Northeast CT / Northwest RI / South central MA??

7 Replies

Finally decided to buy my multi family that I've been sitting on buying for more than a year. I work in South Central Mass, Webster, so I have open to me all of the tristate area where it touches. I'm looking at rural Burrillville or Glocester RI, rural Thompson CT, artsy Putnam CT, or Webster MA. I'm trying to decide on area because where I buy my first, I'll be likely buying more. I was a landlord in Worcester, and I just don't want to buy there again... not right now. Maybe once I have a few more houses under me and a property manager. Right now I'm looking to house hack, and I want to get out of Worcester. 

I'm an accountant and I've already run the numbers on these towns. Cap rates are good on the properties I'm looking at and expected NOI/ROI are good also. These will all cash flow. I'm more looking for help deciding on market.

1. Burrillville market is not bad, despite being rural. They don't have any highways nearby, however, and just are starting to build up the downtown area with restaurants and the like. Realtor/investor says he thinks it's an up and coming market. But I just like it personally, it has a good, family feel, safe, clean, lots of churches and the like. Lots of occupied multi families, so there are renters... 

2. Putnam - old mill town, lots of antique stores, right next to major highway, farm to table restaurants... definitely building up as they have lots of festivals and the like, there's a draw there. 

3. Thompson - rural, mill town feel, but very close to Webster with a larger employer

4. Webster - right on major highway, larger employer, most known for Webster Lake, a large, recreational lake. Lots of summer activitiy - camping, music concerts, etc. Only 20 min to Worcester, the 2nd largest city in New England, for more employment/renters

None of these areas have rents in the Worcester range, but the purchase prices are such that the cash flow is actually better.

Anything I'm not thinking of? Hospital is probably best in Webster then Putnam...