Turnkey condo in Dorchester questions

[Kate Murphy]

Hi all- we have recently completely a flip in Dorchester Center. Two units of a three unit building, fully renovated with parking which are listed under 400k each, 3 bed, 1 bath. In three weeks on the market We have received excellent feedback on the units and price but the neighborhood is proving to be a challenge. The area is still being developed and a good amount of buyers in this price range seem apprehensive about buying there. It would also be a fantastic house hack opportunity.  We were even featured in Boston Magazine as a top place in Boston under 500k! Two big questions I hope to get some advice on-

1-what strategies have helped you work around a neighborhood that is still being developed? How do you help buyer see the future appreciation value?

2- we have a HML and would consider refinancing out some money sooner rather than later as our holding costs are very high. Has anyone been able to successfully refi without renters in place? Although we would consider renting if needed, ideally these units have been renovated to flip.

Any thoughts are welcome. I am attaching the links to the listing if it is helpful. Thanks!!

https://www.trulia.com/p/ma/boston/9-whitfield-st-2-boston-ma-02124--2001497223

https://www.zillow.com/homedetails/9-Whitfield-St-3-Boston-MA-02124/81856253_zpid/

[Dan K.]

@Kate Murphy -- Makes sense. If you are able to sell the units to two separate people, you are going to help the 3rd unit owner since banks aren't fans of one person owning the majority vote in a condo situation.

Personally, I don't think your market is an investor. Investors in that area typically want value-add opportunities (like what you two did), and/or entire buildings. In places like Cambridge, Brookline, and more centrally located in Boston you will find more investors that want to buy turn-key. Those investors typically want to diversify their investment portfolio and ride the appreciation (along with the depreciation). 

Keep in mind, banks don't move fast. You should assume about 60-days for a local bank to close on your refi.