Ithaca Rental Property Investment (Buffalo: real estate, apartments, how much)

[LightningMcQueen]

I'm just tossing the idea around in my head. I went to school there many years ago so I know the area. I'm thinking of possibly buying a rental property around Cornell but not sure how much I would need. I'm thinking of multi-family houses (along College Ave, Eddy St, and bit further out, etc) that cater to the undergrads at Cornell University. I would welcome PMs from any real estate agents in the area who would know more about this subject. Not sure if any sensible opportunities even exist being that is a prime area in Ithaca.

[CUPlanner]

Youre gonna need a sizeable amount. At the very least 550-600K, and anything in decent shape anywhere close to College Ave will probably be more. The way rents are in the area right now (600+ month for a P.O.S.), the landlords are making a killing and wont sell for cheap

[LightningMcQueen]

Originally Posted by CUPlanner

Youre gonna need a sizeable amount. At the very least 550-600K, and anything in decent shape anywhere close to College Ave will probably be more. The way rents are in the area right now (600+ month for a P.O.S.), the landlords are making a killing and wont sell for cheap

Thats what I figured. Are there any sensible investment opportunities under $500K away from Collegtown that cater to Cornell students?

[CUPlanner]

You could try places farther down the hill and closer to downtown, from, say Stewart Ave on down the hill. Houses close to North Campus, where all of the freshmen live, along or near Jessup or Triphammer Roads are also good. There are some nice houses there that will probably be more reasonable. It is just that places near the center of Collegetown are ridiculous right now. I may be exaggerating the prices a little bit, I'm not a realtor, but I cant imagine them being much lower than I stated earlier.

[Bloodz]

ithaca doesnt need any renting thingys. befor they even think about building another building they need to bring kfc back. i am sick of having to be in cortland to even think about kfc!

[Ex-Ithacan]

There's been a bit of a firestorm surrounding future development in Collegetown. If you type "Ithaca Collegetown plan" into google search, you'll find a bunch of articles on the subject. Might want to check that out before investing.

As a side note, I grew up in Collegetown (on Buffalo near Eddy), and my parents owned a small apartment building there. We lived on the first floor and rented out the apartments on the 2nd & 3rd floors. We use to take good care of the building & small lot because it was our home. My folks sold the building at the end of the 60s (for what would now be considered a pittance). I stopped by the old place a few years back, and it was a mess. Sad to see.