom, 2 full-bath home, located on a beautiful 1.5-acre lot. Featuring an expansive addition for extra living space, this home offers a versatile layout that can be customized to suit your needs. The open basement provides even more potential, whether you're envisioning a recreation area, workshop, or additional storage. With easy access to 695 and downtown Baltimore, it is rare to find this kind of acreage in a quiet neighborhood so close to the city at such an affordable price. This house is ready to be transformed by someone who has a vision for it! House is being sold "AS IS".
Although the house is in need of rehab, there have been significant updates made:
- Well and Pump System - 2023.
- New lines from well to house.
- New submersible pump.
- New and enlarged water tank (inside). This larger tank allows for toilets to be flushed/hands washed when the power goes out.
- New sump pump - 2024.
- Some plumbing for bathrooms updated - 2024.
- New pipes were installed for baseboard heating - 2024.
- New temperature gauge and thermostat installed - 2023.
- Lines for septic tank inspected and found clear - 2024.
- Chimney cleaned and updated glass in a wood-burning stove. The stove will heat the whole house.
- New roof on shed - 2024.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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About Milford Mill
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$3,000 /mo
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$2,600 /mo
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017