New to Real Estate · Member since 2023 · 12 posts · 3 votes
Which of these areas would be a better play for house-hacking in terms of likely appreciation over the years and rentability to potential tenants? Thank you in advance!
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
2y
Point Breeze is going to attract the best tenants but it's also further along in revitalization. Those who bought earlier are the ones who likely received the greatest benefit from appreciation. The two things you are looking for: appreciation and rentability contrast one another. Nobody has a crystal ball but Grays Ferry is the most depressed of the markets you listed and therefore could theoretically appreciate the most if the neighborhood turns. However in the meantime, expect the rentability to lag behind.
Real Estate Agent · Philadelphia, PA · Member since 2020 · 294 posts · 245 votes
2y
@Malik K. Both areas have their pros and cons. To directly answer your question I would lean towards Grays Ferry. As @Stuart Udis said Point Breeze will being you the best tenants but it's an established market already so the appreciation is going to be minimal. Port Richmond is also a solid area but you gotta stay south of Aramingo Ave, its a pretty hard border because once you go north of it your creeping towards zombie land.
Grays Ferry has the most going for it. There are 2 huge ongoing projects being the ongoing expansion of Pennovation which is the robotics labs and office space for UPenn. Also the massive development of the Bellwether District. Now the Bellwether District is a long ways away but they slowly are making progress and UPenn is constantly expanding and throwing money at new developments.
A little secret not many people know about is the crazy Section 8 rents you are able to get in 19146, while market rent may be 1500-1800/month, Section 8 rent is up to $2580/month for 2 beds and $3120 for 3 beds.
@Malik K. Both areas have their pros and cons. To directly answer your question I would lean towards Grays Ferry. As @Stuart Udis said Point Breeze will being you the best tenants but it's an established market already so the appreciation is going to be minimal. Port Richmond is also a solid area but you gotta stay south of Aramingo Ave, its a pretty hard border because once you go north of it your creeping towards zombie land.
Grays Ferry has the most going for it. There are 2 huge ongoing projects being the ongoing expansion of Pennovation which is the robotics labs and office space for UPenn. Also the massive development of the Bellwether District. Now the Bellwether District is a long ways away but they slowly are making progress and UPenn is constantly expanding and throwing money at new developments.
A little secret not many people know about is the crazy Section 8 rents you are able to get in 19146, while market rent may be 1500-1800/month, Section 8 rent is up to $2580/month for 2 beds and $3120 for 3 beds.
Thank you. I sent you a private message request and was wondering if it would be not too much trouble for you to answer my specific questions in it. Thank you so much!