South Philly Slam-Dunk Flip 19145

[David Haynes]

Investment Info:

Single-family residence wholesale investment in Philadelphia.

Purchase price: $179,000
Cash invested: $85,000
Sale price: $360,000

This property was in the highly sought after area of Girard Estates close to where Rocky II was filmed. You may even remember Bruce Springsteen's famous song about a mobster in Philly within this area. Just like these two memorable classics, this flip was a classic. As soon as I and my team put it under contract, I sold it within an hour to one of my faithful investors who was looking for something in South Philly. Much to his surprise, the HML's appraisal came in $30K above our estimate. This flip demanded a full gut and rehab which gave tremendous value-add opportunity. The high ceilings with recessed lighting and the big basement with egress gave this home a head start. The block was littered by recent rehabs selling between $340K and $370K. No wonder it sold so quickly.