What do you guys think? I was considering investing in New Haven (around the colleges) and there are a couple of deals in Hamden I found on Redfin. Thinking the Bridgeport area may be a little rough and tough. Will the rental markets suffer around these areas?
Hello Mike, I invest in Connecticut and I currently own two multifamily properties in Hamden. My advise is to make sure you work with an agent who focuses on New Haven and truly knows the market. New Haven and Hamden neighborhoods can drastically change from one street to the other. One street can be a great neighborhood and the next one no so much.
I agree with @Jose Bernard 100%. The New Haven market is like nowhere else I've ever seen. One street can be a highly desired area, but the next street over, you're dodging bullets.
Another thing you'd want to consider if you're looking at Student rentals is the fact that in Hamden, you now have to pull Student Housing Permits if you're a non-owner occupied landlord.
I was actually looking at these two properties:
188 Butler St, Hamden, CT 06511
322 Edgewood Ave, New Haven, CT 06511
My agent said both a good, however, he's also the seller's agent. I like that the one in New Haven is close to Yale and the medical center. The one in Hamden seems to be a good area as well. Any help or suggestions on the areas would be appreciated.
While I can't necessarily argue the numbers (given I presume they are facts), my experience as a property manager tells me that I can still rent units at top of the market rents in under 1 month, and often on 2 year leases (in urban areas). I think that unless you are dabbling in 100-150+ unit deals, it is important that you don't look TOO closely at the numbers...often times the macro economics won't necessarily crush your deal, especially at the smaller scale.
I was actually looking at 188 Butler Street a year or so ago to purchase. I even made an offer but it didn't get accepted so I went with another property. As I remember, it seemed like a solid property. The price now is a little more reasonable.
The 2 properties you're comparing are apples to oranges. Just curious, what makes them catches your eye? @Mike Adams
The New Haven one is close to medical, downtown and Yale. The Hamden one seems like a decent area and has solid tenants. I am just not 100% familiar with the area. If anyone knows more about these two areas, please chime in. I just do not want to be stuck with two properties located within a war zone.
Glad to see some other people looking into the CT area, I am looking myself, still haven't zeroed in on one neighborhood, but looking at about 5-6 in different areas of CT. Going to check some properties out this weekend to get a better feel and some further due diligence
Maybe this will change a few things...
Wasn't there already discussion of a casino in East Windsor?
As much as I am rooting for businesses in CT I think more casinos is not the answer lol. Stop proposing casinos CT! The casino monopoly is over!
Is the general consensus that the East Windsor casino will be a benefit to REI in the area, or is the thought it will bring in lower income, higher crime rates to surrounding towns where we may be investing?