South Philly Slam-Dunk Flip 19145

[David Haynes]

Investment Info:

Single-family residence wholesale investment in Philadelphia.

Purchase price: $179,000
Cash invested: $85,000
Sale price: $360,000

This property was in the highly sought after area of Girard Estates close to where Rocky II was filmed. You may even remember Bruce Springsteen's famous song about a mobster in Philly within this area. Just like these two memorable classics, this flip was a classic. As soon as I and my team put it under contract, it sold within an hour to my faithful investor who was looking for something hot in South Philly.

How did you add value to the deal?

This flip demanded a full gut and rehab which gave tremendous value-add opportunity. The high ceilings with recessed lighting and the big basement with egress gave this home a head start. The block was littered by recent rehabs selling between $340K and $370K. No wonder it sold so quickly.

[Joshua Levine]

Hey David - Congrats on the successful flip!  Are you seeing much in the way of opportunities in Girard Estates?  So much of South Philadelphia (Point Breeze and surrounding areas for example) seems incredibly picked over and saturated at this point.  Additionally, are you seeing much demand from renters in that area?  Our approach is more geared towards long term holds versus flipping, which is why I ask.