Pittsburgh, PA · Member since 2018 · 1 post · 0 votes
Hello BP community!
I plan on doing some fix and flips in Philadelphia.
I'm doing research for suitable neighbourhoods in Philly. Not sure if some old recommendations I got are not saturated already (Richmond, Germantown, Kensington, Cobbs Creek, Strawberry Mansion) .
Target ARV ~ 140K. 3BR / 1000 sqft
Any thoughts, remarks and recommendations would be appreciated.
Philadelphia, PA · Member since 2018 · 18 posts · 19 votes
7y
Hi Amir,
Those recommendations are all still good, I wouldn't call them saturated yet, not to the level of say Point Breeze atleast. Personally I have done alot of work looking at deaks in Germantown and Cobbs Creek.
For Cobbs you are looking at approx the following: 55-65k purchase, 55-65k rehab, 175 to 190k ARV depending on the block and how busy the street is.
For Germantown its more like 45k purchase, 55k rehab, 140k ARV. Germantown is highly street dependent though. It varies drastically and I recommend driving the area first to really get familiar. There are some really nice pockets to be found. You can also start to branch into East Mt Airy. Prices go up but so do the ARVs. I have a flip going on there now.
I believe Richmond and Strawberry Mansion are in your target range as well but Kensington depending on zip code can be pricey for aquisition.
Philadelphia, PA · Member since 2018 · 18 posts · 19 votes
7y
Hi Amir,
Those recommendations are all still good, I wouldn't call them saturated yet, not to the level of say Point Breeze atleast. Personally I have done alot of work looking at deaks in Germantown and Cobbs Creek.
For Cobbs you are looking at approx the following: 55-65k purchase, 55-65k rehab, 175 to 190k ARV depending on the block and how busy the street is.
For Germantown its more like 45k purchase, 55k rehab, 140k ARV. Germantown is highly street dependent though. It varies drastically and I recommend driving the area first to really get familiar. There are some really nice pockets to be found. You can also start to branch into East Mt Airy. Prices go up but so do the ARVs. I have a flip going on there now.
I believe Richmond and Strawberry Mansion are in your target range as well but Kensington depending on zip code can be pricey for aquisition.
Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
7y
West Passyunk! Homes can be bought for $115-145 range depending on size. Lots of 3 bed/1 baths (some are larger with a 4/2 and usable basement). ARVs are in the $250K range depending on size, finishes etc. Lots of commercial in the area with easy access to highways, PHL airport, and Center City vs. main bus routes heading North/South.
@Amir Sher I am amazed on how you decided the neighborhoods in Philly with a clear definition. What neighborhoods did you end up investing in and why? Also curious on what tools did you use to finalize your research in phill?
Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
5y
@Buyan Thyagarajan At the time, he was on point for some of those pockets for ARV's specifically for buy and holds. Fast forward 2 years later to today, nearly all of those pockets appreciated. This city is very neighborhood by neighborhood and block by block within. If you are curious about the different pockets and which one may suit your needs, I always love talking shop. Always feel free to reach out.
@Dave Ventura Thanks for the input, I'm also checking out Cobbs Creek and haven't seen a whole lot in that price range recently. Are those numbers for shells or for houses with good bones that need to be taken down to the studs? Somewhere in between? The market out there might just be crazy right now.