Multi family in New Haven (Fair Haven)
Does any one on here have experience with new haven multi family market. I am looking to buy a 3 family in fair haven and plan renting out each unit to section 8 tenants as they pay 1650 per unit... my question is how difficult is it to find section 8 tenants in this market?
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We operated a three family in Amity/Westville until quite recently. A far better neighborhood than parts of Fair Haven. We were getting $1130 for a Section 8 tenant in a 2 BR. That's about market rent, which is what Section 8 pays. $1650 per unit in Fair Haven? Maybe for a condo on the river. Check Trulia, HotPads and Rentometer for rents in Fair Haven. I did yesterday and couldn't find anything near $1650, even SFH. They vary fairly significantly depending on which street/area. Fair Haven has some high crime sections. Section 8 won't pay higher than market rent. Finding Section 8 tenants is not that hard, you just have to indicate you accept Section 8 in your ads. There's a substantial amount of paperwork and extra inspections, but the rent comes on the first without fail, at least the portion covered by Section 8.