Researching Philadelphia neighbourhoods for flips

[Amir Sher]

Hello BP community!

I plan on doing some fix and flips in Philadelphia. 

I'm doing research for suitable neighbourhoods in Philly. Not sure if some old recommendations I got are not saturated already (Richmond, Germantown, Kensington, Cobbs Creek, Strawberry Mansion) .

Target ARV ~ 140K. 3BR / 1000 sqft

Any thoughts, remarks and recommendations would be appreciated.

[Dave Ventura]

Hi Amir,

Those recommendations are all still good, I wouldn't call them saturated yet, not to the level of say Point Breeze atleast. Personally I have done alot of work looking at deaks in Germantown and Cobbs Creek. 

For Cobbs you are looking at approx the following: 55-65k purchase, 55-65k rehab, 175 to 190k ARV depending on the block and how busy the street is.

For Germantown its more like 45k purchase, 55k rehab, 140k ARV. Germantown is highly street dependent though. It varies drastically and I recommend driving the area first to really get familiar. There are some really nice pockets to be found. You can also start to branch into East Mt Airy. Prices go up but so do the ARVs. I have a flip going on there now.

I believe Richmond and Strawberry Mansion are in your target range as well but Kensington depending on zip code can be pricey for aquisition. 

Hope this helps!