Good Rental Property Areas (SFR/Multi) in Pennsylvania?
I'm looking to invest in SFR and small multi-families in Pennsylvania, ideally in the $100k-$130k purchase price range.
I'm based in Jersey City, NJ – due to high property taxes and purchase prices in my immediate area (Jersey/NYC), PA seems like the best state to dig deeper for my market research. I'm trying to identify rental markets that I can hone in on and research deeply, establish a team on the ground, and do my due diligence properly.
I've been combing similar posts on BP and potential areas I'm hearing about in PA include Allentown, Lehigh Valley, Bethlehem, Scranton, and Wilkes Barre.
I'm looking for markets with strong rental demand for the foreseeable future, where $100-200 cashflow/unit is possible (with property management), and can reasonably expect some appreciation in the next 10-20 years (2-4% per year would be ideal, though achieving positive cashflow on my first purchase is my #1 focus). Also important is being able to find a reliable property manager in the area.
I'd love to hear from local investors – am I looking at the right areas? Where else should I consider? Is there anything unique to investing in PA that I should be careful about?