All Forum Posts by: Steven G.

@Connor Donovan I went to school at SUNY for 4 years so I am very familiar with the area. It is my intention to go back and invest in the area as i think it presents a great opportunity. 

I have been looking for my first investment there for the past few months but didn't find anything that the numbers worked on. 

Your observation is correct; there are a large number of SFR that were divided and rezoned multiple.

Any questions you have on the area, Just reach out!

Thanks for the info, @Will McGuire! Couple more questions for you: 

1. Do you happen to know if there are additional restrictions on occupancy once you rezone? By browsing the listing of the bigger student rental players in the area I have seen buildings split into as many as 10 units (mostly studios and two BR apts). If I'm looking at a 4BR home currently zoned as a two unit multi would I be able to put up a few walls and convert it into two 3 unit apartments? Or is there a cap on the number of residents per unit? 

2. Based on your experiences during your time at SUNY, what are the students looking for? Is a big 4 person house more desirable than renting two 2-person apts in the same house? Or do the students not really care as long as they are living under the same roof as their friends?  

I live in center city and own student rentals in Oneonta. I am SUCO alum and grew up 12 minutes from town. there are very limited deals to be had right now and student unit vacancy is through the roof. Hillside Commons stole 175 students from a relatively small off campus pool already. Hartwick 2 years ago changed rules so that now only seniors may live off campus and the college is significantly under enrollment. The multiplexes made from old Victorians are a thing of the past now. the ones that exist are grandfathered in but you will be hard pressed to take a 2500 ft SF and make it a 1250/2 duplex. Put simply, the biggest player in the student rental game is now playing in commercial on main street and some of their student units have been put up for sale. I actively search for deals to be had around Oneonta but expect to continue working (full time investor) in other markets for 3-5 years.