Passyunk Philly - Too Late?

[Nick Russo]

Hi Everyone,

First post to the forums but I've been a long time follower of the podcast and Bigger Pockets in general. I am looking to move to Philly and I would really like to live in a good area with plenty of bars and restaurants. Passyunk square area caught my eye because of what the area has to offer along with the relative affordability. I am looking for something that's a fixer upper but not a gut rehab. My family owns a construction company so we can do the work in house. I plan to live there for about 2-3 years then move to NJ, and I will then rent out the property.

My question is, am I too late to come into this area? It seems Passyunk is just about "there" but I'd like the opinion from some locals on what I'm looking to do. I am hoping the area is still appreciating well.

Off topic question, but the property I am looking at seems perfect for what I'm looking for, but the ceiling height on the 2nd floor is only about 7'. It won't bother me, but should I be concerned for renting, and for resale?

Thank you in advance for any input, and I apologize if I've put this in the wrong thread!

[Melanie King]

Hi @Nick Russo, 

I sold my live-in-flip in West Passyunk, Philadelphia (20th and Snyder) in May of this year. I bought the 3 BR, 1 BA, 1-car garage, 1300 sq ft. rowhome in November 2015 for $140k, put about $90k into renovations (all new electrical, HVAC, kitchen, bathroom, everything) over the 3+ period I owned the property. It sold for $290k to an investor who is now renting it out. I was very happy with the outcome of the sale! West Passyunk is still a very viable market, but don't wait too long. 

Benefits of West Passyunk:

1. Close to the 1st District Police & Fire Stations

2. Strong neighborhood association (WPNA)

3. Local restaurants and bars - my favorites are Cafe y Chocolate and ARS Brewery

4. Easy access to I-76

5. Very low real estate taxes

Downfalls:

1. Parking, but that is anywhere in Philly

2. Walking distance to subway

3. Some section 8 housing near the neighborhood   

Feel free to reach out if you have more questions!