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Updated 7 months ago, 04/28/2024
Philadelphia PA vs Columbus OH - Which is better for an out of state investor?
I'm an out of state investor from California with $150k in cash looking to buy a single family in either Philadelphia PA or Columbus Ohio.
Which area would you recommend between these two?
I'm leaning towards Philadelphia because I personally find the area more interesting, and it seems like a more international city.
My concern with Columbus is it reminds me a bit of Memphis TN a few years ago where it was flooded with investors and nearly all homes were out of state investor owned leading to a lot of competition to market rentals to tenants, and lower home appreciation as a result.
However, I'm still open to choosing Columbus Ohio if it's a better investment than the Philadelphia area.
My priorities are:
- Landlord friendliness (I don't want to get stuck in a location where its hard to get uncooperative tenants out of a property)
- Friendlier Short Term Rental laws (AirBNB, etc)
- Ideally lower property taxes (Not a huge concern if there isn't a big difference between the two)
- Better cash flow (If the different purchase price to cash flow is substantial, I'd want the better cash flowing area)
Which between these two regions would you recommend?