Greater Philadelphia Area- Best Rental Property Areas
Hi everyone.
I have been doing research and trying to find a property in north western Philadelphia-Overbrook and Wynnfield nieghborhoods that is either a single family or 2-4 unit residential rental for under 250k.
I want a property to get me at least the 1% rule for rent. I am okay with doing minor renovations and cosmetic updates. I have been really struggling finding properties that meet that 1% rule other than total gut and remodel jobs. This summers increase in home prices has only made it more difficult.
I am now considering expanding my search area and was wondering if anyone could provide insight on the best suburbs and towns around the Philadelphia area or inside the city to find the best rent to price ratios? I am trying to focus on cash flow and get atleast 10% cash on cash returns. Thank you.