How to Analyze a Multi Family Property- Massachusetts Deal
A multi family property in Millbury, Massachusetts
First note... its is not a traditional 3 family. it is a single family conversion property
3 sites used are mls listing (can use redfin, zillow, trulia etc), hotpads (craigslist is good as well, rentometer works as well) and the public records.
the first floor is very large... about 1700 square feet and four bedrooms. Think about target renters and rental class.
There are 2 one bedroom units. One under market at 600. One estimated at 850. Again, target renters for a one bedroom apartment.
Parking situation as well for the property- its a conversion so we take a look at google maps to help us out
its always a best practice to drive the property before going out to see it
also run a quick analysis of the property to see if putting numbers in a calc is worth it
the 1% rule looks good here... but again 2/3 of the units are estimated
we also look at the public record to confirm information on the MLS listing- there are available for each town (some are easier to navigate then others)
If its new to the market... being first is critical. Either want to be first if its new to the market... or if its sitting on the market, it may be a good time to put in an offer to gauge interest
Consider self manage vs hiring out management. If you hire management, consider 8-12% monthly in your numbers
You will start with 2 empty units... consider how much work needs to be done and what season it is when you close.
The Spring is a great time to find tenants.. winter's are far more difficult in Massachusetts
Also want to consider if the current tenants have a lease/taw agreement or last months rent / security.
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Steve Bracero is a Real Estate Agent in Worcester County, Massachusetts and Real Estate Investor. Topics include: Investing in Real Estate, and Helpful Tips on House Hunting and Selling Homes
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