Whitman Investment Properties

Also known as the birthplace of the chocolate chip, Whitman, Massachusetts is a beautiful town that has the major perk of only being about a 35-minute drive from Boston. This town is known for being relatively inexpensive for a Boston suburb; the median value of property in this town is around $332,206, which is significantly cheaper than many of the towns in the Boston Metro area. Also, the town is also very beautiful; colonial and ranch homes are common in this area, and many of the homes were constructed pre-20th century, which really brings in the old time charm.

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Residential and Commercial Investment Properties

Now that you're considering a property investment in the area, it's a good idea to consider the available properties so that you can make a smart decision. The last thing you want in an unprofitable investment, which is why you should always consider a property's:

• Appreciation Rates – When executing your due diligence, you should research a property's history. How much has the property value increased in recent history? How have surrounding property's value increased in the past few years? Knowing this information gives you an idea of how much the market is growing, which can tell you how much a property might sell for after a few year's worth of appreciation.

You can also force appreciation as well. When you are deciding on a purchase, get to know the properties that you're interested in. What kinds of upgrades are possible? Adding features and renovating old areas will increase the value of a property, which can make for a fast and profitable sale.

• Rental Income – If you're planning on renting out the property, you'll be making fairly steady cash flow. Renting out a property doesn't preclude living there; a multi-family residence provides you with a place to stay as well as units to rent out. Rental income comes with a few responsibilities, so if you don't want to deal with tenants, then maybe another type of property investment may be better for you.
• Expenses – Every property has a running cost. Not only will you need to pay for maintenance, but you'll have to pay back the lending institution, and things like utilities and real estate taxes are very important to consider as well. In any situation, make sure that rents in the area match up with your goals for cash flow. The last thing you want is to have the entirety of your rental income tied up in paying off the mortgage, maintenance costs, and real estate taxes.
• Capitalization Rate – How fast do you want to pay off your mortgage? Ideally, when it comes to financing, you'll want to be paid off in 10 to 20 years, so typically a capitalization rate between five and ten percent is usually pretty optimal. Things like rent increases can also speed up the time that you start to see a real return on investment.

Real Estate Market Overview and Neighborhoods

This town has four major neighborhoods:

• Rye Hill – With a median real estate price around $367,000, Rye Hill is a fairly attractive neighborhood for investment. This is primarily because there is a good mix of properties in this area from single-family homes to small apartment buildings.
• Town Center – Three- to four-bedroom homes are fairly common in the center of town. This area stands out because it has robust shopping options for residents and home values that are fairly inexpensive as well compared to surrounding neighborhoods.
• Auburnville – Auburnville has some of the cheapest rental rates in town, and the median real estate price is also very low at $324,800. In fact, rents here are lower than 99 percent of all Massachusetts neighborhoods.
• Washington St / School St – This part of town is comprised of a mixture of both rental and owned properties. As a result, this is a fairly active neighborhood from a real estate point of view. The vacancy rate here is also a very low 2.2 percent.

Choosing the Right Investment Property

We all want to make the right investment decision. This is why it's a good idea to have a good amount of support in your corner. At Boston Center Properties, we understand that investing in property can be daunting, which is why we have some of the best-licensed professionals on-staff that can help you find the property that you're looking for. Contact us at 617-247-1933.

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