Carroll Park 4 Bed Flip

[Dan Powers]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $92,500
Sale price: $270,000

This West Philly home was located in the Carroll Park neighborhood of 19131 and was a great site at just under 1500 sqft. The huge bonus of this property was it was coming with all existing materials inside including, condensers, lumber, electrical wiring, as well as pex and PVC for the plumbing. My investor plans to turn this into a nice 4 bed home with the goal of selling between 250-275k

What made you interested in investing in this type of deal?

What made my investor interested in this deal was firstly the size, being just under 1500 sqft and being a complete shell minus some framing allowed him to be able to convert this once 3 bed into a nice 4 bed home. On top of that the existing materials were huge plus because it's going to bring down his rehab budget a fair amount.

How did you find this deal and how did you negotiate it?

This deal was sourced through New Western and sold on a first come first serve basis.

How did you finance this deal?

This deal was financing using a hard money loan.

How did you add value to the deal?

Value is being added to this deal by completely rehabbing this property top to bottom. New mechanicals (electric, plumbing, HVAC), new kitchen, new bathroom upstairs as well as additional bathroom in basement and 1/2 bath on 1st floor, cosmetics throughout, and a finished basement.

What was the outcome?

The outcome is going to be a hell of a flip in a neighborhood that is seeing flip values creeping towards hitting the 300k mark for SFH. The most surprising thing about this little pocket or north Carroll Park is the DOM, the average DOM for out closed comps are 9 days.

Lessons learned? Challenges?

The only real challenge we ran into was the seller originally wanted to set this up as a illegal duplex so there were multiple electric panels and corresponding wiring so that was going to have to be removed and redone in a single family format. Other than that smooth sailing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dan Powers - New Western