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Updated over 5 years ago on . Most recent reply

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45
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3
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Denise Holder
3
Votes |
45
Posts

Erie, PA anyone? Will this house rent?

Denise Holder
Posted

Erie PA anyone?
Hi, I'm Denise and I'm looking at a house that's 220K 0% down 2.5% interest. (about) 3.5% VA funding fee for xx years (not sure yet) but hope to refinance soon without it.
The property is two parcels. First the house. It's 3 bdrm/2 ba House on 1 acre lot. Second the16 acres on separate lot. Being sold together at the total price of 220K
Immaculately kept. Immaculately manicured lawn.

Land is very difficult to come by in this highly desirable country area that's close to town
It's located in Erie county from 10 to 19 min away from things like downtown Erie, Lake Erie waterfront & beaches or Walmart and every box store/restaurant/ chain store you can think of. The house next door is an ideal comp to the "house on one acre" portion of my deal. The home is practically an exact copy, it is also on one acre and it just sold last month for 164K. The houses were built the same year, both brick similar layout. The differences are: 1) "my" house has the additional 15 acres. 2) "my" house has 2 bathrooms~neighbor's house has one. 3) "my" house has a beautiful view of the valley.

Erie PA has a slowly declining population. It has a struggling economy. However, tourism, tech companies, Erie Insurance and others are pioneering steps towards re-inventing the former mini-steel town into something new.
My property manager thinks I can get from 16-1800$/mo in rent. My mortgage would be $1200/mo
I feel like the property is worth more than $220 now and that it will increase in value quickly.

Is this a good deal? Thoughts? Advice?
Thanks!

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