It should come as no surprise that people are drawn to New York; a market that holds its value and offers many attractions for tourists and those who live there. This extremely diverse state boasts breathtaking scenery and affordable living outside the confines of the city—making it an ideal place for fix and flip investors to launch their next project. If you are contemplating adding a New York property to your asset portfolio, here is a handy breakdown on some of the best-performing markets to help get your search off to a strong start.
For real estate investors on the hunt for a balanced local market in which they can select from a broad range of attractive developments, then Buffalo should be high on your list of potential locations for your next fix and flip project. The average home value is currently hovering just above $190,000—which is very affordable when compared to the national median sale price of $430,000. Because houses typically linger on the market slightly longer than in other areas of New York, investors subsequently have more time to make a well-informed decision before buying without the risk of getting drawn into an extended bidding war just to lock-in a viable house to flip. For those looking to flip and then rent, the average monthly rent is reported at $1,200 and has been rising steadily year-over-year as the city’s industrial base and local economy continue to garner traction.
From a number’s perspective, Syracuse is the fifth-largest metro area in all of New York, offering investors and potential homebuyers alike all of the coveted urban amenities without the astronomical costs of New York City. The median home value is approximately $150,000, and there are plenty of great potential flips on the market that can be acquired at a great price. With big companies like Saab and others moving to the area combined with the well-known Syracuse University, investors can expect a steady stream of well-qualified buyers looking for affordable housing options. A well-executed fix-and-flip property in Syracuse is sure not to sit vacant for long—meaning you will be able to optimize your profit margin and generate sizeable returns on investment thanks to the area’s relatively low entry cost.
Investors searching for an investment asset that they can rehab for an ideal return in a relatively compressed timeframe, Rochester is a great location to kick off your property search. Based on data compiled by Realtor.com, the city is one of the most in-demand markets in the entire country. The existing housing inventory is somewhat depleted amidst sustained demand from buyers, which means that the right fix-and-flip project will sell at a premium price point in a hurry. The average sales price is about $200,000, which is roughly a third more than the typical listing price—which is once again indicative of the very strong housing demand in Rochester. With higher education options, dining and a picturesque setting, it’s obvious why people are moving to Rochester—investors should take note and capitalize on the potential profits a fix-and-flip can offer.
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The financial experts at Express Capital Financing specialize in developing innovative funding solutions for fix and flip projects of all sizes. We understand the unique challenges that real estate investors face and provide client-centered services individually tailored to help our clients mitigate risk and optimize return on investment—all in a fraction of the time it takes traditional banks to process loans. Contact us today to learn more!