Why is Tobyhanna real estate declining in value so fast?
I live in California and I have been looking for a place to invest that has cheaper homes than the $500,000 homes where I live. I have searched all over using Zillow and one of the states I am considering investing in is Pennsylvania where I have relatives.
I noticed that there are large, inexpensive homes in Tobyhanna and that the Zestimate valuations of these homes on Zillow is rapidly decreasing, often many thousands of dollars over the course of a month. I was wondering why this is? The houses look attractive and the area is pretty. I am guessing there are few jobs here but I also read it was a commutable distance to NYC (where I am from).
Is this an investment opportunity or is there something like I am missing like a really high crime rate or bad drinking water? Any insight into the Tobyhanna market would be appreciated. Thanks!