First Property - Long Distance - Picking a Market

[Ben Be]

Hi All,

I have resolved to purchase my first rental property (or properties) in the first half of 2022. I am focused on SFH or small multi family, and need to invest long distance. I am looking into both turnkey and traditional properties, but first need to narrow my markets. I have looked at the following, but wanted to get everyone's input:

1. Camden, NJ - former industrial city right outside Philly, fallen on hard times, but enjoying some (very) slow resurgence. Hospitals and schools nearby can help drive appreciation. However, for the time being, crime is very high and i am worried about it being a very rough neighborhood.

2. Wilmington, DE - same concerns as Camden

3. Baltimore, MD - same as both of the above, but at least there is more of a track record for turnkey investments in the area

4. Pittsburgh, PA - considered to be one of the most rapidly gentrifying cities in the country, which improves prospects for appreciation.

5. Kansas City, MO - seems to be a very thick market for turnkey properties.

What do you all think of these markets? Are there others you think I should be looking at? I would like to spend the next couple of weeks vetting and deciding on a market so that I can move on to analyzing deals and ultimately buy a property, rather than continue oscillating between markets aimlessly.

[Ben Be]

@Trevor Fleck I am familiar with the Philadelphia metro area, which is how I started looking at Wilmington and Camden. I looked at Baltimore simply cause it’s the next stop on the Acela corridor and happened to see some properties that looked like they could cash flow (though I know that can be a bit of a honeypot). The others I actually came across looking at rent to retirement, though I see now I forgot to mention Ohio, which I am also considering. I am strongly considering turnkey and have a call with rent to retirement scheduled tomorrow. I’d love to hear about your experience if you have a few minutes to spare.