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Old 07-14-2011, 11:42 AM
 
Location: Manayunk - Philadelphia, PA
2,287 posts, read 1,929,029 times
Reputation: 2303
Quote:
Originally Posted by proulxfamily View Post
I think that, as an investor, you would be wise to do this neighborhood/home research yourself... or pay someone to do it for you. That's the cost of your business.
I'd rep you, but I need to spread the love first. Consider this your rep
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Old 07-14-2011, 12:01 PM
 
Location: SENIOR MEMBER
654 posts, read 1,183,834 times
Reputation: 861
Default Single Family Homes - $950 to $1250 & up

Hello bnbader,

My research over the past many months and more recently, has shown me that a decent condition, older in-shape, ordinary (not upscale) single-family rental home in a good safe established neighborhood in PARTS of Suburban Syracuse=Cicero, Clay, North Syracuse, Brewerton, Liverpool, Radisson, Baldwinsville, Camillus, Fairmount, East Syracuse, Minoa and in GOOD city neighborhoods will rent for between a low of $950 to $1250 & up per month plus all utilities. Rental homes that are even nicer/upscale or located in more UPSCALE places like Fayetteville, Manlius, Skaneatles or some other UPSCALE neighborhoods will rent from a low of $1300 to $1700 to $2100 maybe more per month plus all utilities.

DECENT Single Family Rental Homes located in safe, nice, middle class neighborhoods around Metro Syracuse are not always easy to find to rent. And when you see a rental price of $700 or LOWER per month, the house may be in somewhat outdated condition, or there may be two families in that house, or the neighborhood may NOT be, for some reason, the best in which to have your family live.

I hope the above info from me may be helpful to you.

grdnrman
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Old 07-27-2011, 12:21 PM
 
Location: At the local Wawa
538 posts, read 1,573,231 times
Reputation: 411
Default Am I seeing this right?

I was looking online at some homes in the Syracuse suburbs, and most homes did not have the taxes listed (which I find frustrating because sometimes taxes can be the deciding factor, or catch, as to why the home is so cheap...but I digress). I found a nice house listed for $139k. So, I went on the Onondaga Tax Service page (govt page) and found a copy of the actual tax bill sent to the current homeowner.

When I added up the 4 quarters of town, county, school, and village taxes, the cost was about $8k. Is that even possible? $8,000 on a $139,000 house?! It ends up being nearly $40.00 per $1000 assessed. I find this to be beyond unreal.

Places that are known or believed to have extremely high taxes (such as Maine or NH) have tax rates around $12-18.00 per $1k assessed. While a similar home in southern Maine would cost around $150k, taxes would be in the $2-3k range per year. For reasons of location, Syracuse is a better fit for me, but unless I'm seeing this wrong, does anyone pay $8k on a cheap house in Syracuse burbs? If so, that's a dealbreaker for me. That is nearly as much as my yearly rent here in Northwest NJ!
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Old 07-27-2011, 12:38 PM
Status: "Game recognized game from the start" (set 22 days ago)
 
30,322 posts, read 35,043,311 times
Reputation: 6038
Quote:
Originally Posted by Phish Head View Post
I was looking online at some homes in the Syracuse suburbs, and most homes did not have the taxes listed (which I find frustrating because sometimes taxes can be the deciding factor, or catch, as to why the home is so cheap...but I digress). I found a nice house listed for $139k. So, I went on the Onondaga Tax Service page (govt page) and found a copy of the actual tax bill sent to the current homeowner.

When I added up the 4 quarters of town, county, school, and village taxes, the cost was about $8k. Is that even possible? $8,000 on a $139,000 house?! It ends up being nearly $40.00 per $1000 assessed. I find this to be beyond unreal.

Places that are known or believed to have extremely high taxes (such as Maine or NH) have tax rates around $12-18.00 per $1k assessed. While a similar home in southern Maine would cost around $150k, taxes would be in the $2-3k range per year. For reasons of location, Syracuse is a better fit for me, but unless I'm seeing this wrong, does anyone pay $8k on a cheap house in Syracuse burbs? If so, that's a dealbreaker for me. That is nearly as much as my yearly rent here in Northwest NJ!
Where was it located and is that without exemptions like STAR, veterans discounts and so on? If it is a village, the tax rate could be higher. With that said, you can find something good for less and with cheaper taxes. Check here: CNYHomes - the Syracuse and Central New York Real Estate Source
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Old 07-27-2011, 12:45 PM
 
Location: At the local Wawa
538 posts, read 1,573,231 times
Reputation: 411
Quote:
Originally Posted by ckhthankgod View Post
Where was it located and is that without exemptions like STAR, veterans discounts and so on? If it is a village, the tax rate could be higher. With that said, you can find something good for less and with cheaper taxes. Check here: CNYHomes - the Syracuse and Central New York Real Estate Source
I don't know about the exemptions. The bill said Total Amount due: $1,927 (x4 for each quarter, obviously). So all I know is that was what the current owner is paying. The home was in Clay or Lysander (it said both).

I was actually looking at that site as you just posted this. CNY at least has tax rates for each home. You are right that village homes are more. I guess I have to look in Cicero or someplace else where the taxes don't include village. Still, taxes seem to be in the $5k to $6k range for homes around $150k.
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Old 07-27-2011, 01:35 PM
Status: "Game recognized game from the start" (set 22 days ago)
 
30,322 posts, read 35,043,311 times
Reputation: 6038
Quote:
Originally Posted by Phish Head View Post
I don't know about the exemptions. The bill said Total Amount due: $1,927 (x4 for each quarter, obviously). So all I know is that was what the current owner is paying. The home was in Clay or Lysander (it said both).

I was actually looking at that site as you just posted this. CNY at least has tax rates for each home. You are right that village homes are more. I guess I have to look in Cicero or someplace else where the taxes don't include village. Still, taxes seem to be in the $5k to $6k range for homes around $150k.
Keep in mind that is without exemptions.

Also, the tax numbers should be for the year on the website, not for a quarter. You can actually come down a bit in price if you want as well.

CNYHomes - Detailed House Listing Information for MLS#S257040

CNYHomes - Detailed House Listing Information for MLS#S251966

CNYHomes - Detailed House Listing Information for MLS#S253449

CNYHomes - Detailed House Listing Information for MLS#S250933

CNYHomes - Detailed House Listing Information for MLS#S248960

CNYHomes - Detailed House Listing Information for MLS#S256549

CNYHomes - Detailed House Listing Information for MLS#S241140

CNYHomes - Detailed House Listing Information for MLS#S253383

CNYHomes - Detailed House Listing Information for MLS#S254398

CNYHomes - Detailed House Listing Information for MLS#S255444

CNYHomes - Detailed House Listing Information for MLS#S256797

CNYHomes - Homes for Sale in Syracuse and Central New York - Your Search Results
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Old 07-27-2011, 01:49 PM
Status: "Game recognized game from the start" (set 22 days ago)
 
30,322 posts, read 35,043,311 times
Reputation: 6038
CNYHomes - Detailed House Listing Information for MLS#S257702

CNYHomes - Detailed House Listing Information for MLS#S257590

CNYHomes - Detailed House Listing Information for MLS#S253162
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Old 07-27-2011, 03:26 PM
 
Location: At the local Wawa
538 posts, read 1,573,231 times
Reputation: 411
Thanks for your help. Here is an example of a house I like, location I really like, and WELL within my price range:

CNYHomes - Detailed House Listing Information for MLS#S252056

Confusion sets in: CNY homes lists this house as having $3,575/ yr in taxes; which is quite high considering its a $85k house. Realtor.com list the "taxes paid" as being only $1,059 last year.

7 Tyler CT Manlius NY - Home For Sale and Real Estate Listing - MLS #S252056 - Realtor.com®

Assuming the people who live there didn't pay taxes in 2010 (hence the low amount), the 2009 year was $2,896. Does that mean that they qualified for some type of STAR exemption?

Also, do these taxes typically include water, sewer, if hooked up as such? Or garbage pickup?

Thanks
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Old 07-27-2011, 03:30 PM
 
Location: At the local Wawa
538 posts, read 1,573,231 times
Reputation: 411
Yikes- scratch that house....will need flood insurance!
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Old 07-27-2011, 05:20 PM
 
2,356 posts, read 2,907,008 times
Reputation: 1709
The owners, somewhere along the line, have failed to challenge their tax assessment increases. You'll find a huge disparity in taxes for homes that are even next door to each other because of this.

CNYHomes - Detailed House Listing Information for MLS#S251211
1536 sq.ft.
3bd and 1.5ba.
Tax assessment of $117,600
Taxes of $5296.
Built in 1959.

Their assessment, if they'd kept on top of it, should be no higher than around $90K. Instead, they're being taxed at a higher rate than even their market value! It's going to be a really, really tough sell.

The house across the street is double the size, an immaculate Victorian (as opposed to the above schlump of a house), has a huge yard, a beautiful outbuilding and... the assessment is $120K with taxes just a hair above this one. The Victorian was built in 1890 and would EASILY sell for about double the schlumpy house's $114,900.

You need to not give up because you think an area is too expensive. Check out the other homes' ages (usually the older, the better), find out the total taxes and then check out the actual tax assessment and taxes (with possible special exemptions, you'll get STAR too) with this link: http://ocfintax.ongov.net/imate/search.aspx

Last edited by proulxfamily; 07-27-2011 at 05:37 PM..
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