Philadelphia, PA · Member since 2019 · 3 posts · 3 votes
Hi, I'm new to investing (looking for my first rental property). Around 16th and Girard is the area I'm looking. It's definitely a class C/D area but has potential. Gentrification has started and newer apartment buildings have been put up. There's plenty of blocks that still have older homes, but I have a hunch it will be like Fishtown in the near future since it's so close to downtown. Should I take the risk and purchase a property in this section of North Philly? Please share your thoughts.
Hi, I'm new to investing (looking for my first rental property). Around 16th and Girard is the area I'm looking. It's definitely a class C/D area but has potential. Gentrification has started and newer apartment buildings have been put up. There's plenty of blocks that still have older homes, but I have a hunch it will be like Fishtown in the near future since it's so close to downtown. Should I take the risk and purchase a property in this section of North Philly? Please share your thoughts.
Not sure how close to 16th and Girard you're looking but that area is already pretty expensive and not risky at all from a development standpoint. It's a pretty solid area for rentals so if you find something that cash flows, jump on it. You can likely rent to either young professionals or students at good rates, today and I agree, that area will only continue to improve.
Hi, I'm new to investing (looking for my first rental property). Around 16th and Girard is the area I'm looking. It's definitely a class C/D area but has potential. Gentrification has started and newer apartment buildings have been put up. There's plenty of blocks that still have older homes, but I have a hunch it will be like Fishtown in the near future since it's so close to downtown. Should I take the risk and purchase a property in this section of North Philly? Please share your thoughts.
Not sure how close to 16th and Girard you're looking but that area is already pretty expensive and not risky at all from a development standpoint. It's a pretty solid area for rentals so if you find something that cash flows, jump on it. You can likely rent to either young professionals or students at good rates, today and I agree, that area will only continue to improve.
Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
6y
@Tylar White Francisville is one of the hotter and saturated markets to get into. That pocket has an incredibly strong market of college students as well as investors that moved from Fairmount going Northwards. If you are staying along Broad, "risky" North Philly is really once you get above Diamond (although that border is not as hard as it was before since TU is expanding) but DEFINITELY gets rough after Lehigh.
Philadelphia, PA · Member since 2019 · 3 posts · 3 votes
6y
@Jimmy O'Connor I’m familiar with the neighborhood. My family physician is on 16th and Girard. I was referring to the shape of the houses more than the neighborhood. Most of them are old and decrepit (like most of north philly). If you remove the white people and the few newer apartment buildings, it’s not a very pretty place in my opinion. So if I were to purchase a home, it would most likely be a fixer upper. Only willing to take the risk for the potential growth in popularity in that area.