Hello! I am a new investor living in DC and planning on buying my first rental property this year. I am weighing my options and it seems like a B class neighborhood is a solid way to start on my investment journey.
To the Philly natives/residents or other investors, what are some B class neighborhoods you would recommend I check out in the city or outside of it?
Hi Pamela, my husband and I are investor agents and have a few multifamily properties in Philly. I will send you a message!
I’d try Mt Airy, Germantown, West Oak Lane, Roxborough, Port Richmond, and Tacony... note that Philly neighborhoods can be very block-to-block, so some blocks around those areas may be more or less Class B than others. I highly recommend driving or better yet walking the areas in person! Best of luck to you!
@Pamela L Assogba Congrats on taking that first step! I've been helping investors find rentals and flips around Philadelphia for a while. From my experience, here are some great rental neighborhoods that at or around that B level:
Sharon Hill, Germantown, Fishtown, Drexel Hill (multis best), Collingdale, Cobbs Creek, Port Richmond, Pottstown, Norristown (closest to the courthouse), West Oak Lane.
Of course, all of this is subjective and is by no means exhaustive. Keep in mind that Philadelphia has lower property taxes yet higher transfer taxes. Delaware County and Montgomery County have higher property taxes yet lower transfer taxes. Some B+ level neighborhoods in Delaware County make more sense if the property is a multi-family to counteract the higher taxes.
This is Hui Song from north NJ. I would love to connect with you regarding rental property in Philadelphia area. Brrr or ready to rent.