Realtor · CA · Member since 2017 · 35 posts · 20 votes
Hello BP, I am based in CA and have a client in Annapolis MD entering a 1031 soon. I came across a deal in Vernon Rockville that is zoned DT Business Residential (it’s in a seemingly nice area downtown).
It is 19,090 sqft and our plans is to buy it for $430k, spend around $200k in rehab costs, and rent out the bottom floor for commercial tenants and have 6 residential units in floors 2&3.
I am hoping to speak to a local investor from that market to educate me on the area and any potential red flags with the location. Any help is appreciated!
@Kyle Longacre, I grew up in the town next to Vernon and looked at a multi-family in Rockville a while back. Rockville itself is a bit run down and doesn't command great rents. I wouldn't expect to see terrific appreciation. I personally think that Manchester, New Britain, New London / Groton are better bets.
Thank you for your feedback. It’s not that he’s focused on that area, we are looking in OH and CA but a wholesaler passed this deal across my desk and so far it looks very favorable. I am flying out there with the buyer mid April to meet with contractors and that will tell us more about the deal.