By Request, Real Estate Wednesday in Port Chester

We got talking about Port Chester in our last real estate installment and one or more of you asked that I look for houses at the $450 mark there.

Interestingly, what I’m finding at the price point is two-multi-family homes which goes to the conversation reader Anonamommy started about people she knows who buy up homes for the income and investment value.

First up, a legal four-family home
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Legal 4-Family in Port Chester. 2-two bedroom units over 2-one bedroom units with potential for added space in the basement and attic. Corner lot with fenced in front yard and detached 2 car garage. Great investment opportunity. One unit is currently owner occupied. Gross income of the 4 units of $60,000 per year (using market rent of $1,100 for the owner occupied unit). Additional information on income/expenses available upon request.

With a gross income of “only” $60k/year, the price of the home seems steep relative to the return. Managing so many rentals in one building can be lots of work, depending on how long a lease the owner demands and what work needs to be done at turnover times.

Next up is a two-family home that the agent says needs some TLC. I counted THREE kitchens so I’m guessing one is not legal (see the refrigerator in what looks like the basement apartment.

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Third kitchen?

This three family looks like it was once a mom and pop store downstairs and the owners living upstairs. Now it’s listed as a three-family.

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Realtor Rookie mistake – forgetting the bathroom mirror will capture YOU! 

I changed the search to seek only Single Family homes and found this meticulous place, obviously well loved by the family now selling. Not a leaf out of place outside. 

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If you read the comments in the first thread we had about Port Chester, you’ll see there are varying opinions about the quality of living in Port Chester. Some of you sing its praises. Others, like me, voice concern over moving next to a multi-family home. Knowing first hand from volunteering for years in Mount Kisco, the number of families who move into a two family home (illegally of course) are many times the number permitted. Take that two family home where it’s apparent they are renting out the basement as a third family.

I’d buy in Port Chester as an investment if I wanted income and I certainly understand why our hardworking policemen and firemen live in Port Chester versus unaffordable neighboring Greenwich and Rye, but I’ve proven that there are MANY towns around us where one can buy a decent clean livable home in a neighborhood of other single family homes for under $450, so Port Chester would give me pause. Don’t go getting on my case – I KNOW there are hard working people who live in multi-family homes. I’m merely saying I wouldn’t choose to live next door to one or more if I were making my first home purchase.

9 thoughts on “By Request, Real Estate Wednesday in Port Chester

    1. Are you saying yuppies are taking over PC? I sure don’t see it when I go in town. What am I missing? I go in through Greenwich at the circle there.

    1. The Kissinger plot, err plan, to stop communism in Central America produced wave-after-wave of terror-caused immigration to many states of the US. Just as we have received Cuban refugees from persecution, with large financial benefits to ANY reaching our shores from CUBA, so too overland entry points allowed those fleeing “civil war” to settle here with semi-legal residency status.

      Port Chester and Mt Kisco both became well known as friendly, tolerant towns. By the early 1990s, over 50% of Port Chester’s school system was Hispanic. Greenwich by comparison was 5%. Now, Port Chester’s form of Village government has been altered by legal action to permit proportional control. That almost forces a bi-lingual system into effect.

      From my Greenwich office I can literally hear the goals being scored when Mexico plays its neighbors to the south in soccer. For real – it’s a fun scene.

      1. Bedford Central School system isn’t anywhere near 50% Hispanic but at almost 20%, it’s high.
        69.87% White
        19.91% Latino
        4.82% Black

        The elementary schools bear the brunt of the mainstreaming, teaching children English before they can teach them anything else. The school board quietly complains that the newly arrived Hispanic population brings down the overall scores for the school which translates into less dollars from the state. MTK goes out of its way to welcome the new Hispanics, teaching them English at neighbors Link, helping the men gt day jobs, but it’s a burden for the town financially and from a real estate value point of view, the streets that were once single family modest homes are now all at least two family. The old timers still on those streets see the value of the home they lived in for 50+ years diminishing.

  1. It’s so *interesting* how people market their properties as income producing without taking all costs into account. We looked at a second home that we could rent out when not using it. Income (mostly via vrbo–I don’t want to vet all those guys, too much work, so we would have had a 20-40% cut for management company) ranged from $75-100k, utilities, taxes, maintainence, etc were about $65k, purchase price pushing $2M. Obviously current owners were not financing, but did no one even consider opportunity cost of the capital? The lower level was non compliant, so we would not be able to get a permit for anything lest we fix it (tear out apartment that appealed to many renters). We loved the lot, the location was great, but wanted to eventually tear down the house and build what we really wanted. However, a few tales of woe (lack of true craftsmen, long permit waits, and “island time”) scared us from that–especially as these tales came from friends with virtually unlimited resources. So, we continue to rent…..

    1. Being a landlord is not all that realtors and these listings make you think it is. Being one myself and having a child who is one, there’s always something that goes awry. There’s the constant upkeep, more so in a rental (if you want top dollar) than in your own home. The phone call at 10pm that the fridge is kaput or from 1500 miles away that the tenants who said they were going to renew, are not now. It takes a strong stomach to be a landlord, and an even stronger need for deep pockets. Tenants want what they want and they want it NOW, even if you are feeling poor that month.

      renting is good for many reasons, the best of which is when something breaks, it’s just a phone call to the sucker who bought the damn place!

  2. As Andrew Tobias once said (in not exactly these words), “If someone calls you Sunday at 8 a.m. about a clogged toilet, and you have to deal with the situation, you are not an investor, you are a person running a business.” Which is not inherently a bad thing, just a real jolt to those who think there’s anything genteel about being a landlord.

    Funny to think of Portchester as the new Brooklyn, as someone mentioned, but I can sort of see it. The comeback of the Capital (Capitol?) Theater is pretty cool. I wish I were still in that part of the country, to catch a show or two. Every music venue needs a granny at the show to talk about “the old days,” right?

    1. The Capitol Theater – and it has made a good big impact on Port Chester. We have friends going to see Peter Frampton there in June. But just because I like to go to the Stamford center for the Arts or the Palace Theater doesn’t mean I want to LIVE in Stamford though. 🙂

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