So I just bought my first house in East Kensington. I will be living in it while renting out the other 2 rooms but I already have the itch to buy a rental property.
Whether I buy something that's completely ready to rent and search for a good deal or BRRR a house I wanted to see the thoughts on the kensington/port Richmond area.
Buying land and holding?
How profitable would it be just buying a new construction at a good price that offers a 10 year tax abatement?
I like East Kensington but I personally wouldnt touch new construction up there unless I knew the history of the builder's work. The tax abatement is a nice perk but the quality of some of the new construction houses Ive been in are questionable.
@George Trosley III the neighborhood is appreciating very nicely and it’s book ended by Kensington Courts on Lehigh as well as some upcoming projects on Somerset and Shift Capital’s J-Centrel in Harrowgate to the North as well a huge renovation of the Sterling paper mill on Castor ave
I like East Kensington but I personally wouldnt touch new construction up there unless I knew the history of the builder's work. The tax abatement is a nice perk but the quality of some of the new construction houses Ive been in are questionable.
@George Trosley III Port Richmond, specifically east of Aramingo, has been traditionally a stable market with a strong tenant base. Rental prices are pretty standard, so predicting return/risk is relatively easy and housing stock is generally standard style row homes, so potential rehab/replacement costs, etc are also easy to manage.
I currently reside in the East Kensington neighborhood and I believe there is potential in the area. However, with the area comes tenants who may be disruptive if you do not properly screen. Also, I've heard through the grapevine that the Frankford area is next on the rise.