2X rule RULES! in Scranton PA!
2X in Scranton PA? 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+. To make the same rate of return, the NYC property would have to generate $16k/month. Keep in mind, however, here it’s not an ‘appreciation’ play like in NYC or LA—it’s a cash-flow, income producing play.
I'm looking for the right investing partner for funding acquisitions. Professional management available for buy/holds. Interested in discussing the possibilities? PM or ping me at [email protected], so we can set up a time to speak.
Keep investing and moving forward!