Kingston NY & Poughkeepsie NY

[Jared Gettinger]

Hi BP Friends, 

I've been doing a lot of research lately, including visiting properties and analyzing deals in Poughkeepsie and Kingston NY with the intent to purchase cash-flowing multi's that don't need any immediate major rehab for buy and hold. I'm finding the numbers "work" on a few 3 and 4 unit properties in the $100k-$125k range, but it's so hard to get a read on the area since I live an hour south. I'm curious to know what other investors think of these two areas, and any other nearby areas (within 2-3 hours north of NYC) that may offer cash-flowing multi-family opportunities under 200k. I hear all sorts of conflicting information and I'd like to get more feedback from people actually doing business in these areas. I've spoken with a few people who are buying, but the majority of advice I receive it to stay away- mostly from Poughkeepsie due to the crime, schools and city legislation. Are you guys finding opportunities and success? If so, where and why? Any thoughts, advice or info would be most appreciated! 

[Dacia Ray]

I think you probably have to narrow it down to particular neighborhoods within Kingston and Poughkeepsie instead of making a sweeping assessment of the whole city. I've been focusing my research on Kingston and don't know Poughkeepsie that well, but a potential market to look into in Poughkeepsie could be student housing, since both Marist and Vassar are there.