I would like to buy my first rental SFH in Poughkeepsie, NY near Marist College. The local medical center is building a 550 million dollar new hospital and transitioning into an academic center and is starting a residency program that will bring 200 new doctors into the area. In addition, in conjunction with Marist College, they will have a new School of Medicine that will bring 400 medical students, faculty etc to the area. Sounds great! However, there is a huge development now under way in close proximity to the College that will have 750 apartments, shops, a gym, etc. Is this a sign that my idea is a good one or that I am late to the party and the big guys will decrease my rental income because of us—oh and demand. My SFH would be within .3 miles from this development. Thank you.
There are people who will not want to live and work with the same people. Plus there will be those who are not doctors or staff and they will need housing. Depending on the rent you are looking for from this house. If the area is coming up as in the next new place to be there will also be shop owners and employees of the shop that might not be able or willing to spend so much for the brand new "it" place. I think you should be fine.
Hudson Heritage. Would love your thoughts. It will be just North if the Home Depot and it will be HUGE and the place where “the cool kids” will want to be. Marketing toward doctors, graduate students, faculty etc. A lot of commercial development intermixed.
There are people who will not want to live and work with the same people. Plus there will be those who are not doctors or staff and they will need housing. Depending on the rent you are looking for from this house. If the area is coming up as in the next new place to be there will also be shop owners and employees of the shop that might not be able or willing to spend so much for the brand new "it" place. I think you should be fine.
Your tenants will still have access to the shops and restaurants, so those are a plus for you. Plus, without all the fancy amenities, I assume your rental rates will be lower but still being close to the hospital and now the new retail, I think you'll do ok. Also, a lot of people prefer to have families in SFH whereas more single and couples will live in luxury apartment type buildings, so there's a definite market for both. The more vibrant and built up the area is, the better it is for your tenants.
I work at the Culinary Institute of America (CIA), but am no area expert, I live down by the Tappan Zee Bridge.
The new development will be completely different from the established area you are looking in, but might have some nice retail and such that will be an advantage to your area. And it will create jobs, which (sorry if this is political) will reduce unemployment, but also is prone to raise taxes. But this development is in Hyde Park, not Poughkeepsie, so the tax issue should not affect a PoK property.
My mistake, the "just north of Home Depot" is different than the one, a 1/2 mile away to which I was referring, but I think most of my points are still valid. Development will help real estate values in the area, and the completion is years away. Now is a good time to buy.
In addition to Hudson Heritage there is Bellefield in Hyde Park, https://bellefieldhydepark.com Both of these large scale developments will be a benefit to the area. As far as single family homes in Poughkeepsie, it's a tough rental market. At this point, no families are moving to Poughkeepsie for the schools. It's the opposite. Best upscale rental market is young professionals without kids. Multifamily seems to be the best investment, in my experience.