First Multifamily in Philly — Looking for Advice & Local Insight

[Divyanshu Khare]

Hey everyone,

I’m in the process of buying my first multifamily property in Philadelphia and would really appreciate some insight from folks who’ve done something similar — especially in this market.

A bit about me:

I’m based in New York City, working full time, and this will be my first real estate investment. I’m approaching this cautiously — I want to be smart about my first deal, avoid rookie mistakes, and learn from those who’ve already walked this path. While I’m not planning to live in the property right now, I’m close enough to visit Philly regularly and stay involved.

Here’s what I’m aiming for:

- A turnkey (or near-turnkey) multifamily in a solid, rentable area (Brewerytown, Olde Kensington, West Poplar, etc.)

- I'll be using a conventional loan (20% down) since moving frequently isn't feasible right now — though I do plan to explore FHA + house hacking down the line when I'm more flexible

- My goal is for the rents to fully cover the mortgage — I’m not looking for massive cash flow right away, but I’d like the asset to carry itself and grow equity over time

- I’ve looked into other markets (like Pittsburgh) for better cash flow, but Philly feels like a stronger long-term play, especially with the right location

Would love to hear from anyone who has:

- Bought a small multi in Philly and house hacked (or held as a rental)

- Had wins or regrets in specific ZIP codes or neighborhoods (19123, 19121, 19122, 19125, 19133, etc.)

- Dealt with tough tenants, repairs, turnover, or management headaches

- Worked with a solid agent, lender, or PM who understands rental investing

Also curious how the rental demand holds up for clean but older units in central areas — the kind of property that may not be shiny-new but still rents easily (like what we often see in NYC).

If you’re local, investing in Philly, or just like helping newer investors build confidence, I’d love to connect and learn from your experience.

Thanks so much in advance!

[Tim W.]

I live north of Philadelphia so am somewhat familiar with the market. It's not a landlord friendly market, so I shied away investing there. If you're NYC based, I'd think you'll need a good PM, which will eat into your margins. I personally would not self manage Philly from out of state. Just my two cents- I do like Pitt- it's more affordable and better CF, but granted historical appreciation is certainly lower. Good luck!