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Updated about 6 years ago on . Most recent reply

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Saad Hashiem
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1
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Should I buy it or not?

Saad Hashiem
Posted

Hey! 

I am looking into this property in my home town; Biddeford, ME. It is 3 units property was built in 1900 renovated in 1960s. The first unit is 1 bed Apt, second is 2 bed apt, and 3rd is a 3 bed apt. Separate electric bills, off street parking, and they are in a good condition. The buyer is asking for 288k with closing costs included. 

Is this is a good or bad deal?

Most Popular Reply

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35
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29
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Katie Magoun
  • Portland , ME
29
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35
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Katie Magoun
  • Portland , ME
Replied

I agree with others, we need more info. Is it currently rented? 

In my understanding, Biddeford is a patchy rental market. It has historically been a blue collar (bordering on rough) mill town. I know that it's recently seen some revitalization, but the housing stock is still pretty worn out in many neighborhoods. All of this is to say that your price sounds reasonable for a maintained 3-unit in a decent neighborhood, but could be high for many buildings in Biddeford. 

@Harrison Smith is the expert on the Biddeford market. He'd be a great resource! Hope that helps. 

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