Mystic & Stonington CT vs. Westerly & Narragansett RI

[Account Closed]

Hi Everyone, 

We're planning to purchase our first STR investment in the Southeastern CT/RI area and I'd love any insights or advice on the area.

We have family in both the Mystic CT and Narragansett RI area and I'm from Westerly Rhode Island, in the middle of both.  We'd like to find a single-family with 3 bedroom that we could rent as a short-term (or student rental in winter in Narragansett) and use the property a couple of times a year (off-peak) for ourselves to visit family.  If we could accomplish that and cash flow we're feel great. 

I'm bullish long-term but a bit apprehensive on entry given the huge price-spike we've seen in these areas.  Will rents sustain the increases? 

We'd love something walkable - either to the beach in RI or a downtown area, like Mystic.  Our budget will be somewhat restrictive at $500-600K for really close proximity though.  Not as much near the beach at that budget.   

Having a hard time deciding which would be the best locale investment-wise: Mystic? Westerly? Narragansett?  

Any and all comments welcome - thank you, kindly!

Joe 
  

[Colleen F.]

@Account Closed  the other thing to know about Narragansett is you will see listings for cheaper properties typically on Burnside Ave and a few other places. These are May to October camps that may also be on leased land.  You cannot occupy these the rest of the year. I think it is a RI thing. A starting point for a home you can occupy year round is  350-400 k and you are probably better off at 500k. Students like Bonnet , the Pier ,  Eastward look. Some in scarborough.   Closer to the beach the more rent.