@Ronald Starusnak Thank you so much! We had a plan to go after some smaller properties aimed at either picking up a multi family unit or a single family unit and working through the rezoning in. I am not sure how common this is, but one contact said it could be done. While it looks like most of the properties need some TLC, we have run into a few that are already being rented, so I was hoping that the financing wouldn't be an issue. Does your team specialize in the student area or have a marketing approach to that area (SU, SUNY, Crouse)? I know that there is the potential for a higher turnover, but it also seems a better approach, becuase worst case, you only have one of three or four rooms rented, it would still cover your costs. I have done background on the area but many people have seemed a little hesitant to say "hey, steer clear of a particular area" so I am just relying on the crime stats. I do have some concerns about taking over a property that is currently rented, especially if I know we would likely let the lease run out, and then want to do some upgrades and renovation to make it a more attractive rental.
Thank you for so much info, I really appreciate it, I think the market there is prime for outside money, it is just a bit of a jump and things are going quick. I came up with a list of a dozen on the market and went over them on the phone with an agent, and half were already gone by the time I had done my analysis. I'll have to get of California time and into the NY pace for sure!
