Real Estate Broker · Philadelphia, PA · Member since 2018 · 8 posts · 16 votes
Hello BP!
Recently speaking with some investors who have been flipping and renting in Clifton Heights in Delaware County, right outside of Philadelphia. Heard the market has been great, but no personal experience in the area. Has anyone seen success in the area recently?
Contractor · Chadds Ford, PA · Member since 2015 · 567 posts · 460 votes
6y
@Eli B. check out the blog post I wrote about the reassessment on the blog: https://www.biggerpockets.com/... Hopefully this helps you understand a little more about what is happening. Happy to answer any other questions about it as I understand it.
@Alex Uman I actually partially disagree on the SFR vs Multi topic in Delco, at least in SE Delco. I always had a hard time wrapping my head around multis in the area because the unit economics rarely made sense. I could usually buy SFRs for a lower per unit cost than multis, and I could get higher rents. Taxes per unit were a little lower in multis but it was more than offset by the lower rents. Granted, I have a few multi's that made sense. That seems to be shifting in the last year or so but I still think it mostly holds true. I also find my multi's to be a little more management intensive. Grass and snow are usually landlord responsibility. Tenant squabbles happen. Most Delco multis share water, therefore can't easily be billed back. Often heat is landlord responsibility, and it's hard to forecast that expense and make sure temp remains reasonable. You can lock the thermostat, but tenants hate that. Outside of tenant specific problems, my SFR's are usually pretty self sufficient.