Flipper/Rehabber · Jersey City, NJ · Member since 2016 · 158 posts · 86 votes
Hello,
I am looking for suggestions on the neighborhoods in Philadelphia that are currently gentrifying, may not be the best places today but in sometime will have some appreciation.
I think I am late in the game for Kensington, Port Richmond areas ... But may be Grays Ferry, Point Breeze or University City are still doable.
I am ok with finding properties that need rehab and then can be rented out for cash flow.
Also any thoughts on the Darby neighborhoods outside of Philly along the train line?
Rental Property Investor · Philadelphia, PA · Member since 2019 · 55 posts · 28 votes
6y
I'm a big fan of Delco in general - Eddystone, Lansdowne, Ridley Park, Chester near Widener U. However, I see cash flow, not appreciation in these areas.
As for Philly, take a look near Temple U Hospital.
Rental Property Investor · Philadelphia, PA · Member since 2019 · 55 posts · 28 votes
6y
I'm a big fan of Delco in general - Eddystone, Lansdowne, Ridley Park, Chester near Widener U. However, I see cash flow, not appreciation in these areas.
As for Philly, take a look near Temple U Hospital.
Rental Property Investor · Jersey City, NJ · Member since 2014 · 157 posts · 47 votes
6y
Hi @Kunal Mishra, it's a bit late for Point Breeze a lot of investors have been there for a few years now and there is a lot of new inventory on the market. I am a fan of the less desirable areas of Kensington still.
Rental Property Investor · Eastchester, NY · Member since 2017 · 39 posts · 36 votes
6y
I haven't given up on 19124 and 19134 yet :) I see there are some good deals to be had in Frankford and Harrowgate if you are selective.
That being said, there are some seriously bad properties, and properties that don't look bad but are covered up by cheap cheap cheap materials with structural issues underneath so definitely be careful (as I learned the hard way last year:) )
Accountant · NJ · Member since 2015 · 210 posts · 167 votes
6y
There has been appreciation in pretty much all of philadelphia. There have been deals to be had all over. I think finding a good agent would probably be your best bet to find the right fit for you.
I would look to Cobbs Creek in west philly. I think there is a lot of development right now in that area. Also Little Saigon is being revamped big time. Have you had a chance to drive around philly at all to check out some of these places?
Realtor · Philadelphia, PA · Member since 2009 · 107 posts · 69 votes
6y
Hi Kunal, I would recommend setting up a meeting with an agent, whether it be myself or anybody else for that matter. Asking on an open forum is only going to provide opinions of neighborhoods which all are going to have those hidden gems, but you would do better asking a realtor who can sit down with you and go over all potential neighborhoods and meeting your price point on where and how much you want to invest, good luck!
Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
6y
@Kunal Mishra welcome to the greater PA area. So out of those neighborhoods, Kensington (depending on how close it is to Fishtown) still offers a strong entry point for you to be able to cash flow after consideration of purchase and rehab. U-City has been saturated for a while. Grays Ferry has gone through a massive boom over the last ~3 years where I used to be able to contract properties for 50-60k and now I am lucky if I get anything at or around 90. Depending on your patience and tolerance for a neighborhood, I would seriously consider Strawberry Mansion, Frankford, or anything in 19140. There is a lot pushing into those pockets either from proximity to neighborhoods (Brewerytown+Fairmount Park squeezing Strawberry Mansion), access to main high ways (Frankford with I-95 and close proximity to the strength of the NE market), or initiatives from the City (Philadelphia has big plans for 19140 starting at the intersection of Broad and Erie moving northwards). Another plus about these neighborhoods is that you are not competing against the players that have been there FOREVER and have the exclusive access to the best pipeline of leads from the streets.
Property Manager · Philadelphia, PA · Member since 2015 · 515 posts · 196 votes
6y
The Philadelphia Strawberry Mansion neighborhood has been mentioned in the Philadelphia Inquirer as the fastest improving neighborhood. In my experience as a re broker and property manager in the Philadelphia area, once the media says an area will develop, it does. Investors base their decisions just off an article.
Flipper/Rehabber · Jersey City, NJ · Member since 2016 · 158 posts · 86 votes
6y
@Nicky Lisewski I keep looking at DelCo, especially along the train line, but I keep getting pushed back by any agents that i speak to about DelCo, wonder why?
Flipper/Rehabber · Jersey City, NJ · Member since 2016 · 158 posts · 86 votes
6y
@Janine Covello I am moving forward with a triplex on Frankford ave (on the north side) where it is closer to Walmart and Lowes
@Timm DeSalis Yes Cobbs Creek is something I want to look into, how is your turnover in this area? are you getting $200-$250 cash flow per door after PITI, PM, utilities, Vacancy & repairs
Rental Property Investor · Philadelphia, PA · Member since 2019 · 55 posts · 28 votes
6y
@Kunal Mishra
If you are interested in Delco, check out the Delco Property Investors meeting. Lots of experienced investors. Not every agent is an expert on every area.