Long Distance Buy and Hold | PA

[Jeff Lamothe]

Hello BP,

   Just finished reading David Greene's Long Distance Real Estate investing book, which got me motivated.  I am based out of Connecticut and looking for out of state, buy and hold properties.  I have looked into several different markets throughout the country, including the South, Mid-West, and West Coast.    Based on my preliminary analysis, the Mid-West appears to be the way to go.   

But since this will be my first out of state market, I would prefer to find something within a couple hours driving distance (2-3 hours), that has balanced landlord/tenant laws.   My search has led me to Pennsylvania, where I've read some good BP forum discussions for Allentown, Harrisburg, and Scranton.  I would've been interested in Philly, but it is my understanding that the city leans towards tenants or even hostile towards landlords.   

I would be interested in getting feedback from other investors in the Pennsylvania (non-Philly) market and let me know how they are doing with rentals.   

Below are some of my key criteria for a long distance property:

1) Total acquisition and repair cost $100K (assuming single family).   Willing to put in more for a duplex.  

2) Meets the 1% rule of rental income / purchase price.  Key target would be 1.25% to 1.5% rental income. 

3) Balanced landlord/tenant laws, but I wouldn't mind landlord friendly regions.  

4) At least 4 to 5 Property Management companies, with google ratings of 4.5 and higher.  

5) No warzones.   Will accept some moderate petty crime, but no major violent crimes.  

6) Stable job market.   (5 to 10% job growth in last 10 years).  

Thanks in advance.