Seeking Insight on Binghamton Student Rentals

[James Cerasoli]

I’m currently researching the Binghamton area, specifically in 13905 and 13903, seeking a 4-6 bedroom single or multi-family that needs minor work to use as a student rental. I have a multitude of questions/concerns listed below that I’m hoping can be addressed by anyone familiar with the area: 

1) I was wondering if anyone could tell me what kind of demand these student rentals are getting and if there’s certain areas that are more desirable than others and less susceptible to vacancies. I noticed BU is looking to increase its total enrollment to 20,000 students by growing their graduate population and I’d assume this would positively affect the student rental market.

2) So far, I’ve noticed many student rentals on the south-east section of west side (13905) by Oak St., Seminary Ave., Walnut St., etc which I’m assuming are desirable because they’re closest to the downtown area. But I’m curious as to how the demand for student housing is in the south side (13903).

3) Are there certain areas that are known to attract party students that I may want to stay away from? Ideally, I’d like to target tenants who are graduate students, bookworms or foreigners and less likely to wreck the place.

4) I’ve also heard that there’s not much competition or interest for vacant properties that need work considering most investors are looking for turnkey properties and would like to know if there’s any truth to this because that should translate to these properties to be well discounted.

5) How accurate a ~$130k Zestimate is for a 6 bedroom, 2 bath and about 2200sqft that’s nicely renovated and fully furnished on the south-east section of west side that I mentioned before. And how home values may vary from this area to south side (13903) or other areas of 13905.

6) I’m also looking for any local financial institutions/credit union references considering I’ve heard that it’s not easy to get financing for non-local investors.

7) Also, would welcome any referred investor friendly agents or property managers.

Responses to any of the questions/concerns would be greatly appreciated. Thank you!