Viewing a single comment thread. View all comments

Queen_Axeline t1_j1p3r9b wrote

Reply to comment by jeanclaudevandamnnnn in Is Pawtucket the new up and coming area outside of Providence? by jeanclaudevandamnnnn

Please don't do that right now. The prices are astronomical and you will have no choice but to evict the current families who live there or double their rent to support your inflated mortgage (thus forcing them out). Most multifamily renters are FAMILIES. The cost of renting a 3 bedroom in Providence has gone from roughly $1200 to roughly $2400 in less than a decade and I assure you most of our salaries did not double. Furthermore these houses are all about 100 years old, loaded with lead and asbestos and need a ton of work. Whatever price you're looking at...add 80K.

3

Mountain_Bill5743 t1_j1qyokv wrote

Such important points (though, of not OP someone else will still jump at the inflated price). I saw the same multifamily switch hands 3x in under a year (1 flip, the second buyers did nothing but raise the price 100k and relist in a few months).

2

jeanclaudevandamnnnn OP t1_j1r0pmn wrote

exactly. someone’s going to do it either way. might as well be me. im not an evil billionaire slumlord looking to take over pawtucket with my shitty, overpriced, falling apart rentals. im really just looking for a spot to call my own.

as for the termites/lead/asbestos, im sure that is a big problem but if i am using a FHA loan hopefully the rigorous inspections will help to eliminate some of that.

2