First Property - Multifamily owner occupy

[Ryston Watts]

Hello Everyone - 

Thank you for taking the time in advance to assist me with your input and perspective on a potential buy. I'm looking at a newly constructed Duplex near Temple University and it's listed around 600K. The plan is to owner occupy a unit and rent the other unit. I'm looking to break into the RE game and I feel as if this is one of the better ways to do so. My current rent is $2300 at my apartment and I'm assuming the $2300-$2500 liability will be consistent in this property given the Purchase price, interest rate, and including rental income of $2000-$2200 of the other unit. I think that the property will appreciate in the coming years given the developmental phase in North Philly but wanted to get more perspective on if I'm analyzing this correctly. I still need to truly vet the area to make sure I'm comfortable living there and there are still the closing variables that are still open as of now. 

Please let me know if there's additional information needed in order to give input! 

Thank you!

[Catherine McElwain]

Hi Ryston!  I own a rowhome near Temple that my daughter lives in and we rent out the other 3 rooms.  I'm noticing around Temple that there are a fair number of vacancies in rental properties.  My daughter says that enrollment is down at Temple, largely attributed to crime in the area

I would imagine that a new construction property is probably pretty nice, and that will appeal to more renters.  Are you intending to rent to students?  If so, one downside is turnover - you would likely have different tenants every year.  

Will this cash flow at all?  

Appreciation is tough in this area.  Our place has had 0 appreciation in 3 years.  I wonder if new construction will appreciate better?