New Britain, Connecticut are the deals gone?

3 Replies

Here we go with a fun challenge- I think New Britain has appreciated so much that duplexes that are not owner-occupied are just not worth it. This town, which is made of mostly rental properties has grown so much in appreciation (imagine saying that 10 years ago) that the cash on cash return is just not there.  Combine the rents (which are decent) with high: taxes, water/sewer, and a 40% insurance premium- that I do not like the town for anything other than really good 3 families and up. 

What are you thoughts?

That's the problem with most CT multis. I was looking at Bridgeport the other day - same issues you mention for New Britain.  I think there's also a lot of pain being felt by the landlords of CT who have non paying tenants and are powerless to do anything about it right now because Lamont is a tyrant and moron. I think there will be a lot of CT landlords liquidating after all this. Combine that with foreclosures that will eventually resume (how many owners are able to keep current without their rental income), and I think CT multis are headed for a tough hit after this.

You're spot on @William Collins . Add the fact that it's probably the town with the highest crime rate in all of Hartford county (not including Hartford) and you really have a great mix of reasons to stay out of New Britain. It goes without saying that some areas are better than other (obviously) but the city still has a long way to go. The last time I went into a Family Dollar there to pick up some sharpies I watched someone try to steal merchandize. Like really? What are you stealing that's worth anything at the dollar store?! 

At the price point that NB is at I'd rather invest in other local towns.