Thoughts on rental property in Lowell

[Christian Cardozo]

Was originally looking to house hack for under 700k in Cambridge/Somerville/Boston/Allston. One week into viewings and math, the school of hard knocks has now provided me a healthy dose of cynicism. Many of these don’t even cashflow when fully rented-out.

Considering the big chunk of change that is even 3%-5% down for houses at Boston prices, I wonder if it may be worth it to buy in a neighboring town (within a 1hour driving radius) where prices are notably lower, put a more traditional amount down (10-20%), and just rent out fully without house hacking.

I pay unusually cheap rent for a lovely apartment in the heart of Cambridge, MA and the more I look around, the more I realize how hard it will be to find that lifestyle and price combination elsewhere. I would not mind, as a first step, continuing paying rent if I have a nice place producing rental income on the side. Then when I’ve saved up more, I can make a bigger move in Boston/Cambridge itself.

A friend mentioned Lowell, MA as a good place for investment properties, and I wanted to see if people here had an inside sense of rentability and the overall vibe there. I work near Lowell and am just getting started doing my own research, online and in person, so I thought I’d see if anyone can offer advice here! Thanks!