State of RE Investing in Central Maine 2020

[Fan Bi]

Looking to get feedback from the BP community on investing in Central Maine - from a quick search on MLS you can find small multis for $50,000 a unit with rents going for $800 a month. Back of the envelope, there's plenty of margin for cashflow.

Most of my experience has been investing in B and C-class multis in Providence, RI where units are closer to $80,000 a unit in decent condition, renting for $900 a month. The economic occupancy with B and C-class in Providence is pretty challenging and it's not uncommon to be running a 5% delinquency rate.

Would love to learn a local investor's perspective on Central Maine (Lewiston, Auburn, Bangor, etc) over the last couple of years.

[Eric Pierpont]

The big surprise will likely be deferred maintenance and heating related expenses. I have two triplexes in L/A and I'm spending around 3-4k annually in heating oil for each. Occupancy has been great and collections can be interesting. Avoid downtown Lewiston, here is a story about a downtown shootout that happened earlier this week: https://www.sunjournal.com/202....

Also, here is a map of neighborhoods to avoid based off of a previous thread from my PM @Carl Hebert: https://www.google.com/maps/d/....