Need another set of eyes-Corning NY 4plex

[Stephen Matusick]

Hello there everyone- I have a house down the road from me that went on the market a little bit ago. It would be my first rental property I've ever bought- so I'm just interested if anyone has some free time to look at the numbers and see if they are close to what I'm looking at- using this calculator- and emailing the realtor- it's 4 units- 3 2BR 1Ba and 1 1BR 1Ba units. 800 rent for each of the 2BR and 650 for the 1BR. I'd have to come up with the down payment- there's a learning process in that as well- but at 135K grossing 3050 potentially a month seems pretty decent- looks like about 1K a month net income- even with a property manager.... currently one unit is rented the others could use a few dollars put into them for maintain, not upgrade.....

https://www.realtor.com/realestateandhomes-detail/...

Four Units w/great income potential! There are three 2 BR apartments and one 1BR apartments. Two lower apartments (101 & 102) on same electric. All other utilities are separate, except for water. Four hot water tanks. New roof 2018 on North & West side of house.

Thank you all!

[Fred Weinkauff]

Could be potentially a deal, but ask why is only 1 unit rented? Do you also have the $$ to renovate the other (3) units? If no one new is moving to the Corning area you will have to get your new tenants from other local landlords. So think of what needs to be done to your Apts to make other tenants want to rent your units. 

[G Brian Juk]

Hey Stephen,

I’ve looked at the outside of this house but not the inside. I know that both need some work. As Fred stated, it would be a good idea to look at it with a contractor or somebody who could give you solid advice on the rehab costs to get it move in ready. I’ve heard that three units and more require annual inspections in corning, not sure about south corning. Something to consider and learn about from the code office for sure  

What other properties have you looked at? I know corning is pretty hot right now, but there are a lot of units going in on Denison. Any thoughts to how that could affect the market?

G Brian 

[Stephen Matusick]

The outside does need some work- I'm going to check on the codes- very good advice, thank you. My wife actually brought up the same concerns of why is 3/4 of the property not rented out- maybe why the owner is selling???? I know Corning and surrounding areas ebb and flow with Corning Inc- although the last real boom was gas wells in Northern PA- that since has died off. I've not really looked too much more in Corning, I feel more like a long distance investor/owner is more where I see myself- but a first property local would help my wife I think feel and see the potential if that makes sense.... off to do some research on South Corning codes! Thank you both for taking a look and bringing up some issues!

[William Coet]

Some use the rule of no more than 20% of jobs being provided by a single employer.  Corning breaks that.  However, IF the employers are stable than it may be ok.