Rental Property Investor · Pottstown, PA · Member since 2021 · 36 posts · 19 votes
I am afraid! Under contract for my first investment property in Kensington Philadelphia. It’s a war zone down there but tons of new construction. Seems like the city has pushed the junkies further down into upper Kensington. Will it get better? Is this the right move?
@Mikielle Elum congrats!!! There is a strong path of progress in Kensington. Which part of Kensington is your place in relative to Frankford and Lehigh?
@Jimmy O'Connor Thank you!! It’s about 5 minutes away. 4 minutes away Kensington courts. Closer to Somerset. I feel like I’m right in the middle of the madness but on the cusps of the development. My hope is that it continues to move north.
I remember what west Kensington used to be. It was horrible! Now it’s desirable. It blows my mind. Police presence is heavier and there is a proposal to open a new police station right on Frankford ave.
I had similar opinions about Kensington north of Lehigh, however its definitely in the path of progress. If you're closer to Somerset, chances are your pocket of the neighborhood will be next in terms of development. I mentioned in another thread somewhere- these developers pushing the boundaries further north have a lot to lose if their market predictions are wrong. Why not piggie back off their research and financial commitment, and pick up some single families along the way
@Matt I.My thoughts exactly. There are tons of initiatives from the mayors office, civic leaders, financial institutions and law enforcement for developing the neighborhood. Developers, city leaders, investment groups and the police department all work in tandem. Developers don’t move unless they feel confident. We see that with west Kensington. 2017/2018 and beyond... closing the encampments, stronger police presence and trash and graffiti initiatives. All leading to what west Kensington is and what it is becoming.
My question is when an area goes through such a dramatic shift... where do all those people go? The people that once lived in the tunnels, encampments and under the el are all in the north end.
It’s about containment. Specifically needle park and safe injection sites.
I look at it like this, when you renovate a house.. when you gut it. It looks horrible. It’s raw and bare.
Hi I am new to bigger pockets. I have a boarded up property in Kensington Philly near the Allegheney train station. I've been considering if to sell, hold it, or try to fix it up and rent it. The block is terrible. And I have not seen any real signs of improvement on that block. But I could really use some cash flow. But the area has always been such a headache. Any advice?
@Nicole H. I would recommend doing a bit of analysis on your property before making a decision on what to do with it. Ask yourself, how much could you sell it for right now? How much rehab is needed to rent it out? What value would you be able to refinance the property for when the renovation is complete? How much would you get in rent and would you be confident in the tenants you'd have in that neighborhood. If you see the headache of rehabbing and renting it out as too much for the potential profit you'd receive then maybe consider selling and finding another deal in a different neighborhood.
Feel free to reach out if you'd like to discuss. Always love discussing the profitability of deals.
Hey Nicole, I’m nearing the end of renovations on my property on rorer street. I think I got lucky with the block. It’s loud but the neighbors are nice and there haven’t been any issues.
As Alex said run the numbers and do what makes sense for you. Maybe a fsbo and see what kind of interest you get. If it gets traction sell it.
But Kensington is the long game for sure. There is a new police command center on the ave. And police presence is heavier. A step in the right direction.
What are your numbers? Does it make sense to renovate? How much work does it need to be rent ready?
@Mikielle Elum Thanks! Any chance you know any contractors comfortable working in the area? I've had a few tell me they prefer not to, so it's been hard to get estimates.
Thank you! I finished the house in late April and got it rented in may. I hosted a two day open house and received well close to a hundred inquires. About 40 people showed up and maybe got 20 applications. I did paper applications and sent over the link for the fee and background check. It was instant once they paid. I forget the service name but you shouldn’t have trouble finding a good service.
I settled on two best friends. Both with steady income. They have been great! I don’t hear from them haha. I haven’t had any issues except in May when the dryer went. (My fault because I was being cheap and brought it craigslist).
I brought the property for 80k and it’s renting for 1100. Tenants pay electric and gas and I pay water ($60 month).
Not sure if you’re interested in that area but if you are I’d say go for it.
Thank you! I finished the house in late April and got it rented in may. I hosted a two day open house and received well close to a hundred inquires. About 40 people showed up and maybe got 20 applications. I did paper applications and sent over the link for the fee and background check. It was instant once they paid. I forget the service name but you shouldn’t have trouble finding a good service.
I settled on two best friends. Both with steady income. They have been great! I don’t hear from them haha. I haven’t had any issues except in May when the dryer went. (My fault because I was being cheap and brought it craigslist).
I brought the property for 80k and it’s renting for 1100. Tenants pay electric and gas and I pay water ($60 month).
Not sure if you’re interested in that area but if you are I’d say go for it.