When considering buying a multifamily property in Boston, there are several pros and cons to take into account.

Pros:

1. Income Potential: One of the biggest advantages of buying a multifamily property is the potential for rental income. By renting out multiple units, you can generate a steady stream of cash flow.
2. Appreciation: Boston's real estate market has historically shown strong appreciation rates. Investing in a multifamily property in a desirable location can lead to significant long-term value appreciation.
3. Tax Benefits: Owning a multifamily property can provide tax advantages. Expenses related to maintenance, repairs, and mortgage interest can be deducted, reducing your overall tax liability.
4. Flexibility: Multifamily properties offer flexibility in terms of living arrangements. You can choose to live in one unit and rent out the others, allowing you to offset your own housing costs.

Cons:

1. Higher Purchase Price: Multifamily properties in Boston often come with a higher price tag compared to single-family homes. This can make it more challenging to secure financing and require a larger upfront investment.
2. Management Responsibilities: Managing a multifamily property can be time-consuming and require significant effort. Dealing with tenant issues, maintenance, and repairs can be demanding, especially if you do not hire a property management company.
3. Market Volatility: While Boston's real estate market has historically been strong, it is not immune to market fluctuations. Economic downturns or shifts in demand can impact rental rates and property values.
4. Regulations and Compliance: Owning a multifamily property means dealing with regulations and compliance requirements, such as zoning laws, building codes, and tenant rights. Staying up to date and ensuring compliance can be complex and time-consuming.

It's important to carefully weigh these pros and cons before making a decision. Conduct thorough research, consider your financial situation, and consult with professionals to make an informed choice when buying a multifamily property in Boston.

References:

• City of Boston - Housing Market
• Massachusetts Law about Landlord and Tenant
• Investopedia - Pros and Cons of Owning Rental Property