Buying my first Multi (Worcester, MA)

[Garrett Rodrigues]

Hey BP, I'm brand new to the real estate world.  I went to a meetup a few months ago, looked at properties every other weekend for 3 months and ran analysis and bunch of them. I finally found one that looks good to me based on both the numbers (rents just about meet the 1% rule) and the property itself.

Details: 3 units with 3 bds/1ba per

Sale Price: ~350k

Current Rents: 1100 per (avg: 1446 for the area and median: 1350)

Property Managers: 7-10%

Property Condition (1-5): 4

The place cash flows with the current rates and could obviously do much better with higher rents.

Anything else I should consider?  How does raising rents work?   I'm super excited/nervous about this as my first deal.  Are there others in Worcester with thoughts about the place?  It seems to be a super exciting market as multi's get snapped up quick.  

[Brian J Allen]

https://www.wbjournal.com/article/work-to-start-on-31-unit-chandler-st-development?utm_source=Newsletter&utm_medium=email&utm_content=Coronavirus+sinks+Central+Mass++stocks+%7C+31-unit+project+to+begin&utm_campaign=Daily+3-9-20

This project is right in that area. There are 2 Buildings side by side being redeveloped on Chandler and Piedmont