Worcester MA Investing

[Ryan O'Leary]

Hello everyone, 

I'm looking to invest in the Worcester area over the next year. It is a small condo approximately 500 square feet, 1 bed 1 bath in an 80-unit complex. Price is approximately $90k but I would offer less in order to allow for the upgrades I plan to put in (approx. 20k for kitchen and flooring). The area is about 2 blocks from the incoming Worcester Red Sox stadium coming in. I currently used my VA loan in Hawaii, so I was planning on taking a line of credit on that property in order to provide the down payment on the property. For the Hawaii property, I belong to an HOA... which obviously has the pros and cons... and the property in Worcester is also part of an HOA.

Does this sound like a good deal? Any recommendations moving forward? I'll be in Worcester this week on vacation and plan to look at the property. I have yet to look into reputable contractors to do the work, but if I decide to go through with the purchase, I would love to do the BRRR method and rent this place out for $7-750. I'm not banking on appreciation with this property, but the city is pouring $100-150million into the area for the new stadium, new restaurants, and shops to be open in 2021 and seems like a decent investment.

Any advice or suggestions would be greatly appreciated. 

- Ryan