Temple University PA investment properties

[Amy Mills]

Hi everyone, I'm looking into buying my first investment property. I own my primary home in Brooklyn, but nothing cash flows here, so as I was looking outside of NYC I stumbled upon Philly. 

I found a student rental a few blocks west of Temple U in the Cecil B Moore area. After running numbers it looks great, cash flows positive and already rented till July 2024. Some questions:

-I see a lot of rental vacancies on Zillow. Is vacancy a problem? is there too much supply?

-If I can't find a new tenant for the next school year, am I screwed? It's my understanding that in this area, there are only students and no other type of renters.

-Anything else I should keep in mind?

[Alan Asriants]

Temple market is one of the worst markets in Phila. 

Its either Students or D class rentals

And lots of students are living in on campus housing or commuting after Covid

Lots of vacancies and tax increases

Had a Seller call me to list his building he bought in 2018 for 525k. It is now worth less than 380k

Not sure whats going to happen here, but I would not put my money in temple right now unless you want to just buy some land and see if it appreciates

Hope this helps

Here's a good article to read and where I invest in the city. Feel free to reach out anytime i'd be happy to connect

https://twitter.com/alan_asriants/status/1698849499026788463...