Multi-family Homes in Boston for First Time Buyers
As rents continue to rise, more Bostonians are making concrete plans to buy their first Boston home and build equity. A condo or a single-family home in Boston may be the first options that come to mind- and there’s nothing wrong with that! However, if you want to invest and build more wealth in the long run, consider if your first Boston Real Estate purchase should be a multi-family home. While this path isn’t for everyone, it comes with significant benefits. As a multi-family property investor, you could deduct maintenance, insurance premiums, management fees, and other costs. Of course, the primary benefit is that your rental unit(s) will cover most, if not all, of your mortgage payment if you play your cards right. You’ll need to work with an experienced real estate agent as well as an experienced mortgage broker to find the right fit for you and your financial situation. Working with professionals that will guide you throughout the process is a winning strategy.
Here are some Boston multi- family homes for sale currently on market, but keep in mind there are many more options!
(Monthly payments are estimated with a 20% down payment and rate of 6%.)
List Price: $850,000
Approximate Monthly Mortgage Payment: $4,502 per Month
Square Footage: 2,447
Area of Boston: Roxbury
This multi-family home in Boston has had a recent price reduction. There are three (3) bedrooms and two (2) bathrooms in each unit of this town house style Boston home. You can comfortable live in one unit and rent out the other. It would also make a great Boston investment property. Both the hardwood floors and wall-to wall carpeting in the bedrooms are in great shape, though we do recommend replacing the carpet. Easy to clean, solid floors are the most popular amongst renters. The kitchens are large and have wood cabinets and solid countertops. Appliances include a stove, refrigerator, dishwasher, and built-in microwave oven. The dining area and living room have plenty of space to entertain or simply relax. The bathrooms have been recently refinished. Both units are not currently leased, giving you the flexibility to make any upgrades you want and decide which unit to live in. This property is located in close proximity to public transportation, shopping, and parks.
Listing and Photos Courtesy of Seller’s Representative: Cathleen Brown-Burrell, Compass
List Price: $749,999
Approximate Monthly Mortgage Payment: $3,972 per Month
Square Footage: 2,000
Area of Boston: Hyde Park
Gorgeous multi-family home in Boston that features one unit on the 1st floor and the second unit on the second floor. Unit one has a recently updated eat-in kitchen with stylish white cabinets, dark granite countertops and stainless-steel appliances that include a stove, refrigerator, dishwasher, and built-in microwave oven. The 1st floor unit also includes two spacious bedrooms and a recently re-finished modern full bathroom. There’s also a washer and dryer in the unit as an added bonus. The second floor unit also has a large eat-in kitchen. There’s also a spacious living room area, nice size bedroom, and full bathroom. Unit two also has a second living room. It wouldn’t take much to convert it into a full size bedroom. Exterior amenities include a front porch, large driveway, and fenced in backyard.
Listing and photo courtesy of Seller’s Representative: Dot Collection, Access
List Price: $599,999
Approximate Monthly Mortgage Payment: $3,177 per Month
Square Footage: 2,554
Area of Boston: Roslindale
Great Boston investment property opportunity! You could also make this your Boston home and rent out the other three (3) units. As currently configured, this home has three 2 bedroom units and one studio apartment. Although this property needs a bit of updating, the price can’t be beat. That makes it a great option for anyone willing to put in a bit of work to reap big rewards. The bottom line is multi-family homes in Boston are not typically available at this low price point.
Listing and photo Courtesy of Seller’s Representative: Homexe Team, Cameron Prestige, LLC
List Price: $890,000
Approximate Monthly Mortgage Payment: $4,714 per Month
Square Footage: 2,516
Area of Boston: East Boston
Nicely configured multi-family home in Boston. The first unit has a total of two (2) large bedrooms, a modern kitchen with white cabinets, solid countertops, and stainless-steel appliances including a stove, refrigerator, dishwasher, and built-in microwave oven. There’s also a nice sized dining area and a beautiful open concept living room in unit #1. The second unit is actually two-levels of living area with three bedrooms, two bathrooms, a living room and office. The 3rd bedroom is on the third floor. The kitchen has brand new appliances and quartz countertops. Unit #1 and Unit #2 each have their own porches.
Listing and Photo Courtesy of Seller’s Representative: Tony Nenopoulos, Leading Edge Real Estate
List Price: $1,199,900
Approximate Monthly Mortgage Payment: $6,355 per Month
Square Footage: 3,119
Area of Boston: Brighton
This multi-family home in Boston presents a great opportunity. It can also be used as both a Boston home and or a Boston investment property. Unit #1, located on the first floor, has four (4) spacious and sun-filled bedrooms and one (1) bathroom. The modern kitchen features white cabinets, which is all the rage these days. Unit #2, which is located on the second floor, also has four (4) large bedrooms. However, it also has two (2) full bathrooms and a bonus room, along with a full-size eat-in kitchen. This property is conveniently located near public transportation, and also has easy highway access. Additionally, there is a lot of demand for Brighton apartments so with the help of a local real estate agent renting out either unit quickly will be no problem.
Listing and Photo Courtesy of Seller’s Representative: Matt Gorman, EDGE Realty Advisors
In conclusion, it’s a great time to invest in multi-family homes in Boston, especially for first-time home buyers that have carefully considered being landlords. The Boston Pads Real Estate Portal is the most comprehensive Boston real estate website on the planet. There are multiple properties available in various price ranges. You can find more properties, resources for buyers, real-time data on the current rental market, and more. We can’t wait to work with you!