Scituate MA- Long Term Rental Opp?

[Erik Kraemer]

Hi all,

I'm analyzing a single family property in my neighborhood (near Egypt Beach/ Wompatuck Elementary for those familiar with Scituate).  The property needs A LOT of work, so there's value to be had as either a buy and hold OR flip.  I don't know the market for SF rentals and don't entirely trust the research of done, looking for help from local realtors or investors who may have more in depth knowledge to help me evaluate the potential for BRRRRing this property.

Thanks!

EK

[Brian Ellis]

Hi Erik,

Im not familiar with Scituate in terms of investing, but I do know the area has a lot of upside for appreciation.

Have you had a chance to speak to local agents to see what the market rate is for rent? You can also check out rentometer.com 

I have bought a couple single family value add homes, ive rented one out for minimal cash flow ($200 a month), but the upside is the appreciation. I lived in them, and fixed them up over time. When im done, I move onto the next one and have a substantial amount of equity in them. 

First, id figure out if it is a good investment. Whats the purchase price? Whats the ARV? How much is it going to cost to fix it up? If you can grab it at a steep discount, fix it up, have secured equity AND rent it out for positive cash flow then go for it!

Good luck