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Those are some good areas. Don't forget Kittery and Eliot. It is tougher to find duplexes under 250K but still possible. If you need help from a real estate agent in Southern ME and NH let me know. I can do some digging around and see what's coming on the market. Send me a PM.
@Kyle Jenkins The Saco/Biddeford area is very active right now. 2, 3, and 4 unit properties come on the market and go under contract quickly. The rents have moved up and there is a lot of activity in the area. If you are interested in discussing further, I would be happy to connect. I am a Realtor in the Saco/Biddeford area and the CFO of a real estate holding company that owns a property management company (among other things) and could give you a well rounded perspective on what to expect in this area. Best of luck on your search, I would be happy to help in any way that I can.
At $250k for a duplex, that certainly doesn't limit your markets much. Despite the red hot Portland market, you can still occasionally find a duplex for under $250k. (In fact, I believe there's one available now.)
Before answering your question, I'd love the hear more about why you're looking at the price point (it's pretty high for a duplex in most markets); what are you looking for from this investment? Are you planning to owner occupy? (In which case it's important to factor in livability, cost of living, amenities, etc.)
@Kyle Jenkins - Hi, I own buildings in the Lewiston/Auburn area if you want to look around here just let me know. I am very familiar with the twin cities.
Just a heads up - Lewiston/Auburn is about 40 mins north of Portland and Augusta will add at least another 30 to Portland. Turnpike is great here though and traffic for the most part is rarely heavy outside of holidays.
Good luck hunting!
@katie
I am in the military and transfer this summer, upon reception of orders to units in the boston to boothbay harbor area $250k would best fit my pay. I will be living in one side and renting out the other. then after four years i move and rent the whole thing
@katie
i am looking for a duplex with 2 bedrooms on each side. i want one side to cove TMI of the whole building. That will free up my mortgage money to be able to pay double payments and get it paid off
Carl Hebert That would be great. We have a lake house in monmouth and i love the area but A/L scares me since i wonder if its a good place to buy. Im i get stationed in boothbay harbor i would consider a duplex there or a lakehouse to rent when i leave. A duplex would be smarter financially. Can you tell me about the market in A/L?
Originally posted by @Kyle Jenkins:Carl Hebert That would be great. We have a lake house in monmouth and i love the area but A/L scares me since i wonder if its a good place to buy. Im i get stationed in boothbay harbor i would consider a duplex there or a lakehouse to rent when i leave. A duplex would be smarter financially. Can you tell me about the market in A/L?
Kyle the market here in Lewiston-Auburn is more of a buy and hold as far as apartments go. I am making money each month on all my buildings but they really haven't appreciated except for the work I have put into them.
Example my first building I bought in Dec 2012, a 3-unit, it appraised for 124k and we paid 112k. After doing a full remodel on the building for about 90k it was appraised last year (actually 2016) for 195k. I was told by the appraiser he couldn't appraise it any higher because of the market itself. Best three unit he's ever appraised in Lewiston-Auburn. We went a little overboard on the remodel because both our mothers had an apartment.
We currently get $1000 for the third floor, $950 for the second floor (mother-inlaw, would go for 1100 otherwise), $925 for first floor, was my mom's. They are all 2 br 1 bath. Those prices are well above average for the twin cities, but everyone who sees them thinks the price is fine.
Second building bought in 2015, a 4-unit, was listed at 185k and we offered 170k. They countered with 182.5k, I wanted to walk, but my wife really liked the area and the building so we kept going waiting for the appraisal to come in. The appraisal was 172k and the bank said that was the max they would do for a mortgage and we ended up getting it for that. We remodeled the first floor for 9k and rent it for $1125, 2br 1bath. The two small 1 br apartments go for $650 and $670, the large 1 br goes for $750. New appraisal came in at 185k.
Third building purchased in 2016, a 3-unit, was listed at 110k and we offered 90.5k and they accepted really quick. It appraised for 124k. We are currently remodeling the 1st floor. Current rents are $850 1st floor and $800 for the 2nd and 3rd. All are 3br 1 bath. After the remodel we should be able to get 1100-1250 or more for the first floor. 3br are really scarce right now and nice ones even rarer.
I think after the apartments are all done it will appraise for around 200k, again mostly due to the money we put in.
Fourth and fifth buildings we just closed on in January, the 4-unit appraised for 128k we bought it for 125k. Total rents are $2950. This one has an efficiency, a 1br, a 2br, and a 3br. It is part of a package deal were we also get another 3-unit that had a fire and needs 2 units fully remodeled. The third floor, 1br 1bath, is finished and rents now for $825. The other two are 2br, 1 bath and will rent for $1000-1100 when done.
It should appraise when finished close to the first one we bought, but the neighborhood is not quite as nice so I am thinking it will be 175-185k when done. We did not get an appraisal on this one because of the deal we were doing. I am sure it would be quite low due to the gutted 1st and 2nd floor.
Mind that 4 of these are in nice to decent areas, the fourth one is not one I normally would of bought, but it was a sweet deal with the other building thrown in.
If you decide to look at buildings here in the twin cities let me know and I can give you my 2cts on the property :)