Stoneham Multi-Family Homes

By car, Stoneham, Massachusetts, is only about nine miles from Boston, which makes it a great town to settle in for the modern, young professional. Situated inside the Route 128 belt, this town is often considered the core of the Boston Metro area. Not only is commuting easy by car, but public transportation crisscrosses town and both buses and trains provide easy access to areas like Boston's North Station.

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When a town is in such close proximity to a major metropolitan center, it also becomes a prime residential area for professionals that want a suburban place to live that lets them leave behind the urban environments of the city. As a result, these types of towns really have a high demand and are excellent for investors seeking real estate to invest in, and some of the best types of this real estate to invest in is the multi-unit property.

Purchasing a Multi-Family Home

Investing in a multi-unit property is a smart thing to do, especially considering that the income derived from rent can often far outstrip operation costs. Additionally, this type of property also comes with several tax deductions that can sweeten the deal. That being said, let's take a look at some of the steps that you can take before a potential purchase:

• Research Similar Properties – Multi-unit properties are fairly unique, but you should check the area for other properties so that you can get an idea of the surrounding market. The last thing you want is to purchase a property where the economy doesn't quite match the rental rates and you can potentially be operating with a lowered capitalization rate.
• Inspect the Property – Any property that you'll be interested in buying demands inspection. Make trips to the location so that you can get an idea of existing tenants, structural condition, and ascertain property value. Additionally, it couldn't hurt to hire an inspector and appraiser as well.
• Take a Look at All Available Records – The current property owner should have extensive records of tenants, leases, utilities, property taxes, and maintenance expenses. Examining these can help you get a realistic idea of how much this building can provide you in profit.
• Find a Good Real Estate Brokerage – A company like Boston City Properties understands the market in towns like Stoneham which are close to Boston. Let us help you make the right purchasing decision in town.

Selling a Multi-Family Home

When you're selling a property in town, always:

• Seek Out Local Investors – In a town like this one that's very close to Boston, you can assume that there are a few investors that have more than one property near to yours. Typically, these investors are looking for opportunities in the area of their properties and will snap yours up given the opportunity.
• Address Deferred Maintenance – Keeping a building in shape takes time and money, and sometimes, you may have deferred some of this maintenance due to constraints. If you're going to sell, you've run out of time – get crews in to finish up the work.
• Communicate with Tenants – Tenants can really aid in the sales process if you just keep them in the loot. Massachusetts has laws that protect them, so ask for their help in showing the property, and they can help seal the deal.

Boston City Properties has been in the business of helping clients sell properties for years. Let us help you find a buyer quickly. Contact us today.

Neighborhoods in the Area

There are primarily five different residential neighborhoods in town:

• Farm Hill – Located in the northeastern part of town, Farm Hill is a suburban area that has a good mix of renters and property owners. There's a good variety of property types here, which can suit any property investor.
• Franklin Street – This southeastern neighborhood has a relatively high property value and also has several luxury apartment renters in the area. When it comes to apartment rentals, everything from studios to two-bedroom units are available.
• Lindenwood – Another fairly expensive neighborhood to live, Lindenwood also has a tendency to lean towards single-bedroom housing. That being said, with many of the properties being on the larger side of things, there's a lot of opportunity for multi-unit conversion as well.
• Town Center – Situated in the southwestern part of town, the town center has both owners and renters. Many of the homes have been built between the years of 1979 and 1999.
• Elm Street – The Elm Street neighborhood is actually slightly more central than the town center and is one of the more inexpensive places to live. In fact, rent here can be less than $1,000, which is less than 96.7 percent of Massachusetts neighborhoods.

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