New BRRRR Property South Philly (West Passyunk)

[Mike B.]

Hi all,

Haven't posted a big update in awhile, but after completing a previous BRRRR 2 years ago, a flip last year, and a flip-up (personally) to a larger SFH, I'm now working on my 5th project in West Passyunk neighborhood of South Philadelphia.

It's a 3 bed / 1 bath, 1100sq ft row home. Was on the MLS originally for $150K, picked it up for $127,500 (View report) and I'm now in the middle of the rehab. Based on comps & market analysis, after refinancing (and renting out of course) I'll own the property with a 30 year note with NONE of my own money tied into the property, cash flowing a couple hundred a month (I do my own PM, place is getting overhauled throughout thus no major capEx for awhile). 

Since we are mid-progress, still have a lot to go including: Drywall (half the house needs it), painting throughout (neutral light gray tones), kitchen put back together, recessed lights installed (all LED), floors re-sanded and stained (original red oak on 1st & 2nd floor), etc etc.  Will post more photos/info as we get progress done over the next month.  QUESTIONS?  Feel free to ask

Enjoy the progress photos!!

Front of home on the day I closed--> now with awnings removed and new siding on bay window.  Awaiting paint for front door & window (mint green).  Thankfully roof was in decent shape, just needed touch up and silver re-coating.  Will be good another 5 years 

Kitchen: 20+ year old formica cabinets, black appliances and drop ceilings to 8' height --> gutted kitchen revealing original 9 FOOT ceilings and opened the entryway up more!   And yes I'll be putting in white shaker cabinets (uppers are 40"), SS appliances, Quartz, etc.  LVT Plank for floors etc in the future (also recessed lights)

Basement: Cleaned out, updated electrical, plumbing, and GAS (used to be oil) with new central HVAC unit installed and ready for hookup to the PGW line (waiting on PGW).  When done will clean everything up and paint the walls white, add more lighting.  Ceiling height is just over 7' so it feels really spacious

MBR: 13x11 with bay window.  Dark paint --> whole house will  be painted light gray/neutral colors throughout. Built a new master closet (his and her doors, with lighting)

Rear bedroom: added a big closet

Bathroom: keeping the tub (reglazing white), added new wall tile and fixtures, doing new vanity and LVT flooring