Cobbs Creek Philadelphia Rental

[Ankan Basak]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $31,000

Single family 3br/1.5ba home, part of a twin. Medium-sized rehab work. Rent listed at 1450. ARV 140k-150k.

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

Was interested in getting into rental properties in the up and coming Cobbs Creek area where properties are still relatively cheap.

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

Zillow through my own research.
Property was listed at 70k, negotiated it down to 65k.

How did you finance this deal?

Taking HELOC out from one of my other rental investment.

How did you add value to the deal?

Rehabbing for 31k, increasing the ARV to 140-150k. Rehab included all new windows, renovated kitchen (new countertop, but reuse the existing cabinets but repainted, new dishwasher and double-oven), renovated baths, recessed lighting, new electrical.