All Forum Posts by: Mark Romano

We manage properties and are a broker in Troy, it's literally dependent on the block and building as to what's ok, the whole city has undergone a very quick Brooklyn-ification so you need to walk every block and building you're considering because there a lots of properties deserving to be bulldozed still.  You'll have a brand new, warehouse-turned-lofts apartments getting $1800 for a 1BR wedged in between a triplex crackhouse and a Kwik-E-Mart that sells loose cigarettes.  

The Troy hipster phase is in full swing and everyone's building apts there and it's a hot area at the moment, but 99% of properties are 100 year old duplexes and triplexes that are nearing or past the end of their useful lives.  There's also a huge influx of downstate first-time investors that are overpaying for properties, driving prices up, then realizing the rehab/maintenance costs kill them and they lose their a** and sell.  Decent properties right now in Troy near Washington park or River St. tend to be nice but are way too overpriced to cash flow, and you'll understand why those that are "too good to be true" are priced that way as soon as you walk through the door.  

My advice - If you buy a smaller 2-4 unit in Troy that's a good deal, just expect that it is unlikely to be a cosmetic only rehab, you need to budget on major structural/mechanical rehab in most cases so that it is solid when your tenants move in.  There are deals to be found, but you need to look really hard, properties under $60k/unit have lots of interest and tend to go fast and for more than makes sense.  Bringing cash helps.  

Also, the vast majority of contractors there are AWFUL, I would say 70% of our maintenance calls for clients are to fix something that their rehab contractor botched, so get references and go see their work.  And maybe most importantly, pick your property manager before you buy the place and get their input, because the best property managers will not manage ugly properties.