Philly - thoughts on condos?

[Nick M.]

Hi, can anyone share thoughts/experiences on owning and renting out condos in the Philadelphia area? Curious if anyone can share info on neighborhoods, average property taxes, etc. I see that there are some studio condos available and average rental prices seem to be able to cover expenses. Any insight is much appreciated!

[Zachary Paul]

@Nick M. - yes, compared to NYC and other major metropolitan areas, Philadelphia has many more inexpensive properties (condos included). 

The best advice I can give when it comes to investing in condos is to 1) know the financial strength of the Homeowner's Association 2) know exactly what is covered with HOA and how "new" certain things are (roof, boiler, etc). and 3) read all of the Code, Covenants, and Restrictions that may exist in the building (i.e. no renters, no pets, etc).

All in all, investing in condos can be a good thing, especially if you are doing it from afar - as always, you make money with the purchase and fully understanding your numbers.