Flipping out: York County No. 2 nationally for home flips; midstate has value
Erie, Berks and Allegheny counties are seeing the most home flips in the commonwealth, but the best value for investors might be in the midstate.
York County came in at No. 2 nationally for best counties to flip, according to California-based RealtyTrac Inc.
To get on the list, counties needed at least 100 flips, an increase in foreclosure activity from a year ago, an unemployment rate below the national average and a gross return on investment of at least 30 percent. York County was fourth in Pennsylvania with 179 flips between April 2013 and March 2014.
The average purchase price of a flip in York County was $88,063 and the sale price was $151,871 — a 72.5 percent ROI, according to RealtyTrac.
Prince George’s County, Md., topped the national list with an ROI of 83.4 percent.
But don’t discount the rest of Central Pennsylvania.
Lancaster County posted 141 flips and an ROI of 55.6 percent. But foreclosure activity was down slightly, which kept it off the best counties list, according to RealtyTrac.
In Dauphin County, there were 69 flips and an ROI of 56 percent. Lebanon County had just 27 flips and an ROI of 38.2 percent, while Cumberland County logged just 17 flips. The latter’s ROI was 74.7 percent.
The best ROI in Pennsylvania belongs to Wayne County at 290.7 percent, according to RealtyTrac. There were 17 flips. The average purchase price was $26,543 and the average flip was $103,714.