Purchased first rental property
Hi All,
I just purchased my first rental property in the 18102 zip code of Allentown, PA. Being from NY, I had to get a property manager, and they charge 7%. It's a 4 bed 2 bath, with $85k purchase price. My mortgage is about $600. The property management company got me a renter within a week and the rent is $1200. Since this is my first property, I was wondering if those numbers seem ok. The roof is only 5 years old, which I was happy to hear. Also the house was in fairly good condition, so I just put about $2k in work in.
Another question I have is are there any other areas of PA (about 2-3 hours from NYC) that are good to invest in with prices of no more than $90k? I know it's a cheap buy price and won't really be in a great area, but thought I'd ask. I saw Reading and some parts of Philly, but from research those seem to be really rough areas.