Looking for Small multifamily in Philadelphia area

[Art Johnson]

Hello everyone!

I am a new investor to Philly, and last year started out with my first investment in Brewerytown (purchased for $150k, put $20k in rehab, was expecting it to rent at about $2k and its currently renting for $1400). Regardless of its ups and downs, it was a big learning experience.

I am now interested in small multifamily space (2-4 units) to purchase for less than $100k. I am open to some renovation but not out of a shell and I know that really limits my options in central areas.

Do you all have any experience with areas that fit to these criteria in greater Philadelphia area? I am looking to expand my search into other neighborhoods and markets, and would love to connect with fellow investors out there!

[Victoria Pham]

Hi Art, thanks for sharing your experience and concerns. I believe that you can find any good deal fitting your criteria any where in Philly! the hottest area now in Philly in my opinion is West Philly (Cobbs Creek/Overbrook). I sold an occupied duplex deal the other day in that area for 99K, but right in your ally but it could be a bit tight. If you are open to some other areas that are very hot as well, you can look into South Philly. North Philly are more affordable. You can look into Temple areas or Port Richmond. Fishtown is solid now so professionals are expanding to some parts of Port Richmond and I definitely think it's a hot spot for rental properties. Best of luck!