Kingston NY & Poughkeepsie NY
Hi BP Friends,
I've been doing a lot of research lately, including visiting properties and analyzing deals in Poughkeepsie and Kingston NY with the intent to purchase cash-flowing multi's that don't need any immediate major rehab for buy and hold. I'm finding the numbers "work" on a few 3 and 4 unit properties in the $100k-$125k range, but it's so hard to get a read on the area since I live an hour south. I'm curious to know what other investors think of these two areas, and any other nearby areas (within 2-3 hours north of NYC) that may offer cash-flowing multi-family opportunities under 200k. I hear all sorts of conflicting information and I'd like to get more feedback from people actually doing business in these areas. I've spoken with a few people who are buying, but the majority of advice I receive it to stay away- mostly from Poughkeepsie due to the crime, schools and city legislation. Are you guys finding opportunities and success? If so, where and why? Any thoughts, advice or info would be most appreciated!
I think you probably have to narrow it down to particular neighborhoods within Kingston and Poughkeepsie instead of making a sweeping assessment of the whole city. I've been focusing my research on Kingston and don't know Poughkeepsie that well, but a potential market to look into in Poughkeepsie could be student housing, since both Marist and Vassar are there.
Hi Jared,
I'm an agent for a brokerage in Kingston, NY. We serve Ulster County and surrounding areas. We're REO brokers and work with a lot of investors.
There are opportunities in this area! If you have specific questions during your search, please feel free to reach out.
Following! I'm interested as well.
Jared, I just bought a multifamily in the Kingston area. I chose to do some rehab. I think that the taxes are a little high, there's alot of C & D areas where you could probably meet the 2% rule. And theres great areas as well where you could probably meet the 1% rule. The numbers still work better than the alternative (Long Island or NYC). If you do ever come up this way and would like to meet up just send me a message. Good luck!
@Kelli Williams Hey Kelli, awesome, I'll DM you....
@Account Closed Hey Nicholas, thanks so much for the info. I was trying to avoid the D areas, but it's good to know there are C options meeting the 2% rule. Congrats on your recent multifamily purchase. I'll definitely reach out and try to meet up, would love to hear more about your experience!
Hi Jared
I recently came across some offers in Kingston
I would like to know, how did you end up there?
its a while ago since your post but I don't see people should update something in the area
I am interested in investing in upstate NY around the Monticello, Middletown and Newburgh, etc.. areas (i guess 'mid-state'). Basically within 100 miles of Jersey City NJ
I like the market upstate and the cash flow.
What types of deals are you all seeing. Ideally I would like to invest in multifamily 30+ units.
Michael Brown I don’t know if I should laugh or jump up and down for joy with this one...a similar deal last year I looked at closed at about 2.5m.
The numbers are a joke tho. This is typical listing broker BS
http://www.loopnet.com/Listing/12205757
Would love to know how your progress is going in Kingston!
Casey