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

[FTL_Ian]

Will you be the first to open a "Porc Manor" in Keene?

Current multifamily listings in Keene:

http://www.beangroup.com/property/search.php?_classes%5B%5D=3&_areas%5B%5D=Keene_NH&_min_price=0&_max_price=0&order=0&_keywords=&status=1

[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]

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]

My duplex was $205k, and I can make it work as an owner occupied, this is seven units, it has to be doable.

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

[Eli]

How much are folks paying for rent in keene?

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

[FTL_Ian]

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.    

[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]

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]

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