Renting in “war zones?”

[Rhonda Thomas]

I’m new to the area and new to investing. I would like to buy my first multi-family soon. I’ve come across a few homes in the Newhallville section of New Haven, CT. 
I am told this is a very rough part of NH. I am wondering if these properties are worth pursuing. How difficult is to find quality tenants there? Is the turn over high? Is it REALLY unsafe? There is no off street parking, will that be a huge issue? Any info or advice is very much appreciated.

Also looking for an experienced mentor 😉

[Jeff Lamothe]

Hello @Rhonda Thomas.  It is true that Newhallville is considered the roughest part of New Haven and there will be challenges depending on what neighborhood you purchase a multi-family.   I recently acquired a multi in that area and did some renovation on the inside.  It took me about 2 months to find tenants on the vacant 2 units and I believe part of it was because folks were concerned with that part of New Haven.   But at the same time, I filled those units during the beginning of the pandemic, which is a good sign that I could've filled it faster under normal circumstances.   

The area that my property is located, people tend to keep to themselves and won't bother folks.   Occasionally, you will hear reports of petty thefts such as one my tenant's outdoor Christmas decorations was stolen while at work.   

If you do consider investing in Newhallville, then check out this app called SpotCrime.com that shows an overlay of recent crimes within a particular neighborhood.   I would also encourage you to come to one of the New Haven BP meet ups that is hosted by @Ryan Luby.  Last month, I did meet a seasoned Landlord who has a few properties in Newhallville and can help shed light to your other questions.  Hopefully he will respond to this forum or you will meet him at the meet up.   

[Dominic R.]

Hi, @Rhonda Thomas. One thing you should look at is if your tenants will be on section 8 due to the rents in that area.  While some land lords don't mind the steady rent, others don't enjoy the extra work dealing with the state.

[Rhonda Thomas]

@Jeff Lamothe
Thank you for your response, it was very helpful. I would love to attend the NH BP meet up. How do I find information on when and where it will be held? 

@Dominic R.

Thank you for your response. I will keep that in mind when considering my potential tenants.