New Bedford Multi-Family Homes

For those looking for an urban lifestyle near the sea, New Bedford is a great option. For this particular Massachusetts town, both Providence, RI, and Boston, MA, are in range of a good commute, which means that this is a good town to live in as a professional. Also, since this location is a city in itself, there are also plenty of opportunities in town as well.

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When it comes to property values, this town has very inexpensive homes; in fact, the median list price per square foot is about $40 dollars cheaper than the majority of the homes in other areas of the Providence Metro Area.

Purchasing a Multi-Family Home

Homes that support multiple families are relatively common in this town, and currently, there are more than 30 properties looking for tenants. Additionally, the town has several homes that have been converted from colonial-style, single-family housing into rental properties. The average price per month for a rental unit in some neighborhoods in this town is about $1,271, which is about 82 percent lower than many of the neighborhoods throughout the state.

Before making any kind of investment in a property, it's a good idea to make a few considerations so that you can make a profit, such as:

• The Annual Rent – As you might expect, rent is how you'll pay for repairs, maintenance, and staff, and it's also the means in which you'll make a profit off of the property. With this in mind, it's crucial to figure out how much income rent will generate on an annual basis for your property. You should also take into account rent increases, any grandfathered-in rent rates, and vacancies so that you can have the most accurate number possible.
• Annual Expenses – It costs money to operate a rental property, but fortunately, operating costs have a tendency to fall well below the income from annual rent. That being said, before the sale, consider the cost of running the building over the course of a year based on inspections and appraisals. If it's within the five to 10 percent range, it's acceptable. If it falls above this percentage, the property may not be worth the investment.
• Expected Net Income – For this estimation, just subtract the annual cost from the annual rent.
• Estimated Target Capitalization Rate – Since the best annual returns will provide the highest capitalization rates, it's a good idea to figure how much you'll be able to capitalize on a property investment before you make the sale. To figure this out, first, divide the property's net income by the cost.

Have further questions about purchasing a property in this town? Contact us at Boston City Properties, and we'll help you find properties with the highest chance of profit.

Selling a Multi-Family Home

Looking to sell a property with multiple units? Here are a few steps that you can take to market the property for sale:

• Reach out to Real Estate Specialists – At Boston City Properties, we are one of the leading real estate specialists in the state. Contact us so that we can help you sell your real estate listing.
• Consider Owner Financing – If you want to expedite the sales process, consider owner financing. If you go with this option, there are some risks, which is why you should try to secure a 25 percent down payment, which will ensure that the new owner is invested in making payments.
• Contact Local Investors – In just about every area of town, there are local investors that have purchased more than one neighboring property. If there are investors like this surrounding your property, approach them with the opportunity to buy your building – they may latch onto the opportunity.

Neighborhoods in the Area

As a larger city, New Bedford has several key neighborhoods, including:

• Mount Pleasant – Mount Pleasant is an area of town that has real estate prices that are less expensive than almost 79 percent of Massachusetts neighborhoods. This neighborhood is suburban but has several rental properties.
• Clifford – The Clifford neighborhood has rents that are about $1,300 per month on average, which is significantly low.
• Allen Street – Allen Street is an urban neighborhood with more than a few options for renters. Rental rates here also fall in the $1,300 range.
• Tarkiln Hill - When it comes to monthly rent, Tarkiln Hill has the second lowest rates in the city. Tenants can expect to pay, on average, around $1,139 per month.
• Dartmouth Street – For tenants that are looking to pay a very reasonable rent, Dartmouth Street has an average rent of $1,049, which is lower than the vast majority of Massachusetts neighborhoods.

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