Looking for Advice on Manchester, CT

11 Replies

Hi Y'all,

I am 29 and married.  My husband and I both have regular W2 jobs.  I work as a Nurse Practitioner, he works as a manager of sustainability for a large company.  We've grew up in southeastern CT and recently moved back. My new job will be in Manchester, CT/Greater Hartford area.  We're looking to house hack into our first rental unit by buying a 2-4 unit property as an owner occupant. We've looked at Manchester, it has quite a few multi-units coming available, the city has 6.5% growth and the median family home price is not exorbitant.  We're looking to stay between $180k-300K.  We both have excellent credit and are living rent free with family due to a medical emergency (not for either of us). Only debt is ~ 16k on a car loan. We've got about $30K saved as a downpayment outside of an emergency fund.  Does anyone have any experience with the area or thoughts on Manchester as a potential spot?  Anyone see any concerns with the fact that I've been seeing a lot of duplexes pop up for sale but can't find a lot of available rental units? Is this just seasonality? Or is there an exodus of landlords in the area?

Thanks in advance!

Originally posted by @Anne Cullen :

Hi Y'all,

I am 29 and married.  My husband and I both have regular W2 jobs.  I work as a Nurse Practitioner, he works as a manager of sustainability for a large company.  We've grew up in southeastern CT and recently moved back. My new job will be in Manchester, CT/Greater Hartford area.  We're looking to house hack into our first rental unit by buying a 2-4 unit property as an owner occupant. We've looked at Manchester, it has quite a few multi-units coming available, the city has 6.5% growth and the median family home price is not exorbitant.  We're looking to stay between $180k-300K.  We both have excellent credit and are living rent free with family due to a medical emergency (not for either of us). Only debt is ~ 16k on a car loan. We've got about $30K saved as a downpayment outside of an emergency fund.  Does anyone have any experience with the area or thoughts on Manchester as a potential spot?  Anyone see any concerns with the fact that I've been seeing a lot of duplexes pop up for sale but can't find a lot of available rental units? Is this just seasonality? Or is there an exodus of landlords in the area?

Thanks in advance!

Hi Anne, I'm a HUGE fan of Manchester. I think it's got the right balance between appreciation, cash flow and quality tenants (outside of a few select areas). It has some of the highest rents in Hartford county for towns that have any significant amount of rental stock (not including West Hartford) and yet the price points seem to be quite reasonable. I also like that it has a better tenant pool than say, East Hartford. 

All in all, Manchester is in my top 5 for towns in the north central CT area (call it Hartford county, if you will). Happy to answer any specific questions you may have, just tag me in your response. Thanks!

 

Hi, @Anne Cullen . I grew up in Manchester. There is quite a bit of MFR stock and the prices are approachable. As a house-hack, you might be able to live rent free with a fourplex, but that may not be easy. Don't get hung up on that.

The numbers make sense in Manchester for sure, the Hartford area it's definitely a town that has opportunity. There is plenty of rental demand, and it tends to be a little better tenant. The renters that say "I need an apartment near Hartford, but not IN Hartford" will spend a little more to live in Manchester and commute for work. Compared to other "East of the river" (meaning on the Eastern side of the Connecticut river) towns, the taxes are a little better than East Hartford, and the property is a lot more affordable and available than Glastonbury and South Windsor.

Also, many of the neighborhoods with multi-family properties are quieter, with more space, so its the type of neighborhood that you might choose to live in as well. I was at a tri-plex just the other day that had two single-family homes on either side, and if it wasn't for the screaming kids in the occupied unit, I would live there for sure!

If you have any more specific questions or see anything that you want to take a closer look at, feel free to PM me as well.

Originally posted by @Filipe Pereira :
Originally posted by @Anne Cullen:

Hi Y'all,

I am 29 and married.  My husband and I both have regular W2 jobs.  I work as a Nurse Practitioner, he works as a manager of sustainability for a large company.  We've grew up in southeastern CT and recently moved back. My new job will be in Manchester, CT/Greater Hartford area.  We're looking to house hack into our first rental unit by buying a 2-4 unit property as an owner occupant. We've looked at Manchester, it has quite a few multi-units coming available, the city has 6.5% growth and the median family home price is not exorbitant.  We're looking to stay between $180k-300K.  We both have excellent credit and are living rent free with family due to a medical emergency (not for either of us). Only debt is ~ 16k on a car loan. We've got about $30K saved as a downpayment outside of an emergency fund.  Does anyone have any experience with the area or thoughts on Manchester as a potential spot?  Anyone see any concerns with the fact that I've been seeing a lot of duplexes pop up for sale but can't find a lot of available rental units? Is this just seasonality? Or is there an exodus of landlords in the area?

Thanks in advance!

Hi Anne, I'm a HUGE fan of Manchester. I think it's got the right balance between appreciation, cash flow and quality tenants (outside of a few select areas). It has some of the highest rents in Hartford county for towns that have any significant amount of rental stock (not including West Hartford) and yet the price points seem to be quite reasonable. I also like that it has a better tenant pool than say, East Hartford. 

All in all, Manchester is in my top 5 for towns in the north central CT area (call it Hartford county, if you will). Happy to answer any specific questions you may have, just tag me in your response. Thanks!

 

Hi Filipe!

Thanks so much for your information!  From what I can tell it looks as though some areas to sort of target/look for deals would be between north of 384 and south of 44, specifically west of 83 and then Around i84.  I took a look at crime rates/local food spots etc. in the area and those two geographical locations seem to be nicer parts of the city. I think our next step is going to be to take a drive through Manchester, get a boots on the ground feel.  Thanks for the feedback!!

 

Originally posted by @Allan Smith :

The numbers make sense in Manchester for sure, the Hartford area it's definitely a town that has opportunity. There is plenty of rental demand, and it tends to be a little better tenant. The renters that say "I need an apartment near Hartford, but not IN Hartford" will spend a little more to live in Manchester and commute for work. Compared to other "East of the river" (meaning on the Eastern side of the Connecticut river) towns, the taxes are a little better than East Hartford, and the property is a lot more affordable and available than Glastonbury and South Windsor.

Also, many of the neighborhoods with multi-family properties are quieter, with more space, so its the type of neighborhood that you might choose to live in as well. I was at a tri-plex just the other day that had two single-family homes on either side, and if it wasn't for the screaming kids in the occupied unit, I would live there for sure!

If you have any more specific questions or see anything that you want to take a closer look at, feel free to PM me as well.

 Thanks so much Allan,

Manchester seemed like a great option to us too.  Good to know we're on the right track.  I think our next steps are to take a drive through the area and get a feel for the neighborhoods.  Will definitely send you a message if questions come up! Thanks!

Great plan. 👍 

There’s really only a couple small areas that I would stay away from. But honestly it can go block to block. Sometimes I just do a quick “street view” to see what the neighborhood looks like.  

Originally posted by @Anne Cullen :
Originally posted by @Filipe Pereira:
Originally posted by @Anne Cullen:

Hi Y'all,

I am 29 and married.  My husband and I both have regular W2 jobs.  I work as a Nurse Practitioner, he works as a manager of sustainability for a large company.  We've grew up in southeastern CT and recently moved back. My new job will be in Manchester, CT/Greater Hartford area.  We're looking to house hack into our first rental unit by buying a 2-4 unit property as an owner occupant. We've looked at Manchester, it has quite a few multi-units coming available, the city has 6.5% growth and the median family home price is not exorbitant.  We're looking to stay between $180k-300K.  We both have excellent credit and are living rent free with family due to a medical emergency (not for either of us). Only debt is ~ 16k on a car loan. We've got about $30K saved as a downpayment outside of an emergency fund.  Does anyone have any experience with the area or thoughts on Manchester as a potential spot?  Anyone see any concerns with the fact that I've been seeing a lot of duplexes pop up for sale but can't find a lot of available rental units? Is this just seasonality? Or is there an exodus of landlords in the area?

Thanks in advance!

Hi Anne, I'm a HUGE fan of Manchester. I think it's got the right balance between appreciation, cash flow and quality tenants (outside of a few select areas). It has some of the highest rents in Hartford county for towns that have any significant amount of rental stock (not including West Hartford) and yet the price points seem to be quite reasonable. I also like that it has a better tenant pool than say, East Hartford. 

All in all, Manchester is in my top 5 for towns in the north central CT area (call it Hartford county, if you will). Happy to answer any specific questions you may have, just tag me in your response. Thanks!

 

Hi Filipe!

Thanks so much for your information!  From what I can tell it looks as though some areas to sort of target/look for deals would be between north of 384 and south of 44, specifically west of 83 and then Around i84.  I took a look at crime rates/local food spots etc. in the area and those two geographical locations seem to be nicer parts of the city. I think our next step is going to be to take a drive through Manchester, get a boots on the ground feel.  Thanks for the feedback!!

 

I would actually stay NORTH of 44 and SOUTH of 384, mainly trying to avoid the area where the street names sound like trees: Oak, maple, birch, etc. North Manchester is the best from what I have seen in my time as a property manager in the area. 

 

@Anne Cullen   I own 6 duplexes in the town, and can give you a neighborhood by neighborhood view if needed.  I like the town as it is also the edge of the commute range for UConn students (25 minutes to campus).  So if they are going to university and doing an internship it is a good middle town.