Home Buying in 19103>Question Details

City Dweller, Home Buyer in Delaware

Is a condo (under 200K) in zip 19103 a good investment property?

Asked by City Dweller, Delaware Wed Jul 9, 2008

positive cash flow is not required, break-even would be enough.

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Investment property is not good or bad by price and neighborhood. What is good for one investor can be horrible for another. Ask yourself if you could live there? that is the first thing I ask my investors

Like minded people live in like minded places so if you start with that question, Potential conflicts are lower.
0 votes Thank Flag Link Fri Feb 14, 2014
Break even now means you're losing money very soon (when condo fees go up or AVI tax increase hits). I'd steer clear of a break even condo even if it is in Rittenhouse Square.

For more info visit http://www.CenterCityTeam.com/

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
0 votes Thank Flag Link Mon Oct 22, 2012
Absolutly -Anything in 19103 is a great investment!
0 votes Thank Flag Link Wed May 2, 2012
Net income is the key. Rent less vacancy, condo fees, taxes, insurance, maintenance' center city tax, management etc. Be sure to get historical rents. I own at 2101 chestnut' 2200 arch' 1111 locust and others which give acceptable returns
If you are a cash buyer there are good opportunities at river west and the victory building

Bruce lang
Cold well banker realty
267-312-6221 cell
0 votes Thank Flag Link Thu Jan 27, 2011
As a quick answer, yes. However, the key here is to know the condo fees. I have showed almost 85% of the current condos available downtown. I could easily save you a trip by sending some pictures or building info.

My office is right in 19103. I can do my best to help with anything that you need. Feel free to email with any questions.

Have a great day!

0 votes Thank Flag Link Tue Mar 24, 2009
When looking at investment properties you need to look at a few main things. The first would be if you are renting it out. If you rent out the property, you need to look at the Capitalization rate ("Cap Rate"). Take the monthly rent and multiply by 12 to get the gross annual income. Subtract out any expenses you have (taxes, etc). Then divide by your sales price. Here is an example: Monthly rent = $1200. Multiply $1200 x 12 = $14,400. Subtract out some expenses of about $2000. Divide $12,400/ $200,000 (sales price) to get your cap rate of ~6.2%. While 6.2% is typically not great for an investor, it should bring you to just about your break even point. Now all these numbers can change based on rental income, expenses and sales price, but as an investor you should be looking for investments between 8-10% cap rate at least. Please send me an email with exactly what you are looking to do, and I can council you through the process so it goes smoothly. nostroff@cbpref.com

Noah Ostroff
Coldwell Banker Preferred
Licensed PA Realtor
0 votes Thank Flag Link Fri Jul 11, 2008
Rittenhouse Square area is a desirable zip code in Center City. To better answer the question, a few details regarding location, condition, square footage, etc. are necessary.
Web Reference: http://PhillyandBeyond.com
0 votes Thank Flag Link Thu Jul 10, 2008
More detail info. would be required in order to make a professional statement realtor on property access the potential value. http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 9, 2008
In my humble opinion, I think it would depend upon which part of 19103 we are talking about.
For instance at 21st and Market Streets you can get a descent studio for just over $160k or so, and would be a sound investment. Location is going to play a big part of that equation, as will condo fees.
Overall, I think it would be hard to go wrong at this price...
Mark Wade
0 votes Thank Flag Link Wed Jul 9, 2008
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