Updated almost 6 years ago on . Most recent reply
Deal Idea- Newburgh, NY
Good Morning,
I just wanted to throw this out there and get some opinions. SO...a friend of mine owns a condo in Newburgh, close to Mt St Mary College. He wants to move out and offered to sell me the condo so I could rent it out, possibly to college students. It's a 2 Bedroom condo, brand new built in 2017. If I can get the unit for fair market value, let's say around 100k, I'm thinking I can rent it to college students by the semester per room. I worked with an investor in the past who has this same business model, but in upstate Oneonta area, but with house. Could this work in Newburgh?
Most Popular Reply
@Tommy Nastasi the college rental market is really good at the Mount. More demand than supply. You do have to be very close to the school. The kids do prefer houses. My furthest is .35 miles from the school and when I first fixed it up and put it to market to the kids I was nerveous it was too far.They also like houses that allow or suit college behavior. As an local college rental guy I would not put them in a condo.
What condos are there around the college that were built in 2017 for $100k?