@Jesse Richardson, I lived in Willingboro from 2005-2009. Since 2009 I have self managed the house we bought because we are under water. The market is great for buy and hold because seems like all the homeowners are shortsaling. These people still need a place to live so rents have gone up. For example you can buy a three bedroom for $80k real estate taxes $4000 and it would rent for $1600 if you did minimum or $1700-1800 if you updated.
I fly in to PHilly yesterday to inspect the house I am buying today. The house is a 2bed 1bath semi detached house I am buying for $20k cash. It is 2 miles from the River line in Burlington. @Darren Sager likes to buy properties near train tracks for easy access to public transportation and I agree. This house will rent for $1000-$1300. If I do section 8 rent will be in higher end. Property taxes is $2000 a year which I plan to appeal like I do for the Willingboro house. Insurance will be about $75 a month. The house doesn't need any outside repairs except power washing siding. It looks like previous owners replaced roof and updated kitchen a few years ago.
The funny thing is I originally had an offer of $10k cash to purchase the house attached to it. That house was on the market first and need more repairs like a new kitchen. The bank told the listing agent to pull the listing because the homeowner was able to pay the loan off. The listing agent had never seen a bank to do that before. I told my agent I wasn't worried because there is always another opportunity around the corner. The very next day the bank listed my current house I am buying for $24,900. I saw this was in far better shape and listing agent thought it would need $5,000 in repairs to make rent ready. We immediately placed offer of $20k cash. Listing agent said another party offered $10k cash. The bank counter both parties $23,900. We stayed firm at $20k and bank accepted. I am going to inspect this morning. I found two parties on Craigslist willing to rent for $1300 and I haven't even closed yet.
