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Note to Reader: This is a Co-Marketing Project betweeen myself and the listing agent. The listing agent on this property is Kathy Bennett of RE/Max North Country. Kathy can be reached directly at 518-569-5959. Thank you for your interest in this property.
Looks like a good possibility for an investment, curious? any other photos? what do rents go for in that area? Does it currently cash flow? How long has it been owned (this time around) AND do you k now of any property management entities in the area?
Look forward to hearing
Patti - I only have 3 pictures of this property currently but I can get more. The 3 that I currently have are located on the website as shown above. The rents in this aera for each unit is around $700.00 or after the closing you could use this as student housing and fetch quite a bit more for it. BA Straight is an excellent property management company as I hear great things from their clients. Their website is http://www.bastraightrealestate.com. Check them out. I am going to forward your questions to the listing agent and I will contact you privately to answer the rest of your questions. Thank you for your interest. Have a great day!
Christopher: Sounds like reasonable rent. I was surprised to read that it's a duplex. Sounds like a good size home and with all the upgrades, I hope it goes fast. My best to you.
Donna - Yes, this is a reasonable investment property for the area and there are definitely a lot of upgrades. The entire upper apartment is remodeled complete with hard wood flooring. Great value for the dollar. I hope that it goes fast as well and I appreciate luck, I can use all the luck that I can get :)
Patti,
You might want to check the area over very carefully. I was looking at purchasing a property on Champlalin St. for my personal residence. This process lasted from last August 2008 until December 2008.
Long story short, I spoke with some residents in the surrounding properties and many have been residents there for years. Fearing that I would be kept awake until all hours of the early morning with loud drunken keg parties, hundreds of students screaming in the streets etc. (as is VERY common in the student housing areas of Plattsburgh). I ended up speaking with several on both sides of the street close to the home I was looking at. They heard MY story of wanting to get out of my area, which is also in Downtown Plattsburgh, that has been suffering these noise problems. They told me that since property owners and RESIDENTS are still the majority on Champlain St. that they have REALLY begun to enforce the "neighborhood" watch philosophy. I was PLEASED. There are TWO student housing properties close to the property that I was looking at.
Landlords of these properties have been put on notice by the local residents that there will be ZERO tolerance for drunken rowdiness into the wee hours of the morning. Plattsburgh as a City and the Mayor of Plattsburgh have put college students on notice > ZERO tolerance. Local residents on Champlain St. have informed the two landlords of existing student housing in that area (was VERY close to 10 Champlain St. that you are inquiring about) that they can expect their tenants to have the police called several times per night if necessary, and also that on the SECOND call/complain, the City of Plattsburgh Police Dept. policy is to MAKE AN ARREST. They WILL spend the night in jail.
Local residents in Plattsburgh have declared WAR on student housing. Absentee landlords are met with STIFF fines for not keeping properties clean, sidewalks in front and on sides of properties are the LANDLORDS responsability to clear of ice and snow in the winter. New policy gives the property owner 24 hours after a snow storm to clear the walks, even though public city walks, or fines are added on to property taxes. Even if it's a public city walk, if it bordes YOUR property, YOU are responsible for maintaining it.
Coupled with the fact that there is currently a MASSIVE student housing complex currently under construction, which will house up to 300 students, with on site security, on site laundry, on site gym, wireless internet, etc etc. the idea behind this development was to move students OUT of the student housing properties (long called the Student Ghetto) that have plagued Downtown Plattsburgh for so many decades and into a CENTRAL location, with BETTER housing, with supervision, and more reasonable rents as compared to the racketeering, almost criminal rental rates that have made up student housing in plattsburgh for the past 30 years. The days of $900.00 per semester per student rental rates in Plattsburgh are soon coming to an end.
Given these changing circumstances, I would NOT reccommend anyone consider plattsburgh for any futher student housing purchases (the typical duplex or small apt. bldg style that have been the norm for the past 30 years) especially considering that consturction of a professionally managed student housing complex is expected to be completed for the Fall 2009 semester.
I will send a copy of this to your email address listed on your page. I would assume that it might upset some agents in this area that are still trying to push the dying Plattsburgh student housing get-rich-quick idea.
Bob, Plattsburgh NY
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