Multifamily Houses For Sale in Cranston, RI

What is a Multifamily House?

In this section, the RI real estate agents at Realty Quarters will review the different characteristics of multifamily houses for sale in Cranston, RI. However, before that review starts, it’s important to know what a multifamily house is and how it differs from a single family house. A multifamily house is typically a house that has more than one family living in it. In contrast, a single family house for sale in Cranston has no more than one family living in it. The difference is not drastic but if you are a real estate client looking to invest in one or the other, they each have different pros and cons. What are some of the differences between multifamily houses for sale in Cranston, RI and single family houses for sale? One of the benefits to buying a single family home for sale in Cranston is that you own the structure and the land it is attached to. When a real estate client buys a multifamily house for sale and lives there, they own the building but have to share the interior and exterior of the property. This discourages some from buying multifamily houses for sale in Cranston, RI. Mostly all of the multifamily houses for sale in Cranston, RI are two family and three family buildings. The likely reason for this is that multifamily houses for sale in Cranston that are more than four family units classify as commercial rather than residential properties. Below, you will see three examples of multifamily houses for sale in Cranston, RI. These photos are not representative of current multifamily houses for sale in Cranston.
multifamily houses for sale in cranston, ri
multifamily houses for sale in cranston ri
multifamily houses for sale in cranston ri
Example one is a depiction of a two unit multifamily house for sale in Cranston, RI. As you can see, there is a shared front yard and a shared front entrance. The likely layout to this multifamily house for sale in Cranston is the first floor unit entrance to the left when you walk in and the second floor unit entrance at the top of the stairs. If one of our real estate clients was looking to buy this multifamily house for sale in Cranston, they could either rent out both units or rent out one and live in the other.
Example two is a three unit multifamily house for sale in Cranston, RI. From this photo, it appears that there is a shared yard and main entrance. In the first example of the two unit multifamily house for sale in Cranston, we indicated that a person could rent out the entire multifamily or live in and rent out the remaining unit. The benefit to buying a three unit multifamily house for sale in Cranston is that you can collect rent for three floors rather than two or two rather than one. The real estate clients at Realty Quarters who invest in property prefer to buy three unit multifamily houses for sale versus two unit multifamily houses.
The third example of a multifamily house for sale in Cranston, RI is on this page because it is uniquely styled. It combines two elements typically seen in a two unit multifamily home and makes it a four unit multifamily home. This multifamily house for sale in Cranston has both the multifamily living aspect of a two unit multifamily house and the duplex style of a two unit multifamily home. It illustrates the diversity in style between the different multifamily houses for sale in Cranston. This multifamily house for sale is also unique in that each of the four units has their own entrance and the entrances to all the units are on the exterior.

Why Do I Want to Buy A Multifamily House for Sale in Cranston, RI?

Now that you know what a multifamily house is, as a Realty Quarters real estate client, you need to decide why you want to buy a multifamily house for sale in Cranston, RI. Most of our real estate clients want to buy multifamily houses for sale in Cranston for two reasons. The first reason is solely for financial gain and the second is to live for free.
Live for free? Who doesn’t want to live for free? When we have a Realty Quarters real estate client who is looking to buy a multifamily house for sale in Cranston, RI to live for free, what they mean is have the rental portion of the multifamily house offset the ownership costs. Our real estate client will advise us that they are looking for a multifamily house for sale in Cranston that they can occupy one unit and rent out the other. For example, our real estate client buys a three unit multifamily house for sale in Cranston.  The monthly expenses for the multifamily house equal $1,500.00 per month. To offset ownership costs, our real estate client could charge $750.00 per unit per month. Further, our real estate client, if the rental market dictates, could earn money if monthly rents are increased.
multifamily houses for sale in cranston ri

When a Realty Quarters real estate client is looking to buy a multifamily house for sale in Cranston, RI solely for financial gain, it means they are not looking to live in the property. The considerations are different from the “live for free” example above. When buying a multifamily house for sale in Cranston for solely financial gain, the considerations are price, mortgage, and potential rental income.

The first question our RI real estate client will ask us when buying a multifamily house for sale in Cranston is what can I afford for my budget. Once budget is decided, our client next determines how much to put down in order to achieve their desired mortgage payment. The final consideration when buying a multifamily house for sale in Cranston, RI is how much can I rent the units for.

For example, our RI real estate client finds a three unit multifamily house for sale in Cranston within their budget and ownership expenses total $1,000.00 per month. Comparative rental rates for previously bought multifamily houses for sale in Cranston, RI are $1,200.00 per month per unit. Because our client’s ownership expenses on their newly purchased multifamily house for sale in Cranston are $1,000.00 per month, our client profits $2,600.00/month.

Here is an informative article from Yankee Capital Partners about how to invest in multifamily houses for sale. Whether you want to buy a multifamily house for sale in Cranston, RI to live for free or for financial gain, choosing the right RI real estate agents is key. Whatever your real estate goals are, the RI real estate agents at Realty Quarters can help you achieve them. If you want live for free or earn income through buying a multifamily house for sale in Cranston, contact us today.