Renovating Philadelphia Row Home - Advice Needed!

[Tommy Choi]

Hi fellow BP'ers -

I'm hoping members can share with me some valuable knowledge and experiences through renovating a row home in Philadelphia or other urban cities. I'm currently evaluating purchasing a single-family 3-story row home in Philadelphia that will require a complete gut with new HVAC, plumbing, electrical, etc. The cost of the property itself will be in the ballpark of $350k.

The goal of this acquisition and renovation is that this property is actually for me to live in and someday used as a rental property. I'm in commercial real estate by trade so I lack experience in understanding fully the cost renovate a project of this size. The property is approx. 2,240 SF (the listed lot size is 1,782 SF). It currently has 4 bedrooms and 2 baths.

My plans are to finish the basement to be used as an entertainment/flex space, two bedrooms on the second floor and master on the 3rd, 2 full baths, and 2 half baths. Open living space concept on the ground floor leading into the kitchen and W/D located on the second floor. If the budget allows (and zoning), I'd like to put a roof deck onto the building as well.

Can anyone shed some light on the ballpark renovation cost for a build-out like this (excluding roof deck)? It would be helpful to understand if I need 50k, 100k, or 200k to get it to a comfortable and habitable state.

Thanks!
 

[Jared Forman]

Prior to covid I was using $100/ sqft as a decent number for full gut rehabs. Right now the cost of materials is at least 40% higher with low inventory. If you are living in the property you may also elect for higher grade finishes ( waterfall center island, ect). 

knowing all of that I would assume $150-$175/sq.ft.

as for zoning, if you have 3 story home and want a roof deck it will be more about setbacks and parapit. You will need to apply for a permit to erect the roof deck. Another thing to note...

if you are doing a basement dugout expect a city inspector to be on sight everyday meaning $$$. Due to houses falling in last 2 years it will cost an extra $8000-$12000 to dig out if done with permits.

i hope this helped. Reach out if I can be of more help.