I made a trip to Philadelphia last Saturday (7/28/07) and went to look at my house. My tenants have completely vacated the area, so I inspected the house for any damages. I checked the rooms, the doors, lights, closets, cabinets, etc to make sure they were in good working order. I did not see anything in particular that needs to be repaired.
I also had two appointments for prospects that wanted to see the house. One was for 3:00pm and one was for 6:30pm. I waited until 6:00pm for the first prospect and called her several times. She finally answered the phone at 5:30pm and with an attitude, told me that her car broke down. The second prospect did not return my calls during the whole day. It was very frustrating to deal with people who do not have any responsibility. I definitely did not want them as tenants.
I left my house at 6:00pm and went to downtown Philly. I spent some time walking around and thinking about the Philly rental investment. Is it worth it to own a house in Philadelphia? The local economy in Philly is weak and there has not been much appreciation, if any, in my house.
Do you own a house in Philly? What do you think of the property appreciation potential in the short term?