West Philly - Cobbs Creek Rehab - Advise needed

[Zul R.]

Hi there everybody, I've been a long time reader of BP but this is the first time I'm asking for advice based on some pictures that I took of a property I bid on today. I bid 5k above asking but was outbid at 18K above asking. The bid that was accepted was 53K for a property that would potentially need a full gut rehab. The comps for average rehab jobs is 115k to 130k while a higher end rehab a block from here is listed on the MLS for three months at 179k which tells me the neighborhood is not yet ready for higher end rehabs yet. Full disclosure - this property is listed at 55th and Sansom St. in Philly. I read somewhere here that the average cost of a rehab should be considered to come in at $4000 per room which puts this 3BR 1BA at 6 rooms (including kitchen and living room) at $24,000 not including the basement. IDK how the person came up with this or how accurate this number but it's something maybe it works for them. what I am looking to the community for is guidance is how much work will this house need to list for 115k - 130k. I have a ton of pictures of the place but for some reason I am not able to upload them while I try to figure it out please feel free to chime in based on location. maybe if you are local you know what property I'm talking about probably you were one of the people that bid on it too