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Old 04-17-2012, 12:43 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 950,496 times
Reputation: 217

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My daugher will be a student at UPenn in the fall. Being that she'll be there four years does it make sense to buy a 2 bedroom condo where she can live in one bedroom and rent out the other? What area of town would make sense to do something like this? The idea is to buy now at a farily good price and hope that after four years it appreciates. (This will also hopefully offset the housings costs over four years).

I'm a fairly savvy investor with rental properties in different states so I'm not afraid to own something out of state but I do care to make a well thought out decision.

Thanks
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Old 04-17-2012, 02:24 PM
 
212 posts, read 608,779 times
Reputation: 104
You might want to look in the Rittenhouse/Fitler Square area. This is close enough to campus but it would be a lot more attractive in the resale market than something in University City.
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Old 04-17-2012, 02:43 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 950,496 times
Reputation: 217
Quote:
Originally Posted by Tangled Threads View Post
You might want to look in the Rittenhouse/Fitler Square area. This is close enough to campus but it would be a lot more attractive in the resale market than something in University City.
Great thanks, I realize its like asking "how long is a rope" but what kinda prices can one find either a fixer upper or are there any distressed sales in that area? Are there townhomes or SFRs in the area or condos, etc.? Can something decent be purchased for say $200K? less? more?
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Old 04-17-2012, 04:44 PM
 
95 posts, read 179,703 times
Reputation: 104
Just south of south in the "Graduate Hospital" neighborhood, you will probably find the best investment. This is a neighborhood that used to be bad, but no longer is: its been rapidly developing in the last 10 years. But its still not as ritzy as just a few blocks North, and development continues at a breakneck pace, so home prices are still rising. Its also quite close to Penn, just across the south street bridge. You could get something nice there for 200k.
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Old 04-17-2012, 08:52 PM
 
Location: Yardley PA
692 posts, read 2,344,049 times
Reputation: 194
I think this is a great idea... I had a client who did this for his sons at Temple, he knows own 4 units outright, and no longer has the kids in school but is making a few thousand a month in positive cash flow.
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Old 04-18-2012, 06:33 AM
 
212 posts, read 608,779 times
Reputation: 104
There used to be a late night bus (U Penn owned) that dropped students off in the Rittenhouse/Fitler Square area. You might want to check out if that still exists and its route.
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Old 04-19-2012, 06:38 AM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 950,496 times
Reputation: 217
I appreciate all the responses!
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