Been analyzing an area in northeast philly, specifically 2-fams/duplexes as my 1st investment property.

Goes w/o saying my area (NJ) is overpriced to invest or house-hack, even though I’d prefer to. Property taxes are absurdly high, and you don’t cash flow let alone break unless you’re illegally renting attic, basement or both.

In underwriting some of these deals in the Philly area, some homes have utilities paid by tenant, property taxes <$4-5k, and CoC % in 7-9% range.

Is it worth it?

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The downside is I’m like 1-1.5hr away but met with a realtor in the area who’d be willing to give me his network [handyman, contractors, electricians, etc] as we hit it off with parents being from same country.

Idk if these deals are too good to be true b/c it’s literally impossible to find cash flowing properties in NJ unless you do what i mentioned above and/or put 30-40% down (which is a poor use of cash).

Would love any mentorship if I should pull trigger on anything not in my area

You get what you pay for. Lots of areas in Philly are D to C neighborhoods. Make sure what you are getting into and if you are willing to put up with typical attribute of these neighborhoods, the high crime and low rent growth to name a few. Also I’d be skeptical about blindly relying on your realtors network. Most realtors are going to tell you anything to close the deal. Get testimonials and proof of past work from any contractor you work with in the future.

philly neighborhoods change block by block.
if you know this is one of the more consistent neighborhoods without crime or blight moving your way, go for it.

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