Flipper/Rehabber · Tarrytown, NY · Member since 2019 · 9 posts · 4 votes
Hey BP world!
I'm a senior at Binghamton University and love the area. I am originally from Westchester, NY but the market down there is way too hot to get into. I live in the West Side of Binghamton but am very interested in Johnson City with the new development going on there (BU Pharmacy School and revitalization of the area). I am looking to get some opinions on the rental market specifically for pharmacy students or young professionals working at the UHS hospital. The low prices in this area intrigue me and I am curious about the rental comps and what numbers would make a deal really work.
I'd love to connect with anybody in the area and hear your experiences or advice. Feel free to comment or DM me if you want to chat about RE in Johnson City, Binghamton or any surrounding areas.
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
I hadn't heard about that project, that's good to know. I do know of the two new projects Lockheed was just awarded, slated to bring another 120 jobs, which could strengthen the Westside of Endicott also. I've seen some post by Paul & Jennifer, I'll have to get in touch with them.
Rental Property Investor · Dearborn, MI · Member since 2018 · 20 posts · 16 votes
6y
Hey Kyle!
Welcome. The BP community is truly awesome.
Although I am not familiar with BU, I've invested in student rentals in Dearborn, Michigan. Generally speaking, it has been great. It's rare that you have a nightmare experience that you might imagine from a frat house.
Shoot my a message if you have any specific questions.
Real Estate Agent · Ithaca, NY · Member since 2016 · 428 posts · 324 votes
6y
Ayyy my neck of the woods! And I went to school in Westchester, at Purchase. :)
Johnson City is a bit of a gamble right now, from what I can tell (and what my clients say). With the new campus it looks promising, but it's taking more time than folks thought for student rentals to really catch on there. That being said, I have a client who's bought a couple on Burbank and she has fully occupied student housing every year. I would largely consider JC to be worth considering and checking out, depending on the condition of the building in question, but I imagine it's going to take a few more years before it becomes and established area like the west side is.
Ayyy my neck of the woods! And I went to school in Westchester, at Purchase. :)
Johnson City is a bit of a gamble right now, from what I can tell (and what my clients say). With the new campus it looks promising, but it's taking more time than folks thought for student rentals to really catch on there. That being said, I have a client who's bought a couple on Burbank and she has fully occupied student housing every year. I would largely consider JC to be worth considering and checking out, depending on the condition of the building in question, but I imagine it's going to take a few more years before it becomes and established area like the west side is.
Hey Stephanie!
Thanks for the comment. Yea, I completely agree. I see the risk factor in investing in JC compared to Binghamton, that's why I feel staying close to the pharmacy school could mitigate some of that. Burbank seems like a nice area, does your client rent to undergrad or graduate students? I would feel more comfortable buying something that doesn't need much work but I feel most turn key ready houses in JC are priced to high for the area. Something to think about though...
Real Estate Agent · Ithaca, NY · Member since 2016 · 428 posts · 324 votes
6y
She buys places that need some light repair, as she has a local guy she works with. I can connect you with him, he's a great resource. She rents to a mix of graduate and undergrads, some young professionals now and then.
Property owners near the school know others are thinking prices will go up, so I think you're right in what you've seen. Places are either total junk or way overpriced! I think it will level out, but if you look hard and find that diamond in the rough that gets a good inspection and doesn't need serious repair, you could be in really good shape!
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
@Stephanie Jacobson I'd love that contact also if that's possible! I agree something that needs a bit of sweat equity is likely the ticket right now in JC. What are your thoughts on Endicott and Maine-Endwell?
Real Estate Agent · Ithaca, NY · Member since 2016 · 428 posts · 324 votes
6y
I like Endicott. It's going through a lot of changes, and I know good things as far as development and desirability are on the horizon, particularly with what the Marchuska brothers have been up to. I just sold (or am in the process of selling) two in Endicott to BP investors @Paul McCue and @Jennifer McCue. Maybe they'd like to weigh in?
Maine-Endwell, I'm far less familiar with. So far I haven't had any investors buy there, so I don't have first-hand experience. I do know people who live there, mostly homeowners, and enjoy having the space and the feel of a more rural area. My gut tells me it's going to be far less rentable than an area like Endicott, the west side or downtown, but could be a good place to flip.
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
I hadn't heard about that project, that's good to know. I do know of the two new projects Lockheed was just awarded, slated to bring another 120 jobs, which could strengthen the Westside of Endicott also. I've seen some post by Paul & Jennifer, I'll have to get in touch with them.
@Joshua Little We lived in the area for a long time but in the last couple years relocated to South Central PA. In that period of time, I don't feel like a lot has changed in Endicott. I like certain areas of Endicott. There are definitely pockets that are very rentable to young professionals or grad students etc. There are some nicer neighborhoods off Rte 26 (like near the Cider Mill) and we know several professional families who have purchased there. I do think you'd have to be choosy with Endicott . At the least vet your tenants (and management if you aren't self managing) well no matter where you invest. That is just our personal experience with it over the years.
I would tend to agree with @Stephanie Jacobson when she says that Maine-Endwell would be less rentable (at least the more rural parts). I do think there is a small market of people who prefer to be more rural but you might not want that to start there if you are looking for your first investment. I think Endwell (maybe the neighborhoods off Hooper Rd) could be good single family rentals. Although I'm not sure what their taxes are like. If I recall ME school district has pretty high school taxes but it is a very desirable school district so that would be a good draw and you might be able to increase your rents due to that. I'm not sure if there are many multi-family units there but I could definitely see that being a desirable area for professionals as well due to the convenience of the location to the highway.
I guess it depends on the type of rentals you want to do and who your market is. Personally, we choose nicer neighborhoods where a family might want to settle down. We prefer long-term tenants and were very successful in J.C. with an investment property we owned for over 15 years in terms of that.
I hope that helps! Feel free to reach out to either @Paul McCue or myself any time!
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
@Jennifer McCue Thank you, all of this information is great! I've been looking at JC a lot and think it's going to be a strong market in the coming years and I look forward to being apart of the growth this region is undergoing. I plan to attend this month's REI meeting and would certainly like to discuss all this further with anyone attending.