Investing in Connecticut

9 Replies

Hi all, 

I am looking to purchase a duplex in Connecticut. However, I would like opinions on some good markets there to get started. I am looking at the Bristol/Waterbury Markets. Any advice would be greatly appreciated. (If anybody owns properties out there, please connect with me, I'd love to hear more about your experiences.)

Thanks in advance,

Jason

@Jason Appel Those are two very different markets. Waterbury is more of an inner city. Both can work investing wise depending on your budget, goals, and investing strategy. I have owned and have had clients buy and sell in both those cities. If you need any help further understanding the areas of each city feel free to PM me anytime. 

Hey @Jason Appel , Michael is spot on about Bristol being very different than Waterbury. Most will find that quality of the housing stock as well as the tenants in each of these areas are not the same, so what will work in one, may not work in the other. 

Are you going to be owner occupying the property, or is this purely for investment? If you aren't restricted to just those two areas, I would consider the rest of Hartford County as well. 

You may have seen me post this elsewhere, but if you haven't, here are my general thoughts on some of the local towns in Hartford County based on my experience as a Realtor and Property Manager here.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain
Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.

Hope that answers some of your questions!

I live in Bristol and have thought often about investing in rentals here. We Bristol-ians think of Waterbury as an old, dirty, crime-ridden has-been town tbh. Obviously there are nice parts everywhere but Waterbury is past its hey day. 

@Jason Appel so im on the opposite side of the spectrum for waterbury.

I absolutely love it as the deals there have been great for years. I own in war zones and in nice sections. It definitely has a stigma but isn't nearly as bad as people believe.

Unfortunately investors have began realizing this the last few years and have driven up prices like crazy. It's actually outperformed the average of the US the past few years and that's been mainly due to investors.

Still a great place to look but I would keep my eyes open. New Britain is a favorite place for me right now too with numbers and future prospective

Stay out of Waterbury. The only direction that city is going is down. Focus on Fairfield County, maybe New Haven and possibly Hartford.  If you need a good realtor, I can PM one we've been using for years.

@Jason Arcuri

Thank you for the advice. In regards to New Britain, I have heard that is not such a great area. Which neighborhoods within the city what do you suggest? Thanks in advance

@Jason Appel I highly suggest you drive through it and check out the various neighborhoods in person.  It isn't the greatest of areas and it has a nickname of hard hitting new britain for a reason.  However, it's def. improved and I'm all about numbers working.  You get the best returns in the worst area but trade that for the most headaches.  I try to shoot for the middle unless theres a superb deal on the really bad areas or really good areas.