Who buys a two- or three-family, and what each looks at
North of Boston, many two- and three-families are bought by someone who plans to live in one unit and rent the others, and by investors who plan to rent all of them. The two groups judge the same house differently, so know which one your house suits.
| Owner-occupant buyer | Investor buyer | |
|---|---|---|
| Main question | Can I live here and have the rent help pay my loan? | What does the rent roll earn after costs? |
| Cares most about | Condition, the unit they will live in, rents | Rents, leases, expenses, upside |
| Wants the unit empty? | Often wants one unit vacant at closing | Usually fine with tenants in place |
| Financing | Usually a home loan with a lender appraisal | Often an investor-type loan, or cash, or cash |
A rent roll, leases, a year of utility and repair costs, and tax bills help both. See also our page for owners who want out: tired landlord, sell a rental.
What they sell for around Malden, Lynn, Everett and Revere
We do not have a source for two- or three-family prices in these towns, and we will not guess. The data we hold from Zillow and Redfin covers all homes, single-family houses and condos, not multi-family. For context, Zillow’s typical value for all homes (middle tier) as of August 2026 was $674,568 in Malden, $580,377 in Lynn, $628,482 in Everett and $613,679 in Revere. A three-family’s price depends on its rents, condition and lot, and can sit well above or below those figures.
The practical way to price one is recent sales of similar multi-families on the same streets, then adjust for rents and condition. A local agent can pull those. These four cities have many multi-families because of the older housing stock, so comparable sales are usually findable. See also the town pages for Malden, Lynn, Everett and Revere.
Tenant rights when you sell
Selling the building does not end a tenancy. In general a buyer takes the building subject to the leases. Some points the law spells out:
- Security deposits move with the building. Under MGL c.186 s.15B(5), when a landlord transfers his interest “by sale, assignment, death… or otherwise”, he must transfer each deposit with accrued interest to the buyer. The buyer must notify each tenant in writing, within 45 days, that the deposit was transferred. The notice must include the landlord’s name, business address and phone number. If the seller fails to transfer a deposit, the buyer becomes liable for it.
- Last month’s rent paid in advance is handled the same way under section 15B(7A): it is credited to the buyer.
- Deposits stay the tenant’s property. Section 15B(e) says a deposit is the tenant’s money, kept apart from the landlord’s.
- Showings. A lease may not give the landlord a right to enter except to inspect, make repairs or show the unit to a prospective purchaser, among a few other cases (section 15B(1)(a)). Give written notice, keep to reasonable hours and read the lease first.
- Tenant at will. If a tenant pays month to month with no written lease, the tenancy can be ended by notice in writing: rent period or 30 days, whichever is longer. If the tenant has not paid, 14 days’ notice to quit applies (MGL c.186 s.12). A written lease has its own rules under section 11.
Do not try to push tenants out to make a sale easier. The rules are strict and the penalties are real. Ask a real estate or landlord-tenant attorney before you send any notice. See also selling a house with tenants.
Lead paint in a multi-family
The Massachusetts Lead Law requires removal or covering of lead paint hazards in homes built before 1978 where a child under 6 lives. Owners of rental property are responsible, not only owners living in a single-family home. If a child under six lives in a unit, the owner must get a letter of compliance. The state says a landlord cannot evict or refuse to rent to a family because of lead paint.
On a sale, MGL c.111 s.197 gives a new owner 90 days to contain or abate lead hazards when a child under six will live in the home after a change of ownership. A separate lead notice applies at sale. See lead paint disclosure in Massachusetts.
Smoke and carbon monoxide alarms
Under MGL c.148 s.26F, residential buildings covered by it must be equipped by the seller with approved smoke detectors when sold, and the fire chief enforces it. Section 26F½ requires approved carbon monoxide alarms in residential buildings with fossil-fuel equipment or enclosed parking. The local fire department sets the details and inspects, and the rules for larger buildings can differ. Call the fire department in your town early. See smoke and CO certificate in Massachusetts.
Taxes and the 1031 exchange pointer for investors
If the building is a rental, you may owe capital gains tax, and part of the gain may be taxed as depreciation recapture. Use our capital gains calculator for a rough view and ask a CPA.
Investors who plan to buy another investment property can sometimes defer the tax with a 1031 like-kind exchange. The IRS says it now applies only to real property held for investment or business use, you must identify replacement property within 45 days and finish within 180 days, a qualified intermediary must hold the money, and you report it on Form 8824. An exchange has to be set up before closing. Talk to a CPA and an intermediary first. A house you live in as your home is personal use, not investment, so ask your CPA how it applies to you.
Your options for selling
You can list with an agent, sell to an investor who buys as-is with tenants in place, or sell once units are empty. A listing often brings the higher price from owner-occupants but needs showings and tenant cooperation. An investor offer can be faster but is often lower. Compare both at the comparison tool. If a unit is full of belongings, the owners of this site also run JUNKRUN, a junk removal and cleanout company (https://junkrun.co). It is a related business we may earn money from, and other cleanout companies exist.