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Syracuse and Micron Technology - Non-Owner Purchase opportunity?

sgip

Well-known member
Big news out of Upstate NY as Micron Technology is planning to build a mammoth chip building facility in Syracuse NY. It might still go sideways of course as we saw with Amazon and their NYC purchase being torpedoed by AOC and her shenanigans. NY has some important loan and rental property rules that should be examined carefully before considering a purchase - but if Micron is serious, then Syracuse home rental buy's might be something to consider.

As you search on Redfin for some potential homes, you may see many in the $20-$50k price range. These are owned by the Syracuse Land Bank and must be purchased owner occupied, show that you have the $$$ to repair the home, and other restrictions. Also I-81 may be rerouted/destroyed due to political issues surrounding it's impact on low income neighborhoods. No one knows yet what will be done, but if I had investment cash, I wouldn't buy a home close to the I-81 corridor.

Soylent Red and I have been to Syracuse several times as Soylent Yellow was a Syracuse Grad. There are good and certainly difficult areas, but when $100b of capital flows into the area and manufacturing jobs expand geometrically, the word on everyone's lips will be "Gentrification".

Here's a nice 5/2 newly listed to consider!
https://www.redfin.com/NY/Syracuse/2300-James-St-13206/home/72903446

Remember that at these prices, it's a Conforming Only loan play. Expect a mid 7 range figure when running your numbers. You'll also need a 50 state lender (of course........)

Please bear in mind this is only a message about due diligence on a possible rental market / equity build opportunity. Be sure to dot every i and cross every T before considering an investment of any kind, and certainly one with such great risk as out of area rental properties represent.

My .02c.


 

freedomcm

Active member
Be forewarned:  NY state is a difficult place to be a landlord due to the strong tenant protections.  Maybe even more so than CA.
 

sgip

Well-known member
Upstate NY is very forested still. There are plenty of farms also that may be converted to new housing. Since it's part of the Rust Belt, there are many, many large manufacturing sites that are derelict and could be converted. It's not like Detroit in terms of industrial decay, but there were old carpet mills and other factories that are no longer in use. A pretty good sized mall also shut down and that might be converted as well. All in all - plenty of room to build. There just hasn't been a reason to do so. Zero growth of significant kinds of employment coupled with a population drain out of the area has left plenty of homes vacant. I don't know what public schools might look like - but there are lots of private schools to consider which will likely be the pathway most new home buyers will take.
 

irvinebullhousing

Well-known member
Soylent Green Is People said:
Upstate NY is very forested still. There are plenty of farms also that may be converted to new housing. Since it's part of the Rust Belt, there are many, many large manufacturing sites that are derelict and could be converted. It's not like Detroit in terms of industrial decay, but there were old carpet mills and other factories that are no longer in use. A pretty good sized mall also shut down and that might be converted as well. All in all - plenty of room to build. There just hasn't been a reason to do so. Zero growth of significant kinds of employment coupled with a population drain out of the area has left plenty of homes vacant. I don't know what public schools might look like - but there are lots of private schools to consider which will likely be the pathway most new home buyers will take.


I would not put my money here. Cleveland Ohio area would be my choice, if I were to invest something in the north east.

It?s just me.
 

sgip

Well-known member
What draws you to Cleveland OH? It can't be the football team....  :D What's there, as I know little of the area?
 

freedomcm

Active member
The rust-belt is a long-play on climate change.  Lots of fresh water, moderate temperatures (maybe even less snow with global warming?)
 

AW

Well-known member
I remembered looking at the syracuse area for out of state rentals a while back (>10 yrs ago), cash flow on paper looked good, and then doing some research, need to have a hefty reserve for roof and furnace due to snow.  (I been in Brooklyn for about 4 years, didn't like the snow there, I think syracuse area is much much worse).

Never been to Cleveland, been to Columbus, it's nice there.
 
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