• Welcome to New Hampshire Underground.
 

News:

Please log in on the special "login" page, not on any of these normal pages. Thank you, The Procrastinating Management

"Let them march all they want, as long as they pay their taxes."  --Alexander Haig

Main Menu

ATTN Investors: Keene could use a "Porc Manor", can you help?

Started by FTL_Ian, May 06, 2008, 02:11 PM NHFT

Previous topic - Next topic

FTL_Ian


FTL_Ian

Here's a seven unit for $329k in a nice location right on Marlboro St.:

http://www.beangroup.com/real_estate/listings/Multifamily/NH/Keene/584499

Six 1 BR apts plus a street-front business on one of Keene's main drags?  Seems ideal.

Kat Kanning

That church/rectory in Marlborough is still for sale.  The rectory has lots of bedrooms/potential bedrooms.

dalebert

Quote from: FTL_Ian on May 06, 2008, 02:13 PM NHFT
Here's a seven unit for $329k in a nice location right on Marlboro St.:

http://www.beangroup.com/real_estate/listings/Multifamily/NH/Keene/584499

I looked at that place with Nick. I believe it has one or two two-bedrooms. I looked at the numbers for mtg and all the expenses, including those ridiculous property taxes, and it seemed like they were still asking too much in the current market, but... it may have gone down some since then. The store is really tiny. I remember wondering if I could open a coffee shop but there's no way. The market is probably going to crash more but rates may go up at the same time, but it might be worthwhile to crunch the numbers and figure out what would be a good number and make an offer.

FTL_Ian


Eli

How much are folks paying for rent in keene?

Does anyone know what that business is in the storefront there?

FTL_Ian

Quote from: Eli on May 07, 2008, 08:20 AM NHFT
How much are folks paying for rent in keene?

Does anyone know what that business is in the storefront there?

Varies.  The realtor.com link has a few amounts they are getting for the units.

Computer repair business.

Eli

http://www.realtor.com/search/listingdetail.aspx?mlslid=2669267&ml=3&typ=7&sid=347b7a4a2f2044cda2af7f1718f97726&lid=1086110362&lsn=2&srcnt=2#Detail

2275 in rents.  Doesn't include a storefront and only four units seem occupied.  Conventional mortgage calculator says 1600 per month.  Could be very doable.


FTL_Ian

Rumor has it each unit has it's own utils, which would also be ideal.

Eli

So my very conservative overestimate on what this place might cost monthly are 2989.35  that includes the taxes and insurance that would be included in the escrow and a monthly mgmt fee (ie a maintenance budget)

That minus the rents comes to -714.35 in cashflow, which is pretty low if the owner occupies the other two units and the store.  Serious potential.  I used 1750 for the yearly insurance amount.  Double what I pay now on a house worth twice as much.  Any thoughts on that back of the envelope calculation?

http://www.questmortgage.com/calculator.asp

David

I pay 110 a week, that covers all utilities.  This is prolly the lowest rent that I paid except briefly with the Kannings when I rented a room from them.  It covers the small room itself, and access to the kitchen and bathroom.  Not bad, I'll prolly continue living like this for the next few years at least. 
If someone opened a porchouse with similar conditions and prices, and if it was somewhat close to the city, I would rent from them.  Garanteed income for you.   :D 

FTL_Ian

The location of the 7 unit building is Marlboro St, one mile from Central Sq.



Map


David

Thats the one for sale?!!  Man if i had that kind of money, or a partner.   :-\  I have always wanted a business.  A storefront included, awesome.  *drooling*

FTL_Ian

Quote from: David on May 07, 2008, 11:15 AM NHFT
Thats the one for sale?!!  Man if i had that kind of money, or a partner.   :-\  I have always wanted a business.  A storefront included, awesome.  *drooling*

Agreed.  It seems ideal for a Porc Manor & liberty business.

Unfortunately I do not have capital for investment in real estate at the moment.

Coconut

Quote from: David on May 07, 2008, 11:15 AM NHFT
have always wanted a business.  A storefront included, awesome.  *drooling*

What type of business did you want to start?

Buying housing in the areas doesn't sound like the worst idea. With prices falling, hopefully they will some day bounce back before the economy crashes, and we'll have land ready for new movers. I only have $30,000 though