Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Agent
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago,

User Stats

216
Posts
62
Votes
Ekaterina Stepanova
  • Rental Property Investor
  • Riverdale, NY
62
Votes |
216
Posts

Do these prices for SFH in Philly make sense?

Ekaterina Stepanova
  • Rental Property Investor
  • Riverdale, NY
Posted

Hey BP community!

I am looking to purchase my first SF investment property in West/South-West Philly from a local TK provider. My concern is their prices might be too high and since i will never get appreciation in those areas I will be stuck and unable even to get my money back even in 10 years ... Can anyone tell me whether these prices make sense?

2537 S.Shields 3BD/1BT- $84,000

1719 S.Ringgold, Point Breeze 3BD/1BT- $70,500

2520 S.Felton 3BD/1BT- $82,000

1635 South 55 Street 3BD/1BT- $82,000

5827 Belmar, Cobbs Creek Cove- $83,000

Note: houses are fully renovated.

Thanks a lot!

Ekaterina

User Stats

205
Posts
52
Votes
James Brand
  • Investor
  • Philadelphia, PA
52
Votes |
205
Posts
James Brand
  • Investor
  • Philadelphia, PA
Replied

Seems like these properties were bought inexpensively in less desirable areas and flipped.

One recommendation to think about when considering these properties would be the value you can add to them. For instance, a second bathroom, even just a half bath goes a long way. There is a lot of new construction going up in Point Breeze, and a fair amount of flips are being churned out. I would not all together rule out appreciation in that area, especially if you plan to hold for a decade. 

Are you planning on living in the property? Or are you purchasing to rent?

James

User Stats

1,856
Posts
656
Votes
Mary B.
  • Real Estate Investor
  • Lansdowne, PA
656
Votes |
1,856
Posts
Mary B.
  • Real Estate Investor
  • Lansdowne, PA
Replied
Originally posted by @Ekaterina Stepanova:

Hey BP community!

I am looking to purchase my first SF investment property in West/South-West Philly from a local TK provider. My concern is their prices might be too high and since i will never get appreciation in those areas I will be stuck and unable even to get my money back even in 10 years ... Can anyone tell me whether these prices make sense?

2537 S.Shields 3BD/1BT- $84,000

1719 S.Ringgold, Point Breeze 3BD/1BT- $70,500

2520 S.Felton 3BD/1BT- $82,000

1635 South 55 Street 3BD/1BT- $82,000

5827 Belmar, Cobbs Creek Cove- $83,000

Note: houses are fully renovated.

Thanks a lot!

Ekaterina

Point-Breeze seems about right and that's on the lower end of that part of S.Philly. They've been many $200K+ properties sold there in the past. You might be able to negotiate(up to $10K) lower on the 55th St property and the Cobbs Creek property as well. I'm not sure about the others. This is all from a glance of the addresses of course and not running any comps or seeing the amenities of subject properties. **Its one thing to do bare minimum(rent only rehab) and try to secure premium pricing(retail sale rehab) and another to actually do the premium rehab work to secure the premium pricing. That can make a difference. My coin.

Kudos,

Mary

DealMachine logo
DealMachine
|
Sponsored
Find Hidden Deals in 5 Days with DealMachine! Join our free challenge and learn step-by-step methods to uncover off-market real estate deals.

User Stats

216
Posts
62
Votes
Ekaterina Stepanova
  • Rental Property Investor
  • Riverdale, NY
62
Votes |
216
Posts
Ekaterina Stepanova
  • Rental Property Investor
  • Riverdale, NY
Replied

@James Brand and @Mary B. thanks a lot for your input! I am purchasing to hold for a long term, may be 10 years or a bit less. These properties are for sale by a Turnkey company, which did already renovations (all new but basic) and rented them out. I'm just thinking if the price which they are charging me is way above the comps and might hurt me even in 10 years ...as I will break even if lucky ... that's not the scenario I'm looking for. What if I have to sell earlier? then I will be screwed!