Hancock House built with energy efficient standards

[Kyle Piasecki]

Investment Info:

Single-family residence other investment in Philadelphia.

Purchase price: $20,000
Cash invested: $329,000
Sale price: $473,200

Bespoke single family home. 3 bed 2.5 ba w/ roof deck, Curb-side Electric Car charging station, Sauna, 4 zone Energy efficient smart air system, HRV whole house fresh air system, Above code spray foam and batt insulation, Commercial White TPO roofing system, Triple Pane windows and rear sliding door, Custom wood, metal and glass stairwell fabricated on-site, Phillips Hue smart light pockets throughout 4 smart thermostat Forever-lawn pet friendly grass on roof, private rear patio deck

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

Land originally purchased to build a forever home

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

We were "early adopters" in the neighborhood, loved it, thought it would be a great long term hold. Also was the only thing we could afford at the time.

How did you finance this deal?

Cash on the land acquisition. Built the home with an interest only construction loan which automatically converted into a permanent 30 year mortgage

How did you add value to the deal?

New Construction

What was the outcome?

Lived in the home for a couple years and decided to relocate from Philadelphia in which we ended up deciding to sell

Lessons learned? Challenges?

It was a fun project we designed our dream infill home. We overdesigned many features on the home and it was difficult to find the right builder that could execute. The stairwell was really elaborate design and took 2 months for builders to navigate and build. Stairs were significant portion of budget. Walking on steel stairs every day gets to be rough on your body. Triple pane windows are awesome. Noone complained about corten steel. Everyone complained about curbside EV station.

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

I am a licensed Realtor so sold the property myself. Used BMT bank in Philadelphia for the loan, were relatively easy to deal with. Manifest AD was the architect, Olde Glory were the builders but they usually only develop their own projects.