One weekend recently, I had the opportunity to work with two different out-of-town buyers, from New York City and Washington, DC. Both are real estate investors who see the value of buying rentals in Philadelphia. Both saw the price points and cash flow opportunities in Philadelphia as more attractive than buying rentals in NYC or DC.
Having moved to Philly fairly recently, I’ve been amazed that everyone I meet is either born and raised here, from nearby or returned after college and travels. I lived in San Francisco and Hawaii for many years – where I became used to a “transient” local community.
The LOVE of Philadelphia that captured my heart, also seems to keep people here. But I have heard many times a sense of feeling overshadowed by the high-profile identity of New York.
Being smack-dab in the middle between NYC and Washington, DC – I can see where Philly can feel a little lost – much like a middle child.
Urban Dictionary defines ‘Middle Child Syndrome’ as;
A disposition that generally arises with the middle child of three children in a household. Middle children often lack the attention that the oldest (the most important child) and the youngest (the parent’s favorite child) receive.
Sometimes it takes an “outsider” to point out the beauty and value that has been there all along. These two buyers had different objectives – but both were for rentals. At our market prices, Philadelphia presents positive cash flow opportunities they can’t easily find in their home markets.
Some examples of fantastic Philly cash flow opportunities:
- 830 N 19th – Art Museum Fannie Mae REO Duplex – $235,000
- 526 Tasker – Just Listed! Pennsport 6 Unit Rental – $310,000