I was curious, for those of you investing in MA. Are you having success with Multi Families? It's an expensive market so I was looking on some feedback whether you're having success or investing long distance etc. Also when you look at your cash flow, do you look at it from door to door or as the entire unit? This question more so pertains to smaller multi families. As always thank you for your feed back!
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
7y
@Shayne Mahoney I don't do a lot of rentals, but as a MA Realtor (and as a landlord) it is highly illegal to discriminate against a potential renter because they receive any form of public assistance.
If you look at the crime heat maps on Trulia (about the only thing it's good for), you can get the lay of the land. From what I've seen, New Bedford has somewhat less crime than Fall River, so I'd look there.
I recently drove through the waterfront and was really impressed by what they've done with it. It's beginning to look like a new Charlestown in the making!
Brockton is divided into two zip codes. 02302 is the center and east. This is what people call the "war zone" - especially the center. 02301 is mainly the west side and is a really decent place. Comparing the two, center/east is characterized by homes in disrepair, overgrown yards, etc.
If I were to drop you blindfolded into 02301 and tell you that you were in Canton, you would be impressed at how nice Canton is.
I feel your pain regarding the Braintree split. However, Brockton and most of the south shore has excellent commuter rail service. Look at www.MBTA.com and there's a function where you put your starting point and destination in and it will give you commuting options.
Rental Property Investor · Western Washington · Member since 2018 · 151 posts · 60 votes
7y
@Brian J Allen I've been shopping around the North Shore area for muti families (preferably a four plex) but I am certainly open to looking into the Worcester market. I would be interested in hearing about some of the properties you might know of.
Real Estate Agent · Worcester, MA · Member since 2018 · 518 posts · 410 votes
7y
the good ones sell quickly, all depends on what you are looking for. 30 Superior was a dump, but at a good price and in a nice area. 25 showings and at least 5 offers in 3 days. but it was $270k asking and the single family across the street on the same size lot was worth $250k. let me know if you want to chat
Real Estate Agent · Worcester, MA · Member since 2018 · 518 posts · 410 votes
7y
i would love to say that this is overpriced, however. Greendale is a nice area, the SF itself at 1050 Sq ft might go for $250k, and a 3 Decker of similar size in the same neighborhood 15 Wilkinson sold for $400k, 12 Summerhill sold for $370k and both were fair deals, a 2 family that needed over $100k maybe even $150k of work 34 Granville sold for $220k. The thing is that pricing of multis in Worcester is neighborhood by neighborhood and street by street. From 11 Ericcson you can be at Boston Scientific in Marlboro in 15 minutes and you cant touch anything in Marlboro for that price. it is likely that the sale price will be lower than $650k but you have to pick a number. i wish i was around this Weekend to go to the OH but i am not, it would not be a surprise to me if it was gone due to location, there are deals to be found, but it takes hard work. that is why i have been in over 400 multis in 2018 and constantly talk to agents, buyers, landlord and tenants as to what market rents are and why they are buying or selling in certain locations. Due to the scarcity of good properties(first concept in economics class) people have to make economic decisions for themselves. A young family may want to put their parents in the SF house and rent out the 3 decker or live in it themselves. you may have a large family pooling their resources to put together a compound, or it could simply be a single family alternative that they can live with and see as a blue chip investment