Mount Vernon, NY

[John Errico]

Hey guys: I'm thinking about buying a property in Mount Vernon, NY (Westchester County, just north of the Bronx). It'd be a two-family that I'd be living in as a one family, so I'm not super concerned with making a return on this specific property, but I'm curious about the investment climate there. I own several places in Hudson County currently, and in New Haven, Connecticut, and have had a lot of success, but have never explored New York.

Does anyone on BP invest here? Anything super strange or concerning about the area? Seems to be a lot of inventory of cheap 2-3 families that require some work but would cash flow, and you're only ~40 minutes from Grand Central on the Metro North New Haven or Harlem lines. Have been hearing stories about a lot of all cash deals and investors moving into the area but haven't (yet) seen evidence of that myself. Some areas are even walkable to the last subway stop in the Bronx although that seems to be the more dangerous area of the city. Also have no idea about the quality of tenants you might expect.

I've heard stories about corruption, crazy tax hikes, etc. but only second hand or from news articles. It also seems like, for whatever reason, the area has been relatively economically depressed while being surrounded by incredibly affluent areas of Westchester County, so I'm wondering why/how that has happened, particularly when some of the houses particularly in the north are absolutely stunning--like, if they were moved 10 miles further into Westchester County would sell for 400%+ of their list price. I know schools are bad, but I feel like that's a reflection of the low tax base rather than vice versa, although I guess I really have no idea.

Thanks!