Anne, Home Buyer in Philadelphia, PA

I am looking for a house/condo etc to buy near drexel university for an investment and have my sons live

Asked by Anne, Philadelphia, PA Tue May 6, 2008

there with others pay rent - what location should I be looking at -

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13
google university catchment area for the Sadie Alexander school. If you are looking for investemnt opportunities, this is the more desirable place to buy because of UPENN pumping lots of monies into this area and the Sadie Alexander elemantry school and the soon to be built high school. We are currently looking to buy in this area as well.
1 vote Thank Flag Link Mon May 19, 2008
I own 3 rental units at 2200 arch. Its close to drexel. Has parking doorman and gym.

Bruce Lang
Coldwell banker realty
2157350700
2673126221 cell
Blang@cbrca.com
0 votes Thank Flag Link Mon Jan 31, 2011
i actually have a three story house on winter street 1block away from Drexel rent is $2400 but sometimes i like to give the college students a break contact me at meian08@yahoo.com
0 votes Thank Flag Link Mon Jul 26, 2010
Anne-
I also own a condo at 22nd and Chestnut that is currently on the market. In about 2 weeks it will be rented out to students at $1800/month which is a bit below market because it is a short term lease. This location is walking distance to Drexel and a great center city location near everything. It is 2 bed and 1 bath about 1010 sf. Contact me at bblundin@gmail.com. The MLS# is 5336702.
0 votes Thank Flag Link Tue Aug 19, 2008
I am aware of new construction that will be going in in West Philly about 2.5 miles from the Drexel campus. It is a gated community of about 80 units and the price points will be in the 225k range. These units will be 3 bed and 2.5 bath and range in size from 1600-2200 sf. I would recommend purchasing a unit rather than paying rent for 4 years. Your sons will be in a gated community and your investment will be solid. You can rent it out once they graduate. Or, if the market has turned (2009 will be tough but beyond that I think you will be solid) sell it and take your equity. I can be reached at 215.913.7029. I am a real estate professional at Coldwell Banker Realty Corp. (bblundin@gmail.com)
0 votes Thank Flag Link Sun Jul 6, 2008
I'd stick with Powelton Village first, then branch out into the UPenn area if you have to. There are rowhomes in Powelton Village that won't be too large. If you get into any other neighborhoods - like 48h & Hazel you won't have any students wanting to rent there, or south of Baltimore Ave you'll mostly be renting to Pharmacy students at yet another University City college. Bear in mind that Powelton Village, being close to the projects and ungentrified areas, has a higher crime rate than some other parts of UCity just south of it.

Also, bear in mind that students (not your kids, but the renters) will trash the property. Just completely trash it. I bought my first house ever, in University City, for a song because it had been trashed by student renters (even though the owner's son lived there too, as he was also going to UPenn). (I paid more to renovate it than it cost to buy it - even with doing the work ourselves.) Don't plan on renting to students unless you like doing total rehabs every couple of years. That's the real reason why student rentals are crappy and expensive - students drink and trash their apartments. They trash them when they're happy; they trash them when they're sad. Then they leave town. Most grad students aren't any more responsible (or cleaner) than undergrads.

Probably you should rent something for your kids until they figure out where they want to live anyway.
0 votes Thank Flag Link Wed Jul 2, 2008
The answer given by a so-called "real estate pro" is very wrong, and I would recommend ignoring it. Note that the person I'm referring to is not a real estate pro in University City, let alone Philadelphia (says "Waye, PA" but I assume she meant "Wayne, PA".)

I lived in University City for about 30 years, and graduated from Drexel's MBA program. I've had rental properties, and I shared my own residence with paying renters for many years -- Drexel students, Uof P students, Temple students, professional people, etc. So, I know the area. The concept of buying a home for your son/daughter and having them share it with paying housemates to offset costs is a common one. A Drexel student would be closest to Drexel if they lived in Powelton Village (a part of University City). But, the RE values tend to be a bit prohibitive in Powelton & the houses tend to be very large. Probably not your best investment choice (for a student), but a good area. West Powelton is a developing area, and that could be an option. Also, Drexel is, in fact, close enough to center city Philadelphia for that to be an option. But, a student would likely be happier living closer to other students in U.C., and the cost of housing (rents or sales cost) is cheaper in UC versus Center City. So, my recomendation would be to concentrate on looking in UC -- which is a fairly large area. 44th, 45th, 46th, 47th, 48th -- even 49th & 50th Streets are fine. South of Baltimore Avenue is fine. North to Market Street is fine. As you get to the outer bounderies, the housing stock will be a bit more "run down". But, there will also be "jewels" mixed in. This is where you will maximize your return on investment. If you get too close to Penn's campus ( 40th St, 41st St, 42nd St.) you will be surrounded largely by rental properties with college students. Many are owned by absentee landlords and may not be well-maintained. I personally would not want to live there, but a college student probably would. For true investment purposes, tho, I'd look further west. Your best bet is to go to the websites of the University City real estate offices (there are 3 -4 major ones) and look at the listings. Then go to one of the Realtors, and see the properties. They will give you a good feel for the neighborhood(s). Urban & Bye RE is probably the largest, O'Donnell RE is another. But there are others.

One caution, though: It is illegal to have more than 3 unrelated people living in a single-family home in Philadelphia. Many of the problems in UC come not from criminals, but rather from the bad behavior of (usually) undergraduates living in group housing situations (large keg parties till 5AM, fights, etc.) UC neighborhood associations and non-student "working stiffs" will enforce the regs when they can. So, I would think in terms of a house big enough to house your sons plus no more than 2 others. Also, be aware that old houses often need maintenance. So, plan on buying a renovated house, or plan on putting some $ into maintaining or improving a non-renovated one.

Again-- don't believe the "bad press" that non-informed people will tell you about Univercity City. It can be "gritty", and there are many different types and nationalities of people there. But it is no more safe or unsafe than other areas (well, maybe a bit safer.)
0 votes Thank Flag Link Wed Jun 4, 2008
before you buy check out these listings located just six blocks from city hall mls #5321947 +5321640 open house every sunday one to three
0 votes Thank Flag Link Wed Jun 4, 2008
I have a loft on 13th and Callow Hill that would be perfect for a student and its not on the market yet..it has has heated indoor parking which is very hard to find. Drexel is 10 min away. photos below

Thomas

215.928.1019
0 votes Thank Flag Link Sat May 31, 2008
I have a great duplex available for sale in West Philly on 48th and hazel....near Drexel,,,everyone has a different opnion of what/where is desirable to students. Two drexel students live on the top floor of this duplex right now and we are looking to sell the building or rent the first floor bi-level unit. Give me a call if you are interested in seeing this property. 215-768-5317 thanks Chris
0 votes Thank Flag Link Mon May 19, 2008
I represent a builder that has lots in all areas of the city and some prime locations in the Temple area. We can build a 3 story 3 apartment building for approximately 400,000 which will throw off approximately 63,000 a year gross. Call me if you have any questions. I also can find you lots in the University city area which can also be developed as a two or three family building.
0 votes Thank Flag Link Tue May 6, 2008
Hi Ann,

You can look in the West Philly area or in Center City close to the Walnut St. bridge. I would say Grad. Hospital too but the South Street bridge is going to be closed soon for renovations.
If you tell me how much you'd want to spend I can send you some properties.
Please don't hesitate to e-mail me or call me on my cell.
Thanks
Carolyn Perlow
Keller Williams Realty - Center City
carolyn@phillyrealestateguide.com
215-219-0660 cell
0 votes Thank Flag Link Tue May 6, 2008
I handle Center City and the University City area. It will depend exactly what your specification are, but I can suggets a few ideas. Call me at 877-282-5789 and I will gladly go over the ideas that I have. Thank you.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Tue May 6, 2008
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