My money partners are looking for a property that will generate them income when they are not living in Philly but will give them a place to stay when they are back in town. Looking to do mid term rental in the unit that is left furnished while they are not there and Section 8 in the other units ideally.

Just trying to get my reps in with deal calculations. Seller's current asking price is $525,000 but I was thinking of asking at $450,000.

Property is zoned CMX-1 and is currently configured as commercial downstairs plus two apartments upstairs and basically in Shell condition. (I've yet to take a look at the property to confirm.)

ARV Comps:

https://www.redfin.com/PA/Philadelphia/1012-S-24th-St-19146/...

https://www.redfin.com/PA/Philadelphia/1709-Christian-St-191...

https://www.redfin.com/PA/Philadelphia/1525-Christian-St-191...

Rental Comps:

For gross rent determination I'm assuming room configuration to be 3 bed 1 bath for two units and a 2 bed 1 bath for the last (furnished unit). Section 8 rent payment standards has the city willing to pay up to $3,120 per 3 br unit so I used gross rent of $6,240 given rent for the furnished 2/1 unit would be too variable with partners living there as they please.

Phila.gov info:

https://property.phila.gov/?p=871540010

https://atlas.phila.gov/927%20S%2017TH%20ST/zoning

Questions:

Does homeowner's insurance seem right for this? How about hard money interest rates? Please let me know if anything seems off.

Thanks!

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*This link comes directly from our calculators, based on information input by the member who posted.

Philadelphia, Pennsylvania

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