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I agree with Cher! The tenants out-number the homeowners in Newburgh. A lot of the foreclosures that you see are giving incentives, or “first looks” to owner-occupants. First look, means that the bank will entertain offers from owner-occupants first. Usually it’ll be the first 30 days of the listing going on the market.
I work with a lot of investors from the city and there is a lot of interest with investing in Newburgh. Many are most interested in buying a few multi family units (preferably side by side), renovating, and renting them out for the time being. They are banking on the long term appreciation.
I hope that helps!
Keller Williams Realty