I was hoping someone could shed some light on the current status of the rental market in the Augusta/Waterville/Winslow/Fairfield area. Since reasonably priced triplexes or greater seem to be getting hard to come by in the greater Bangor area, I've expanded my search south a ways and found there to be a bunch of multi's coming on the market in the Augusta area priced pretty reasonably. Every seller claims to have "great rental history" and "low vacancy rates" but I am wondering if this is true in an area with a declining population and what seems to be a saturation of multi units on the market.. If any investors or residents of the area could provide some insight it would be greatly appreciated!
Prices in Central Maine are really high right now too. I've been to auctions and searching the MLS, but "deals" have been hard to find.
Be careful of anything in Augusta. Check with code enforcement. They are forcing landlords out of business, so make sure there are no outstanding violations and that it's been inspected recently.
@Justin Giroux MLS and Auctions are not where the deals are. Deff need to be thinking off market with leads. Have to get creative, all my deals I even look at are off market and cannot be found on MLS or at auctions.
I'm in Waterville. The market is incredibly hot and I would argue over inflated due to the work Colby is doing. I'm grinding deals right now but am seriously considering alternative markets.
Skowhegan is on my short list. Looks friendly to investors, has a great footprint and the Mill is cranking for the foreseeable future. Rumor has it that they are doing packaging for amzn. They have brought around 300mm to the area without the hype of Colby.
What type of tenant's are you looking to have? college professors, students, low income?
There are a ton of multi families in Augusta, most are in rough shape and rents low enough to attract tenants who I would not want to rent to. I think above 900/month is where you start to get better quality tenants that won't destroy the place.