Brick Multi-Family in Rhode Island Good or Bad?

[Jacob Gelinas]

Hi everyone,

My girlfriend and I are first time home buyers in the Rhode Island area and we are looking to owner occupy a multi family as our first home. We recently found a three unit in the city of Woonsocket that looks appealing. The units are large and I think the rents could be increased by quite a bit. The downfall is that the price is quite high and it looks like the current owner has paid more than the listing price of the house according to the tax assessor's database. However, I believe there are a few advantages at play with this house.

The house seems to have less competition due to the high price for the area. We've looked at several other houses in the area and have been beaten out on a few offers, one which was over the asking price. The house is also built out of brick which to me means less maintenance than most homes. No repainting or replacing of siding to worry about. It may need re-pointing at some point but I think that's something I could do myself. The house also has a slate roof which seems like it may be one of the better roofing options out there. As far as I've read it seems I may never have to replace the roof, though if I did it would obviously be at a much higher cost than normal. 

My questions are, does the lack of big ticket items (siding, painting, roof) make the case for paying a higher premium up front? Are brick multis attractive to tenants? Does anyone have experience renting in Woonsocket, and has it been good or bad? Am I wrong about brick and slate being less work than other materials? 

Please take it easy on me as I am new to this.

Thank you very much,

Jake