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Updated over 6 years ago on . Most recent reply

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Marielle Walter
  • Investor
  • Washington, DC
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Best area for rental property within 40 minutes of Boston?

Marielle Walter
  • Investor
  • Washington, DC
Posted

I am looking into buying a rental property in the Boston area (it does not need to actually be in Boston) but I want to be able to rent to students and young professionals, as I plan to do a micro-unit, coliving type arrangement, and they will be my target market. I would love to get suggestions on what the best areas could be to look for a house with 3+ bedrooms (ideally much more), in the 500,000 range, that would be a high demand rental market, and of course walking distance to the train. 

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Charlie MacPherson
  • China, ME
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Charlie MacPherson
  • China, ME
Replied

@Marielle Walter  $500,000 won't buy *anything* in the Boston market, even if it's engulfed in flames.  

Even in run down parts of town - which are quickly gentrifying - you're looking at $600,000+ for a wreck.  3-plexes are hitting the market at about $1.8M in places like JP, South Boston and East Boston.  

Cambridge is even worse - there's a 22-plex on the market for $17M ($1.29M per unit) and 3-plexes are $2.22M and duplexes are selling north of $1M.

Right now, Boston (all areas) has 51 3-plexes on the market. Prices range from $546,000 in Dorchester (REO, frozen pipes/rehab) to $5.9M (Charlestown).

I took a look to the suburbs.  For example, Bridgewater (Bridgewater State University) had two duplexes sold recently at $542,000 and $575,000 - still over your budget.

I think you're going to have to raise your spend or consider another area.

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