FHA Multi Family under a Mil in Mass or Nearby areas
Looking to start working in Boston suburbs, I am thinking of getting a 2,3 or 4 family within 40-55 min drive. What areas do you suggest where I can off set costs ? Should I go outside mass ? Also thinking if I can't find multi family, I will get a house with in law and just airbnb it
Hey there. Southern NH agent/investor and worker in Boston for my W2. It really depends on your strategy and what you're looking to do + your buy box. Boston suburbs are expensive and can be tough to make happen, but there's good areas to look into. You may have a better buy-box in Lowell/Springfield/Worcester/Lawrence and a few other major areas in between. I know many others buy in Southern NH near Rochester/Somersworth or go to Manchester/Nashua. I've been posting data so feel free to look at my post history to get a better idea of what the market is like in Southern, NH. Also, feel free to reach out as well. Happy to help out.
Funny thing I lived in Manchester downtown in 2020 and I know it’s been booming. If you have some good options there or southern NH , can you share those ?
@Abhishek Sharma - I am not sure how far under a $1m you are but if you are close like in $800-900k range, you should be able to find a MFH in Boston Metro that you can afford. Inside I-93/95 will be a challenge, but outside it and inside I-495 should be fairly open to you. I would stay within the commuter rail system and focus in areas where you are not too far from major arterial roads connecting you to I-495; Like Route 1, 3 and 9. IMO that's where your likely to see the most value growth.
I second Justin that you should be able to find a multi within 45 minutes of Boston under a million. Making the numbers work might be a chore.
For example 24 Shawmut Terrace, Framingham (redfin link) (4 family, four 1 beds for $949k). You will need to get for less than list price to get it to work.
Rent is about $1750-$1800 in the area for a 1 bed.
Tough with 3% down to wrangle. Regardless, I have seem some recent deals in framingham have numbers that work.
Thanks @Justin Hammerle @Colin Kelly-Rand Yea was looking into this one , seems like the realtor isn’t able to arrange a showing and couple of tenants been there for 10 year plus so they ain’t leaving