New Britain, Connecticut outlook?

Question

Hi all,

There is a property in New Britain, CT that we are interested in. Unfortunately, we are unfamiliar with the area and don't know which areas to stay away from since we know the town has an above average crime rate and some areas have high poverty rates. Are there specific Class D neighborhoods that an investor would not consider investing in?

On that note, are there neighborhoods with high investor activity? Any areas where gentrification is underway for long-term ROI? Any help would be appreciated, as we do not know the area well. Thanks!

Michael Noto · Answer

Foxon Place = very good

Allen St = above average

North St and the streets off North St = worst neighborhood in the city

Renita G Ezell · Answer

I always avoid the North St area. Since I was a teenager, that area has had a bad reputation. It may be better now, but I can't shake the history. The side closer to Allen Street is a little better. You get a true feel for the neighborhoods in the summer time when everyone is out and about.I currently live near New Britain high school (06051). It's ok, but my favorite areas are the neighborhoods surrounding the Hospital of Central CT/Walnut Hill Park, Corbin Avenue, and Eddy Glover Blvd./Stanley Park (near CCSU), 06053.

Renita G Ezell · Answer

@Jorge Cajamarca, Renting by the room has been working well. I find that the tenants take better care of my property than renting to a family, I have more flexible access, and there is more cash flow.  Since 2018, I've been able to focus on financial freedom because the income covers the expenses and offsets shortages, i.e. when someone is short or is laid off, etc. The only negative part is having to mediate housemate issues.  I was an RA for two years in college and a resident director for three years. Looking back, I see that I was prepared for this type of landlord. Starting out, I was involved in many mediations, but the house has been more peaceful the past couple of years. As I'm beginning to expand this service, my concern is are there property management companies that are willing to manage shared living communities? Hmmm....Perhaps, I need to start my own property management company to manage my properties. :-)

Michael Noto · Answer

@Alyson Augenstein Are you working with an agent that has experience in New Britain? If so, they can probably best fill in the gaps on the areas for you I would think because they are very easy to learn once you have done business in the city.

Be sure to have a grasp on the level of tenant you can attract, average rents for the area, etc. Basic things an agent with experience should know off the top of their head.

If you mention some street names on here or at lease cross streets near where the homes are located we can definitely tell you what kind of area it is here on the forums.

Alyson Augenstein · Answer

Renita,

Thank you for the insight, it's very helpful!

Alyson Augenstein · Answer

@Michael Noto We work with a realtor that is more familiar with areas of CT east of the river, so not one familiar with New Britain. The homes are located near Allen St, North St, and Foxon Place.

Natasha Dillon · Answer

Allen St...is CCSU area, from what I remember

Drew Pawlak · Answer

Alyson - happy to connect with you.  I grew up on Brighton Street - parents live there still (off Allen).  I am a budding REI and now under contract on a multifamily on Roxbury road.  I'd love to share my thoughts with you and assist however I can.  My Realtor - who I found here on BP is also from NB – very familiar with the town and has his own real estate there as well.  Let’s chat when you have time and I can share my perspectives. Also - Michael Doherty is my agent - here on BP too.  I'm sure he'd be happy to help as well.  --Drew

Drew Pawlak · Answer

Alyson - happy to connect with you.  I grew up on Brighton Street - parents live there still (off Allen).  I am a budding REI and now under contract on a multifamily on Roxbury road.  I'd love to share my thoughts with you and assist however I can.  My Realtor - who I found here on BP is also from NB – very familiar with the town and has his own real estate there as well.  Let’s chat when you have time and I can share my perspectives.  --Drew

New Britain, Connecticut outlook?

Most Popular Reply