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We are looking to buy properties in Rochester for investment. We did a little research on other places that can be great for us to collect rents and so far we believe in Rochester. Can anybody post his/her opinion and direct us to the right area?
We are looking to buy properties in Rochester for investment. We did a little research on other places that can be great for us to collect rents and so far we believe in Rochester. Can anybody post his/her opinion and direct us to the right area?
thanks
Rebecca
The south wedge is a nice urban community that is pretty self contained and still relatively cheap but uprising.
Generally the best place to buy rentals (IMO) is in the park/monroe area....It would be a pretty safe bet that they would be rented out very easily..Unfortunately, anything in the Park ave area will be pretty pricey (for Rochester) and you most likely would not see a whole lot of appreciation. So like the other poster said, the value would take years to increase substantially.
If your looking for primarily rental income it would be good though...
The cheaper areas where renters rent are not bad either, but again, the home values will not see any dramatic increases year over year.
Rochester is pretty decent for unit to unit income, but not a real estate flippers dream..
You'd never see "Flip this House" here, instead of 70K-100K+ returns you'd see maybe a tenth of that. Unless it was a complete dump to start with.
Disclaimer:
I'm not a real estate guru, and don't own any rentals, but have done substantial research on this topic and have been looking over real estate web sites for many years in the Rochester area. I've had to spend my extra $$ on other things first before being able to get into the rental market.
I agree with others. "flipping" here isn't going to be a great short-term investment unless it's a majorly run-down house that you make livable. But if you buy a nice multi-family house in a good neighborhood (especially one that attracts young professionals and college students like Upper Monroe and Park Avenue) a rental property can be a really good asset here. Just don't be an absentee landlord. The city has way too many of those already.
I'm not sure if you are just looking to rent places out, or fix them up and sell them. If you just wanted to rent places out, personally, I would look in a neighborhood like Beechwood. The neighborhood isn't great, but not the worst and would have more opportunities for a fixer upper to be converted into apartments.
But my concern is that NOTHING sells this cheap in England except mobile homes (trailers) and yet these places look quite quaint, small but nice in niceish neighbourhoods. I was worried that at those prices there was something wrong with either the quality of property or something wrong with the neighbourhoods perhaps?
If many of them already have tennents in situ then why are there so many for sale?
Sorry if I seem sceptical, I just want to know the facts before I purchase. Many thanks for your time all...
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