Multi Family Real Estate in Philadelphia

Rental Property Investor · Philadelphia, PA · Member since 2021 · 6 posts · 4 votes

I’ve been saving up to purchase a multi family home since before Covid hit the US. I’ve lived in New Jersey most of my life but decided on moving to Philly. I’m not very familiar with this city but I have been living here for 4 months now as I continue to get to know the area. I’ve already started the loan pre approval process and am set to sit down with a realtor. I’d love some advice from other Philly peeps on the best places to invest in multi family homes. I know that there are pockets of good and bad areas but where would you say the general direction of the “path to progress” is headed? I would greatly appreciate any feedback you all have! 😊

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Dan Powers

Real Estate Agent · Philadelphia, PA · Member since 2020 · 294 posts · 245 votes

@Atisha Fordyce Welcome to Philly! I would agree with @Rich O'Neill about the areas of West Philly, you can certainly find a duplex far below 250k that needs some work done to it, and will bring good appreciation in the long term.

I would also consider looking in Delaware County, specifically Drexel Hill. If your already making the move to Philly another 10 mins further won't hurt. I come across many duplexes over there that are nearly turn-key condition selling right around 190-200k. While it's a higher entry price compared to other areas in the city, the appreciation it's experiencing will make up for it in the long term.

Hope this helped, reach out if you have any questions!

Dan Powers - Real Estate Agent

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Eric Greenberg
Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
5y
Hi Atisha. If I were you Id work backwards a bit. If you figure out your price range is and what size mf property you're after, itll help dictate what areas you can look at. Are you looking at moving into a unit, is it a long term hold, a flip?
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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
5y
@Atisha Fordyce we do a Philly REI call every week with about 30 investors on Zoom and a lot of us are in NJ. Look up Zen and the Art of Real Estate Investing in the events, the link is there. It's a great way to knock around tactics with local investors and we do deep dives on ALL of the Philly neighborhoods.
[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
Website View Page
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Atisha Fordyce
OP
Rental Property Investor · Philadelphia, PA · Member since 2021 · 6 posts · 4 votes
5y
@Eric Greenberg hi Eric! Thank you for your response! I am looking into a long term hold and I will be living in the unit for at least 2 years. I want a duplex or triplex and my max budget is 250,000. Of course I want something that will give me the best deal in the long run so I am open to the smartest option in terms of long term appreciation.
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Atisha Fordyce
OP
Rental Property Investor · Philadelphia, PA · Member since 2021 · 6 posts · 4 votes
5y
@Jonathan Greene Thank you for sharing, Jonathan! I will check it out!
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Eric Greenberg
Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
5y
Originally posted by @Atisha Fordyce:
@Eric Greenberg hi Eric! Thank you for your response! I am looking into a long term hold and I will be living in the unit for at least 2 years. I want a duplex or triplex and my max budget is 250,000. Of course I want something that will give me the best deal in the long run so I am open to the smartest option in terms of long term appreciation.

Are you looking to rehab something or buy it as move in condition? If you are looking at 250k and below it will force you from certain neighborhoods closer to center city off the bat which should help narrow your search. Its hard to say what the best long term play will be appreciation wise, though. The areas right outside of whats being gentrified now could be a good play but its different if you are also living there and really comes down to where you feel comfortable living. Id suggest as a start searching the MLS for MFH to see what areas are at play for you then go drive around them during the day/night to see how you like them.

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Rich O'Neill
Contractor · Chadds Ford, PA · Member since 2015 · 567 posts · 460 votes
5y
@Atisha Fordyce looks to me like West Philly might be a good option for you. There is a fair amount of MF and path of progress seems to be moving west from University City. I have found that the closer to the universities and south of Walnut are good areas. Other nice area to look is Brewerytown. Further south closer to the Art Museum/Girard College seem to be nice areas, though the MF seem to be further north from what I can tell.
Best of luck here! A $250k budget might be a little tight for a turnkey type property in a nice area, but something that needs a little updating might be in reach.
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Dan Powers
Real Estate Agent · Philadelphia, PA · Member since 2020 · 294 posts · 245 votes
5y
@Atisha Fordyce Welcome to Philly! I would agree with @Rich O'Neill about the areas of West Philly, you can certainly find a duplex far below 250k that needs some work done to it, and will bring good appreciation in the long term.
I would also consider looking in Delaware County, specifically Drexel Hill. If your already making the move to Philly another 10 mins further won't hurt. I come across many duplexes over there that are nearly turn-key condition selling right around 190-200k. While it's a higher entry price compared to other areas in the city, the appreciation it's experiencing will make up for it in the long term.
Hope this helped, reach out if you have any questions!
Dan Powers - Real Estate Agent
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