Im a new investor from the suburbs of Philadelphia. I spend much time in North Philadelphia and have came across A property today that seems like a good deal but I have no idea about the area it is in. I am going to look at the property tomorrow and see what the area is like. Its located on a small block, one block from girard college on the east side of ridge ave. toward broad. It is on a small block between 19th and 18th st. and two blocks north of girard ave. I see that everything on the other side of girard rents for 1000+ per month. I have found other properties a few blocks east that area also renting for 1000+ per month.
I have found that it is in the north central part of lower north philadelphia 19121. I have heard of the brewerytown area being up and coming and was wondering how far brewerytown extends. If anyone has any knowledge of the area it would be greatly appreciated. The property already has new drywall, paint, windows, and roof. I feel that if i can finish the remodel needed with hardwood floors outside paint and central ac while staying at 45k all in, it should be a good deal.
I was just figuring since the property is a almost complete rehab that has went into foreclosure that if i could get it at a good price all in then if could work. Are you familiar with that area of philadelphia @Kyle Penland
I lived at 23rd and Poplar until 3 years ago and I have looked at Brewerytown for rentals. 45k sounds about right if it's liveable and doesn't need too much work. I think you're going to get 650-850/month rent now but if you hold it for 10 years or so it could be a gold mine.
@Matt Roberts Thats what I was planning on doing. Using it as a rental, then refi out and purchase another. Hopefully the revitalization of Brewerytown actually reaches this property.
@Kyle Penland got it right. Talk to property managers. I believe that area is still the Sharswood area. I recently read an article that the PHA just broke ground on a big project in Sharswood.
Brewerytown starts around 25th (@Troy S. am I correct on that?) and moves west. I'm not sure how far east past 25th it could go. then again, 10 years is a long time.
I think the rents that @Matt Roberts mentioned would be right on.
I actually found that it is part of north central. but is only separated from sharswood by ridge ave. it is on the other side directly across the street.
I also just got finished reading the sharswood project that has just begun to revitilize the old blumburg projects into a condo. So hopefully it does expand to this area if i decide to pull the trigger.
@Marc Oister , you are correct the property is adjacent to Sharswood but East of Ridge ave which puts it into a different neighborhood. Knowing the area the rent will be in the $500-$525 dollar range. PHA has indeed broken ground on their neighborhood revitalization for Sharswood and like the Center City areas of Philly your house will sure to benefit, but it will take some years before the benefits are seen. Just to note, The border between Sharswood and Brewerytown starts at 27th street with Brewerytown on the West to 33rd st. and Sharswood on the East to Ridge Ave. At least this is what is was when I was a kid...I don't believe the broaders have changed.
Wiki Brewerytown page says 25th but that's really a matter of opinion from what I've seen. It seems as areas get more popular the borders tend to spread. Most longtime Fishtown residents will fight you tooth and nail on the borders, saying Fishtown is much smaller than it's claimed borders today. For Brewerytown, I go by 25th St. as that's where I'm comfortable development/gentrification-wise.
@Marc Oister In regards to the Sharswood project, the PHA has an abysmal track record. I wouldn't count on forced appreciation through them. If the deal makes sense as it sits today, go for it, but I wouldn't buy an underperforming deal in the hopes that a government entity will improve the area and drive appreciation, least of all the PHA.
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