My realtor sent me over an opportunity in Albany, NY. I'm analyzing some properties currently that could be my first deal. My initial feeling is this is just around a 1% deal and its quite expensive for the amount of cash flow that comes with it. I appreciate anyone else's thoughts.
Style: 2 Family
Price: $235,000
Taxes: $7,100
Estimated monthly rent: $1,200 each apartment. ($2,400 Total)
I would owner occupy most likely and my feeling is that I would want to put some work into the kitchen for me to want to live there.
Thank you !
Mike
p.s. if there is anything else I should put in here when asking for help, please let me know so I can improve my posts for the future
Engineer · Albany, NY · Member since 2014 · 42 posts · 18 votes
9y
Mike,
This is how Albany NY is, things in a decent area are at about 1%. You can get 2% but most probably you wouldn't want to live there. If you are in Troy currently, maybe it's worth taking a look there for you and renovating there ... it's a lot easier to get 2% there.
All this depends on your situation, are you single or do you have family? Do you have a job other than taking care of REI? How much can you sacrifice?
Think about all this ... but in general this deal is about normal for this area.
The kitched appliances look quite outdated and the hardwood floors do look like they would need to be refinished. I'm see other rentals in the area that are available for less than $1200 and some that are more and haven't been rented so I am skeptical of that as well.