King Of Prussia, PA · Member since 2016 · 3 posts · 0 votes
I am a first time home buyer looking to purchase a single family home I can live in for a few years then turn into a rental property. I am looking in the suburbs of Philadelphia and going to look at a few homes in Phoenixville, Pa. I am not very familiar with the town and trying to find insight or advice about the neighborhoods, which areas in town are good to purchase this type of property and opinions about Phoenixville as an area to invest in for a future rental. Any advice is greatly appreciated.
Hi @Robert Mullen, I have no investing experience in Phoenixville. However, I work in the King of Prussia area and have many colleagues who live in Phoenixville. I also know a little about Phoenixville from years of visiting the area from time to time. I love the Phoenixville Farmers Market! Therefore, I can offer you my observations for consideration.
The area appears to be a magnet right now for the 20 something's. All of my colleagues that live in the area are in their mid to late 20's and all of them are renters. Although they are renting apartment units and not an entire house. Phoenixville is in the midst of a revitalization. The Iron Brewery set it off in my opinion. The new Condo complex across from Iron Hill is complete and I hear it is just about sold out. There is a young and hip vibe there that I think will continue far into the future.
I would suggest that you do some research...take a look at the future plans with respect to development and revitalization for the town. Take a realtor about the area and what is coming and going.
@Robert Mullen - Phoenixville has definitely seen a lot of new development and rehab/renovation work in both it's residential and commercial inventory over the past 3 years.
When it comes to the market specifically, prices vary depending on square footage and proximity to Bridge Street (main business street). Another natural divider when it comes to pricing and type of tenant/property is French Creek.
My best advice would be to check out the area and drive throughout the neighborhoods and streets. If you have any further questions, feel free to reach out. I am a Real Estate Agent that covers the greater Philadelphia area and lives nearby. Also several of my friends own in Phoenixville.