Rental Property Investor · Hummelstown, PA · Member since 2015 · 638 posts · 653 votes
7y
@Jameliah Cunningham
Here’s my perspective, as a lifetime Hershey resident: Central PA is a great place to invest with stable employment from multiple industries (a 10% lay-off from Hershey foods didn’t even make a dent). Plus the cost of living is very low.
Hershey itself is largely A+ class homes and is 50%+ higher priced than most of the surrounding areas. It is nearly impossible to cash flow at these prices even with slightly higher rents. Plus, our property taxes are much higher than surrounding areas as well.
There are some junky areas of Hershey that are cheaper, but there’s a reason for it that is inherently tied to the location (close to railroad tracks, close to Hershey Foods plant, close to sewer treatment plant, etc). While you still are in the coveted Hershey schools I still would not touch these areas since there is zero chance of appreciation due to the terrible location.
Bottom line is, don't overpay and don't settle for zero cash flow just to be in Hershey schools. Now, if you can find a place needing work (warning: everybody else is looking for this too) then you could make out well with a flip or possibly a BRRRR.
My recommendation is to look into the surrounding areas around Hershey. Palmyra (watch out for sinkholes!), Hummelstown, and parts of Harrisburg that aren’t in the city school district. Further away, the West Shore and Lancaster county are largely excellent places to invest as well.
Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
7y
@Jameliah Cunningham, if you live there or Harrisburg area, it would probably be ok. Hershey has the best schools in the area. I noticed that when I was recently out there for work.
The minus is that Hershey just laid off about 10% of their workforce. Not sure if that was local or nationwide.
Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
7y
@Jameliah Cunningham, that's not too far away. Maybe 2-3 hr drive? That should be doable.
If you are just getting started, stay in the part of Hershey that has good schools. And out of the flood plain.
I was there a few months ago at a restaurant that had a sign inside of it that stated 'flood of xxxx year' on a post. The property was basically completely underwater, literally.
Rental Property Investor · Hummelstown, PA · Member since 2015 · 638 posts · 653 votes
7y
@Jameliah Cunningham
Here’s my perspective, as a lifetime Hershey resident: Central PA is a great place to invest with stable employment from multiple industries (a 10% lay-off from Hershey foods didn’t even make a dent). Plus the cost of living is very low.
Hershey itself is largely A+ class homes and is 50%+ higher priced than most of the surrounding areas. It is nearly impossible to cash flow at these prices even with slightly higher rents. Plus, our property taxes are much higher than surrounding areas as well.
There are some junky areas of Hershey that are cheaper, but there’s a reason for it that is inherently tied to the location (close to railroad tracks, close to Hershey Foods plant, close to sewer treatment plant, etc). While you still are in the coveted Hershey schools I still would not touch these areas since there is zero chance of appreciation due to the terrible location.
Bottom line is, don't overpay and don't settle for zero cash flow just to be in Hershey schools. Now, if you can find a place needing work (warning: everybody else is looking for this too) then you could make out well with a flip or possibly a BRRRR.
My recommendation is to look into the surrounding areas around Hershey. Palmyra (watch out for sinkholes!), Hummelstown, and parts of Harrisburg that aren’t in the city school district. Further away, the West Shore and Lancaster county are largely excellent places to invest as well.
Investor · Palmyra, PA · Member since 2016 · 5 posts · 0 votes
7y
As a lifelong resident of the area, Kyle is dead-on. But don't think that Hershey is the premiere school district. Lower Dauphin, Palmyra, A/C, Elizabethtown, Middletown schools all good. There is a reason prices are so high in Hershey, its a lot of high pay scale residents. All the working class people that work in the factory, Med center, HERCO ect.. all need places to live in the surrounding areaa also. Best of luck with your search.
Real Estate Agent · Union, NJ · Member since 2019 · 18 posts · 2 votes
7y
That seems to be the theme. I will definitely check out those areas first! Thank you for the input. I’m still learning so much so these responses have been super helpful @David Wenger
As a lifelong resident of the area, Kyle is dead-on. But don't think that Hershey is the premiere school district. Lower Dauphin, Palmyra, A/C, Elizabethtown, Middletown schools all good. There is a reason prices are so high in Hershey, its a lot of high pay scale residents. All the working class people that work in the factory, Med center, HERCO ect.. all need places to live in the surrounding areaa also. Best of luck with your search.
Dave
Middletown and Lower Dauphin are not considered good school districts by most that I know. Most that can afford choose to move out of those districts. However these markets are the most likely you will find a good cash flowing rental or multi unit.
Is there a property manager or agent that I can connect with in the Hershey, PA area. I’m looking to find more information on the area.
What is it that your looking to know?
We have many different markets and plenty of old houses to fix up. Even in this high demand low inventory deals can still be find. I know of multiple investors flipping 40+ homes a year. Central PA has a bunch of great markets to invest in.
Typical pitfalls, Having a good home inspector is worth there weight in Gold. These old homes can quickly become money pits many of the properties I scoop often need work for the first few years to catch up on deferred Maintenance. Lots of old homes some with some major problems.
Deals can still be found, but they will take some hard work to find.
Real Estate Agent · Union, NJ · Member since 2019 · 18 posts · 2 votes
7y
Thank you! I was looking to find out the best areas to look, the average price of a 1 or 2 bedroom in the area, and what homes usually go for in those areas if I was house flipping. Any other information you think would help is greatly appreciated. @Gareth Fisher