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.
Robbie Reutzel JD, AA Real Estate Group | [email protected] | 781‑281‑7643 | http://aarealestategroup.com/from-the-ground-up/investing/rob-reutzel-joins-aare-group/ | MA Agent # 151059
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!