Rental Property Investor · Seattle, WA · Member since 2018 · 7 posts · 6 votes
I'm an out-of-state investor who lives in Seattle, though originally grew up in Delaware, and want to start investing in an area near home for me. Philly seems to have a lot of opportunity especially for MFHs, but it seems that every time I find a place it's in a low C or D neighborhood.
Should I start out slower with a SFH as my first investment property or just keep looking for MFHs? Is there any areas/neighborhoods that anyone can recommend for me?
Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
7y
@Victor Tran Glad you are looking back east! So Philly is a city composed of individual micro markets that vary from neighborhood to neighborhood. Really, it is diverse enough that you have areas where the barrier of entry is high but the flip returns are great with super low days on market (Nor. Libs, Fishtown, south Philly, Brewerytown, outskirts of U-City), buy and hold markets (Olney, Strawberry Mansion, Germantown, Cobbs) and then the neighborhoods that function as both flip and rentals (which usually means the BRRR gold mine reigons) like Cedar Park, Sharswood, Port Richmond, E. Kensington, etc).
SFH either as a cheap rental or flip is a great starting point to learn the Philly Market, the permit pulling, the population, the head aches and struggles rather than hopping for a big MFH.