Unlocking Investment Potential: A Guide to Rental Properties in Franklin County, PA

Introduction

Investing in rental properties can be a lucrative venture, offering both short-term income and long-term growth potential. However, the success of such an investment largely depends on the quality of the property and, crucially, its location. A good rental property should have a combination of desirable features such as modern amenities, good condition, and appeal to potential renters. However, the location can be even more important. A prime location can ensure consistent demand, higher rental income, and appreciation in property value over time.

Franklin County, PA, offers a range of opportunities for real estate investors. This guide will explore some of the best neighborhoods and areas within the county, providing a comprehensive analysis based on several key factors.

Best Neighborhoods and Areas in Franklin County, PA

1. Chambersburg

Grades:

• Convenience: A
• Tourist Attractions: B
• Things to Do: B+
• Avg Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A-
• X-Factor: A

Convenience

Chambersburg is the largest borough in Franklin County, offering a variety of shopping centers, restaurants, and services. It is a hub for healthcare and education, with several schools and the Chambersburg Hospital. The borough’s infrastructure supports easy commuting, with well-maintained roads and public transportation options.

Tourist Attractions

While Chambersburg may not be a top tourist destination, it has its share of attractions. Historical sites like the Chambersburg Heritage Center and Old Jail add cultural value. The area also hosts several annual events and festivals that draw visitors.

Things to Do

Residents of Chambersburg enjoy various recreational activities, including parks, theaters, and community centers. The Capitol Theatre and the nearby Caledonia State Park provide entertainment and outdoor fun.

Avg Home Prices

Home prices in Chambersburg are relatively moderate, making it accessible for investors. The average home price is around $200,000, which offers a balance between affordability and potential for appreciation.

Return on Investment

With a strong rental market and steady demand, Chambersburg provides a high return on investment. The area’s economic stability and growth potential make it a sound choice for rental property investors.

Proximity to Work-Related Travel

Chambersburg is strategically located near major highways like I-81, facilitating easy travel to nearby cities for work-related purposes. The proximity to large healthcare facilities and corporate offices adds to its appeal.

X-Factor

Chambersburg’s unique blend of historical charm and modern conveniences makes it a desirable location. Its strong community spirit and quality of life are significant draws for potential renters.

2. Waynesboro

Grades:

• Convenience: B+
• Tourist Attractions: B+
• Things to Do: B
• Avg Home Prices: A-
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B+

Convenience

Waynesboro offers a good mix of essential services, schools, and shopping options. The town is pedestrian-friendly, with many amenities within walking distance, making it convenient for daily living.

Tourist Attractions

Waynesboro is close to several natural attractions, including the Appalachian Trail and Renfrew Museum and Park. These sites attract tourists and outdoor enthusiasts, contributing to the town’s appeal.

Things to Do

The town offers various recreational activities, including parks, local eateries, and cultural events. Waynesboro is known for its vibrant arts scene, with galleries and performance spaces adding to its charm.

Avg Home Prices

Home prices in Waynesboro are attractive for investors, with an average price of around $180,000. This affordability, coupled with steady demand, presents good investment opportunities.

Return on Investment

While the return on investment in Waynesboro is solid, it may not be as high as in Chambersburg due to slightly lower demand. However, the area’s growing popularity and quality of life factors offer potential for future appreciation.

Proximity to Work-Related Travel

Waynesboro is a bit more secluded than Chambersburg but still offers reasonable access to major highways and nearby cities. It is suitable for those working in healthcare or education sectors.

X-Factor

Waynesboro’s artistic community and proximity to natural attractions provide a unique living experience. Its small-town charm and strong community ties are appealing to many renters.

3. Greencastle

Grades:

• Convenience: B
• Tourist Attractions: B-
• Things to Do: B-
• Avg Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience

Greencastle offers a quieter, more relaxed environment with essential services and amenities. While not as bustling as Chambersburg, it provides a peaceful living experience with necessary conveniences close at hand.

Tourist Attractions

The town is home to a few historical landmarks and local attractions, such as the Allison-Antrim Museum. These provide cultural interest and add to the town’s charm.

Things to Do

Recreational opportunities in Greencastle are more limited, with fewer entertainment options compared to larger towns. However, it offers several parks and community events that foster a close-knit atmosphere.

Avg Home Prices

Home prices in Greencastle are favorable for investors, averaging around $190,000. The affordability and steady demand make it an attractive option for rental property investments.

Return on Investment

The return on investment in Greencastle is steady, with consistent demand for rental properties. While it may not see as rapid growth as larger towns, it offers stable and reliable returns.

Proximity to Work-Related Travel

Greencastle’s location near I-81 provides good access to nearby cities and employment centers. It is a suitable choice for those commuting to work in larger towns or cities.

X-Factor

Greencastle’s peaceful environment and community-oriented living make it a unique and desirable location. Its historical charm and affordability are significant draws for renters looking for a quieter lifestyle.

4. Shippensburg

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B+
• Return on Investment: A-
• Proximity to Work-Related Travel: B+
• X-Factor: B+

Convenience

Shippensburg offers a variety of services, shopping centers, and educational institutions, including Shippensburg University. This makes it convenient for families and students alike.

Tourist Attractions

The town is known for the Shippensburg Historical Society and its annual events like the Shippensburg Fair, which attract visitors from surrounding areas.

Things to Do

Residents can enjoy various activities, including parks, local dining, and cultural events. The presence of the university adds to the town’s vibrancy and entertainment options.

Avg Home Prices

Home prices in Shippensburg are relatively moderate, with an average price of around $200,000. This makes it accessible for investors looking for properties with good growth potential.

Return on Investment

Shippensburg offers a high return on investment, particularly due to the demand from university students and staff. The town’s economic stability and growth potential make it a sound investment choice.

Proximity to Work-Related Travel

Shippensburg’s location near major highways and its university makes it a convenient choice for work-related travel. The town provides easy access to larger cities and employment centers.

X-Factor

Shippensburg’s unique blend of educational opportunities, historical charm, and community events makes it a desirable location. Its vibrant university atmosphere adds a dynamic element to the town.

Conclusion

Franklin County, PA, offers a variety of neighborhoods and towns that are ripe for rental property investment. Each area has its unique attributes and advantages, from the bustling Chambersburg to the peaceful Greencastle. By carefully evaluating factors such as convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and the x-factor, investors can make informed decisions to unlock the full potential of their rental property investments.