Multifamily Investment in New London County, CT

[Joseph T. Williams]

Hello all!

Long time member, first time poster here. I am an officer in the US Navy who will soon be stationed in Groton, CT. Coming from South Carolina and California, property in this area seems to be fairly affordable, and back-of-the-envelope math on at least a few on-market properties seem decent. My plan would be a multi-family house hack for the time I am stationed there transitioning to a standalone rental property. My question to y'all is, aside from the high property tax rate, and increased heating expensed, are there any other big factors I may be failing to consider in my analysis? Does anyone here have firsthand experience in this area and have any recommendations for someone in my position?

Best regards,

Joseph

[Filipe Pereira]

Hi @Joseph T. Williams, "welcome" to the area, and thanks for your service! 

Depending on the property setup, don't forget to account for snow removal in the winter months. We had a bit of a brutal winter this year and those who forgot to account for snow removal in their numbers are feeling it, I'm sure. 

It's not uncommon for houses here in Connecticut to have oil fired boilers / furnaces so when you begin looking at properties, keep an eye for that, as tenants will shy away from those units. The preference up here is natural gas as it is cheaper to heat with.

Property taxes is definitely the biggest one!