Circumstantial Advice for purchasing in Erie, PA

Circumstantial Advice for purchasing in Erie, PA

Real Estate Agent · Erie, PA · Member since 2015 · 29 posts · 11 votes

Hello, everyone! (sorry in advance if this is a bit lengthy)

So my wife and I are looking to move into the city of Erie to purchase a place of our own so that we can be closer to work and entertainment/friends. We currently live in the country and take care of my Grandmother but she will soon require full-time care in a nursing home and my wife was ready to move months ago because she drives 40 minutes one way. My initial plan was to house-hack to jumpstart our real estate investing career and although my wife is open to the idea of house-hacking, we are having a difficult time finding a multi-family property in an area where we feel safe. It seems like all of the areas we would want to live are single-family only. The B or even C+ class neighborhoods just don't have any options available... and the ones that we did see at the beginning of our house hunt were snatched up before we could make an offer. We're not asking for a turnkey 2% deal or anything crazy, just something decent in a safe area. Because of the slight time crunch, my wife would like to just purchase a single-family home and worry about a rental property later. I'm sort of hesitant to purchase a single-family home because Erie isn't exactly a booming market and it would require a decent amount of our savings for something that I don't feel is an investment. We love the area (except the snow) but I don't want to make a knee-jerk decision just because we want to have our own place. My question is, what am I missing and what would you advise a friend to do in this situation? Other random information regarding this situation; our budget for a single-family would be around 80-90k but have no problem spending more than that on a solid multi-family property (up to 150k). Please let me know if you need any additional information to help provide your opinion/expertise.

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  • Attorney · Akron, OH · Member since 2016 · 535 posts · 389 votes
    7y

    Hmm, I'm from Erie, PA,  and I can't remember any real estate developments that actually have nicer multifamily homes. I think you'll end up seeing the ones in the more urban setting that are on the lower side of the value scale.

  • Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
    7y
    Originally posted by @Justin Grubbs:

    Hello, everyone! (sorry in advance if this is a bit lengthy)

    So my wife and I are looking to move into the city of Erie to purchase a place of our own so that we can be closer to work and entertainment/friends. We currently live in the country and take care of my Grandmother but she will soon require full-time care in a nursing home and my wife was ready to move months ago because she drives 40 minutes one way. My initial plan was to house-hack to jumpstart our real estate investing career and although my wife is open to the idea of house-hacking, we are having a difficult time finding a multi-family property in an area where we feel safe. It seems like all of the areas we would want to live are single-family only. The B or even C+ class neighborhoods just don't have any options available... and the ones that we did see at the beginning of our house hunt were snatched up before we could make an offer. We're not asking for a turnkey 2% deal or anything crazy, just something decent in a safe area. Because of the slight time crunch, my wife would like to just purchase a single-family home and worry about a rental property later. I'm sort of hesitant to purchase a single-family home because Erie isn't exactly a booming market and it would require a decent amount of our savings for something that I don't feel is an investment. We love the area (except the snow) but I don't want to make a knee-jerk decision just because we want to have our own place. My question is, what am I missing and what would you advise a friend to do in this situation? Other random information regarding this situation; our budget for a single-family would be around 80-90k but have no problem spending more than that on a solid multi-family property (up to 150k). Please let me know if you need any additional information to help provide your opinion/expertise.

    Erie zoning is rather particular. What's interesting is there are plenty of 4-units in Erie but 4-units are much rarer in Millcreek. Duplexes do appear in Millcreek though they're semi-rare - there's one I kind of regret not buying but I bought a duplex on the border of Millcreek/Erie for a song so it worked out. 

    Millcreek has a lot of larger multi-family properties (lots of 6-12 units) but of course those run more expensive. Heck, I've even seen a few duplexes in Fairview (typically on or near 'Main Street' near Avonia Road). 

    Erie has a lot of pockets of nicer VS not-as-nice. If you have any questions about areas/streets let me know. I live in California but grew up in and invest in Erie and know the city well.  

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