Best Owner-Occupy Property Deal of the Week: Lewiston/Auburn Real Estate

Here is my pick of the week for the Best Deal

in the Lewiston/Auburn area for an Owner Occupy Property.

24 Jefferson Street, MLS#983948

3 Unit Property

Each week I review the available properties for sale in the Lewiston/Auburn area and find the best deal of the week in the categories of Single family homes, multi-family properties, waterfront properties, and owner-occupy multi-family properties.  I was needless to say quite happy when my own listing came out on top this week in the category of best deal for an owner-occupy multi-family property.  That does not always happen.

Many home buyers are looking into purchasing multi-unit properties and living in them since prices are low right now, mortgage rates are low, and the income from the tenants will help to pay most of the mortgage, creating an affordable way to be a homeowner in this economy.

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Why is this the best deal this week?

When evaluating which properties for sale are the best deals for people looking to purchase a multi-family property and live in one of the units, I use the following criteria for comparison:

• Price/Value, affordability
• Location (convenience, walkability, neighborhood amenities)
• Cost of maintenance for the building
• Number of units and expected income from rent.

24 Jefferson Street is a 3 unit property which means you will have rental income coming in from two units instead of just one like many of the 2 family properties currently on the market.  This building also has an excellent rental history, so it has not been a problem to keep the units filled.

The Pros for this property are:

• The location in a well-established neighborhood convenient to shopping, schools, parks, & the highway. 
• The building has been well-maintained and has 6 parking spaces as well as a 2 car garage, so you don't have to worry about parking becoming an issue between you and your tenants.
• Tenants pay all of their own utilities!  This is the biggie for me.  Unlike most multi-family properties in the area, you will not be footing the bill for rising heating costs, or tenants who choose to wear shorts in the winter, leave the windows open, and crank up the heat.  They pay for all of that themselves.