Developer · Philadelphia, PA · Member since 2013 · 23 posts · 4 votes
Hi All,
I'm rehabbing a 3 story rowhome in a good neighborhood in Philadelphia (Fairmont). Approx 1600 sq ft, nice finishes etc. Hoping to get 500k for it. One of the issues is that the city owns the house next door and it is boarded up and vacant. I've been trying to buy it but the bureaucracy has been brutal.
Anyone done anything similar or am i treading in dangerous waters?
Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
10y
@Aaron Osgood - Sounds like a cool project. I think it is very dependent on what is normal in that neighborhood...if that is fairly common, or if the boarded up house is a huge eye sore.
@April Crossley - not sure if you have any experience with this?
Philadelphia, PA · Member since 2016 · 101 posts · 35 votes
10y
Hi Aaron,
Fairmount is a great location and very desirable. I'm a bit surprised that the property next door is boarded up considering that Fairmount is such a gem in the Philly community, are your North of Fairmont ave or on the east side of Broad street on Fairmount? Everything south west of Fairmount ave (art museum area) is phenomenal and you should have no problem reselling.
Fingers crossed for you for the place next door! That would be an amazing opportunity.
Developer · Philadelphia, PA · Member since 2013 · 41 posts · 13 votes
10y
Hi Aaron,
I would keep pushing to try and buy the property next door. I don't have personal experience with this, but I have heard that lenders don't finance properties that are next door to boarded up vacant properties. You don't want it to be difficult for whoever buys your rehab to get a mortgage.
Real Estate Agent · Philadelphia, PA · Member since 2013 · 167 posts · 64 votes
10y
@Aaron Osgood - it's going to be a tough one. Can it be done...yes...but from my experience as an agent and investor with the city of Philadelphia, it can be very very challenging.
Obviously having the house boarded up will be an issue for some potential buyers, but when you look at neighborhoods such as Fairmount and to an even more extreme example of boarded up houses, Point Breeze and Brewerytown, buyers are drawn to these areas.
If I can be of any assistance, feel free to reach out.