Seeking investor for Uptown Harrisburg, PA rental

[Jennifer Runion]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $73,000
Cash invested: $25,000

Current market rent $1295 vs $1300 for Section 8. House clean completed 2/19/25 and will sell ASAP for $95k. The comparable is house a few doors down in Uptown Harrisburg- N 4th St. that sold 1/31/35 for $97k. Consulted a PA Realtor- says renovated could sell for $130k. I renovated in late 2009 when I moved in for 6mo after separation. I worked at hospital diagonally across street so very convenient and at the time this 2bed 1bath was all I needed. I'm a landlord/realtor living in SC now.

What made you interested in investing in this type of deal?

Buying after separation was cheaper than renting. When I moved out I kept as rental. Went on to purchase additional rentals so tenants can pay down the loan and I build equity

How did you find this deal and how did you negotiate it?

It was on the MLS. Now I'm selling using word of mouth as there is a network of investors friends/family are spreading the word to.

How did you finance this deal?

regular mortgage

How did you add value to the deal?

Hired hourly handyman and friends to assist me in upgrades of windows, door, cabinets, basically all new fixtures in 12/2009. So it was clean and ready for my move in. Now after long term tenant it needs new carpet/flooring, paint, bath vanity.

What was the outcome?

Over the years some exterior maintenance needed, soffit/facia repair/paint, rubber roof on porches, new boiler, new breaker, new washer/dryer/microwave, tree removed, porch rail replaced.... Ultimately after 15 yrs the mortgage has been paid down so cannot complain much.

Lessons learned? Challenges?

Lessons learned about PA landlord tenant law. can only collect one month rent value as security deposit or else judge makes you give it back. So make sure if you also want to collect last month's rent up front to not get burned, document that! do not list as 2 months worth of rent as the security deposit!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm working with Michael White, Real Estate Sales with Midtown Property Management in Harrisburg, PA. He knows local investors to bring me bids now that property is cleaned out and cleaned up. My sister works with him much as part of her midtown business. my property is a few blocks up in Uptown Harrisburg.