I personal favorite is the Black Diamond meeting in Waltham (Alternates every month with their Worcester location, next Waltham one is July) and they draw well from both sides of the city so you can make NH and Cape connections there.

While, there may be distressed properties not vandalized, that might also have a good price, they are diamonds in the rough.What is nice about this property though, is although it might not be super profitable, it will be easy to just walk into, with a renter already in place.

Hey Everyone, I have been working with an investor trying to find a good rental property to go in on and I think I might have found a diamond in the rough.Here it is: Asking $582,00012 unit 3/2 apartment buildingAll units rent at 900/month so $10,800 monthly or $129,600 gross yearly profit 20% ($116,400) down at 4.1% over 30 years = $2,250 mortgage per month 50% rule deducts $5,400 Total costs: $7,650/month which leaves $3150 net profit per month or $37,800/year COC return: $37,800/$116,400 = 32.47%These numbers look very strong to me, but once again I would like the eyes of seasoned investors to look them over an see if there is anything I missed. 

@Patrick Diamond, I don't know if this doable (legally), but if your plan is to eventually buy other properties to rehab and sell to people who'd like to own a vacation rental where you (ideally) manage the property, could you put out feelers for those people now, having them invest in the first house with an agreement that when it's refinanced their investment (plus interest) will be used to buy their own?

Being in Winthrop you should check out the Black Diamond meeting in Waltham for sure.

I have seen a few diamonds in the rough on there.

Until then check out the NEREIA in Chelmsford and the Black Diamond meeting in Waltham.  

BostonAREIA.com is now in Medford I believe, and I have two meetings a month in Waltham and Worcester, Black Diamond url in my signature. 

There are many networking events around us including ARIEA's, various Meetup's and the Black Diamond event in Waltham.

The Black Diamond event in Waltham (2nd location in Worcester) is worth getting out to and isn't that bad from there.