Totally agree that Worcester is very distinctive in the neighborhoods that you would want to own a rental. The talk is that downtown is revitilizing,but you'll wait another 5 years to get quality tenants in your rental if you buy in that area. Good long term investment. Extrememly risky short term.
Stick with the nieghborhoods with higher median incomes. Also, within 5 miles of UMass is a GREAT opportunity. I manage a property in this area and would buy a triple decker in a second for all the quality renters gravitating around Burncoat/UMass.
Worcester is a city of neighborhoods, about fifty in all. Basically, the most expensive neighborhoods are Salisbury, Lennox/Flagg, Tatnuck, West Tatnuck, Midland, Newton Square, and Bancroft, which taken together make up the "West Side." In real estate magazines, the West Side is defined loosely as anything west of Park Avenue, but in character, it is really only about a fifth of the city, geographically speaking, and is made up only of the neighborhoods listed above. Other areas can also be very nice, including Burncoat, Indian Lake, Greendale, and North Worcester.
After the dozen or so neighborhoods listed above, it's really a street by street kind of thing. There are about two dozen or so streets that are worth avoiding entirely, and any real estate agent worth his salt will give you those names and help you to steer clear. Remember, it's a buyers market right now. Don't be afraid to walk away from a deal if it's not a clear bargain. And aim for the best neighborhood you can afford, because if you select one of the neighborhoods stung by the foreclosure blight (none of the neighborhoods in the West Side have seen high foreclosure rates) then recovery is likely to be further off.
So did we have a bad experience with a realtor perhaps? As to us "hungry craved realtors" who want to take buyers for every penny for a commission, I take offense to your statements and I hate when people put everyone in a generalized statement like that. Just as in any business, there are good realtors and not so good realtors. Adel has asked me to work with him and give him some advice on the best places in the city to buy, and I also mentioned a few other cities I am going to give him as well that have good rental property possibilities. Since he is out of state, I will be his eyes and guidance through this process, so much harder than with a local buyer. I welcome the opportunity and see a lot of rental properties being picked up now and rehabbed into good rental income, and with the economy, you have more renters than ever now, so why not try to get a good investment now when the prices are right.
My humble opinion...
There are many different areas of Worcester that have multifamily homes that could have good possibilities for renters depending on commuting location or schools. For example, you have 01602 and 01609 on the western side of the city that could have students from Worcester State College and Assumption Colleges, or you could do 01605 and 01604 on the eastern side that could possibly have interns and medical professionals from the UMass Meidcal Ctr off Rte 9. Or the 01606 area is the northern section of the city surrounding Quinsigamond Community College and commuters for Rte 190 going north of Worcester for work. So as Mr Jones mentioned, it really depends on what type of multifamily property you are looking for and the renters you are looking for as well.
Our Prudential website is great for helping you set up a saved search that can send you emails of properties that interest you, giving you up to date information of when multifamily homes come on the market, plus giving you some neighborhood and school information as well.
I see you are from San Diego, CA so are you looking for pure investment property or a buy to live in and rent as well? R & R Realty is a rental company in Northbridge that also does rental property management if needed. Let me know if I can be of any further assistance to you and if you'd like me to sign you up for receiving emails of potential multifamily homes in the Worcester area.
Hope you had a fabulous holiday and have a great new year!
Angela Dolber, Realtor
Prudential Prime Properties