Mansfield Investment Properties
Located in Bristol County, Massachusetts, Mansfield is a town that is close to both Boston and Providence, which makes it a great place to invest, especially if you are considering investing in rental property. The town is situated about 28 miles from Boston and 19 miles from Providence, which means that commuting to either town will take less than 30 minutes each way. Currently, the median price for real estate in the area is about $431,800. This is about $231 per square foot, which makes it a lower median price than much of the Boston Metro area.
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Residential and Commercial Investment Properties
One of the first things that you need to consider when you first invest in property in the area is whether you want to invest in residential property or commercial property. There are quite a few options that you can consider with either type of investment, and not every option is going to work for you. Here is a breakdown of the different investment opportunities that you will encounter in the area:
- Residential: Single-Family Homes – This is a type of investment that is plentiful in the area, which means that you will be able to find investment opportunities with ease. It is an option that allows you to live in the home as you own it or rent it out to a tenant as you allow it to appreciate. One of the best ways to increase the value of a single-family home is to upgrade the home to give it a modern look that will be attractive to potential buyers when you are ready to sell it.
- Residential: Multi-Unit Homes – This investment option includes units like apartments, condos, townhouses, and duplex-style homes. These types of homes will typically have at least two to four units that you can rent out, which will provide you with a rental income that will help to pay the mortgage, the rental insurance, and any maintenance needs for the property.
- Commercial: Retail Properties – This is typically a section of storefronts that you will be able to rent out to businesses that are looking for a space in the area to sell their products. Typically, this is going to be a long-term rental option that you will be able to secure for at least five to 10 years.
- Commercial: Office Property – This is a great option for an area that has a lot of small businesses, especially start-up businesses. This will provide you with a steady rental income that will not need to be updated as much as a residential property.
Real Estate Market Overview and Neighborhoods
This is a town that has a lot of single-home investment opportunities; in fact, nearly 63 percent of the housing options in this area are single-family homes. However, there are also quite a few multi-family units available as well, which can help you obtain a higher rental income. There are four different neighborhoods in the area worth considering, which are:
- Purdy Corner / Robinsonville – Many of the real estate options in this area were built between 1970 and 1999. Homes in this area have a median price of about $483,800, but rental income is about $2,440, which means that finding an apartment complex or another multi-unit home may be a great investment opportunity.
- Whiteville – Home to Maple Park, this neighborhood is a combination of owners and renters who live in single-family homes and apartment complexes. The median home value in this specific area of town is about $477,000.
- East Mansfield / Ginty Corner – This area consists of a lot of homes that were built after the year 1970. The median home value here is about $447,800.
- Town Center - This is the more historic part of town, so many of the homes in the area were built before the year 1939. There are also quite a few commercial opportunities in this neighborhood as well. The median price for real estate in this neighborhood is about $321,500, which is a bit lower than most of the other neighborhoods in the area.
Choosing the Right Investment Property
When you are looking to invest in property, it is important that you find property to invest in that will provide you with a return on your investment. In the last year, the median home values in the area has increased by 5.8 percent, and it is expected to grow another three percent or more in the coming year. Finding the right property to invest in can be difficult without professional help, so contact Boston City Properties today. We have extensive resources that will help you find commercial or residential property that is ideal for your portfolio.
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