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Everett Multi-Family Homes

Everett is a city of about 35,000 people, and it's located a few miles to Boston's north. Right now, it's experiencing healthy economic growth that could continue for years. As such, there are plenty of restaurants and other establishments that are owned and managed by people who live in Everett's neighborhoods. Public buses service this city, and highways such as Route 99 and Route 16 pass through it. To state it simply, Everett is a heartening slice of urban America and a terrific place to own property.

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Much of the housing that's available in Everett is relatively inexpensive; it's certainly one of the most affordable communities in the greater Boston area. The demand for residences in this city is strong as well. Thus, if you purchased, say, a triple-decker in Everett, you're likely to find after a year or so that you've made a robust profit.

The many large houses and older manors that are for sale in Everett will allow you to be creative as a landlord. For instance, you might purchase such a property and decide to rent it out as a duplex. Therefore, that home would give your tenants a great deal of space, and it would accommodate two families with more than one child apiece. On the other hand, you might choose to divide such a property into three or four living units. That option would mean more rental income over the long haul, but it might require a little more work from you over the years. That's because you'd have to spend more time finding new tenants to fill vacancies.

However you ultimately decide to configure your multi-family in Everett, you're likely to be impressed by the condition that your building is in and by the street that it's on. Everett residents derive deep joy from keeping up their neighborhoods, and many of the city's roads are home to exquisite trees and gardens.

With the overcrowding of downtown Boston and surrounding areas, many residents are looking for rentals outside of the city limits. These rentals are typically available at a lower cost, which is ideal for investors and renters. In recent years, Everett has risen as a top spot for renters. Boasting a population of 35,000 people, this community is the urban home of top employers, restaurants and transportation options.

This section of Massachusetts is especially appealing to investors on a budget. The multi-unit properties can be bought at a fairly affordable price and still enjoy a steady stream of rental income. In the last year, the median sales price has risen by $39,750 to reach $397,250. At the same time, the average price per square foot has advanced from $262 to $282.

Investors will typically find fairly inexpensive, affordable options in Everett. While the properties may require a lower investment amount, the demand for rentals is still quite strong. Investors can quickly start making a strong profit with just a few months or years of buying a property.

Within this area, residents will find old manors, large homes and triple-deckers. An entry-level investment option can be found in the area's duplexes. Larger homes can be turned into duplexes that can be subdivided into several units. This type of option is ideal because it allows investors to rent out multiple units for the same investment amount.

While Everett might have lower prices than Boston, the home values have been growing in recent years. Right now is an ideal time to invest in the marketplace before prices rise even further. Once investors find the right property, they can quickly develop an income stream that covers the cost of their mortgage or more. To find out how you can invest in Everett's multi-unit properties, call Boston City Properties today.

Everett is located four miles north of Boston in Middlesex County and is part of the Port of Boston. It is a multicultural city that is meeting the needs of its residents by making sure that all vital information is distributed in multiple languages. It also has a concern about high housing prices in Boston causing gentrification of this city and forcing out the current residents. The city is working to preserve the supply of affordable owner-occupied and rental housing. It created a Housing Rehab Program that provides residents with technical and financial assistance to improve their homes to meet city codes. This assistance is also available to owner-occupied properties that include rental units. The rental units must be rented to low-income households at an affordable rent for 15 years. The staff helps determine what repairs are required, helps develop a work plan, helps with hiring contractors, and helps with overseeing the project. This city is focusing on development and improvement with a focus on its current residents. At the other end of the housing market, plans were recently announced for the construction of 286-unit luxury apartment community in the Mystic Side area of the city. The attempts to balance development in this city should be recognized. These are among the most expensive and popular neighborhoods in the city with the highest appreciation rates.

There are 15,269 housing units in the city with only 39.3-percent owner-occupied. The median home value is $466,677. Since 2000, the appreciation rate for homes in this city has risen 85.07-percent with an average of 3.48-percent per year. Almost two-thirds of the homes in this city were built before 1939. Besides the 65.2-percent of housing units built before 1939, 19.8-percent were built between 1940 and 1969, 11.8-percent were built between 1970 and 1999, and 3.2-percent have been built since 2000. The housing units are 20.1-percent single family housing, 5.7-percent townhomes, 57.6-percent small apartment buildings, 16.4-percent apartment complexes, and 0.2-percent mobile homes. The average market rent is $2,053 per month.

The population of the city is 46,340 with residents employed in a mixture of blue- and white-collar jobs. The city has more residents employed in the fields of mathematics and computers than 95-percent of communities nationwide. The average daily commute to work is 33.5 minutes, but many of the residents use the MBTA bus system. In this city, 17.3-percent of adults have a bachelor's degree or higher. According to the 2010 census, the per capita income was $23,584, and the median household income $52,457.

This city has a unique market in multi-family housing. First, unlike most cities, there is more rental property than owner-occupied housing. Second, the city is trying to encourage the growth of both affordable housing and luxury apartments. This creates a market with a lot of choices for those wanting to buy investment real estate. Discussing the market in this city with a knowledgeable and experienced real estate agent can help you determine which market you want to serve. An agent can analyze how much you want to invest and show you the potential return on your investment and the potential occupancy rate for each market. They can share information on market trends, zoning restrictions, and potential development that could affect your investment in this varied market. When you have decided what market(s) you want to target, the agent can then help you choose properties that fit the needs of your target tenants. After you have selected the property(s) that interest you, the agent can help you make an offer(s) and negotiate with the seller to arrive at a reasonable price. In this market, the advice of a real estate agent can help you choose the investment property(s) that are best for you.

The large amount of rental property in this city and the support for both an affordable housing market and luxury apartments by the city provides sellers of rental property a larger variety of options when selling rental property. As long as there are no zoning or other restrictions affecting your property, you can market your property in the same category in which it has been rented, or considering the age of most of the property, you may want to offer it for sale for redevelopment. A sale for a redevelopment project could take longer because the developer may have to buy other properties as well. An experienced and knowledgeable real estate agent can help you analyze the market and create a plan for you. The agent can then help you set a price and negotiate with potential buyers. Your real estate agent will scrutinize the offers and the potential buyers to make sure that they can make the purchase without significantly delaying or defaulting on the closing. A real estate agent will help you sell your property quickly at a good price.

This is a market with a lot of options, contact us to buy or list a multi-family property in Everett.

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