First Time Philly Investor
I'm deeply considering getting my first rental property in Philadelphia. I really love the city, it's low property tax rate, and some of the gentrification happening in all corners of the city. My goal is to invest in rentals with minimal rehab needs and create strong cashflow. At worst, I'd hope for 8% ROI after expenses including Property Manager fees.
I guess, my question is what are people's experiences thus far investing in the city in regards to finding strong cashflow? I've been looking at the Frankford, Point Breeze, and Kensington areas mostly. Brewerytown and Fishtown look over-valued for what I see on the web right now.
I found some intriguing deals near University City, but the homes look very old and need a lot of work on both interior and exterior. I did also see some deals in the Kingsessing neighborhood, but I'm not familiar with that area and if gentrification is happening there (I'm trying to avoid being a slumlord).
Any advice would be appreciated
Most Popular Reply
West Oak Lane, Mt Airy, and spots of Germantown is probably my favorite place in the city to find rentals for investors. Plenty of single family inventory that you can purchase between $50k-100k, Very consistent rental rates around $1500 monthly, if you are will to make it look a little nicer than whats on the block, also gives you a better quality tenant.
Feel free to reach out if you'd like to check out some of my inventory!