Gray's Ferry or Fishtown? - philly, choosing where to invest
Whether you live in Philly or never want to visit this question is still for you, and any feedback is greatly appreciated! Is it better to buy in an area on the up or an area predicted that in the future it will be next to boom? That's partly the story of Fishtown vs. Gray's Ferry according to this novice real estate investor.
Fishtown pros - proximity to major highway and transport lines, shopping of all sorts nearby and fair share of boutique pro chef restaurants and micro brew style bars, name already seen as hip and flippers proving buyers will pay a premium to move.
Gray's ferry pros - major hospital and university expansion started just a mile or two away, prices still mostly accessible, near major highway and transport lines. cons: doesn't carry the popularity of fishtown and still seen by most as street-by-street, there's little or no shopping and certainly no restaurant or hip bar scene.
My current strategy is buy and hold for the long term. I'm not a flipper and prefer turnkey rentals. Fishtown seems like an easy "yes" because while you pay a premium to get in where it's already heating up your certainty of appreciation and escalating rents is much greater than hoping the big university and hospital improves the neighboring areas and creates more demand for mid-market or premium quality housing. However, the lower prices of Gray's Ferry means your investment goes further without much loss of rental rate in the near term and potential for appreciation in the long term.
Is Fishtown worth the 30% +/- premium?
Should I split investment between the two areas?
What am I not taking into consideration?