Updated about 8 years ago on . Most recent reply
Off Market Rehab Opportunity in Central Pennsylvania
About the Property
- 1248 square feet of living space on .08 acres of land
- 2 story layout
- First floor has a mudroom, living room, eat-in-kitchen, and bathroom
- Second floor has three bedrooms. The master is approximately the same size as the other two combined.
- Small unfinished basement area for storage. Not appropriate for converting to additional living space.
- Attic crawlspace for additional storage
Basic Numbers
- Current insurance: $64/month
- Taxes: $1584/year
- Estimated Rehab Costs: $25,000 (as per local contractor)
- ARV: $69,000
Neighborhood
Located in beautiful Lycoming County, PA Williamsport is the county seat and lies along the Susquehanna River and at the base of the 1600 foot Bald Eagle Mountains. With expansive views of the mountains, Williamsport is known around the world as the birthplace of Little League baseball. Every year the town fill with thousands of tourists cheering on their favorite teams and supporting the children of America and the world. In fact the Howard J. Lamade Stadium will accommodate over 40,000 fans as teams compete over the course of 30 plus days for the right to call themselves Little League World Champions.
Williamsport offers a nice mix of having a small town feel along with a defined downtown district and the businesses, events, and opportunities that come with a city of its size. For those less interested in baseball, the city is also offers a Transportation Museum, a Historical Museum, Paddlewheel Riverboat Cruises, a reptile themed zoo, a vineyard and wineries, a trampoline park, a drive-in theater, an indoor playland for children, and opportunities for those who enjoy the great outdoors with the area’s many parks.
The neighbors are friendly and are the type that will look out for you when you’re not home. People know each other around here and are aware of what happens in their community. The next door neighbors in particular are currently watching over the property and have are helping to maintain the lawn.
The City of Williamsport
52% of the city’s population are women. 88% of the population has at least a high school degree with 22% having at least a bachelor’s degree. 41% are married, 11% divorced, and 37% have never been married. The population identifies as 84% white, 9.4% black, and 2.7% multiracial. Further breaking it down 27% of the community identify as German, 13% Irish, 9% Italian, 7% Polish, and 4% English.
In 2005 the city’s population was 29,549. In 2015 it was 44,877. One report suggests that the population today is over 74,000. The greater Williamsport area has a population of approximately 117,000.
Population estimates vary significantly from just under 30,000 on the low end to over 74,000 on the high end. 42% of residents are renters. Most of these individuals are between the ages of 18 and 25 with a median age of 36.
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Average adjusted gross income in 2012 was $45,380. Current income for those 45-64 years old is $57,984 with an average household income of $59,046. The top four employers in the area include the State of Pennsylvania (government), Susquehanna Regional Healthcare Alliance, Pennsylvania College of Technology, and the Williamsport Area School District.
Crime in the area is below the national average with an overall average risk of 40 with a mean score of 100 nationwide. The most frequent crime is larceny (theft of personal property).
Reach Road & Arch Street Area
Median real estate prices in this section of Williamsport is $90,813 (citywide: $121,000) with average rentals going for $1024 per month. The neighborhood real estate vacancy rate is 5.7% with an above average demand for housing.
This neighborhood could be classified as working class with 37% of residents employed in manufacturing jobs and 27% employed in sales and service jobs. 22% work executive, professional, and managerial positions, while the remainder are mostly in clerical and tech support positions. To get to these jobs, 63% report that they drive less than fifteen minutes (one way).
Rehab Needed
This property needs to be rehabbed. As it currently stands it is not in a livable condition, which is not to say that someone wasn’t previously doing so.
The most urgent need is to repair the roof. There was a leak that caused significant mold issues. The vast majority of the mold has been removed at this point, though the roof still needs to be repaired. The leak is confined to the back half of the house. The kitchen cabinets have been removed and would need to be replaced.
The main bathroom should be redone and it could make sense to alter its layout/design at the same time. The living room and mudroom need little work. Most if not all of the windows will need to be replaced. The basement should be cleaned out. The attic already has been cleaned out.
Additional optional improvements could include converting the mudroom to an open porch as it appears to have once been. Also because the master bedroom is directly above the bathroom and has the space, you have the option of adding an additional half bathroom to the upstairs.
The lawn is currently being maintained by a neighbor. A fence on one side is in need of repair and paint. There are also opportunities for improving the landscaping with the addition of a walkway, shrubbery, flowers, etc.
The estimate on the needed repairs to get the house to a safe and livable condition, not including the repair to the roof came in at $25,000.
Click here to view a video of the house
Why Are You Selling?
I am selling this property (as opposed to rehabbing it myself) because I live out of state and am about to move even further away from the property. If I were not moving I would fix it up and rent or sell it myself.