4 bed home in South Kensington Philadelphia

[Jae Hee Hwang]

Investment Info:

Single Family buy & hold investment.

Purchase price: $295,000
Cash invested: $65,000

Single family house with a parking lot zoned for another single family home in South Kensington, Philadelphia around Norris Square.

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

The major appeal was the parking lot next door that's zoned to build another house. This is a rapidly gentrifying neighborhood so I thought I might build on the lot one day. This was my first deal ever.

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

MLS

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

I painted the entire house and laid out new roof. Made some minor fixes.

What was the outcome?

Within 1 year, another 4 bed slightly bigger than my house on the same street was listed for 150K more. I expect it to sell at about 100K more.

Lessons learned? Challenges?

The hardest thing was pulling the trigger. I was searching for a good deal for over a year but in retrospect that was not very wise because since the area was rapidly appreciating, prices rose more and more while I was searching.