Home Buying in Rochester>Question Details

Richard, Home Buyer in England, AR

Houses to rent

Asked by Richard, England, AR Fri Apr 18, 2008

I live in the UK and I have an investment company, I am looking to buy properties in Rochester to rent out, is rochester a good idea and where are the area's in rochester that has high rental demand and what sort of rent would I be looking at? I don’t mind doing work to properties, my maim concerns are return and occupancy levels. Any advice would be good.

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Generally, the Southeast quadrant; plus the core, and the cornhill neighborhood which sits on the opposite, 14609 and southwedge are up and coming; sometimes rough around the edges in some spots. Take a look at the trulia neighborhood heat map, avoid the neighborhoods in green; they may be drug neighborhoods, and it may be hard to find tenants and prop managers for those. .

Location aside, one major thing to watch for is that the utilities in the units are separate. You will be much better off having tenants pay for it, as utils in the winter are high. Makes a huge difference in the your margin. Also, don't touch (whether sep utils or not) electric heated units.As most of the homes are built early 1900s, as soon as you purchase one, check whether the external walls have insulation; it's not very expensive to blow some in if there isn't. Then, take a summer fix stuff, remodel, and to get to know the house/units and all the little issue and meet your prop manager who has been working hard to manage this--not always an easy thing (either tenant wise or house issue wise), which isn't apparent when you're an absentee landlord. Good luck. Not a bad idea IMO with such a strong pound, but wait for rent growth to resume only after the US recession which may last ~1 to ~3 yrs depending on how strong global growth is.

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