Just wondering about the 19120 (Olney) section of the city. Are there many investors that invest there? I'm sure it would be more so for rental income. I'm curious as to what are the rental rates and what do Ohiladelphia investors consider a good cap rate? I'm thinking of purchasing a property there but want to make sure I make the correct decision.
It will be a hard part of the city to invest in if you are out of state and do not have a large portfolio.
Would that be because of it just being a rougher part of town? Or is it hard to come by quality renters? I'm pretty familiar with the area. I've spent a lot of time their growing up and from my last visit I see it hasn't changed much. In this possible purchase I could either buy, fix it up a bit and rent it or I could fix it up a bit and sell it as well. However as I see it even at pricing it to resell at $75K it may take longer than I'd like.
I actually was talking to a cab driver who lived in Oxford Circle last weekend. He said that he paid $700 for a 1 bedroom apartment. I would think that Olney would be similar. I figure a person like that would be an ideal renter in that part of the city.
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