All Forum Posts by: John R.

The 5/1.5 is not uncommon at all for inner city Harrisburg.  Most don’t even have the 1/2 bath.  My opinion is that you’d be flushing your money down your shiny new bathroom’s toilet to add that 2nd full bath.  You wouldn’t command much more rent by adding it either.  Plus it would explode your budget on an already tight deal to do the work.  This really is a different market than what you’re probably accustomed to.

Sorry, I missed the link to the deal report.  I agree with everything Ben said.  The deal is not terrible, but not great.  I personally think the asking price is a bit high for that part of town.  A lot depends on your financing as well.  Your loan terms for 30yr @ 4.5%... where are you sourcing that loan from?  It looked like an owner finance deal, so those terms surely aren’t right if that’s the case.  My gut tells me your p&I will likely be higher, but you know your terms better than I do.

You really need a working knowledge of the city and its diverse neighborhoods.  Values can change literally from street street.  There are definitely some rough areas in the city.  I would not suggest investing without visiting and gaining some working knowledge of the market.  Yes, property can be had very cheap in Harrisburg, but there’s a reason it’s cheap ;)