Looking into Bethlehem PA Multi Family Properties
Looking at Multi Family properties in Lehigh Valley area as it is in close proximity to me and I cant seem to find the returns I am looking for in Philadelphia area any more. Specifically we like the area surrounding Lehigh University in South Bethlehem which seems attractive from an investment standpoint.
Any recommendations on local brokers with experience investing in the area? Also are there any local town ordinances and/or zoning rules about renting to students? There does seem to be a decent job base in this area but I have experience renting to students so I think a property that potentially rents to Lehigh University students would be ideal for us if possible.
We are looking into selling one of our properties and potentially do a 1031 exchange. What prices and returns should we be aiming for? Which areas to target or avoid? Without getting too into the weeds with numbers, in general I am seeing multi families in decent shape in the 100-150k range with estimated rents seeming to be 800-850 per unit for 2 or 3 unit properties.
Would love to connect with investors or professionals with knowledge of this area to discuss!
Thanks!
Chris