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Updated over 6 years ago,
Fixer upper in great location VS turnkey in good location
Hey all, approaching the end of my first deal. I'm honing in on several houses between two markets in Northeast Philadelphia.
Fishtown is a cool little town with rents in the high $1k to low $2k. Just about everything I'm seeing needs cosmetic work on the interior: finishes, kitchen, bathroom, etc.
Port Richmond is the next town over, away from center city. Rents go for the low to mid $1k and under. Houses are priced similarly, typically a bit cheaper, however the interior is practically new.
Thoughts? Advice?? I wouldn't mind spending the time on rehab, and seeing as how I will be using a low down payment to owner occupy for a year I should have some reserve funds to do upgrades. But the thought of a move in ready place that promises appreciation would save me a lot of time and effort.
Definitely feeling the analysis paralysis of my first to-be deal!