Single family vs multifamily housing in Boston area

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SXeC61

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SXeC61
Dec 29, 2021 10 Comments

Hi all, I’m currently working remotely from Boston and am considering buying a house in Boston area. I’m wondering whether I should go with single family or multifamily housing. I live alone.

Single family:
Considering around 750K for a 3bd house.

Pros:
I’m a first-time buyer so I can get lower rates and I can just put 5% down.
Cons:
I’m single and my monthly payment will be close to 3K which is high. I can airbnb the rooms though.

Multifamily:
Considering around 1.5M and I will live in one of the units.

Pros:
Less monthly cost for me.
Cons:
Higher rates and 20% down payment. (I can’t put less than 20% even though that I’ll be living in one of them, right?)

I’m new to real estate so if there are pros and cons that are missing please let me know. My first question is, with the current market, does buying a house make sense? If it makes sense, which option makes more sense? Does multifamily require a lot of work? Is it a good investment if I can find a place with positive cash flow? What neighborhoods are the best with this budget for appreciation and potentially being able to rent it out.
#housing #boston

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