Lawrence, Mass Rental Property
Hey All - Looking to purchase a rental property, condo or single family, in the Lawerence, Massachusetts area. If anyone specializes in this area or is a realtor in the area would love to pick your brain on how I should approach it! Thank you.
@Garrett Fox I would be careful with Lawrence, as I see you are from out of state. Lawerence is cheaper than its surrounding towns, Andover (very wealthy area) Methuen (decent area) because it is mostly lower income (23.7% poverty rate, and median household income of $41,583 per year). However, with the housing market the way it is I see the gentrification of Lawrence as inevitable but on what timeline next year or 50 years from now, I can't say. I would look to Lowell where you have a UMass and large local employers. Haverhill might be a good option for you as well.
C Class Rental rental area, most of the population is working class, B-/C area. There's nothing wrong with starting your investment from there as long as you have the right expectations and budget. It's a high class flow oriented area as opposed to appreciation heavy.
When I started my real estate journey here in MA, Lawrence was on my MLS list and my realtor said "that's one of the cities you don't want to buy in". I ended up investing in Lowell the city right next door. There is good parts and bad like everywhere. Lawrence is definitely one of the worst cities in MA. That's why the market is cheaper.
welcome @Garrett Fox there are plenty of entry level investment opportunities in the Lawrence area but I would also include some of the surrounding towns. There were some good investment condo's that hit the market recently in Methuen and Dracut.
Are you thinking a 1 or 2 bed and what is your target cashflow return?
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I'm a realtor in the area and I think Haverhill is a bit better for investment. I live in North Andover; one town over from both. Glad to help!
I am a past rental owner in Lawrence for many years. Great opportunities in the past but the prices have increased so purchasing might make sense in one of the neighboring towns. Methuen, Haverhill, dracut, Lowell
Lawrence might be a tough place to buy your first. I would go for Haverhill or Lowell. How much are you budgeting for ?
