Poughkeepsie Ny ??????

Question

Trying to get some information on Poughkeepsie, first time investor just trying to see if this is the area I wanna invest in. Looking for a rental property to hold any info is appreciated

Bart Charkow · Answer

Hey David, I'm pretty new to BiggerPockets but I've been investing in Nassau, Suffolk and Queens for the last few years and think I can help. Upstate New York is a great option/area to invest in; properties are substantially lower priced as are the taxes. AirBnB would be a viable option as well especially in the peak months.However, I would consider the area you'd like to invest it. An area close by (Newburgh) has a popular college (Mount Saint Mary College) where students opt to live off campus (similar to Albany). Having said that, it will certainly require a property management company since you'd likely not want to take the trip out there routinely.Just remember, it will not rent for the same price as it would down here. Dependent on the mortgage amount (if any), you should be able to make a few bucks.

Ray A Delfi · Answer

@David Roman I lived in queens for a few years. And moved upstate for a job. My job transferred me back to the city but didn’t want to move. They have parking lots and off street parking up here...lol!!! So I was in the Newburgh area for some time and also own a rental there. In Newburgh, there are a ton of C class areas, some A and B, but also a few F class, but, it is climbing and improving. You have to be very specific on what part of town you invest in. It literally goes block by block. You can have a F class block right next to a B class block. It’s crazy. Well as for Poughkeepsie I’m here now because i am in walking distance from the train and commute to manhattan daily. I’m in a beautiful loft apartment paying 1900 per month for over 1200 sqFt and could easily be listed for $2200. Now, the volume isn’t here yet but it’s growing. With the 90min train ride into manhattan, the brewery’s and restaurants that are coming up there is a ton of potential here, but just needs more traffic. There is a ton of off market vacant properties that I drive by everyday. Basically what I’m trying to say is that if you are willing to take a ride up here it’s worth the look. I’ll even be happy show you around. We also have a meet up here where one of the members is from Harlem and just brought a property a few months ago. He takes the train up to get to the meet ups. I am currently closing on a rental SF town house in beacon and have a few others I have lined up and could use a partner to take them down.

Colin Stuart · Answer

@David Roman I think Poughkeepsie is heating up! There's a reason your seeing a lot of new development there, which is a good sign for buy and hold. If you notice, most of the new development is within close proximity to the train station (given its nonstop ride to NYC - offering people commutable upstate living with a NYC income which is a great combo you might want to capitalize on). If I was you I would look at investing close to the train since it seems to be in the 'path of progress' and stands to apprieciate a lot over the long term.

Nick Hakim · Answer

I have been canvassing the Poughkeepsie market for a few months now and I think the area has a lot of room for growth. I recently found a few off market multifamily deals that i'm sizing up and would be happy to assign to a qualified buyer. There seems to be a good amount of new construction going after the high end of the rental market leaving more opportunity in the "middle of the road" rental market. The city's proximity to the Metro North train station, medical employers, and low cost of living are attractive.

Mike P. · Answer

North side of Poughkeepsie (City) is heating up. Multi family on Albany Street went onto the market at 298k, had a bidding war and subsequently and accepted offer at 340k within a week.

Kathy Diamond · Answer

Hi all, just checking in to see if you're all still actively investing in Poughkeepsie and if there's a meet up?

Eric Hrlbock · Answer

I tend to disagree about it lowering rental rate Almost all of the new rentals are luxury apartments not competing w the rentals I’m doing or many of the other people local to here. One of the local buildings that went up 2 years ago, a one bed for 1700. It has a dog park and they services for a fee. My 1 bed in Arlington are closer to 1250-1350 or 1 bed in wappengiers village 1200-1300

Cindy Truong · Answer

What would you say is the avg multi family house?

John Kwon · Answer

I agree with @Eric Hrlbock that lowering rental rate is not going to happen. New apartments are being built b/c there is a demand. This is just a simple supply and demand issue. Price will remain same or even go up if demand is not met. There is potential of influx of population in the area. But the down side is that it hinges only on 1 employer which is the medical center. @Bart Charkow Be careful about airbnb. Some towns like Beacon do not allow short term rentals like airbnb for non-owner occupied properties. Do your due diligence before jumping into short term rentals. https://upstater.com/beacon-cracks-short-term-rentals/

David Tecchio · Answer

Not a lot of inventory in Poughkeepsie but many large apartment complexes being built. Will that lower rental rates? Many new medical residents coming each year for the next six years. 0 to 220 medical residents over the next 6 years. That is a lot of growth and a medical school is now being built.