I was hoping someone could tell me a little about Odgensbury, NY since I'm not from the area. The deal I'm looking at is a 6 bedroom 3 bath 2688sqft triplex. The listing price is 35k with the property needing a new metal roof within 1-3 years.
I haven't been there but I went to school 40 mins for there. I'm guessing it has similar issues too many small towns in Upstate New York. The main concern being not a lot of employment opportunities. While there will probably always be folks that need housing its never a good thing to have local economy is based on one employer. I'm not sure what the case is there but it's something to look into. The other thing that stands out to me is that it could be very hard to find a property manager.
Not much happening in the north country. It’s losing its economic opportunities for a while. Try going south towards Fort Drum or north towards the college towns.
@Logan Singleton A triplex with a purchase price of 35K sounds like it is going to need way more work then just a new roof. I would investigate further to see what else will need to be replaced. As others have mentioned, you should try and invest in an area with strong employment in different fields. I would suggest three different types so that if one sector takes a turn, you are still protected. Have you considered other markets? I see you are from Lowell which has a large rental market already in place. The Capital district, where I live, we have strong employment numbers and a great rental market. I hope this advice helps and if you would like to chat more feel free to reach out.
Did you go through with the deal @Logan Singleton ? Would love to connect and hear about your experiences in Ogdensburg. Happy to share what we're doing there.
Not un-safe but I wouldn't invest there. It is a very depressed area with no jobs and no appreciation in properties and no positive outlooks in the near or far future.