Future Landlord in the Philly Area

[Ryan Dressel]

Greetings Bigger Pockets Community!

I've been browsing the forums for a few months, and have learned alot already!  I purchased a row home in Conshohocken, PA (in between suburbs and city of Philly) in 2015, and my goal is to eventually rent this home out.  I joined BP to learn about real estate, ways to generate passive income, and gain from the experience of those who have followed this path before.

My fiance has student loans to pay off which will be the timeline in terms how quickly we'll be able to buy our next house, and rent out the current one.  I am anticipating 5-8 years time.

The row home is a 2/1, 1,100 square feet with a small fenced in yard.  I paid $176,000 for it in '15.  Properties in the area are a mix of new/high end condos and older/densely populated row homes.  A 1 br condo currently rents for about $1,500 / month which is about what a 2 br row home in decent shape rents for.  My fixed payments (including taxes, escrow, & mortgage) are $890 per month, so I think that there is some value to be had when the time comes!

Ryan