Investor · Seattle / Philadelphia · Member since 2020 · 10 posts · 3 votes
Me and my family are planning to move to the area. to be near my wife's family, in the next 6-ish months, from the Seattle area, where we own a duplex. Our goal is to purchase a multifamily non-owner occupied in the next 1-3 months then a multifamily owner-occupied that will be turned into an investment in a year or two.
Our first duplex was a 90% rehab (only the sheet rock and drainage/sewer pipes weren't replaced). So, we aren't afraid to get our hands dirty. But not as dirty this time.
Any recommendations, wisdom, guidance, recommendations for an out of stater?
Hey Eric, sorry I caught this late. All great areas to invest in, you will likely find better cash flow numbers in Pottstown and Norristown and higher purchase prices and appreciation in Downingtown/West Chester. Taxes are on the high side in these areas so make sure those numbers don't get skipped over. You'll usually find a lot more inventory in Pottstown/Norristown. I am a Realtor in the area and own 1 rental in Pottstown. Please reach out if there are any questions I can answer for you!
Hey Eric, sorry I caught this late. All great areas to invest in, you will likely find better cash flow numbers in Pottstown and Norristown and higher purchase prices and appreciation in Downingtown/West Chester. Taxes are on the high side in these areas so make sure those numbers don't get skipped over. You'll usually find a lot more inventory in Pottstown/Norristown. I am a Realtor in the area and own 1 rental in Pottstown. Please reach out if there are any questions I can answer for you!
@Eric Dietrich Obviously everyone under the sun is looking for multi fam properties so inventory is super limited. That being said I find most of my multi inventory in the Delco/Montco counties. Most of them in come good working order mechanically but need a cosmetic overhaul to bring them up to modern standards. I agree with @Jesse L. Weaver, Pottstown + Norristown are better for cashflow, if your able to find any inventory in West Chester you found self a gem. You could also check out Drexel Hill, Springfield, and Media.
Thanks for the confirmation of what I was thinking/seeing off of Redfin and Zillow. I've also been wondering about Coatesville. It's far enough from in-laws to be have the space, but close enough to still get all the help we need. I really like the numbers.
However, having driven through there a couple times, it seems pretty rough. In the Puget Sound area, I would call that a "D" community for the downtown area. Is that a legitimate assessment overall? Or is it just the downtown area like that?
@Eric Dietrich There are some rougher areas of Coatesville, but overall it's coming up and it's mostly C class and higher. There are nice new developments in the town, as well as the older housing stock that has been getting rehabbed over the past 5+ years. I live in Pottstown, and we have tons of rehabs happening, although it always takes time to take a run-down town and make it nice again. Both Pottstown and Coatesville were steel towns, and had a couple bad decades after that heavy industry was mostly off-shored. They're coming back in a serious way, but it's a process to get there.