That being said, you of course will need to crunch numbers. A lot of the answers to "is it a good investment" questions depend on many unknowns. What type of financing will you use? What rate of return do you expect? Do you subscribe to a financially managed rate of return or an internal rate of return? How long do you plan on holding the property ?
Some of the answers I read before responding are dead on right. If you are serious about "investing" in the Albany area, you'd do well to get in direct contact with an Albany based Realtor and initiate a consultation. After that you will hopefully feel a little more comfortable about making your next move.
You could make a visit, check out the area and get a better feel fro what's going on here. Albany is a terrific place to live!
When you say Albany area do you mean the City of Albany? If so, there are many different area's in Albany to choose from. What type of renters do you want? That is the main question you need to tackle before you choose an area. We have many student area's that rent year over year but the students beat the properties up. The average 3 bedroom in a student area rents anywhere from 900 to 1150 a flat depending on the street. Troy, Cohoes and Watervliet might be of interest to you as well. Hope this helps.
That is a great question...Albany is a very good place to invest in multi-famlies. Albany has so much to offer.Not only are there a number of colleges both private and state, but it is also the capital and that has appeal also.You have to be careful and buy in the right areas of Albany though... because if you don't it is very easy to buy a "great deal" on paper, but come to find out a year down the road you have buyers remorse. There definatly are some great properties out there that are offering some appealing "Cap Rates." Another area you might want to look is Troy there are a number of great changes in the pipeline for Troy...
We are also only 3 hrs from NYC, NJ, Long Island. I would be glad to help.