I'm looking at purchasing my first investment property (MFH) in Malden. When I crunch the numbers, the ROI appears to be good, but I'm not familiar with the area.
Can any locals tell me more about the town? Will the area attract good tenants?
I had to laugh because after seeing the property, last night on Boston local news they said "Malden was the worst town for commuters to Boston". Not sure why.
I have a friend who owned a home there and just recently moved. I can ask him for his thoughts.
@Kimberly Dawson I've got a contractor that's starting to buy there in addition to working in other areas.
He's always complaining that Malden is all Asians! and I chide him, being a little discriminatory, that group usually reveres education and has a huge positive effect on a community!
i.e. I think you're in a good town.
"Worst town" might be pushing it, but I can see the argument. Despite it's physical proximity, it can take 60+ minutes to drive from Malden to Boston during rush hour. Plus the entire town is quite a ways from it's 2 T stations.
Even with those issues renting in Malden won't be hard.
I can tell you that you will have no problem finding renters in Malden. It is not a great commute but that's just because 93 is pretty bad during rush hour.
I have seen many multi-families in terrible shape rented for quite a it there. I have even seen deals that fit pretty closely with the 2% rule there.
Good luck with it.
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