Albany NY-new investor. What to look for?

[Avani Sharma]

Hi, I am a newbie-planning to invest for a rental property in Albany NY area. I have been following the market around Pine hills/Helderberg- targeting Albany Med/SUNY Albany. Houses are almost 100 year old and getting under contract within a week of listing. Will anybody be willing to share their experiences/lesson learnt while buying old houses in Albany NY. Things to look for during open houses , how to calculate cap ex rate for these old houses? Any good property managers in the area? What is the average management fee and vacancy rate. Any insight will be helpful. TIA

[Steven Luttman]

@Avani Sharma congrats on getting started. You'll encounter mostly brick buildings within the city, which you'll want to inspect to see how it's been maintained/repaired over the years. Outside of that things like heating systems, roofs, electrical will all look similar to something youd see in more recent construction as well.

As you mentioned Pine Hills multifamily (and the Capital Region as a whole) is very competitive. My recommendation would be to have your financing in place and schedule showings the day a property goes on market.

Steve