Outrageous prices ??!! Philadelphia

[Ruben S Paul]

Hello BP,

Newbie investor here. I want to invest in Philadelphia most likely a rental property. I’d also be willing to house hack , live in a duplex and rent other side out . Unfortunately I’ve ran into a huge roadblock. Philadelphia use to be somewhat cheap(affordable) but now it seems that a good rowhome in decent area won’t be less than 180-190k some of which aren’t in best condition. Further more duplexes are averaging about 265k and up . Some of the duplexes are extremely old and falling apart and in bad neighborhoods. This wasn’t the case about 6 months ago, what in the world is happening!?? Is this the new normal? Do you expect to see philly priced out in few years ??

Thanks for the responses.

[Jimmy O'Connor]

@Ruben S Paul welcome to Philly REI! Multis, no matter where you go in the city, are going to be overpriced since everyone is looking for them (one of the pitfalls of this platform is that everyone has been taught to house hack). What areas are you considering good areas versus rough ones?