Investing in Biddeford/Saco Maine?

[Robert LaRoche]

First post ever... go easy on me! 

I live in southern maine and Im just about ready to break the ice with a first purchase. The over all strategy/goal is buy and hold multi families. My wife and I want to ease into investing so weve decided to do that by buying a multi, living in one unit and rent out the others.  Ive been looking around at different markets in my area Ive been practicing analyzing deals so as to better educate myself in general while also trying to better understand my surrounding market. 

Heres my question... for those folks who know Maine and Southern Maine, is the Biddeford/Saco area worth seriously considering especially for the first go around? It does have a bit of a tough reputation but my wife and I are no strangers to things being rough around the edges so I dont necessarily mind a certain amount of that. As far as Southern Maine goes I feel like its in a solid location in terms of proximity to Portland and Portsmouth while also having UNE close by and the entry prices are pretty good considering what it takes to be closer to the portland area.  Am I crazy for considering and should just move on or is there something to it?

Anyone whos had experience in this area I would love to hear about it! 

Best

Robert - 

[Tammy Richards]

Hi @Robert LaRoche - 

My first live in rental was a two unit on Munjoy Hill in the early 90's.  It was the "rough neighborhood" back then (!). 

If you are going to live in the multi, you do need to visit and see if it's somewhere you and your wife want to live.  Saco is less rough, but price is better in Biddeford.  Biddeford has more heroin (thought there's drug issues everywhere), but there's an interesting edge/potential to the place.  Saco's school system is stronger. 

Be careful of buying buildings out of code compliance, Biddeford is trying to improve housing stock - a good thing, but if you purchase a building without budgeting for the potential code enforcer spotting your windows aren't egress, that could be rough.  Also, give the police department a call if you are looking at a particular neighborhood/street in either town.  The police know the streets/buildings that they are always being called to.