Massachusetts Rental Market Suggestions

[Joe Rinella]

Hi everyone,

I'm looking to purchase my first rental property in Massachusetts and I'm looking for suggestions on which markets other investors recommend for rental properties in Massachusetts. I want to narrow down my search to a few cities/towns so I can focus my efforts on these areas. 

I'm primarily looking for multifamily properties, but would consider single families and condo's if it was a good deal. I've come across some multi families in Gardner MA and Leominster MA that cash flow, but I'm a bit hesitant investing in these areas because I'm concerned about the long term performance of rental properties in these areas. These areas have roughly flat population growth, less than the median Massachusetts household income, are a long commute to Greater Boston, and have above average crime levels (at least from my research), which concerns me about long term performance. Does anyone have any feedback on this analysis? Maybe I'm overthinking this if the properties cash flow well and I just screen my tenants thoroughly? 

I really want to own multi families in the Greater Boston Area and feel more comfortable about the long term potential there, but it's very difficult finding multi families that cash flow in these areas right now. Does anyone recommend still focusing on Greater Boston and looking for off market deals, or is it extremely unlikely to find a good multi family in the Greater Boston Area that will cash flow, and it's not worth my time right now?

The max price I can afford on a rental property right now is between $200k to $300k, unless I were to parter up with another investor on a deal. I know this makes it even more difficult to find a good rental property in Greater Boston, which is why I'm also open to single families and condo's. 

Any feedback or information is greatly appreciated.

Thanks,

-Joe