If you're looking to turn over a fixer-upper, location is going to be key.
Here are three possible candidates in Montpelier. Location makes resale easier, and in the game of turning properties, minimizing holding time and carrying costs is critical.
The little one on Main Street might be the easiest--it's smaller, needs significant cosmetics, and the location should make for a quicker resale (plus, you're changing its property classification from "project" to "quality first-time buyer candidate").
The bigger one on Main Street feels like it should be a 2 or 3 family. Permit expenses will chew into your return on that. But, again, good location. This appears to be solely in need of cosmetics.
Pearl Street is a gem of a location--The Meadow. New roof, newly painted exterior, great character and layout inside. Needs a good cleaning, and cosmetics. One part of the foundation needs some work, and it has a dirt floor in the basement. Welcome to older houses (read: good location and needing fixing up in Montpelier). The location alone is buoying the price.
You're going to get less expensive properties in Barre, but there's a lower resale ceiling as well, and, right now there's more on the market,suggesting prices may continue to decline for a time.
For more about these or other investment properties in Barre, Montpelier, or Northfield, give a call or send an email.
Be smart. Remember Ray.
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