I'm a buy and hold guy in philly specifically 19134(port Richmond and Harrowgate) I'm looking into doing a flip and wondering what people thought of the port Richmond area east of aramingo
What do YOU think of that area? I think @Lucas Pfaff could give you some great info on that area. My parents had one property over there right by camiel's beer distributors. 2 bed one bath bought for 105K in 2008 or 9. about a 35k-40k full gut rehab. All work done by my father and I, we made it a 2 bed 1.5 bath. I personally lived there for 1 year rent free. Then my parents rented it out until this past year. They sold it for 185K around June this year after getting about 4 years of rental income from it.
I like this area a lot for B&H, but that's not the question.
Flips in that neighborhood could also be attractive, but there's a low ceiling for the ARV. Development is pushing further NE and you won't be the only person rehabbing in the neighborhood. Overall, this neighborhood has plenty of opportunity for a flip assuming you hold to your numbers and buy right. Stick to using nearby comps and not stretching for your value and you should be alright.
Thanks for the great feedback guys!....I totally agree about about keeping comps close. Especially in that neighborhood. I mostly invest on the east side of Aramingo and that's a totally different world for only being a few blocks away.
I have a couple of buy & holds in that area. There are a lot of great places in Port Richmond & the city is putting money into changing Richmond St for the better. My only concern continues to be comps from the other side of Aramingo Ave. If you are going to look into any sort of traditional financing, you will have a difficult time with comps, as the zip code 19134 has a wide variety of neighborhoods. I would continue to buy & hold in that area, but am not sure about the quick flip right now.