Maine and New Hampshire market

[Gary Alford]

What's up BP nation, I'm heading to Kittery, Maine for a few months for work and am curious what the real estate market is like there and surrounding areas. Does anyone know where the hot areas are within let's say about 1.5 hours? I know New Hampshire is not far and I believe Boston isn't crazy far either I would love to get into something while in there be it a wholesale or whatever.

[James S.]

@Megan Frank is right, Portsmouth is a complete disaster as far as MLS available properties go for investment. You need some serious cash to buy or build large complexes to see any sort of decent returns. Unfortunately Dover is fast going this way as well. It doesn't take a genius to follow the trail of crumbs from Portsmouth to Dover, and everyone bought up everything in Dover. Properties in my area of Dover are going for $120,000 more than they were 4 years ago. A quick scan of the MLS maybe nets 2 or 3 properties that would meet the 1% rule, and none that come close to 2% (though good luck finding that anywhere in New England, that rule was made for the Midwest and South if you ask me). The properties I am watching fly off the MLS in Dover, I'm not sure how these people are even covering expenses, or if they paid in Cash, having a decent CoC return.

Somersworth and Rochester are, for now, much more affordable, but I don't think you'll find anybody challenge me saying they are much worse communities from a PR and tenant standpoint. They are Scumersworth and Rottenchester for a reason, and have some of the highest crime rates and lowest average incomes in the state. There are good areas of both, but very few people who could afford to live in Dover would live in either of those two towns instead. Parts of them are getting better, repaving and repairing High St in Somersworth is doing wonders for the downtown, but they have a long way to go to catch up to Dover. 

edit: meant High St in Somersworth, not Main St.