Convenient and Quiet on Pennell Road: 2-Bed 1-Bath Condo

[BW Miller]

Investment Info:

Single-family residence buy & hold investment in Aston.

Purchase price: $95,000
Cash invested: $23,750

HOA BENEFITS PRICED IN. Enjoy the good life in this affordable 2-bedroom condo in popular Aston Arms. Located across from shopping center, 5 minutes from I95, 20 minutes to PHL airport. Top floor unit with views of Elementary School fields next door. Solid Brick construction. Well maintained, modern Kitchen with dishwasher/refrigerator/stove. Community pool! Private storage for each unit with washer/dryer in downstairs common area. Heat/water/landscaping and snow removal included.

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

Really great location, walkability scores online fall short. They installed a crosswalk for this and surrounding communities to safely cross Pennell Road/Rt 452 to the adjacent shopping center. Cash flow property in an up and coming neighborhood.

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

Analyzed over a hundred prospect properties for 6+ months, played a patient, great deals only game and came in under listing.

How did you finance this deal?

First time investor so I used cash reserves (savings).

How did you add value to the deal?

Minor in-unit refurbishment of kitchen, bathroom, and living room.

What was the outcome?

So far so good. Unit was listed, and an application now accepted. I've received a congratulations from my realtor that the rent we negotiated is the highest in a 60+ unit condominium community.

Lessons learned? Challenges?

HOAs can be expensive so look for and factor in all fees prior to closing.

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

Biruk Clancy at Entourage Realty in Conshohocken, PA