Finished Flip - looking for advice on how to sell this house

Philadelphia, Pennsylvania
Buying & Selling Real Estate
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Finished Flip - looking for advice on how to sell this house

Vivan BhallaPro Member
Member since 2024 · 27 posts · 35 votes

Hello all,

I posted a while ago in another forum about the flip that i did recently.

Address - 19145 zipcode (Philadelphia) 

We initially came up with the price of 380k and got a lot of showings but then the showings died completely since 3 weeks, we reduced the price by 10k to 369k right now but there has been no attraction. All in we were at 328k (including holding costs) and at 380k we were making some profit, but that profit is completely dying right now. We are trying to break even or get a refi and hold for a year. What are other people in the market seeing and how do you think i can move this property? 

Please msg if you want me to send you address or zillow link. Thanks

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Sean Bettenhausen
Member since 2025 · 36 posts · 6 votes
1y

@Vivan Bhalla

Sounds like the buyer pool in 19145 may have cooled a bit these past few weeks. You might want to look at recent pendings rather than just sold comps to see where the market’s moving right now. If you’ve already hit the main price points and still not getting traction, fresh marketing (better staging, updated photos, or even a different listing description) could help. If days on market are trending up in that area, a short-term rental or 6–12 month hold with a refi could make more sense than chasing a price drop too far.

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  • Mike Kirby
    Rental Property Investor · New Braunfels, TX · Member since 2021 · 289 posts · 256 votes
    1y
    Quote from @Vivan Bhalla:

    Hello all,

    I posted a while ago in another forum about the flip that i did recently.

    Address - 19145 zipcode (Philadelphia) 

    We initially came up with the price of 380k and got a lot of showings but then the showings died completely since 3 weeks, we reduced the price by 10k to 369k right now but there has been no attraction. All in we were at 328k (including holding costs) and at 380k we were making some profit, but that profit is completely dying right now. We are trying to break even or get a refi and hold for a year. What are other people in the market seeing and how do you think i can move this property? 

    Please msg if you want me to send you address or zillow link. Thanks

    Keep it as a rental or sell it to break even. This is not a good market to sell a house. I bought a house to flip in February that we figured ARV was $294,000. It appraised at $265,000 which didn't leave a lot of profit after selling costs so we just turned it into a rental. It was a bad decision on my part to think it would sell quickly but I'm ok holding it for a few years until the market turns again. 
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  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1y

    Does the market indicate $369K is the correct price? Are the listing photos of the property an accurate representation of the entire home or are they cherry picked photos of the best qualities with other characteristics problematic? This can be the reason why there is an initial flurry of showing requests. What has the feedback been from those who toured? Once DOM start picking up that becomes a major headwind. It's normally best to cut your losses, recapitalize and start over than convert a flip into a rental. That's unless the location possesses qualities indicating significant appreciation is about to occur. I don't believe there is a good rental outcome for a single-family home where the investor is in the property for $330K. You should learn from each transaction you participate in and there's likely better places to re-invest. 

    [email protected]
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    • Alan AsriantsBusiness Member
      Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
      1y
      Quote from @Stuart Udis:

      Does the market indicate $369K is the correct price? Are the listing photos of the property an accurate representation of the entire home or are they cherry picked photos of the best qualities with other characteristics problematic? This can be the reason why there is an initial flurry of showing requests. What has the feedback been from those who toured? Once DOM start picking up that becomes a major headwind. It's normally best to cut your losses, recapitalize and start over than convert a flip into a rental. That's unless the location possesses qualities indicating significant appreciation is about to occur. I don't believe there is a good rental outcome for a single-family home where the investor is in the property for $330K. You should learn from each transaction you participate in and there's likely better places to re-invest. 


      Vivan, this is a good point and what we spoke about today. It can be rental, but like I mentioned, its not my favorite place to own a rental. Unless your losses are really high and you can hold onto it comfortably, likely selling it at the right market value and walking away is your best approach. Revisiting the site, seeing if there are any improvements that can be made, and properly re-marketing the property with the right price point will help you move on from this property quicker. As always reach out anytime. 

      Just to add about short term rental - this is not a simple strategy to implement. In Phila you need a short term rental license AND Zoning approval which is not guaranteed. Also, you have to ask yourself, who is your demographic for STR? In this area, I don't think it is a good strategy.

      [email protected]267-767-0111
      Alan Asriants - New Century Real Estate 591 Reviews
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  • Sean Bettenhausen
    Member since 2025 · 36 posts · 6 votes
    1y

    @Vivan Bhalla

    Sounds like the buyer pool in 19145 may have cooled a bit these past few weeks. You might want to look at recent pendings rather than just sold comps to see where the market’s moving right now. If you’ve already hit the main price points and still not getting traction, fresh marketing (better staging, updated photos, or even a different listing description) could help. If days on market are trending up in that area, a short-term rental or 6–12 month hold with a refi could make more sense than chasing a price drop too far.

    1Reply
  • Greg Kasmer
    Rental Property Investor · Philadelphia, PA · Member since 2021 · 778 posts · 504 votes
    1y
    Quote from @Vivan Bhalla:

    Hello all,

    I posted a while ago in another forum about the flip that i did recently.

    Address - 19145 zipcode (Philadelphia) 

    We initially came up with the price of 380k and got a lot of showings but then the showings died completely since 3 weeks, we reduced the price by 10k to 369k right now but there has been no attraction. All in we were at 328k (including holding costs) and at 380k we were making some profit, but that profit is completely dying right now. We are trying to break even or get a refi and hold for a year. What are other people in the market seeing and how do you think i can move this property? 

    Please msg if you want me to send you address or zillow link. Thanks

    Vivian - I have a flip about to finish up in 19145 as well. Happy to talk through a little strategy if you'd like. Not sure I have "the answer", but happy to share what I know! 

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