My rental investors have been getting out priced in South Philly since most of the properties in Point Breeze and Grays Ferry have a higher barrier to entry as well as a increased rehab cost- often to the point that you are better off just rehabbing and flipping the property. West Philly (particularly in cobbs and cedar) has been my go to for rentals but as I look into Cap Rates around Olney (at least properties not too far away from La Salle's campus) I have seen some well maintained properties that are laminate, carpet, and some window AC units away from pulling in 900-1000. The push back I have been getting has been the quality of tenant and the stigma against that area. Are there any North Philly rental investors or agents that can give me some more insight to your pain points or how to maintain success in a market that isn't "hot" even though the numbers are there to back it up?
I invest in Frankford and Kensington... two words... CASH FLOW!
@Brendan Markle when you are evaluating the deals, are you focused more on cash on cash return or cap rate?