I’m analyzing a deal for a SF that is located a few houses away from a commuter train line to New York City. Its been on the market for a few months and needs minor rehab, but it’s located in a solid town with great schools.
How does proximity to a train effect the home value/potential renters? For anyone commuting to NYC I would think it’s a major benefit...but other may not want to deal with the noise, etc. Is this a a big headache when the time comes to sell??
what do the comps say?
In the Tri-State area having a home close to public transportation is usually benefit in this market. It may not affect the value of the home, but it will make it more attractive to buyers and renters.
@Kevin W. is it a few houses from the train line, or the train station? If it's by the line but far from the next station, that doesn't help much. Regarding the noise, take a look at the train schedule and then park your car outside the house with the windows open (and closed) when the train goes by. How loud is it? I once did this at a house across from the tracks and my entire car was shaking ... not good. On the other hand I live about 2/3 of a mile from the train station in my town and I love the sound of the siren at night ....
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