Philadelphia Strategy
So. We have been hitting our heads against the oft ridiculousness of the New York market. Our target has been the Bronx, but cap rates here are rough. We wish to be true to our numbers, but they definitely don't lie, and NYC is not a great cash-flow option.
This is further bolstered by the fact that we are looking to move out of NYC in 3 years or so. Philly has been at the top of our list for awhile. Cost of living is better, we love the architecture, there is more than enough opportunity for work and quality of life for both myself (Software Engineer) and my wife (Accountant). When we get nostalgic for NYC, we plan a night out, and head up.
Given all that. What's the strategy? Here has been my strategy for the Bronx, but I noticed that the single family stock seems high in Philly (narrow buildings):
2 Units $400,000 and under
3 Units $500,000 and under
Is the multi-unit play a good strategy in Philly? Or are we better to keep our eyes peeled for 2 single families in the near $200,000 range? We'll take stories, advice, zip codes, colleagues... whatever you can suggest.