I'm planning to invest in the Bronx within the next few months. For me, this will be my first property, so I plan to utilize housing hacking + FHA/FHA 203k. I'm interested in hearing the general price ranges people have seen recently for quadruplexes in the Bronx, especially the price comparison when it comes to foreclosures vs turn-key quads.
The areas in the bronx make price vary significantly. A quad usually would range anywhere from 200-300k a unit. Very rare to see a foreclosed 4fam and its extremely competitive to grab one before an experienced investor.
Hi Shane, I agree with James Perdomo that four family properties are more rare and are on the radar of experienced investors, many with cash offers. I think you will find more opportunities with two and three family houses.
At this time, contractors are not working in New York. They are considered phase 1 workers and will be allowed back to work on June 7th with a lot of restrictions due to Caronavirus. If you're planning to buy properties that need work, it will cost more and take longer than it did a few months ago.You should factor this into your costs when reviewing opportunities to purchase.
That may be very challenging. The 4 family homes in The bronx are pretty much going for $700k to a $1mil. I believe those parameters dont qualify for FHA or a 203k. You need to discuss with a lender 1st.
Hi Omari, any news on your search? I'd also love to own a MF in The Bronx.
@Omari Williams FHA loan limits for NYC are as follows;
Single Family: $765,600
Two Family: $980,325
Three Family: $1,184,925
Four Family: $1,472,550
@Shane Austrie How's it going with your search? I grew up in the Bronx and the best advice I can give is to due your due diligence on locations. The South Bronx is going through a gentrification so properties are extremely high but due to its close proximity to the Manhattan, rents have increased from a median of $1300 to $2,500-3k depending on the size. Getting into the middle of the Bronx, you will see high crime rates which lower priced homes.