I wanted to hear from current landlords that own property in the city of hartford. What parts of hartford do you invest in? What do you collect for rent for 1, 2, 3, and 4 bedroom units/sfh in the area of the city that you invest in? Reasons for choosing that particular area of hartford as opposed to another? I have done some preliminary research but trying to get some practical info from actual landlords.
I don't have any property in hartford, but know the area well. The closer to west hartford the better, south of the 84 highway is good, south hartford near wethersfield best bang for you buck, north gets a little scarier.
I don’t have a property in that area, but what gave me a good estimate is using the website “rentometer.com” (free site). Then, I would go on Facebook Marketplace and see what other landlords are charging for there rents. Be sure to take consideration of the location and condition of homes! That would give you a good idea of the rental :)
@Kwame Darko Here is an interesting article regarding Hartford MF housing you may like. If you want the most cash flow the 'north end' of Hartford will provide that... but it will come with its fair share of management and headaches ect. Taxes are on the rise but there are still solid deals out there. I would consider looking towards the south end of hartford or west end for best risk/reward.
You can get decent cash flow if you find large 3br 1b units and rent out to section 8. I forget what the max contribution is for Hartford section 8 but i think they will pay up to 1300-1400 for a 3br 1b. I personally like section 8 because it's guaranteed income and tenants are usually well behaved if they want to keep their housing voucher.
@Kwame Darko For a 2 bedroom on Julius st we get around $1,150 - $1,225 for units in very good condition. For a 4 bedroom on Olds Place we get $1,475 and the tenants usually stay for a couple of years.
Off of Wethersfield ave near the Wethersfield border, Imagineers (local S8 program) pays $1,425 for a 4 bedroom. Market rate (literally the unit next door in the same duplex) is $1,475. It's my opinion that the idea that S8 "pays more" is a myth. We applied for a rent increase TWICE when the unit next door (non s8) rented at $1,475. The first year S8 said no, and maxed it at $1,388. The second year they said no again, and only came up to $1,425. Keep in mind that the unit next door was rented at $1,475 for the entire time (we signed a 2 year lease with the tenants).
I think S8 may pay more / market rate for units in the 2-3 bedroom count but once the number of bedrooms exceeds that, the returns start to diminish.