Looking into a deal in Rochester, NY

[Nelson Chan hung]

I'm looking into a property in Rochester, selling price 320000 and rent monthly meets the 1% rule, should i be looking for a better deal as the appreciation in rochester are anemic at best and the real estate taxes are at least 2% higher than national average

[Jason V.]

@Nelson Chan hung Welcome to BP!

Even though you only provided about 3% of the required information for anyone to be able to help you analyze this deal, I can pretty safely say that as a Rochester area investor, I wouldn't touch this 'deal' right now.

Why Rochester? Why not pick one of the major metro areas in PA that have just as attractive price/rent ratios with lower taxes and better appreciation outlooks - and are a whole lot closer to Gray? 

[Nelson Chan hung]

Thank you Jason, I apologize for the little information, I am new into the forum and trying to learn about real Estate actually I live nearby the Rochester area at this moment, I have been looking into the Park av area, Faiport and upper Monroe and prices seems too high for Rochester as cash flow and cap rate  did not match my expectation.

The deal I was looking at was a 320000 3 units house, monthly income around 3200 +100 from coin operate laundry, taxes 10200 a year, it is a old complex 40 years but roof is only 10 years and furnace seems in good shape. 

Any input is appreciated as I am trying to learn

[Aaron Dana]

Hey Nelson. I'm in Rochester too. Do you have an, agent that you are working with? I am just getting into the real estate game and I have a great agent who specializes in working with investors. I would suggest finding someone who can help you learn what areas can bring the most bang for your buck. Rochester is full of great areas that can meet or exceed the 2%, just got a know where to look. I can pm you my agents info if you are interested.

- Aaron

[Larry Turowski]

@Nelson Chan hung This does not look like a deal.  It looks like a property you could buy on any given day.  What is the particular attraction to this property over the 1000 others you could buy today?

[Mike Cumbie]

Hi @Nelson Chan hung,

If you want to PM me the address I will send you some information on it. Just with the basic information I see though I would have to agree with @Larry Turowski

I'll throw you a brain dump on it and you can go from there (Taxes history etc). Either way it should be a good learning experience for you. Don't worry about me peddling it elsewhere, I stay more West side when I can, plus that's the last name I want to get for myself. :)