Another factor is to look at the appreciation of the property value, Newton definitely has a good rate of the appreciation.
Rule of thumbs here; Capitalization Rate, Vacancy %, Debt Coverage Ratio, Cash Flow, Appreciation %
Newton is very expensive and the "cap rates" or your return on investment are very low on a month to month basis. If you are looking for as much monthly income as possible, maybe Newton is not the right town for you. Though on the other side of the coin, Newton is a very desirable, stable community, that may help in retaining tenants and preserving capital outlay.
You need to consider what your goals are in purchasing an investment property and choose communities and properties that meet your goals.
Can close quickly. Prefer easy maintenance of a condo( low fees). 2 br preferred. Open to a multi family unit. Near T and parking available a plus!
Brenda van der Merwe
William Raveis Real Estate, Newton
Here is real estate agent level access to every multi on the market in Newton:
Massachusetts Premier Buyer Brokerage
Protecting the interest of home buyer's one property at a time!
I would choose a real estate professional with experience in the local investment market where YOU want to invest, and consider their input.
You may have to be patient for the property that meets your criteria, and it may be on the market now.
Having a local pro is the best way to invest locally.
If you "don't care" where you invest, then look nationally using your criteria and make a decision based on math only.
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Newton is often rated as one of the best places to live:
However, there are other great communities as well. If you would like to discuss your investment options further, please email or call me.
Broker, Realtor, ABR, Notary
I would imagine that Cambridge had very similar characteristics. So again, the question is ... what are you looking for in an investment property? Will you be living in any part of it? Are you near by? Are you looking purely for passive income or are you looking for somewhere to store dollars?
I'd be happy to sit with you to discuss your objectives, if you'd like. Best of luck!
The best communities are always the same, Brookline, Belmont, Concord, Dover, Lexington, Newton, Needham, Wellesley and Weston. Why? Location and schools. But they are also the most expensive.
Much will depend on what your idea of a good investment is and your objectives. Are you looking for a single family, condo, multi family? Are you handy or want a turn key situation?
I am happy to go over your individual situation, make recommendations and guide you thru the process.
I have sold everything from condo's to apartment complexes, retail stores to malls.
I look forward to hearing from you.
Newton is a terrific community to own rental property because Newton appeals to such a wide demographic. Many current landlords rent to families who want to take advantage of the terrific school system we have while others are renting to a variety of young professionals (i.e. doctors, attorneys, researchers) who want to enjoy the quiet of s suburb but also have the convenience of being within a 15 commute be either train or car to downtown Boston. There are 13 villages that make of the city of Newton and each offer a plethora of different activities and features that make each unique in its own way. As of today there are 17 multi family homes for sale in Newton. Please let me know if I can show any of them to you.
Newton has proven to have a sustainable value as far as properties go and so do many other towns! Regardless of the price range you will find the inventory of multifamily homes now is low and the amount of buyers looking for them is growing as never before. I would suggest not to limit yourself to one good town, unless you have a specific reason for it, and look for where you can find the house you like. You may want to put on your radar screen also towns like Brookline, Lexington, Arlington, Belmont, Cambridge, Somerville and others.
In addition, Newton has a great school system and a low crime rate. Property in Newton has been shielded from the excessive price corrections that occured in other Towns due to its reputation as a well run City with excellent services. It is also a very attractive community. There are 13 villages in Newton, each with its own charming personality and character.
I would love to help you in your search, call me at 617-974-2568