Newbie from Rochester NY

[Andy Goodell]

Ok so I've been doing some research and finally found a property, a short sale for just over half of the assessed value. My question is what are people doing with duplexes that only have one HVAC and one hot water unit? Are you charging a fixed or variable rate per month/ tenant? After closing I will have the top unit rented with a long time tenant covering all mortgage and tax costs. This property needs little to nothing as it has vinyl siding and a newer roof only thing i will be doing is painting and cleaning the second unit to rent it. I look forward to hearing what everyone is doing with their investments and hope to learn from everyone.

[Dave Savage]

Welcome @Andy Goodell from a fellow Rochesterian. Typically you should be able to get ~$50/month more for a rental with heat and hot water than surrounding units - but tenants a lot of times don't realize the value you are providing.

I agree with Mark to consider splitting up the utilities and putting another furnace in ~$2500 - maybe once you get some rent rolling in. You could also check into the mini-split idea as other investors in Rochester have started putting those in in similar situations.(VP Supply I believe sells Mitsubishi ones if you wanted to check it out).

There are a few options mentioned for the hot water heater, but that may not be as big an issue until the one you have expires - and you will have to check how the house was split into a double and how easy it would be to split the water lines.

Let me know if you have other questions about the market, and check out a few FFREIA meetings to meet other investors and BP members.