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.
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.
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.
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.
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.