Buy under $200K in Philadelphia and live more cheaply than if you rent!
There are a variety of ways that you can design a mortgage on this home and stay under $1000/month making is both a great investment or a great primary residence that you can hold onto for a long time.
The rental market in Philadelphia has been going insane in the last year. Before that you could still find some great spots to live in and not break the bank every month- but now that supply is down and demand is high for those rentals- it may be a good time to revisit the idea of purchasing instead.
Buy something cheap in a good neighborhood. Maybe it's not your dream house, but who's first house ever is? Instead of being picky about size or finishes- but something that you can live in for a year or two so you can take advantage of those (still) low mortgage rates for owner occupants. Then once you outgrow it or decide you want to improve your "digs" rent it out! There are a ton of properties on the market in Philly that are perfectly designed for that. Check out the house below- estimated monthly mortgage is below $1000/month including taxes and insurance. 2 bedroom rentals in this area easily get $1200-$1500 if not more.
Â On Sunday December 8th, 2013 There is an open House at this great home in Bella Vista from 1-3p. http://www.trulia.com/property/3134670673-756-S-Darien-St-7-Philadelphia-PA-19147