Looking for Feedback on Northern Troy Invest-ability. Thoughts?

[Wesley Sherow]

Bigger Pockets Upstate Community 
(However small our group is) 

I am in contract to purchase 12 apartments in one portfolio, and a small duplex from another. Among these buildings 9 units are in the northern Troy (Lancingburg) area. Walking around this area it's clear to see that the city is investing - new bus lines, new businesses, some nicely restored historic buildings. At the same time every other block seems to have some low quality low class properties. 

Now I know Lancingburg may be the farthest away in terms of the development of Troy, but i'm looking for other investors who know this area, own or have owned properties here, and can give feedback on the trend of this area. 

The reason I ask is the following: 
1. I am quoting the scale of renovation - do I put split units, do I invest in nicer finishes, do I give a light cosmetic re-do, or do I bring the property up to modern standards? How nice I can go on this renovation is dependent on the marketability of a higher end product, and whether we can find those renters here. 

2. I'm trying to feel how many years away the growth of this neighborhood looks to be. On a 2-5 year turnaround I may put our entire budget into this today, however 5-10 years and it might make more sense to stabilize the portfolio and hold onto it to do a full renovation at a later date. 

Regardless on the above, i'd love to add to my rolodex anyone who's in this area or speculating on it. 

Enjoy the week BP community!