All Forum Posts by: Account Closed

Hi All,

Can't believe it's only been ten months since I posted this!  We ended up buying a single family in Narraganset and put a fair amount of work into updating it.  Happy to say we had a four month rental out of the gates, signed on students for the winter and are are two weeks away from fully booking out our summer at full list.  Best part is that we're under a two minute walk to my Mother's house and are planning to use the property for one month a year seeing family.  It's been a lot of fun and we're already looking for our next project house...though this time we really would like to see if we can make sense of an investment in Mystic!  

Any other tips or suggestions are welcome - thanks for the helpful advice, All! 

@Minna Reid thanks so much! Yeah, we looked into this property a bit more and have decided to pass on it.  We're really just not in a position to renovate a large home, especially given the contractor climate. Figured it would be $75K+ to do it right. Will be looking for more turn-key solutions. 

Thanks for the advice also on the local ordinances.  Will be researching more...

Joe

Thanks @Colleen F. - this is all very helpful advice, thank so much!  It seems current price climate is the greatest challenge, hard to guess whether rents will rise enough to offset or if the pricing is just too frothy.  We're coming back east next week and will drive around the neighborhoods a bit more to get a better sense of it all. My mother lives in Narragansett, so we'll be there visiting anyway :-)

Thanks @Jason Calouro that's helpful advice. Yeah, I've noticed coastal RI has gone bonkers with pricing. Mystic definitely has our eye...it's a really charming town and we've always loved to visit. There's a nice house about to hit the market, 35 Church Street...has some history, and good location, but I'm guessing it might need some serious rehab work. 

Hi @Kyle Brodwater thanks that's very helpful.  I'll message you now.  

Joe

Hi Everyone, 

We're planning to purchase our first STR investment in the Southeastern CT/RI area and I'd love any insights or advice on the area.

We have family in both the Mystic CT and Narragansett RI area and I'm from Westerly Rhode Island, in the middle of both.  We'd like to find a single-family with 3 bedroom that we could rent as a short-term (or student rental in winter in Narragansett) and use the property a couple of times a year (off-peak) for ourselves to visit family.  If we could accomplish that and cash flow we're feel great. 

I'm bullish long-term but a bit apprehensive on entry given the huge price-spike we've seen in these areas.  Will rents sustain the increases? 

We'd love something walkable - either to the beach in RI or a downtown area, like Mystic.  Our budget will be somewhat restrictive at $500-600K for really close proximity though.  Not as much near the beach at that budget.   

Having a hard time deciding which would be the best locale investment-wise: Mystic? Westerly? Narragansett?  

Any and all comments welcome - thank you, kindly!

Joe