Southern Bronx Multi-Family Investment Property

[Patrick Ruff]

Hi all, new to Bigger Pockets (listened to many podcasts on YouTube though) and am currently living/working in NYC. Have saved up about $100k+, could be more if I sell off some stock, and am looking at the Bronx as a market (maybe nearby NJ, but have heard it can be tough with property tax so high in NJ). Haven't seen many affordable multi-families in the Bronx, although I've heard $600k is a reasonable price for a duplex. Not looking to house hack right now, so it would be an investment property. My question is, does anyone know relative cost / sq. ft of renovations? There are a lot of old houses in need of work on Zillow in the Bronx and I'm curious if anyone has any idea of how much (relatively) I could expect to pay for a gut renovation of a multi-family in the area.

[Alina Trigub]

@Patrick Ruff Congrats on deciding to take action and buy your first property! In terms of renovation costs, I suggest you find a few investor friendly GCs and bring one with you to get the estimates of a potential property (maybe even pay them for the appointment). It'll give you a much better idea of the costs as opposed to estimating it yourself. If you don't have any contractors' recommendations currently, then join local REI clubs and ask for some there.