Quote from @Dan Marriggi:
Welcome Brandon - I have properties here in the wyoming valley.
I am a native to the area.
Scranton has many hoops to jump as an investor - esp. an out of the area investor.
One is you'd have to hire a property manager if you do not live in the city of Scranton or within 20 miles of the city.
Real estate taxes are high -that plus the current interest rate and ask prices makes cash flow an issue.
You can find "deals" but please do your due diligence.
Here is an example of a potential deal I am evaluating in the hill section of the city: 20 y/o, 2000 sq ft. 3b/3bath TH - Needs paint, new carpeting, and general wear and tear repairs after a 4 year tenant. Ask price off market: $250K, No HOA, rents approx: $1900-2100/month, RE taxes approx : 7400/year, Property insurance : $1200/year, Misc fees trash,rent registration etc : $400 / year
Evaluate this and let me know your thoughts.
Is this just a single family? based on what I looked at with the calculator the mortgage is around $2400 monthly not including extra fees. if rent is around 2000 a month you'd definitely be under. I mean maybe if its fixed up it could add some value but it seems to be negative. but My math could be wrong I'm still new to this haha. what would you do in this situation?
