Multifamily opportunity in Rochester, NY

Contractor · FL · Member since 2023 · 32 posts · 6 votes

Since I'm starting in real estate, I would like advice from experienced investors or anyone familiar with this market, I'm looking for multifamily properties in Rochester, NY. However, the prices seem too good to be true. On average, you can supposedly buy a two-unit multifamily property (2 bedrooms, 1 bathroom per unit) for $60k, with both units occupied and generating $1,380 in gross monthly rent. Do you guys think there might be a catch in this market that I'm overlooking?

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Collin Lafayette

Member since 2023 · 2 posts · 1 vote

Hey Dude! I live and invest in Rochester NY and have not seen properties anywhere near this price point. Anything sub $100K in Rochester is almost guaranteed to be in terrible condition, a SFH, and in the worst of areas (with probably not great tenants). Feel free to reach out if you want to jam more!

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Collin Lafayette
Member since 2023 · 2 posts · 1 vote
2y
Hey Dude! I live and invest in Rochester NY and have not seen properties anywhere near this price point. Anything sub $100K in Rochester is almost guaranteed to be in terrible condition, a SFH, and in the worst of areas (with probably not great tenants). Feel free to reach out if you want to jam more!
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Preston Garcia
Real Estate Agent · Rochester, NY · Member since 2020 · 148 posts · 28 votes
2y
Hey, no it’s not too good to be true. Prices are low compared to the rents over here in Rochester. However, I’ve been seeing an uptick of tenants not paying rent, at least with my clients. A lot of investors are starting to switch over to section 8 tenants, due to some, if not, all, of the rent being paid by the government. If you have any questions, feel free to reach out!
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Jennifer Torres
Member since 2023 · 2 posts · 1 vote
2y
Do not buy in Rochester. I know from personal experience that the prices are too good to be true. I sent you a private message.
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Preston Garcia
Real Estate Agent · Rochester, NY · Member since 2020 · 148 posts · 28 votes
2y
Quote from @Jennifer Torres:

Do not buy in Rochester. I know from personal experience that the prices are too good to be true. I sent you a private message.

I'm sorry that you had a bad experience. That is not the case for everyone, I have a lot of clients doing well in a "low" price range.
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Jennifer Torres
Member since 2023 · 2 posts · 1 vote
2y
@Preston Garcia I called every person who bought a property near mine up to a year out. Every out of town owner I spoke to had a similar experience. Within less than a year most had already sold their properties. Some were still dealing with evictions and one couple relocated there to get a better handle on things themselves. Just as Collin said anything under $100k will be in bad shape, but I've seen the same $60k houses go for $130k recently. They are in the worst areas and with bad tenants. Since NY is a tenant friendly state it can take 6+ months to get a non paying tenant out, if you can get them out. Also, BP just released an article about NY's new eviction bill. It's worth a read. Just here to give Wilson my honest opinion based on mine and the experience of other out of town investors.
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Alejandro Martinez
Toronto · Member since 2022 · 6 posts · 5 votes
2y
Quote from @Jennifer Torres:

@Preston Garcia I called every person who bought a property near mine up to a year out. Every out of town owner I spoke to had a similar experience. Within less than a year most had already sold their properties. Some were still dealing with evictions and one couple relocated there to get a better handle on things themselves. Just as Collin said anything under $100k will be in bad shape, but I've seen the same $60k houses go for $130k recently. They are in the worst areas and with bad tenants. Since NY is a tenant friendly state it can take 6+ months to get a non paying tenant out, if you can get them out. Also, BP just released an article about NY's new eviction bill. It's worth a read. Just here to give Wilson my honest opinion based on mine and the experience of other out of town investors.
Thank you for your insights! Have you try to flip in these areas? We are considering on flipping one of these 60k houses
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