New Britain, Connecticut outlook?
Hi all,
There is a property in New Britain, CT that we are interested in. Unfortunately, we are unfamiliar with the area and don't know which areas to stay away from since we know the town has an above average crime rate and some areas have high poverty rates. Are there specific Class D neighborhoods that an investor would not consider investing in?
On that note, are there neighborhoods with high investor activity? Any areas where gentrification is underway for long-term ROI? Any help would be appreciated, as we do not know the area well. Thanks!
@Alyson Augenstein Are you working with an agent that has experience in New Britain? If so, they can probably best fill in the gaps on the areas for you I would think because they are very easy to learn once you have done business in the city.
Be sure to have a grasp on the level of tenant you can attract, average rents for the area, etc. Basic things an agent with experience should know off the top of their head.
If you mention some street names on here or at lease cross streets near where the homes are located we can definitely tell you what kind of area it is here on the forums.
@Michael Noto We work with a realtor that is more familiar with areas of CT east of the river, so not one familiar with New Britain. The homes are located near Allen St, North St, and Foxon Place.
Allen St...is CCSU area, from what I remember
Foxon Place = very good
Allen St = above average
North St and the streets off North St = worst neighborhood in the city
I always avoid the North St area. Since I was a teenager, that area has had a bad reputation. It may be better now, but I can't shake the history. The side closer to Allen Street is a little better. You get a true feel for the neighborhoods in the summer time when everyone is out and about.
I currently live near New Britain high school (06051). It's ok, but my favorite areas are the neighborhoods surrounding the Hospital of Central CT/Walnut Hill Park, Corbin Avenue, and Eddy Glover Blvd./Stanley Park (near CCSU), 06053.
Renita,
Thank you for the insight, it's very helpful!
The further south you get in New Britain, the better off you will be. Martha Hart Park area is great, and we can fetch 1200-1300 for a 3 bedroom all day long. We try to stay away from the CT Rt 9 / 72 interchange.
Try to buy something with gas heat and off street parking. Those are critical in our experience in NB.
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Real Estate Agent CT (#0807610) and MA (#9557050)
- Connecticut Property Management
@Renita G EzellHello Renita, nice to meet you. I am trying to get a feel for new Britain. Do you think I can get 1300 for a 3 br 1 bath in 06051? Thanks in advance!!!
Hi @Jorge Cajamarca,
$1300 is high for 06051. You may be able to get that amount in 06052 or 06053 if the whole house has been upgraded. A good way to gauge is to look at ads for rentals in these areas to see what the market rate is these days. I've been renting by the room for the past three years. so I'm a bit out of touch on full house/apartment rental rates. I hope that helps.
@Renita G Ezell thanks for the info!! I was looking at a
Great Britain as a whole. I will dig deeper by zip code. How has renting by room worked out so far? How do you find tenants? Thanks in advance.
@Alyson Augenstein I've been searching the area as well, and spent some time in New Britain when I was in highschool as I grew up in the neighboring town, Berlin. Things aren't necessarily exactly street by street there. Where are you coming from? I'd say if you can find the time, break the town into zip codes and spend 20 minutes driving through each one, jotting down areas you approve of by main streets/sections, or even circling on a map. This way as things come available you'll know whether or not to spend any more time on it.
Shoot me a message if you'd like to chat. Good luck!
@Jorge Cajamarca, Renting by the room has been working well. I find that the tenants take better care of my property than renting to a family, I have more flexible access, and there is more cash flow. Since 2018, I've been able to focus on financial freedom because the income covers the expenses and offsets shortages, i.e. when someone is short or is laid off, etc. The only negative part is having to mediate housemate issues. I was an RA for two years in college and a resident director for three years. Looking back, I see that I was prepared for this type of landlord. Starting out, I was involved in many mediations, but the house has been more peaceful the past couple of years. As I'm beginning to expand this service, my concern is are there property management companies that are willing to manage shared living communities? Hmmm....Perhaps, I need to start my own property management company to manage my properties. :-)
Alyson - happy to connect with you. I grew up on Brighton Street - parents live there still (off Allen). I am a budding REI and now under contract on a multifamily on Roxbury road. I'd love to share my thoughts with you and assist however I can. My Realtor - who I found here on BP is also from NB – very familiar with the town and has his own real estate there as well. Let's chat when you have time and I can share my perspectives. --Drew
Alyson - happy to connect with you. I grew up on Brighton Street - parents live there still (off Allen). I am a budding REI and now under contract on a multifamily on Roxbury road. I'd love to share my thoughts with you and assist however I can. My Realtor - who I found here on BP is also from NB – very familiar with the town and has his own real estate there as well. Let's chat when you have time and I can share my perspectives. Also - Michael Doherty is my agent - here on BP too. I'm sure he'd be happy to help as well. --Drew
Quote from @Renita G Ezell:Hi Renita ... thanks for sharing this info sending you PM to your inbox have and connection request
@Jorge Cajamarca, Renting by the room has been working well. I find that the tenants take better care of my property than renting to a family, I have more flexible access, and there is more cash flow. Since 2018, I've been able to focus on financial freedom because the income covers the expenses and offsets shortages, i.e. when someone is short or is laid off, etc. The only negative part is having to mediate housemate issues. I was an RA for two years in college and a resident director for three years. Looking back, I see that I was prepared for this type of landlord. Starting out, I was involved in many mediations, but the house has been more peaceful the past couple of years. As I'm beginning to expand this service, my concern is are there property management companies that are willing to manage shared living communities? Hmmm....Perhaps, I need to start my own property management company to manage my properties. :-)