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Old 08-30-2010, 09:51 AM
 
1,815 posts, read 5,087,011 times
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Would you live there? Why or why not?

I looked at a rental property for sale on Main Street in Manheim and am considering it. There are 3 units, I'd keep one as a vacation home/place to move to when we retire whilst seeking a nicer home with some land - probably still in the Manheim area. The rest I'd leave rented. After retirement, I'd either keep this for the income fully rented or sell if the housing market comes back.

The house comes with 6 dedicated parking spaces in back (nice!) and is currently fully rented. With my saved down payment, I'd make back the cost of the house plus quite a bit while it's fully rented (I'd let the tenant of the unit I wanted for myself keep it until their lease ran out) and would save the cost of hotels thereafter (I'm down at least 2x a month - would be more if I had a place to stay).

I figured on Main street it would be easy to rent should a tenant leave, would be convenient to picking up a few things from the stores when we stay and I'm hoping that the street would be quieter at night. Wasn't too bad when we looked at it at rush hour on a Friday afternoon. I'm used to being near traffic noise where I am currently. We usually stay in a hotel off 30 and the noise doesn't bother me there.

What do you think?
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Old 08-30-2010, 11:19 AM
 
Location: Lancaster County, PA
1,740 posts, read 4,061,955 times
Reputation: 830
Quote:
Originally Posted by lialleycat View Post
Would you live there? Why or why not?

I looked at a rental property for sale on Main Street in Manheim and am considering it. There are 3 units, I'd keep one as a vacation home/place to move to when we retire whilst seeking a nicer home with some land - probably still in the Manheim area. The rest I'd leave rented. After retirement, I'd either keep this for the income fully rented or sell if the housing market comes back.

The house comes with 6 dedicated parking spaces in back (nice!) and is currently fully rented. With my saved down payment, I'd make back the cost of the house plus quite a bit while it's fully rented (I'd let the tenant of the unit I wanted for myself keep it until their lease ran out) and would save the cost of hotels thereafter (I'm down at least 2x a month - would be more if I had a place to stay).

I figured on Main street it would be easy to rent should a tenant leave, would be convenient to picking up a few things from the stores when we stay and I'm hoping that the street would be quieter at night. Wasn't too bad when we looked at it at rush hour on a Friday afternoon. I'm used to being near traffic noise where I am currently. We usually stay in a hotel off 30 and the noise doesn't bother me there.

What do you think?
Manheim is a nice town. Low crime rate and in a great spot as far as stores and access to major highways are concerned. Route 72 connects to Route 30 and the PA Turnpike, plus there's the Manheim Auto Auction and one of the largest malls in the county, Park City. The nicest people we've met since we moved are were born and raised in Manheim. There are a number of great properties with plenty of land north of the city that you may want to consider later on.

That said, I would make the investment. Just don't expect to rent the units to college students; no one would want to make the commute from Manheim to Millersville or F&M.

If I can help you further please PM me.

Best of luck with your decision and keep me posted.
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Old 08-30-2010, 12:55 PM
 
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Thanks Lititzman! I was hoping you'd chime in.

The units are already rented. The 1br unit has a tenant that has been there 20 years, the 3br unit has a family and was very nice and clean even with the cat - they have also been there for awhile. I've seen a few houses in that area as well, and the area and the people seemed very nice. I've sort of been stuck on the place since.

My biggest concerns on the place was the main street location, though the road seemed pretty reasonable on a Friday between 4-5 when we looked at it. Will definitely think on this one. Going to see what else is in the area on Realtor.com tonight too.
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Old 08-30-2010, 05:02 PM
 
Location: Lancaster County, PA
1,740 posts, read 4,061,955 times
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Quote:
Originally Posted by lialleycat View Post
Thanks Lititzman! I was hoping you'd chime in.

The units are already rented. The 1br unit has a tenant that has been there 20 years, the 3br unit has a family and was very nice and clean even with the cat - they have also been there for awhile. I've seen a few houses in that area as well, and the area and the people seemed very nice. I've sort of been stuck on the place since.

My biggest concerns on the place was the main street location, though the road seemed pretty reasonable on a Friday between 4-5 when we looked at it. Will definitely think on this one. Going to see what else is in the area on Realtor.com tonight too.
At first glance, Manheim seems old and tired but the has great charactor with great people. Main Street is heavily traveled but don't let that concern you. Traffic moves well most times. The light at the Square is long but it handles a high volume of traffic. Let me know if you're considering anything else nearby and I'll try to check it for you.
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Old 08-30-2010, 08:15 PM
 
Location: Midwest transplant
2,050 posts, read 5,465,684 times
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I wouldn't worry about this area for renting. Sounds like the main street would be desirable for some, guaranteed snow removal for one! Designated off-street parking is a big plus, for you and tenants. I think the area is charming!

The only time it might be really busy is if traffic is diverted from another road because of an accident. Then 72 and 772 become alternates, but it's rare. I'd say go for it!
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Old 08-31-2010, 10:01 AM
 
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Thanks TeachBeach.

I sent some additional questions to the realtor and am waiting to hear back. Will keep you all posted.
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Old 08-31-2010, 11:32 AM
 
Location: Lancaster County, PA
1,740 posts, read 4,061,955 times
Reputation: 830
Quote:
Originally Posted by lialleycat View Post
Thanks TeachBeach.

I sent some additional questions to the realtor and am waiting to hear back. Will keep you all posted.
Please do and let us know if we can do a visual on any properties for you.
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Old 08-31-2010, 12:02 PM
 
Location: Lawn Guyland New Yawk
371 posts, read 866,968 times
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Gee...Look what I found...
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Old 09-03-2010, 11:45 AM
 
1,815 posts, read 5,087,011 times
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Talked with a mortgage banker, apparently since I'm not a resident, I'll need 20-25% down on an investment property. Wasn't looking to put down that much, was hoping to put down 10-15%. So that house in Manheim will have a different owner at this time.

Still haven't given up though. A single family home would only require 10%, so we are looking around and may go that route. Buy something small and cheap, with the idea of renting it out after we move down permanently and sell in NY. Suggestions welcome!
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