New member from Providence

[Christian Allen]

Hello all,

My name is Christian, I am a new investor in the Providence area looking to learn as much as I can before making my first rental property deal.  I am 24 and have been working full time as an engineer in the Rhode Island area for the last 2 years.  I have been watching the market for a few months to understand the pricing of the different neighborhoods and the rent potential from each.  Currently, I live on the East Side and really enjoy this area of Providence.  Ideally I would like to purchase a property on the East Side but the prices are considerably high when compared to the rest of Providence and the supply is pretty low.  

From the research I have been doing, Federal Hill and the West Side seem to have good potential for positive cash flow but finding a property in the right neighborhood is key.  Is anyone else buying and holding property in this area who could comment on how the rental market has been developing over the last few years? 

[Julius T.]

There is a reason Fed Hill and the West side is still affordable as far as the multi-family units there.  The crime rate is pretty high and each block is hit or miss.  Best advice is drive the area during the day and night and familiarize yourself with it.  Write down which blocks are appealing and which blocks makes you want to lock your doors and run red lights.