"Orangeville"

 REAL ESTATE AUCTION 

2 – TWO STORY
RENTAL TOWNHOMES

Sales On Premises
1022 & 1024 N. IRIS AVENUE
A/K/A 1022 & 1024 Iris Avenue
Off E. Eager Street
Baltimore City, MD 21205

FRIDAY, DECEMBER 13, 2019
AT 12:00 NOON

– Suggested Starting Bid: $25,000 Each –

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION:
1022 & 1024 N. Iris Avenue are located in a small residential pocket within the larger Orangeville area in east Baltimore. The cluster of homes along Iris Avenue, Janney Street, E. Eager Street and Ashland Avenue are not well known, a feature that many of the residents and property owners in the area value. The neighborhood is a destination location that affords all of the excellent access provided by the major employers and commuter routes nearby, including Johns Hopkins Bayview (1.5 miles), Erdman Avenue (0.4 mile), Pulaski Highway (US-40, 0.5 mile), I-895 (1 mile) and I-95 (2 miles).

For additional information see:
https://livebaltimore.com/neighborhoods/

SITE:
Adjoining townhouse lots

1022 N. Iris Avenue – 14′ x 91′
1024 N. Iris Avenue – 14′ x 91′

Ample opportunity for off-street parking

Zoned R-7 residential

All public utilities

IMPROVEMENTS:
1022 Iris Avenue – Two story inside-group brick townhome – constructed in 1953, containing 896 square feet of living area and 448 square feet of basement space, according to public tax records. The home is arranged for 6 rooms (3 bedrooms), bath and basement. Currently rented for $950/month.

1024 Iris Avenue – Two story inside-group brick townhome – constructed in 1953, containing 896 square feet of living area and 448 square feet of basement space, according to public tax records. The home is arranged for 6 rooms (3 bedrooms), bath and basement. Currently rented for $1,000/month.

LEASE:
Please complete a Waiver and Confidentiality Agreement form to view the lease and lead certificate.

TITLE:
Each property is subject to an annual $87 ground rent; being sold free and clear of all liens

TAXES:
1022 N. Iris Avenue – Published annual real estate taxes are $1,677.19 based on a full value assessment of $71,067
1024 N. Iris Avenue – Published annual real estate taxes are $1,721.21 based on a full value assessment of $72,933

Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
https://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

MANNER OF SALE:
Each property will be offered individually and the highest bids reserved. Then, both properties will be offered as an entirety. The sale will be made in the manner producing the greater amount.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $2,500 deposit on each property or $5,000 if sold as an entirety, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit(s) shall be increased to 10% of the purchase price by 12:00 Noon, Monday, December 16, at the Auctioneer’s office. Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the purchaser. All adjustments, including taxes, rents, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the purchaser. Security deposits, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the rights of the existing tenants. Purchaser assumes the risk of loss from the date of contract forward. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. If the Seller is unable to convey good and marketable title, the purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.