Growth & Development in Scranton

[Michael Mille]

Hi Everyone,

Looking to begin my journey in out of state investing in Scranton PA and surrounding areas. Bought my first property in March of '22 in my backyard on Long Island. 

My question is in regards to Scranton and the potential for growth. I've read many other forum posts explaining how natural appreciation in Scranton is very slow but will cash flow nicely in the right area. In my research I've found that there are a handful of developers who are spending big money to renovate and rehab the downtown area and that the Scranton School Board is under new leadership, allowing the district to finally exit from its "financial recovery" phase. The city also seems to have many improvement plans in place to make the area more walkable and safer for citizens to freely navigate the downtown area and support local business. The rumblings of the NYC to Scranton Amtrak line seem more realistic than ever before with big funding from various state and federal programs. 

All of these potential improvements make it seem like Scranton is heading in the right direction and may actually have nicely appreciating properties in the distant future. Are there any local investors/veteran out of state investors who are seeing actual improvement in the area? I'd love to connect and pick your brain about the area. 

Best, 

Mike

[Bryan Stengel]

Hi Michael, I wish I was posting on this forum sooner to reach out.  I am an investor in the Scranton area.  I currently have two triplexes near Marywood University so majority of my tenants have been students.  There are certain parts of Scranton that I have been advised not to touch since they are definitely still developing.  They are usually located South of the main city area.  Properties north of Greenridge St. are a fair play.  You will be within close proximity to the University and approximately 5 minutes driving distance from the main city area, which also includes the hospital (could be good maybe for a medium term rental if close enough for travel nurses).  Anyway, I would say vacancies do take 30 days to 45 days to fill.  Sometimes it could be sooner.  It all depends on the time of the year.  You are absolutely right though.  Appreciation takes time, but cash flow has been great.  I'd put it as Class B area for the most part.  As you mentioned though, there is opportunity.  I remain optimistic about the Amtrak line heading through the Poconos up to Scranton from New York.  Let's connect!  I am also from Long Island too. 

[Michael Mille]

@Bryan Stengel happy to connect with another LI native! I’m still working the in’s and out’s of BP but I will try and send you a private message. 

[Allen Berrebbi]

Quote from @Bryan Stengel:

Hi Michael, I wish I was posting on this forum sooner to reach out.  I am an investor in the Scranton area.  I currently have two triplexes near Marywood University so majority of my tenants have been students.  There are certain parts of Scranton that I have been advised not to touch since they are definitely still developing.  They are usually located South of the main city area.  Properties north of Greenridge St. are a fair play.  You will be within close proximity to the University and approximately 5 minutes driving distance from the main city area, which also includes the hospital (could be good maybe for a medium term rental if close enough for travel nurses).  Anyway, I would say vacancies do take 30 days to 45 days to fill.  Sometimes it could be sooner.  It all depends on the time of the year.  You are absolutely right though.  Appreciation takes time, but cash flow has been great.  I'd put it as Class B area for the most part.  As you mentioned though, there is opportunity.  I remain optimistic about the Amtrak line heading through the Poconos up to Scranton from New York.  Let's connect!  I am also from Long Island too. 

 I am interested too.