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Updated over 6 years ago on . Most recent reply

User Stats

50
Posts
36
Votes
Matt I.
  • Architect
  • Philadelphia, PA
36
Votes |
50
Posts

Fixer upper in great location VS turnkey in good location

Matt I.
  • Architect
  • Philadelphia, PA
Posted

Hey all, approaching the end of my first deal. I'm honing in on several houses between two markets in Northeast Philadelphia. 

Fishtown is a cool little town with rents in the high $1k to low $2k. Just about everything I'm seeing needs cosmetic work on the interior: finishes, kitchen, bathroom, etc.

Port Richmond is the next town over, away from center city. Rents go for the low to mid $1k and under. Houses are priced similarly, typically a bit cheaper, however the interior is practically new.

Thoughts? Advice?? I wouldn't mind spending the time on rehab, and seeing as how I will be using a low down payment to owner occupy for a year I should have some reserve funds to do upgrades. But the thought of a move in ready place that promises appreciation would save me a lot of time and effort. 

Definitely feeling the analysis paralysis of my first to-be deal! 

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