Are Vacancies Common in the Philly Suburbs?
Hi Everyone! I just started my real estate journey and I'm looking for advice about investing in the Philadelphia Suburbs!
My partner and I are looking to house hack a duplex for our first investment. I've been running the numbers and looking at properties in Philadelphia, specifically; Mt Airy, West Philly/University City Area, East Falls, South Philly, Chestnut Hill, Manayunk, and Roxborough. My thought process for choosing these areas is the taxes are lower, tenant's are more available, listing prices are typically more affordable (we would like to stay around 300K), and there is good potential for renovations and pulling equity in the long term.
Paying high property taxes and the demand for tenants over time is what makes me cautious of a suburban location. For those who have invested in the suburban area, have you had a hard time finding tenants? How long does it usually take for you to fill a vacant rental? And, are there any affordable suburban areas you have had success in that you would recommend? For example, I believe Drexel Hill and Lansdowne may be good areas with relatively lower taxes.
I appreciate any and all advice/tips/suggestions! Thank you!