The region of New England, found at the Northeastern tip of the continental US and comprising six states, is a densely populated area of the country that boasts some of the hottest zip codes at this time. New England is an extremely beautiful area as it is both covered in the Appalachian Mountains whose forests dazzle when autumn foliage comes around and borders the Atlantic Ocean with some of the world’s best seafood available. Furthermore, the area is a popular place to move due to excellent education systems and job prospects. For these reasons and numerous others, New England is a great area to engage in fix and flips. Below we provide seven locations that are investor ready for good deals and a quick turnaround.
Hot Fix and Flip Market #1 Peabody, Massachusetts
Peabody has gradually been growing in popularity over the last few years as a more affordable alternative to Boston but still close enough to commute daily if needed at only around 20 miles from downtown. Homes have absolutely exploded in value over the last year, averaging a whopping 26% increase and only 19 days on market.
Hot Fix and Flip Market #2 Manchester, New Hampshire
Manchester draws interest as the cultural and entertainment city of New Hampshire. Median home prices currently sit at around $330,000. While most homes here sell for 3% above list price, hot homes have been selling for 8% above list price in just 5 days.
Hot Fix and Flip Market #3 Milford, Massachusetts
Milford offers a spread-out suburban feel with commutable distance to Boston. Homes here can be obtained for $234 per square foot, with homes averaging around $385,000. Once can expect to sell their home above list price here in about 20 days.
Hot Fix and Flip Market #4 Concord, New Hampshire
Concord, neighbor to Manchester, offers another hot zip code in New England as the city saw 42 homes sold in December 2021 alone. 69% of homes are sold above list price, so given a 17.7% rise in property value over the last year, you can expect a nice return on a flip in the city.
Hot Fix and Flip Market #5 Melrose, Massachusetts
Melrose is extremely competitive and not cheap by any means but can be a great opportunity for an investor with the means to purchase and rehab this type of property. Homes in the city sit at an average of $750,000, but both average and homes considered hot are being sold for well above list price with very little waiting time.
Hot Fix and Flip Market #6 South Portland, Maine
South Portland sits just across the Fore River from the most populous city in the state, Portland. Homes here are a hot commodity, selling for 4% above listing price in just 9 days. Price per square foot is currently around $310, having grown nearly 20% in the last year.
Hot Fix and Flip Market #7 Windham, Maine
Windham, just 11 miles from Portland, offers some great value for fix and flippers at only $241 per square foot. As is the theme with the houses we’ve analyzed in the New England region, hot homes here are selling for an astounding 9% above the list price in as little as 5 days.
Are you looking for funding assistance on your next real estate project or are interested in learning more about the benefits of utilizing hard money to fund such a project? At EMCAP Lending, we specialize in funding real estate deals around New England. Contact us today for assistance or to learn more about what we offer.