Anyone know Providence?

[Jacob A.]

I'm from the Southcoast area in Massachusetts. My market is mainly New Bedford since that's where I'm most familiar. I've started taking a peek at multis in Providence, RI. Some of these properties are in great shape and right near colleges. They're cheaper than similar properties in New Bedford by about 30-40K and seem much nicer. Rents are also much higher in Providence. It's a 15 minute drive for me, but what am I missing? Do they have extraordinarily high taxes or insurance? I can't imagine crime is any worse than New Bedford. I'm just not familiar with Providence, and I just have to be missing something here....

[Christian Allen]

Hey @Jacob A. I've got a few multis in Providence and could help give some feedback on any of the neighborhoods you might have questions about.  

The PC area is a good market for student rentals.  The students are pretty aware of the good and bad streets so not everything in the area will attract the most students.  Smith Street is a little hit and miss but for the most part the area that passes through Elmhurst is not too bad.  The Elmhurst neighborhood in general is good but usually a limited supply of discounted multis due to a high owner occupied rate compared to other parts of the city.  

Providence has a broad range of tenant classes so depending on your investment strategy there is a lot to choose from.  Feel free to PM me if you have any questions.  I've lived in a few parts of the city over the last 4 years.