Manayunk, PA vacancy rate

[William Plymouth]

Investors and landlords who own or manage property in Manayunk, I just read that the vacancy rate is 11.6%.  Is this accurate?  If so, why do you think this is?  Could it be an influx of housing and apartments being built, or is there a lack of demand to live there?

[Mike McCarthy]

@Louie Perkins I’ve purchased and renovated a number of 1920’s properties in the area. They all have similar issues:

Knob and tube electrical, old cast iron plumbing stack that may or may not need replacement, lead drain pipes in the 2nd floor bathrooms, along with the standard ugly/old kitchens, bathrooms, and seriously needing some new paint.

The big things you need to look out for:

* the main sewer from the house to the road. The sewer line in the basement is easy to inspect, but in Philly, you’re responsible for the sewer all the way out to the road. It’s a $3-5K project if it needs to be replaced.

* same with the water line. Many houses have been converted to copper already, but if it’s old, you’re digging out into the street.

* roofs are all old, and usually have a number of layers. But at least they are easy to inspect. And look at google maps for a quick idea - if it’s black and blotchy... might need a re-roof or at least a seal coat.

Good luck and let me know if you need any help!