Poughkeepsie, NY Advise!

[Steve Faucette]

Any Active RE Investors or Agents investing in the Poughkeepsie, NY Area? Im looking to Purchase a Multifamily, Possibly in this area....Ive done some research the unemployment rate is rather average in the 51/2 pc. I wanting some in-sight into this market, please feel free to comment or advise.

[Frank Gucciardo]

@Jared Gettinger I'm trying like heck :-)

I've been outbid on a number of places in the area and finally have a tri-plex under contract in a town about 20min away in Orange County NY.

Like every other RE market, Poughkeepsie can vary from block to block.  The downtown area is mostly Sec. 8 and very crime ridden with bad schools.  Honestly I stay away from here, I'm sure there is value there for the right landlord.

The north end is where you start to get student rentals and the cash flow is really good.. only problem is trying to find a property.  Most everything is locked up here or is priced way to high to make any money off of.

The Town of Poughkeepsie (distinct from City with better schools) which wraps around the city to the North, East, and South - The northern portion of this is heavy student rentals and again, hard to come by properties.

There is a ton of new apartment construction on the river front and near the colleges.  The hospital expansion is going to bring in a ton of new doctors, nurses, and workers and a few developers are going to cash in on this.

West side of the river, good cash flow opps as you still get student renters and families who work in NYC, Albany, and Poughkeepsie.  Cities like Kingston (has its own problems and gems), Highland (downtown is booming and properties are hard to come by), Marlboro/Milton, etc.., New Paltz (it's own animal that has SUNY New Paltz - great cashflow if you can find a property)

South of Poughkeepsie - Beacon, Fishkill, etc..  Saturated.. you really have to dig hard for a deal here

North of Poughkeepsie - Hyde Park and north.. I haven't really looked that deeply.. not a lot of multis which is what I'm after.

Sources - After I hopefully close this triplex I'm going to stop using MLS as my primary.. deals are now hard to come by and I'm getting quickly outbid (people paying stupid prices for multis where you know they are not going to make any money). I'm talking to my agent about a mailing to absentee landlords that will likely start in Sept.

Summary - if you can get something in the north end of Poughkeepsie that is reasonably priced then you will be in really good cash-flow shape.  I would look outside of Poughkeepsie to the West.

Long winded response that barely scratches the surface.. hopefully its a good start for you though.