Investor · Ansonia, CT · Member since 2016 · 19 posts · 2 votes
This is for all you BP fans out there is a property in Manchester Connecticut I'm interested in buying a possibly for rental purposes. It's going to be a single family property. I dont know anything about the town if it's a good investment I've done minor research. The comps in the area seems very good for the value of the property well below market value especially for the rents. I'm worried about if I should purchase outside of my comfort zone. It's about 50 minutes away from me driving wise so not too bad. This would be my second investment any pointers or advice would help thank you.
I was just at a meeting last night in Manchester. It was hosted by Scott Hollister. I only met Scott yesterday, but he seems to have a good handle on what is going on in Manchester.
Hey @Xavier Knight, I grew up in Manchester and it's one of my investment focus areas. Prices have taken a while to recover from the the crisis 10 years ago, which makes it attractive.
Manchester is close to Hartford and has a lot of shopping, etc. Schools aren't great, though, and population is flat or slightly down since 2010. Parts of town have been deemed "opportunity zones." So, that's something to look at.
If you're looking for cashflow, I think it's a good place, but don't bet on terrific appreciation. The wildcard is if RE in town begins to make up the gains it didn't see over the last 10 years.
@Jaysen Medhurst, thank you very much that was a big help. Possibly looking to renovate and rent it because it's such a good deal and the numbers work. Cashflow possibilities are possible and would like to implement theBrrr strategies along with putting down 20%. Rents in the area are going for 1600+ especially it's a single family 3 bed 2 bath would be financing around 70k