Philly, Next -- Next Neighborhoods

[Trevor Ewen]

Interested to hear some Philadelphia resident opinions. My wife and I are looking at relocating there in the next couple years. Ideal situation would be to buy a place that's a little outside a 'Good' area, but could be close to a change.

Near a SEPTA subway stop.
Foreclosure or bad interior is fine.
Want to rent it for a bit, and then maybe make a move.

I realize I am looking for rehab gold here, but I am just interested in the hunches of some locals. We are in NYC at the moment. When you ask someone what is 'Up and Coming' they usually name a neighborhood that is hugely priced out already. Your average person takes up and coming to mean 'Every landlord imaginable has already invested in the area.' Philly seems to be similar, up and coming really refers to what was up and coming years ago.

Longtime resident investors will keep their eye on what makes sense for the future.

Thanks

[Mary B.]

@Trevor Ewen Northern Liberties (19122) is a good area that fits what you've described. Its right outside of Fishtown, a few SEPTA routes, it has some development within the last 5 years(old warehouse turned new condos) and there are a couple other projects underway. Its not far from downtown and the artsy fartsy movement going on in Fishtown is just a stroll away. Although much of it has been gobbled up by investors there are some available spots that you may be able to purchase at a fair discount. Thinking of one or two stubborn owners now might be willing to negotiate within another 14 months.... However Temple Univ may be venturing there shortly, if they haven't already[stiff competition]. A lease/option would be a good start there. Powelton Village (19104) is another quaint thriving section of Philly that has much to offer and can yield a great ROI. Its close to public transportation, downtown Phila, Univ of Pa, Drexel Univ and I-76.

South Philly is already thru the roof price-wise in 19146, 19147, 19145(varies) and 19148(varies).  Its the most popular part of the city to live and invest (if you can find available discounted property). Anything is possible so don't rule it out but prepare to get an asking price similar to that in Brooklyn even if it needs full rehab( in 19146 / 19147).  

It depends on your budget as to what you want to spend to rent with room to buy in the time alotted or move onto something else altogether.  

Kudos,

Mary