Rental Property Investor · Houston Texas · Member since 2019 · 9 posts · 1 vote
Hello ,
I’m pretty new here and this is my first post! I was wondering if anyone can answer if Jamestown NY is a good place to buy rental properties as houses are extremely cheap and rent is pretty average there , is the market good there for rental property investing ?
I plan to pay cash for my first property ( around 40-50,000 ) and Jamestown seems to have a lot of turnkey ready properties! I could buy where I’m at but they will need at least 20k in rehab which I won’t have for another year or so ( unless I get a loan which I’m trying to avoid for my first property)
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Julian Garlington
Well you’ll have to look at the economics of Jamestown. What jobs are coming in, what jobs are leaving, who are the big employers in the surrounding areas, are they planning on staying or moving out. Will the area be economically sustainable in 10 years or will you need to sell out by then. Some long term thoughts.
Binghamton does flood a lot but they have big business moving in. Some investors will take that into consideration.
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Julian Garlington
Depends on your strategy, are you looking for long term tenants or short term rentals? The lake is great for vacation homes. The town used to be an old industrial manufacturing place, just like most of Upstate, NY. However, I’m not certain on the population change and demographics. My girlfriend wants a house in Jamestown, I’m not too jazzed about the area. I’m better off investing in Syracuse or Binghamton. The cities are relatively the same prices for houses but bigger population with more economic drivers. Good luck!
Rental Property Investor · Houston Texas · Member since 2019 · 9 posts · 1 vote
6y
@Nick Rutkowski
I’m looking for long term tenants ( no vacation property) I was looking at the city statistics the other day and looking at things such as their poverty level as well median household income couldn’t make a fair decision I had mixed feelings about it!
My friend owns property in Binghamton he says it floods there every 2 years or so so you’ll have to pay for flood repairs unless you have insurance !
Do you think Jamestown would be a good place for long term tenants? This will be my first property and I don’t want to mess this up !
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Julian Garlington
Well you’ll have to look at the economics of Jamestown. What jobs are coming in, what jobs are leaving, who are the big employers in the surrounding areas, are they planning on staying or moving out. Will the area be economically sustainable in 10 years or will you need to sell out by then. Some long term thoughts.
Binghamton does flood a lot but they have big business moving in. Some investors will take that into consideration.
Attorney · Binghamton, NY · Member since 2016 · 127 posts · 84 votes
6y
Binghamton does not flood every 2 years... there were two 500 year floods in 2006 & 2011 which devastated some portion of the area.... you need to look into each property separately because the floods were limited to specific areas....
As Gary said, while certain areas of Binghamton were affected by the floods in 2006 and 2011, it was other towns (Conklin and Owego) who saw the brunt of it. I was living in and investing in Binghamton during both floods, and never had an issue.
Real Estate Agent · Ithaca, NY · Member since 2016 · 429 posts · 324 votes
6y
I know we’ve totally derailed you from Jamestown to Bing here but for your budget you could do a lot better here! Jamestown is a neat little city. JCC has a good demand for student housing as far as I know. But you’ve got the budget to try Bing as well, and the university here far surpasses JCC in terms of student population, growth, and rents. Bring your money just a bit East!
Also, there weren’t as many houses affected by those floods as you think. I deal strictly with investors (and I specialize in student housing) and in two years I actually haven’t had to work with a property that flooded yet.