Where to look for a multifamily in Boston?

[Martin S.]

We are originally from the East Coast but we are currently based in Midwest and that's where our rental property portfolio is. Eventually we would like to spend much more time in New England and NYC. We are looking to purchase a multifamily in Boston for up to $1 mil.  I've been doing research about the local market in Boston, especially in the city but I still have some questions about what to expect in different neighborhoods, cash flow and appreciation in different areas. 

Would anyone have 15-20 minutes to share their expertise over the phone in the next week or two?  I will be honored to buy you lunch or coffee in exchange for that phone call next time we are in Boston.

Thank you and good luck with everyone's dreams and plans for 2024!

[Denis Vaughan]

Quote from @Jason Wray:

Martin,

A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow.  You are going to have a better deal on a "TLC" property versus turn key in terms of sale price.  I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.

Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.  

These are primo areas and would be tough (not impossible) to cash flow with a decent chunk of change down and some renos as suggested. STR is always an option but of course its a hassle. I'd be thinking more along the lines of Roxbury, Watertown, East Boston or over my way, Somerville! Good luck!