Hi Michelle, Albany and Troy are definitely super different in some ways but similar in others. I would agree that neighborhoods are very different within each. Albany has many more colleges and employers in the area so I somewhat feel that opens up more options for interested renters. Our rental market in general all over our region is very strong so you won't have issues honestly no matter where you choose. The thing about both Albany and Troy is that they have very very high taxes, but Troy can be a bit higher sometimes. Typically older homes that actually have relatively LOW assessments, but the tax rates are so awfully high, something to think about is if the assessments ever go up it will only make the taxes worse. Are you planning to house hack, and looking for a MF with at least one unit available for owner occupied?
You mentioned that you would also consider single family. I think SF rentals, especially in our region, are SO underrated! I know everyone wants more doors, but with appreciation rates here routinely being 5-9% year over year, SF investments are also very good. The hardest part is because of the high interest rates right now, it can be more challenging to have something that cash flows vs just covers the expenses. But the deferred maintenance with a lot of SF homes in our area is most likely going to be less than the MF properties which are not always maintained very well.
Are you pretty settled on Albany and Troy, or would you consider other areas in the Capital Region?
I’ve looked pretty closely at the Capital Region for house hacking, and Troy vs Albany really feels like a block-by-block decision. Troy definitely has cheaper entry points, but I noticed a big difference depending on which side of the city you’re in—some streets work great, others can turn into management headaches fast.
Albany felt a bit more predictable to me, especially around areas tied to state jobs, hospitals, and colleges. Rents weren’t always higher, but vacancy risk seemed lower from what I saw.
Using FHA can make sense there if at least one unit's rent offsets a solid chunk of the payment, but older multis can surprise you with deferred maintenance. I'd personally spend extra time walking neighborhoods and talking to local landlords before locking anything in.
Are you targeting a 2–4 unit strictly for a house hack, or trying to position it for long-term hold after you move out?
I am also looking for single families as welll. Ideally multi family
Ideally, the rent will surpass the mortgage
Troy seems like it will be more gentrified over Albany? I agree. I don’t see Albany gentrification happening any time soon
I also love Vermont. My favorite state besides ny for several reasons. Do you know anything about buying homez there ?
I am also looking for single families as welll. Ideally multi family
Ideally, the rent will surpass the mortgage
Troy seems like it will be more gentrified over Albany? I agree. I don’t see Albany gentrification happening any time soon
I also love Vermont. My favorite state besides ny for several reasons. Do you know anything about buying homez there ?
Hey Michelle, living in the Capital Region I agree with @Shuja Ali, both Troy and Albany are a neighborhood thing. It all depends upon the area you go into as both offer great options, but it is all about location of each.
As for VT, I grew up there. What areas are you looking at?
Hi Michelle, Albany and Troy are definitely super different in some ways but similar in others. I would agree that neighborhoods are very different within each. Albany has many more colleges and employers in the area so I somewhat feel that opens up more options for interested renters. Our rental market in general all over our region is very strong so you won't have issues honestly no matter where you choose. The thing about both Albany and Troy is that they have very very high taxes, but Troy can be a bit higher sometimes. Typically older homes that actually have relatively LOW assessments, but the tax rates are so awfully high, something to think about is if the assessments ever go up it will only make the taxes worse. Are you planning to house hack, and looking for a MF with at least one unit available for owner occupied?
You mentioned that you would also consider single family. I think SF rentals, especially in our region, are SO underrated! I know everyone wants more doors, but with appreciation rates here routinely being 5-9% year over year, SF investments are also very good. The hardest part is because of the high interest rates right now, it can be more challenging to have something that cash flows vs just covers the expenses. But the deferred maintenance with a lot of SF homes in our area is most likely going to be less than the MF properties which are not always maintained very well.
Are you pretty settled on Albany and Troy, or would you consider other areas in the Capital Region?
I'm from Troy... I've lived in the area my entire life. What Stefanie mentioned about the taxes in Troy is extremely accurate.
I think there is demand for Short Term and Mid Term rentals as well.
There are many hospitals in Albany and one in Troy. Travel nurses are a pretty solid option for medium term rentals... I think that opens the door for a lot of other tax incentives if you also do Short Term. (something about the average number of nights... I'm not 100%)
There are also a number of colleges in both Albany and Troy. Both Troy and Albany have high crime rates as well... not just property crime but violent crime. But as others have mentioned, this is really by neighborhood.
I am also looking to invest myself if you want to connect and have someone in the area who can help.