Rochester (Fairport), NY Multi-Family Home. Good Deal or No?

[Shannon Sadik]

Hi Everyone,

I am brand new to this site, but am really excited to have found this!! From what I have read so far, I've already learned a ton! I have been watching the Rochester market for almost a year now and am moving there in about a month to purchase our first rental property. My goal is to buy an owner occupant that will allow us to live mortgage free and save for the next property. I do want something a little nicer than some rental properties with higher returns (i.e. 19th Ward).

I found the most adorable Victorian MF side by side with 5 bed/1 bath and 4/1, 3100 SF priced at $269k in Fairport Village. The house has been owned and lived in by extended family so has no rental history. It's outdated, garage needs to be torn down and re-done and obviously since there is only 1 bath on each side, another will need to be added. I also have no idea when the house was last renovated so may need updated wiring/plumbing once we get started. The house has been on the market since last Dec and they haven't reduced the price at all; price def needs to come down. 

I've heard how desirable an area this is and my mother-in-law wanted to rent there at one time but couldn't find anything available. This to me, and from what little rental history I can find on similar sized homes, seems to indicate the potential for high rents and POSSIBLY a high rental demand since there aren't many?

What I'd like to know is:

1. Is this a desirable rental area?

2. What can I expect to get in rent for a 5 bed/2 bath ~1700SF, nicely updated home in Fairport?

3. Any suggested pricing tactics for older homes that aren't selling, need updates, and the price should come down?

4. Any contractor recommendations would also be great!

Any suggestions/thoughts would be greatly appreciated! Thanks!!