Lexington Investment Properties
Lexington, which is a town of over 31,000 people, is located in Middlesex County, Massachusetts. It is a town that is often associated with the revolutionary war, but since it is only located about 15 miles from downtown Boston, it is a great location to invest in. With a median price of $975,000, this is an area that is ideal for professionals and individuals who are looking for a smaller community to call home. Real estate values in the past year have gone up about three percent, which means that if this area continues to grow, the potential here is worth keeping an eye on.
Click Here to Search Investment Properties
Residential and Commercial Investment Properties
When you are looking for a property to invest in, the most important thing to do is research the area that you are interested in. There are a few things to consider before deciding whether a property is right for your investment needs.
- Appreciation – When you look at property in an area, you need to consider the price of the property and how much the property value has increased in the past few years. This will tell you if the area is experiencing a growth, and help give you an idea of how much the property that you are considering will appreciate. Of course, you can always update the property that you invest in to help force appreciation, but there will always be a natural appreciation of property that you need to consider.
- Rental Income – Are you going to live on the property that you invest in, or are you going to rent out all of the units. Rental income is a great way to pay the mortgage, pay for repairs, and maintain the building that you invest in. If you are not interested in dealing with tenants, then this may not be the best investment for you, but this type of unit often appreciates more quickly, and when a tenant moves out, you will be able to update the units and increase the rent for the next tenant. This includes condos, single-family homes, multi-unit homes, and even commercial properties. In fact, the lease for a commercial property is typically more long-term, which ensures that your mortgage will be paid.
Real Estate Market Overview and Neighborhoods
This is an area that has a lot of three- to four-bedroom, single-family homes that were mostly built before 1969. There are also some multi-family homes in the area as well that may be worth considering. In this town, there are a total of six neighborhoods that you can invest in, which are:
- Countryside – Positioned on the eastern side of town, this neighborhood has single-family homes with a median price of $1,012,900, which is more expensive than 96 percent of the neighborhoods in Massachusetts. Rent in the area is around $3,200 a month, so if you want to invest in a rental property, this may be an area worth considering.
- Concord Avenue – This is an area that consists of apartments and single-family homes. Most of the homes in this area were built between the years 1970 and 2000.
- Adams Street – With vacancy rates of 2.6 percent in this area, property here is in high demand. Though, if you are able to acquire property in the area that you can rent out, the rental prices in this neighborhood are nearly $4,000 a month, which is higher than 99 percent of all of the neighborhoods in the state.
- Town Center – With a median real estate value of $917,000, this area of town is a bit more budget-friendly. Many of the homes in the area were built before the year 1969.
- Follen Heights – This area is mostly single-family homes and small apartment buildings that were converted from single-family homes that were no longer occupied. Many of the homes in the area were built between 1940 and 1969.
- North Lexington – If you are looking for a lower priced area in this community, then this is a great option to consider. With a median price of about $877,000, investments are available in the area for single-family homes, multi-family homes, and commercial options.
Choosing the Right Investment Property
When you are looking to invest in a town where a lot of professionals live, you can easily make quite a bit of income. The key is finding the right property to invest in, and the choice is going to be different for everyone. If you are new to the real estate business, then making an investment without professional advice may be difficult. Call Boston City Properties today so that we can help you expand your portfolio. We have thousands of resources in the Boston Metro area that are sure to help you find a worthy investment to make.
Click Here to Search Investment Properties