First Buy Ever

[Kyle M.]

Let me start off by saying that I have no previous real-estate experience.
I am 24 years old, $50k net worth, $50k yearly salary. I am looking to buy my own place and live in it. Eventually I want to turn it into a rental property or sell it for a surplus at the very least.

The current listing in question is for $150k and was listed four days ago. This current property is outside of a rapidly growing area in Philadelphia and it is 2br/1ba. Similar listings with the same number of bedrooms, bathrooms, and square footage (according to Trulia) are going for ~140k-180k with an even distribution. This property is in very good condition by the looks of it. The only thing that it is missing is a dishwasher and I am unsure if there would be room for one in the future. The tile in the kitchen could be modernized and unfinished basement could be finished. It has all the amenities such as c/a, hardwood floors, fresh paint, nice large bathroom, and nice bedrooms.

Now my assumption is that because the property in a developing area it will naturally have a lower risk of A) apartment not renting B) taking a hit on the property value. The assumed upsides are that I can A) charge future tenants an increased rent because of the area B) large chance of having a gain in property value. I know that there is unforeseen variance in the market, but this is a risk that I would be willing to take on for the possibility of future gain.

Let’s say I could rent this apartment for $1100 at this current moment. Also, lets pretend I hire a home inspector and everything checks out.

How good of a buy is this?

What offer would I initially come in with?

Is there any other information that I should be looking at?

Any advice would be helpful, thanks guys! I just found this forum today, signed up, and first situational post!