Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 10 years ago,

User Stats

55
Posts
13
Votes
Gregory Massi
  • Investor
  • Mahopac, NY
13
Votes |
55
Posts

Condo in Westchester County - Want your opinion

Gregory Massi
  • Investor
  • Mahopac, NY
Posted

I am closing next week on my first investment property in Westchester County NY. It is a 2 bedroom 2.5 bathroom 2 level condo which i bought for $275k. Generally 2 bedroom condos in my complex go for about $300k (i got it for a good price bc the buyer was eager to sell and he just had a deal a few weeks before my offer fall apart). 

All in cost are about $2000 a month (including insurance, HOA, mortgage, taxes) and i can probably get close to $2600 to 2700 a month for rent. I had the real estate agent pull comps and it looks like most 2 bedrooms with a 1 car garage are getting around $2900 to 3000 a month in my complex. My condo has a carport, no garage, so I think $2600 to 2700 is reasonable.

Some addition information. The kitchen is only 2 or 3 years old with granite and stainless steel appliances. Nice hardwood floors on kitchen/living room level. The bedroom floor is outdated (except for the bathrooms) - doors and trim are from the 70s (when it was built). I plan to updated all the trim and doors after i close.

What are your opinions on my purchase? Is there any additional information I should add to paint a clearer picture? I know it doesn't come close to the 2% rule or even the 1% rule but I wanted to start small for my first property. This is a highly desirable neighborhood i should add.

Loading replies...