Sunnyvale, CA · Member since 2016 · 71 posts · 21 votes
Hey Investors,
I'm looking for a place to invest in Maryland, and Hagerstown might be attractive to me. There's good job growth, population growth, falling house prices, low vacancy, and reasonable taxes. Does anybody here have any experience in that area?
Lender · Frederick/ Falls Church DC, Maryland & Virginia · Member since 2014 · 794 posts · 612 votes
9y
@Account Closed mentioned the tenant base can be an issue. Make sure you have a fair and diligent screening process in place.
Another thing to think about is where in Hagerstown you want to invest. All parts of Hagerstown are not created equal and the city is a pain to work with (think uneducated people in official positions). If you are going to invest within the city limits I would be very picky about where you pick up rentals.
I do not want to paint a doom and gloom picture. There are some really nice streets and some great people just understand the overall market you are getting into. Hagerstown is a cash flow only play.
Developer · Winchester, VA · Member since 2016 · 30 posts · 4 votes
9y
@Robert Fountain I am looking at buying a duplex on the north end of town, in a nicer area. 97% LTV, owner occupied no PMI. 3 BR/ 1.5 BA on each side. Realtor said it could rent for $1000/month in that part of town. Does this seam like a legitimate rental rate for the north end? It's conveniently located at a round-about (street parking for 4 cars plus an area in the back that was once a garage converted to a shed).
Investor · Greencastle, PA · Member since 2016 · 67 posts · 24 votes
9y
@Andrew Rickli. If the house is in the North end and it's in pretty good shape you can easily get 1,000/month in rent.
I can't think of any areas in the North end where there is a roundabout. I know of 2 or 3 roundabouts in the south end. If you want you can PM me the address and I can give you a more accurate answer.
Real Estate Agent · Hagerstown, MD · Member since 2017 · 21 posts · 6 votes
9y
I agree with @Russell Brazil, Hagerstown should have decent cashflow if you stick to the better areas (North and maybe West of the city limits) and are careful screening tenants, but Frederick should have a balance of cashflow and appreciation. People are constantly getting priced out of DC and Montgomery County, and they have to move North on I-270 to Frederick and eventually Hagerstown.
Hello! Looking to get into my first buy-and-hold property in the Hagerstown market. Lots of great stuff in this thread..can anyone speak on how the pandemic has impacted the rental market in that area, if much at all?
Lender · Martinsburg, WV · Member since 2013 · 171 posts · 93 votes
5y
Hey Ryan, There is a massive shortage of housing for buyers and renters in our market. Rent are up and vacancy is low. We handle our own property management and are able to work with our tenants when there are bumps in the road. All units are occupied! That being said, prices are at an all time high so finding deals is very difficult. They don't exist on the MLS. Times will change and when they do we want to seize the opportunity to buy more..
Investor · Frederick, MD · Member since 2016 · 352 posts · 194 votes
5y
@Bill Kenny I can second Bill Kenny's advice. The pandemic has been tough on some people but from what I've seen vacancy is very low and there are less payment delinquencies than more urban areas. The market is very hot right and can be tough sledding to get traction in the market. Make sure you set a plan and stick to it - don't get caught up in chasing a property just to purchase something, due to FOMO. Bill and his business partner Mike run a REIA in Martinsburg and they cover the Hagerstown market as well, you should check it out.