MFH East Providence

[Steven Harrington]

So I was reaching out to see if anyone had any insight on investing in the East Providence area, specifically in MFH. I'm from Plymouth, but it seems here that MFH homes are so expensive, its nearly impossible to find a good deal that fits any BP Standard analysis criteria. I don't no much about the East Providence area and took a drive out that way last weekend. It seems that there are an overflow of multifamily properties in the area some nice, some no so nice. More specifically it seems as though that area near Brown University is a pretty sound location, with a great little downtown strip consisting of restaurants and shops. 

In poking around speaking with the locals it seems as though East Providence is mostly dominated by Brown University. Many locals seem to believe that the West End (West Minister St) and Federal Hill area are the up and coming area in which they have seen numerous new restaurants and shops open up and prices of properties increase throughout the past couple of years. 

If anyone has any investing experience in the Providence area I would love to hear your take on the current market as well as done deals.

Thanks,

Steve Harrington 

[Anthony Thompson]

@Steven Harrington Other than the difference between the East Side of Providence, and East Providence, which @Bruno C. mentioned, your impressions about the East Side and West End/Federal Hill are essentially correct.

I would offer two thoughts.

First, if the numbers don't make sense, don't feel pressure to buy just because "everyone else" is. A lot of people bought too much house in 2006 for that reason, and regretted it a few years later.

Second, if this is an investment/rental property, and it's going to be "far" from you anyway (Plymouth -> Providence vs. Plymouth -> anywhere in northern RI) you might want to look where (fewer) other people are looking.

For example, rather than look on the East Side and Federal Hill as many others are doing, consider a different town altogether. For example, East Providence proper, or Warwick, or Cranston, or Johnston, or Coventry or West Warwick.

Just some ideas, since I don't know if there's much difference to you for Providence vs. Johnston, from Plymouth anyway.