New York, NY · Member since 2017 · 6 posts · 0 votes
I am a complete newbie to REI and still in the exploratory phase. I live in NYC and would like to invest in affordable areas with commuter access to the city. Yonkers appears to be on the rise as an attractive place to live and offers several multi family unit properties. Does anyone have any experience you can share in Yonkers or surrounding areas? Much appreciated!
@Lisa Connelly, it definitely exists, and I believe you can still find some units at the 100k per unit price but the areas really need to be looked at. They are more so around 140k but usually need some work too at those prices. Otherwise you are going to the northern part of Westchester. Places like peekskill, Putnam valley, beacon, etc. still metro north commutable but it's a long ride and the monthly tickets are not cheap. We're talking like an hour+ express train to Manhattan.
Hi Lisa, yes Yonkers is very attractive place as it is on the water and one of the most southern cities next to NYC with New Rochelle and Pelham. Yonkers has a lot of multifamily homes and there are a lot of different locations to look at.
Hi @Lisa Connelly! The areas in question can be really great, but they also can have areas that may not show a return for a little while. I would really recommend coming up to Yonkers, New Rochelle, Etc. to really see how they feel and what you can aquire in each price point. Taxes in our area sometimes make it hard for numbers to work out on smaller unit counts. I grew up in New Rochelle, and my parents in Yonkers. I would be more than happy to share my experiences if you want to grab coffee sometime. I work in Manhattan during the week too, so just let me know!
Thanks @Adam Cherko I appreciate it. In doing more research I have arrived at actually a new question, which is, how to identify the next affordable rising NYC commuter location. I'm pretty sure I'm not the first to ask this. :) How far would I have to go outside of NYC to hit a location with single family units at ~$100K? Does that even exist? Still learning...Thanks
@Lisa Connelly, it definitely exists, and I believe you can still find some units at the 100k per unit price but the areas really need to be looked at. They are more so around 140k but usually need some work too at those prices. Otherwise you are going to the northern part of Westchester. Places like peekskill, Putnam valley, beacon, etc. still metro north commutable but it's a long ride and the monthly tickets are not cheap. We're talking like an hour+ express train to Manhattan.
Thanks @Adam Cherko I appreciate it. In doing more research I have arrived at actually a new question, which is, how to identify the next affordable rising NYC commuter location. I'm pretty sure I'm not the first to ask this. :) How far would I have to go outside of NYC to hit a location with single family units at ~$100K? Does that even exist? Still learning...Thanks
I work in Stamford, CT and our market is on the rise, especially Harbor Point where I'm a full time property manager. It's a 45-50 minute commute via the Amtrak Express Train. One bedroom condo's can be bought for under $200k downtown, taxes are cheaper than Westchester. I own one condo at the moment, my first investment, I rent it for $1400, parking for $50 comes out of it, HOA $240, Electric $45, 12% return on a cash investment of $112,000, I used my father's home equity years back, it's now worth $165k. If you don't know an area look into contacing a real estate agent in the area you are interested, they can't provide direct info on safety (steering) but they can help answer questions. This is a great website for neighborhood safety inquiries https://www.safewise.com/blog/confirm-safety-neighboorhood-online-tools/