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I am thinking of purchasing a typical Ardsley house, 3-bedroom, 1300sq+, .1 acre+ as a rental investment by renovating the dated kitchen and bathrooms. Even though the schools are excellent, Ardsley residents(except the ones in Unicorporated Town of Greenburgh) have limited spots in Dobbs Ferry or Hartsdale train stations. Will this be a problem and exclude many potential tenants? I noticed some rentals in Ardsley(around $3,000) on the market for a long time or this might be true all over lower Westchester?
I know Dobbs Ferry might be a better choice as a rental investment with the train parking permit option but there are more Ardsley houses available and they seem to be cheaper and bigger.
Any suggestion?
Last edited by plt2011; 04-25-2011 at 07:33 AM..
Reason: typo
My husband commutes into GCC, and I can just tell you from our standpoint that we would not ever consider Ardsley for that reason alone. And, $3000 for a 1300 sq. ft home there is way too high. You can pay that in an area with better train access and a real village.
According to Sunday's NY Times, the rental market is booming in Westchester:
"THE uncertain economy, combined with a depressed housing market and tight credit standards, has fostered an increase in residential leasing in Westchester and nearby counties — a trend so pronounced that at least one agency, Better Homes and Gardens Rand, recently introduced a rentals-only Web site for its clients. “In some ways, renters have become the new buyers,” said Joseph Rand, a managing partner for the agency, which has offices in Westchester, Dutchess, Orange and Rockland Counties. Indeed Westchester is the fifth-tightest market for rental apartments in the nation, with a 3.5 percent vacancy rate at the end of the first quarter of this year, according to Brad Doremus, an economic analyst for REIS, a real estate research firm in Manhattan. Because New York City, at 2.8 percent, has the lowest vacancy rate in the nation, renters have sought alternatives in the suburbs, Mr. Doremus explained, noting that Long Island and central New Jersey follow Westchester, in sixth and seventh place respectively."
As for Ardsley specifically, I have no idea. I will say that 3K a month seems on the lower side for a 3 bedroom house based on what I see renting in my area (although all of the houses I know of are certainly bigger than 1300 sguare).
How about a house in Ardsley(not in the Unincorporated Town of Greenburgh), over 2,000 sq ft, a raised ranch, 3-bedroom and 2 baths, built in the '50, worth investing by renovating the original kitchen and bathrooms? Will people rent them for $3,000 a month?
I'm such a tough sell. I wouldn't rent it just because I absolutely loathe raised ranches. Honestly, I don't know that anything today is a 'good' investment since prices are set to drop once interest rates jump, but who knows! I did predict the bubble with astonishing accuracy, though.
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