Homes in New Bedford MA

[Brandon E.]

Hello,

I'm looking into purchasing a 3 family home in New Bedford Massachusetts. I'm still doing research to determine if this a good area to purchase since the homes are more affordable. This will be my first home to get into the rental investment world. I was wondering if anyone here has any experience in this area. Any info would be much appreciated.

Thanks!

Brandon

[Zach Midwood]

@Greg Devlin

Thanks Greg! I bought a 3-family near the hospital (Saint Luke's) and downtown. Just a couple blocks south of Hawthorn street. I bought it off the MLS for 210k with 5k back at closing. It is a 3-2-1 and I inherited the third floor tenant at $675/month. I am currently fixing up the second floor unit and know I'll at least be able to get $1,000/mo. I'll be owner occupying the first floor while fixing it up but once I'm out I think I can get $1,100/month for it. Heat is included in rent but only $1,300/year between all 3 units. I played the rent numbers safe in my calcs but I really think I'll be more at $1,100 and $1,200/mo for the 2nd and 1st floor. After all expenses I should cashflow about $175/mo/unit.