Originally posted by @Kristy Paradis :
My husband and I have flipped two (owner occupied homes) in Central CT and Litchfield County. We are very eager to purchase our first rental property, but knowing that CT’s economy is anything but solid, we are trying to proceed with caution. Anyone familiar with the market? Should we be considering out of state options first?
Hi Kristy! First things first, welcome to BP (and congrats on your OO flips, I'm in the midst of one now)!
I always tell folks that so long as you aren't buying in high volume (I.e. apartment complexes of a few hundred units) Connecticut is still a reliable state to invest in multi family rentals. While the state budget is ugly (for now) we are just a few months away from a change in leadership at the gubernatorial level.
That, combined with it's proximity to two strong rental hot beds (NYC and Boston) makes CT a prime "Secondary Market" in my opinion. Lots of investors can't justify the numbers in NY, NJ, and even Boston, so they look at the next closest thing - and here we are!
I have found that there will always be blue collar workers in this state that need a place to live - most of which will never purchase. So I typically go to areas that have strong rental markets where there is a demand for apartments. I like Manchester, East Hartford, Vernon, Enfield, Bristol and New Britain if you're thinking around the Hartford County area.
Feel free to ask any other questions you may have, lot's of helpful folks around these forums.
Might I suggest factoring the new CT Rail commuter line into your search. It opened this summer, and might influence your decision on where in central CT to invest. Call it speculation, but I know I'm excited for the station in West Hartford to open down the road from my duplex!