Your experience of these Philly neighbourhoods

11 Replies

Hi there fellow BP'ers. I'd love to hear your experience of the following areas

I am looking at a tri in the Haddington area near Callowhill and N 61st street in West philly.

I am also looking at a duplex in the Fern Rock area near N18th street and West Rockland street.

Do folks here have educated opinions or experience with these areas. My goals are stable cashflow with potential appreciation 10 years down the road

Thanks so much

@Nathan J.

I have a friend who started in philly, and now has around five properties. He generally looks for lower quality to attract section 8 tenants. At least that is what I understood from us talking. If I see him at work tomorrow ill ask him exactly where he invests.

thank you for doing that @John K. . I look forward to the insight

I guess another way to phrase the question is do folks think that those parts of west philly and fern rock have good 10 year appreciation prospects?

Have you heard of anything that would lead you to believe there is anything going on in the Fern Rock area that would drive appreciation in the next 10 years? Just curious as I don't know anything about the area except it's pretty rough! 

I'm no expert on these areas but I like 61st and Callowhill much better. I'm biased because Ronit (my wife for those that don't know) worked at 61st and Arch for five years and I'm pretty comfortable in the area as I'd occasionally pick her up, drop her off, go to lunch in the area with her, etc. She took public transit there most days, ran errands at lunch (walking and public trans), worked the occasional late evening and never had an issue. It's very residential, lots of families, and even some rehabbing going on. The rehabs are usually to rent, tough to get enough spread to flip but there were some flips too. 

As I'm sure you know, that area has good public transportation available and is a straight shot into Center City for jobs. I'm not sure it's likely to see any appreciation other than what is average for the area. I can't see much happening that will change the area but it is a good area for rentals overall. 

thanks @Troy S. very useful to know your experience there.

Nate I am Mr. Philadelphia, when it comes to philly property. I have bought and sold for myself and have found plenty of deals for others as a networking investor for the last 10 +years.

Any who- I think that your potential to maximize your income with these properties depends on your finished look and how you manage your property. I personal like philly in general for buy and holds- and flips.

Hope this helps!

I don't know 61st. and Callowhill very well but I would say Fern Rock is a fairly stable area for now. Looking down the road 15 years or so your property could lose value. I'm just basing that on some of the surrounding neighbors looking worse year after year. 

Be careful with Fern Rock. If you are investing there to rent it out, I would say go for it esp. if it's for section 8 and you know what you are doing. Other than that, if you are expecting the area to appreciate, don't hold your breath. I grew up near Fern Rock and I now live in a neighboring area but Fern Rock has actually depreciated a bit if anything. It's not like South Philly and Fishtown (appreciating quickly). That may change in the future but not in the immediate term. Best of luck to you!

Originally posted by @Nathan J. :

Hi there fellow BP'ers. I'd love to hear your experience of the following areas

I am looking at a tri in the Haddington area near Callowhill and N 61st street in West philly.

I am also looking at a duplex in the Fern Rock area near N18th street and West Rockland street.

Do folks here have educated opinions or experience with these areas. My goals are stable cashflow with potential appreciation 10 years down the road

Thanks so much

Since you mentioned 'appreciation in 10 years',  I take it that you're not looking to do a fix/flip or even a short-term lease/option with either location, which makes a difference. 

If you can get them at a deep discount and your primary strategy is rental properties its very likely a hit. Of course that all depends on the purchase prices, rehab costs and residual income after expenses per annum. You really need to analyze the numbers -  remember as an investor you make your money when you buy. 

Kudos,

Mary

thanks @Jessica F. and @Mary B. . That's useful feedback. These are distressed properties which i will purchase and get rehabbed and then rent out. The numbers make sense to me.

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