2X in Scranton PA???
2X? YUP!
You may have heard about real estate in Northeast Pennsylvania (NEPA).The greater Scranton area, and the dozen or so smaller towns around it have great investment and cash-flow potential. The market ranges from A to C- areas and is comprised of mostly single family to four-plex properties.
Price points are much lower than on the east or west coasts, however rents are proportionally much higher, leading to positive cash-flow.Example:in NYC, say in Queens, an average 2-family brick house in a C+ neighborhood will cost $800K to $1M.However the rent for a 3-bedroom apartment is about $2K to $2,500.That’s $5k/mo income total.
In and around Scranton, 2-family houses in a C+ area are in the $80--$100K range.Rents for a 3-bedroom apartment are $800--$900.That’s $1,600/mo+.The numbers speak for themselves.To make the same rate of return, the NYC property would have to generate $16k/month.Keep in mind, however, in our area it’s not an ‘appreciation’ play like in NYC or LA—it’s a cash-flow, income producing play.
A little about who we are and how we can help:
My name is Marc Winter. I am an Associate Broker (PA #AB066729) and co-founder of Landmark Management Services, Inc. . Landmark manages over 300 doors, and we have been at our location 240 Colfax Ave., Scranton PA 18510 over 10 years.
Without telling my age ;-), I have been an active real estate broker and investor since 1981. I've done lots of ‘flips' and dozens of BRRR. Also, I have been a licensed contractor for 40+ years. So when I'm dealing with contractors and workers in the field, they are not doing any work I have not done myself--and they know it. That helps keep the work up to code, and the pricing in line with the area.
Landmark can help you locate and acquire the investment property. And we offer full-service property management: rehab, maintenance, emergency calls, rent collection, vetting and placement of new tenants, complying with city ordinance and registration requirements. (Yes, we can handle evictions if/when necessary). We have solid relationships with contractors in every specialty field, and handypersons for smaller service-call work--we don’t need a licensed plumber to unclog a kitchen sink. (Check out our FAQ’s on the website.)
Ours is a simple business, but ‘simple’ does not mean ‘easy’. The goal is to provide a safe/healthy/clean living space to qualified tenants, AND to ensure the tenants live up to their side of the equation: pay the rent! Our management style could be described as “firm but fair”. We have a full-time staff of five great team-members who keep things running smoothly, even with the ‘hiccups’ that inevitably happen—that’s all part of the business.
Interested in discussing the possibilities?
Ping me at [email protected], or text 570-878-2086 so we can set up a time to speak.
Keep investing and moving forward!
Best,
Marc