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So i am thinking about buying a multifamily unit for investment purposes. but i may be living there as well. i would be looking to just flip the house when the market jumps back up. but my worry is what the future of woonsocket will become. will it get worse, is it worth investing there? even if they are broke are they trying to improve the look and feel of the town years down the road? i am just looking for other ppls insight on woonsockets future. thanks
I don't see Woonsocket transforming upwards in the short term. What's around there to drive prices up? The industries are folded up and gone. The location isn't exactly optimal for commutes to Boston or even Providence. The school system is OK but you can do much better in the state.
Plus, have you learned nothing from the last few years re: 'flipping'? Buy a house because you want to live there and/or use it as rental income. Don't buy a house to keep it for 2-4 years and sell it with the hopes of a profit.
Agree with WXjay. No likely appreciation on the horizon.
However, if you're looking to buy a multi unit to live cheaply yourself through the rental income, there are many on the market there under $100,000. I think a lot of first time home buyers have been "House Huntered" out of the idea of buying multi-units- a tried and true method of affordable first home ownership.
With Woonsocket however, it really depends on your own ideas of an acceptable neighborhood.
There are no "flippers" in this market which is treacherous. Absentee landlords are taking a chance in a good market, so why even think about this market which is still heading down. Woonsocket maybe years ago would afford some possibility of appreciation; but the city is frought with problems. Depending on how long you have lived in Disneyworld/Orlando area, your perspective of RI and Woonsocket in particular may be skewed because you are homesick. Take a good two weeks visit with eyes open and get back to us. Best of luck.
City is on the verge of bankruptcy. School system has a 10 million dollar deficit. Tax payers are faced with a 5th quarter supplemental tax payment to pay for the failing school system. Large minority population. Steer clear.
Woonsocket taxes are wicked high.
They also do not help you in a multi-family
even if you live there.
2013 Tax Rates
per thousand dollars of assessed value
based on 100% valuation
Residential $34.56
2013 Homestead Exemptions
Residency Required
Single Family and Condominiums 30% Two Family 9%
Three Family 3%
Hence if your Assessed value is $150k on a 3-unit,
you will pay $5028.48 per year in property tax
even if you live there.
Seems to me that property would still cash flow based on $700 a month per unit ( I picked an average Woonsocket rent off Craigslist).
Depends on a lot of other figures, but 20% down on 150 leaves a mortgage of only 120k. Not arguing that the taxes are low, but 3 units can usually be made quite affordable.
First time home buyers often eschew these types of properties (tenements), but they have been an entry into home ownership in this state for a century or so.
Woonsocket taxes are wicked high.
They also do not help you in a multi-family
even if you live there.
2013 Tax Rates
per thousand dollars of assessed value
based on 100% valuation
Residential $34.56
2013 Homestead Exemptions
Residency Required
Single Family and Condominiums 30% Two Family 9% Three Family 3%
Hence if your Assessed value is $150k on a 3-unit,
you will pay $5028.48 per year in property tax
even if you live there.
In addition to the above, the upkeep and property maintenance, utilities, etc., on those older homes is substantial. Difficult to make the numbers work. Declining market in that city.
Not necessarily - depends on the house- is it vinyl sided and are the utilities separate, etc. Tried and true method for decades.
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