Home Buying in Utica>Question Details

Bernard, Home Buyer in Queens, NY

intrested in purchasing a investment home in the utica ny area, any idea what three bedroom apts rent for?

Asked by Bernard, Queens, NY Wed Feb 20, 2008

are utilities included in rent in that area?

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Two-family homes in the Utica area typically sell between $45,000 and $100,000 depending on location and condition. A three-bedroom unit rents for about $500-600 per month, plus gas and electric. The landlord usually pays for water. Tenants are readily available for adequately maintained properies. Local propery management is available for absentee landlords, and may become mandatory in the future. You may contact me for more specific information.
Web Reference: http://pondrashomes.com/
1 vote Thank Flag Link Sun Apr 13, 2008
Three bedroom apartments are not all that plentiful so you could expect to pay a preminum depending on the location of course and condition of the property. Average rents would be 700-1000. Renters pay gas/oil and electric, landlords or owners pay the water.
0 votes Thank Flag Link Wed Oct 20, 2010
I'm in a 3 bedroom with nothing included and pay 550.00 a month.
0 votes Thank Flag Link Tue Jan 26, 2010
Doug,
We could get into an entirely different conversation on the topic of absentee landlords...some of whom are good, and some not so good (and that's true for local landlords, as well). My attitude is that if a property is for sale, it's just as available to someone local as someone distant. The ideal buyer is someone local who will actually live in the property, and some properties have been greatly improved by just that type of buyer. The worst thing is vacant, abandoned buildings. I don't discriminate for or against buyers.
Web Reference: http://pondrashomes.com
0 votes Thank Flag Link Sun Apr 27, 2008
Dorothy:

I charge 750, I kind of doubt your client who bought that house, section 8 or not is really enjoying their tenancy. Incidentally...If Bernard wants to come up from the Bronx and live here and take care of his low income property...power to him, if not, stay in the Bronx, we have enough absentee landlords!
0 votes Thank Flag Link Sat Apr 26, 2008
Agreed, Doug, but you were not the one with the original question. The original question came from Bernard in Queens, who presumably would be an out-of-area investor. It would be HIS choice as to the location where he wished to invest, whether or not he wished to deal with Section 8 tenants, and whether he would prefer an area with higher-risk tenants in exchange for greater return on his investment dollar, or a higher-profile area with lower-risk tenants in exchange for a lower return on his investment dollar. I also agree that Rome taxes are awful. And incidentally, lower priced properties do not automatically mean Sec 8 or otherwise subsidized tenants. One property I sold a couple years ago, which is in an area you would probably avoid, has had the same tenants, who are not subsidized, and who pay their rent on time every month. Owner has had no problems.
Web Reference: http://pondrashomes.com
0 votes Thank Flag Link Sat Apr 26, 2008
We are comparing apples to oranges, I am not interested in Section 8 and the like nor in intolerable tenant issues. Watch out for Rome, school tax is a whopping 27.23 per 1000 assessed value.
0 votes Thank Flag Link Sat Apr 26, 2008
Doug, your choice to keep it is fine. It suits your purpose and meets your goals. I recently missed an opportunity to purchase a 4-unit for $18,500 that had the potential for $1,600/month income. Granted, the tenants wouldn't have been professionals and I would have needed to invest money in repairs. So let's say I invested $20,000 - $30,000 in repairs. Still have depreciation and tax writeoffs and taxes and insurance to pay. My investment goal is to have 50% of the monthly income as positive cash flow. It can be done. I'm currently investigating a 2-family house in Rome where the owner just wants to unload it. He wants less than $10,000. Does it need work? You bet! Rental potential is $800-$1,000 per month. Can be kept for monthly income or flipped after repairs for $50,000 to $60,000. Smaller numbers...bigger profits.

I sold a 3-unit in Rome a couple years ago to an investor, one unit of which could be rented for professional use. They paid about $160K. It is a gorgeous building. The supply of professionals is smaller than the supply of regular people looking for a place to live. This building is not cash flowing, and is again for sale.

It makes a difference if you are local to the property or whether you are an absentee landlord. An absentee landlord really needs someone local to keep an eye on things, rent the vacancies, deal with tenant issues and arrange for needed repairs. This increases their costs.
Web Reference: http://pondrashomes.com
0 votes Thank Flag Link Sat Apr 26, 2008
Let me see...165,000 at 5.75% for 30 years equals 962.90 per month. Add to that maybe 300.00 per month for taxes and homeowners...leaves a monthly profit of nearly 250 per month. This is not a great deal of money...but, wait...depriciation and a tax write offs for a property whose equity someone else is paying for, particularly with the prospect of renting to a professional office...think I will keep it.

Doug
0 votes Thank Flag Link Fri Apr 25, 2008
Genesee Street and mixed use is, of course, a different animal. The highest sold price I could locate for a two-family in the 2000-2500 Genesee St area was $150,000, up to $179,000 for one zoned commercial. But I hope I'm not bursting your bubble, Doug, to tell you that $1,400-$1,500/month rental income would not justify a price of $165,000 for an investor looking for rental income. A professional person could conceivably pay that much if they wanted it for an office.
Web Reference: http://pondrashomes.com
0 votes Thank Flag Link Fri Apr 25, 2008
Really depends. I have a two family on upper Genesee Street, corner lot, ample parking and zoned mixed use residential/commercial. I have put a lot of money and sweat equity into it and can easily fetch 1400-1500 monthly. I have kicked around the idea of selling it, but, I wouldn't sell it for less than 165,000. Lets face it, even if South Utica goes to the dogs...as lower Genesee Street has, there will always be a market for doctors, dentists and lawyers, just look at the 1500 block.
0 votes Thank Flag Link Thu Apr 24, 2008
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