Searching for an investment property in the Boston area that satisfies specific criteria.

Asked by Real Estate Investor, Denver, CO Thu Oct 4, 2012

Hello, I am looking for an investment property in the Boston area that satisfies the following criteria. If you know of any such properties, please respond and I will contact you.

-Assume financed with a conventional 30yr at 3.5% with 20% down.
-Annual rent must fully cover:
1) initial mortgage interest,
2) property taxes,
3) condo fee/common charges,
4) homeowner insurance,
5) property management fees (if needed) and
6) building depreciation calculated on a 27.5 year life
-Unit(s) must either be already rented or could be rented quickly at a price that satisfies the above.
-Prefer a central location with high rental demand (brookline, brighton/alston, south end, back bay, downtown) with professional demographic
-Prefer to avoid higher crime rate areas unless the economics are extremely compelling
-Price is somewhat flexible but would like to stay in the 500k range or lower

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Territory.c…, Agent, MA,
Tue Oct 9, 2012
There is a ton of activity / competition for very similar criteria. As an example, 3 separate investor clients of ours were involved in 5+ person bidding wars in the last week so prepare yourself.

Feel free to email us anytime and we can send you a list of everything on the market that meets this criteria ( by the way, you should also consider cambridge).
Boston's Premier Buyer Brokerage
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2 votes
Heath Coker, Agent, Falmouth, MA
Sat Oct 6, 2012
You may find the numbers that you like in an area that you don't like, unless you choose a local real estate professional and identify the areas that are acceptable for you and your tenants.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
2 votes
John Dean, Agent, Somerville, MA
Fri Oct 5, 2012

Honestly there are properties out there that meet your criteria but on the flip side inventory numbers are down and there is quite a bit of buyer/investor competition. My recomendation is to identify the key areas you wish to purchase in and find a Realtor to help you with your search.. .

I would also recomend that you look at properties on both sides of the Charles River. Boston and Cambridge as well as Somerville. Currently a studio in a good area with modest finishes rent
between $1500-$1700.
2 votes
Martha Sesin, Agent, Belmont, CA
Fri Oct 5, 2012
Yes, I do know of some properties that meet your criteria. Please feel free to contact me directly (617) 938-4517 at Boston Luxury Homes.
1 vote
James Furlong, Agent, Brookline, MA
Fri Oct 5, 2012
Good Morning Matt. You can get a condo in Back Bay, South End, North End or Beacon Hill in that price range. These areas will rent easily and most buildings will allow rentals. Given your financing criteria you will need to make sure that the owner-occupier ratio satisfies your lender I am currently working with several investors looking for the same property type. The good ones always go fast. Don't wait for it to hit the public websites, best to work with a buyer's agent that will know about the listing as soon as it hits the MLS (and sometimes even before). FurChin at Re/Max Metro is "your real estate solution" and we can be reached at 617-620-0669 or
1 vote
Mario Pavli, Agent, Boston, MA
Fri Oct 5, 2012
Hi Matt,

I have a property in Back Bay-Fenway that will be a perfect fit. They are 2 bedroom duplex that rent really well and they are amazing prices.

Please contact me directly for further info.
0 votes
Charles Came…, Agent, Everett, MA
Fri Oct 5, 2012
Hi Matt,

With your price being lower than 500K I would recommend the following markets:

*Jamaican Plain
*West Roxbury
*Dorchester (certain parts)

I will be challenging to find multi-families for under $500K unless you are willing to do investing in condos.

I hope this was helpful.

Good luck!
0 votes
Richard Shu…, , Boston, MA
Thu Oct 4, 2012
Hello Matt,

I can send you listings from these areas that will meet all your criteria . Please call or email me at your convenience.

Look forwards to hear from you.

Richard Ho

617 803 4806
0 votes
Ruth Malkin, Agent, Brookline, MA
Thu Oct 4, 2012
Hi Matt,
Here is a property that might work. Last tenant paid $1500 monthly.
0 votes
Justin Melo, Agent, Chelmsford, MA
Thu Oct 4, 2012

I have a couple properties in mind for you in the Boston area that I think you would be interested in. Feel free to contact me for further information in regards to the property.

Justin Melo
Bettencourt Real Estate
0 votes
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