Rental Renovation Strategy

[Brian Buckley]

I’m currently under contract for a two family property in a south Buffalo, NY neighborhood. The property is livable, but my thoughts are to renovate the units to be comparable to that of a rental in the more demand neighborhoods, and then list the property under market value to create a high volume of interest. While I currently can’t compete with the trendier neighborhoods in terms of area amenities, I can control the overall amenities within the property. Has anyone had experience trying to draw a pool of tenants away from current in demand neighborhoods by creating similar property amenities, yet a lower rental price point? Thanks in advance!