You might want to focus on multi family dwellings or even some propeties in North or Northwest Philadelphia, and converting them for student ocuppancy. Some students would pay a couple thousand a month for the privacy as opposed to living in a dorm style setting. Remember to register with the office of student off campus housing if you opt to go this route, and be prepared to dictate everything there is to know about the property and have the university possibly want to come out to inspect it. Remember if all else fails look into buying the most modest house in the best neighborhood, you are almost always garunteed to get a rise in property value once rehabbed! Consider properties within a walking distance to local universities. I have tried this trategy and it has worked for me. I plan to continue in this type of investment for as long as it works.
Note: if you are buying a property and using the rental income to pay off the loan, you should probably plan on having a rental income analysis done on any prospective properties. Your rental income must cover all the bills, utilities, repairs, taxes, and other things, and the rent must be one that is acceptable in the niegborhood that you buy in.
Call me anytime, my office is about 20 minutes from philly. I have a couple properties in mind, just tell me what you need.
If you ever need a general contractor, my husband is certified and for hire. He is also my partner in real estate investments and our promotional print shop.
Call anytime 215-975-6951
Remax Allstars of Huntingdon Valley