Albany, NY Mayor buys fixer-upper in Arbor Hill

11 Replies

Is there such a thing as a non fixerup in arbor hill? Seriously though. Albany has some massive money available if you're into rehabbing in arbor hill. Iirc, they will give you up to 10k just to fix the facade. There's other money available if you rent to low income as well, which you will be in arbor hill. Lots of $$ to be made there right now. I've done a few quick analysis on some properties the land trust is holding and I think you could see 20-25% returns if you're willing to jump through the grant hoops.

You just better have a rock star PM you can use or be willing to spend a lot of time on the management yourself and be prepared for all kinds of challenges.  It will be drama-filled, for sure.  Not for the newbie, in my opinion.

@Kadeem Howell I saw the article too, it says she is downsizing and intends to live in the property. Yes its in Arbor Hill but not in the "rough" part of it. You can walk to the Palace Theater and the rest of downtown from the property. 

Generally speaking though I would not recommend Arbor Hill to an out-of-area investor, most of it is run-down and time intensive to manage. Better to partner with a local if you really want to do it. 

I agree with @Adam Clark  if you actually look at the address its a cool spot.  Across from a park, view of an old church, walk to theatre and downtown.  There are two vacant lots next door which could be part of the plan.

Street View: https://goo.gl/maps/bP6pFbMB8Ur

Someone thinks they can make money here: 

https://www.bizjournals.com/albany/news/2018/01/17...

Has anyone seen the list of 1000 vacant properties, I couldn't find it online yet?

Interestingly enough, I have buildings on that street.  Ten Broeck Triangle is technically in Arbor Hill, but not really.  It's always been a significantly safer area than Arbor Hill.  IMO, it's more downtown than in Arbor Hill.  However, I can be bias.  Not sure if she's living there, if she does, I am sure she'll have an around the clock police detail just like her old home.

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