Updated over 8 years ago on .
ME & NH depressed area buy & hold Lewiston, Claremont etc.
Hi All,
Doing some research into buy & hold in old mill towns like Lewiston/ Auburn ME, Claremont NH etc. and have a few questions.
Assuming this is a 10-20 unit property
- what cap rate do you need to make work?
- property management yes or no?
- Code enforcement seems to be huge in these areas, many building I read about in Lewiston actually being torn down due to lead paint. Is code enforcement really a huge problem in economically depressed areas?
- who pays you? HUD/ local section 8 or are tenants able to qualify & pay
- average vacancy rate & average time to fill apartment
Sorry for the laundry list, hopefully someone experienced in these and other D areas can enlighten me.