Small multi-family (2-4 units) buy & hold investment in Worcester.
Purchase price: $240,000
Cash invested: $100,000
Appraised value: $425,000
Purchased a 4-unit building in Worcester, MA. All 1-BR/1-BA units. Gut renovation on each one through a construction loan.
Rehab completed in late August (contractor did not pull certain permits, so the site got shut down for a few weeks).
Fully rented for October 1
Cash flow after all expenses: ~$1,000/month.
Congrats! Worcester is a great place to be. Make sure you are active in managing and the tenants know you are around. This will keep them honest and your place as attractive as it is now.
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