All Forum Posts by: Josh Eberly

I am also from York as well, Looking at owner occupied multis. The city simply scares me as far as taxes go, there is so much inventory but the fact taxes have doubled in five years is cutting into making it a smart investment.

interestingly enough most of this neighborhood has a bunch of 1 bd and 3 bd properties, with a first floor apartment and a second and third floor apartment. The one bedrooms go for 550 in this area and the 3 bedrooms go for 750. The biggest draw for 95 percent of the rentals in this area is they are very neglected by out of state investors and most fell into repos and house middle lower income tenants.

these are 1200 sq foot 2 bedroom apartments. There is very few comparisons in the area for that size and configuration.

The southern part of this neighborhood is in a redevelopment and revitalizing area, and there are alot of homes being restored/renovated to attract a stronger rental base

So I am from the central PA, and I am looking for a two or three unit property to be an owner occupied first investment in the York area. I have see quite a few properties and found one that looks great, and on paper looks like a great deal, but my biggest concern are the recent tax hikes within city lines.

The property is listed for 115,000 and has two 2 large two bedroom apartments. The one is occupied and rented at 780 a month and the first floor is vacant which i would occupy.

So assuming you could get 800 for the first unit, that would be roughly 19,000 income a year (not accounting for vacancy) The expenses are roughly 9,500 per year which leaves you with a 10,500 net income before your mortgage.

Here is the biggest draw, the taxes are 5 grand a year. The craziest part is the assessed value of the property is the same as comparable properties with a much bigger lot (this was a split lot) and have garages (which most people rent out in this neighborhood to contractors and small time handymen for extra income)

I really like the property, it has all updated windows, siding and a fairly new roof and utilities.

The units are very well maintained but also dated (80s styling)

I would not mind putting a few thousand into cosmetics, but with the taxes assessed i wouldnt want them going up significantly.

How would I go about getting the property reassessed? I can't see how a house on a half a lot with no garage is assessed for the same or higher than a brick three story home with a 2 car garage.

I really want to move on this as it has been the deal I have been looking for in my area.

Thanks and looking forward to learning as much as I can from this forum and the vast knowledge you all have!

Josh