3-4 UNIT PROPERTY UPSTATE?
Good afternoon:
I currently own (2) 3 unit properties down in the Bronx. I'm looking to buy 1 or 2 more 3-4 unit properties upstate. Prices down here have gotten extremely high, and the cap rates aren't making much sense for me. I'm looking to buy and hold for the long run, ideally pay them off as fast as possible. I'm seeing a lot of double digit cap rate returns upstate, and in places like Connecticut. My main concern is good cash flow/ good double digit cap rate return. I also want to be no further than 1.5 hours from the Bronx. Based on this criteria I've started searching in Poughkeepsie, NY and in Bridgeport, CT. I'm not very familiar with either city, other than the fact that the numbers make more sense for me there than down here currently. If anyone can share input (ideas, comments, pros/ cons, what to expect, and general info about both cities, their markets, and wether or not they're good rental markets) please share. I don't mind urban areas, I'm a Bronx boy : )securing my long term financial future is my main concern here. Thanks in advance to all.