Multi-family showdown: Yonkers vs. Stamford - Need some advice

[Mike A.]

Hey all, so I sold one of my buildings and I am looking to buy another one either in Stamford, CT or Yonkers, NY.  The thing is I'd like to keep one of the units for myself, but I do not know much about Yonkers, and it's hard to find a multi-family in Stamford where the numbers actually work with a mortgage.  Could someone please provide some advice here on how to proceed? Normally, I buy in the more urban parts, but since I want an apt. for myself, I'd want it to be in a better area.  Am I delusional to see if I can make the numbers work?

[Joe Jor]

Mike,

It sounds like the locations are fungible, then it comes down solely to ROI. Run your numbers and figure which is the better deal.

When you say "better area," both STM and YNK have great areas and dicey areas.  Check the crime stats, but property prices will also generally reflect that.

In either location, given the Westchester R.E. market, it is always challenging to find a property where the numbers work.

Joe