Property in the 10th Ward, North West of Rochester City Centre ? (New York: low income, for sale)

[K_9]

Hi all

My name is Riz and I live in Manchester, United Kingdom. Myself and a friend are looking into investing in a property in Rochester. In paticular the North West of the city center close to River Genesee and Edgerton Park is 2 blocks away, as there seems to be very cheap property there.

We have been notified through property agent that there are several 3 bedroom sinlge family homes for sale in this area at approx $38,000 each. This seems incredibly cheap for us over here in the UK and on the face of it looks like a good deal however, we have never been to NY and have no idea of what this area is like and if the property is worth the asking price.

The agent described the investment property as being located in an area of rental units, low income/working with General Motors Plant closeby offering excellent employment opportunities. It is a good area with all expected local amenities close by. The house has been totally re-habbed and is therefore currently vacant. The projected rent is $750/month.

Basically just want to know if any of you guys are aware of this area...and some advice to wether this seems like a good deal ?

Is this area run down....dangerous...crime etc ?

We will be looking to purchase this and then put it on rent.....we are looking for a long term investment.

Regards

Riz

[rochacha]

I'd be shocked if you could really get $750/month for something over there...at least without having it inhabited by drug dealers. Tread carefully. Let's put it this way, if it was a really good deal, it wouldn't have made it's way over there without being snapped up first.

Edit:
Is this the house? LoopNet - Newly Renovated 3br vinyl siding new roof, Single-Unit (SFR/Condo), Rochester, NY. Doesn't look very nicely renovated to me. By the way, from Edgerton Park, going south or east across the river is very bad. North and West isn't horrible. The downside is properties in this area are not going to appreciate at all.

[I'minformed2]

That area has some pretty high crime rates and is very close to Kodak Park (lots of pollution) so the above poster is correct, it won't be a great investment because that property will not go up in value, you'd be lucky if it doesn't deppreciate. If you head a little further North and get into the Charlotte neighborhood of the city, you can still get good deals on houses in a much safer and nicer area.

[K_9]

Originally Posted by rochacha

I'd be shocked if you could really get $750/month for something over there...at least without having it inhabited by drug dealers. Tread carefully. Let's put it this way, if it was a really good deal, it wouldn't have made it's way over there without being snapped up first.

Edit:
Is this the house? LoopNet - Newly Renovated 3br vinyl siding new roof, Single-Unit (SFR/Condo), Rochester, NY. Doesn't look very nicely renovated to me. By the way, from Edgerton Park, going south or east across the river is very bad. North and West isn't horrible. The downside is properties in this area are not going to appreciate at all.

Thanks Rochacha for your feedback, we thought this maybe the case often when a deal seems too good to be true it often is.

The property was this

[LINK]http://www.themovechannel.com/property/398374/details.htm?ito=EC1010[/LINK]

Still can't believe you can buy a three bedroom house for £15,000 in the US...first time buyers here in the UK cant afford to get on the property ladder as UK house prices are so high, you wouldn't get a shed for that money.

What areas would you recommend for long term potential growth in the New York Area ?...our budget is around $60,000 and we would be looking to have the property on full time rent.

Regards
Riz

[rochacha]

I can only speak for Rochester, but if I had to invest $60,000, I guess I would see what I can get in Charlotte or in the Southeast Quadrant of the city (Swillburg, South Wedge). Those are just total guesses and anything you can get for $60,000 is going to be a risk anyways and probably not something I would recommend buying sight unseen.

[I'minformed2]

I don't think there are many houses in Swillburg for 60k, maybe South Wedge but that area is gentrifying. I'd stick with what I said before and the neighborhood Rochacha also mentioned; Charlotte. $60k won't get you much but you could get a fixer upper that could turn out to be a good inestment or rental.

[Meganrose323]

I'd say your best bet is Southwedge,Swillburg, or Monroe Avenue

[RowingMunkeyCU]

Originally Posted by Meganrose323

I'd say your best bet is Southwedge,Swillburg, or Monroe Avenue

Agreed. Charlotte is just too out of the way for many people. There is NO fast way to get to/from there. The South Wedge is going through some revitalization, and depending on the economy and city growth, it may spring up as the new-Park Ave.

[freecall]

Hi Riz

Not sure what's available but there are a few properties fetaured in this website that may be of interest Property in America | Properties in America | Property for sale in America

Les