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Forgive me for asking such a detailed question, but after all the research I have done on this city I just can't seem to get a handle on the area that I am thinking of buying a duplex.
This is the address:
Ellison St, Rochester, NY, 14609
Selling for approx $55,000.
Zillow.com estimate is $44,000 but house has two new kitchens and bathrooms according to the seller.
Other costs are below:
Annual Property Taxes $2,208
Average Annual Water usage charges =$400
Annual Property Insurance = $520
Rental Property Management 10% = $1,500
The sums all work out very nicely, BUT I can't figure if this location is OK or not. I have read dozens and dozens of forum threads talking about different area's but I can't work out if this zip code is in the areas referred to.
I am looking for an income stream mostly, and I understand it's unlikely that I would make a capital gain, but in 5-10 years time if I decide to sell I would like to think I would get the price of the house back in future dollars.
The area is just ok, actually leaning more towards a bad area. The street itself is fine, nice and quiet. I enjoy the Rocket Street area, but it's also off of Clifford which is notorious in Rochester as a high crime street. When people think "ghetto" in Rochester, Clifford is what comes to mind.
Do you think the asking price of $55,000 is reasonable for the area?
Cheers
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