All Forum Posts by: Dan Powers

@Franky Aikens I would disagree that most of the city having a cap of 5.5-6%. While you can very well see that in the areas you are pursuing, that is simply due to the grade of neighborhood you are entering. As compared to Point Breeze or Grays Ferry where you will see significantly higher caps, but again its all area based.

Dan Powers - Real Estate Agent

Hey @Jake Pinto welcome to the community! I have to agree with @Anthony Zayas with saying you should establish your goals. What areas do you want to target, what kind of returns are you looking to make, your budget, level etc. 

I will say finding a multi (3+ units) I compare to being able to find a unicorn, very rare, but not impossible. The majority of the multi units I move are in Delco or up in Montco. Now a duplex is extremely doable to find in the city, it would just depend what pockets you're looking in. I will say the majority of the good deals don't make it to the MLS and more often then not go off market.

I would love to have a conversation to discuss your interests so feel free to reach out.

Dan Powers - Real Estate Agent

Hi @Bryant Myer, I deal with the residential market in Philadelphia so I'm not the most informed about about the state of the commercial side of things. What I can say is I know that the commercial industry as a whole is completely shot in NY and will be for some time. Im not sure how it will be in Philly, but on the residential side of things everyone is trying to buy up land here. Any vacant land that is available gets snapped up extremely quick generally within an hr of me releasing it.

Sorry if this does not directly answer your question, but I could certainly answer any questions you have on the residential side.

Dan Powers - Real Estate Agent

@Robert Gonzalez For straight cashflow, Darby is a fantastic area. Some people have stigmas about the area, but with the price of entry so low, and the rents similar to those of the surrounding areas its the best poker for cashflow. Other areas in Delco where cashflow is very good are, Collindale, Upperdarby, and Aldan.

Delco as a whole is a great pocket to invest because the majority of the areas are appreciating as well. Areas such as Drexel Hill, clifton heights, lansdowne, springfield, Morton, Wyndom, will continue to grow in value.

If you have any more questions certainly reach out.

Dan Powers - Real Estate Agent

@John Donovan Manayunk is an interesting pocket for the reason @Eli B. discussed. But overall for 1 bed condos they will rent for 900-$1300, 1 bed townhomes 1100-$1200. For 2 beds you can generally expect to see 1200-$1800. For 3 beds your looking at 1700-$2500. And finally for 4 beds you can expect anywhere fro 2200-$3000. Obviously within the range the lower number are for extremely basic properties, as opposed to the higher number are nice fully rehabbed properties.

If you have any more questions about the area please reach out and we can connect.

Dan Powers - Real Estate Agent

@Frank Robinson Welcome to the market, the area is fantastic, especially if your able to find multis in that pocket. Now I will say inventory is limited, as finding multis throughout the city I compare to finding unicorns, but they do exist. You're getting wealth pushing down from Queen Village, with a combination of the popularity of Point Breeze. It's an extremely well established neighborhood, that will continue to appreciate.

Now the downsides of it are, the much higher price of entry compared to other parts of south philly (point breeze, grays ferry, girard estates), with that your rehab costs are also much higher due to the standards of the area. Also, the amount of inventory available. Being such a well established pocket, finding multis is going to be difficult because once people have them they never want to let them go. I give props to @David Vitarelli because he got a great assets that will certainly keep appreciating. 

I will say as long as your alright with paying up for the better area, and your comfortable with waiting for the right opportunity to come around then it will definitely be worth your while. I have move properties all over south philly and a few in the Dickinson Narrows. If you have any more questions certainly reach out so we can connect.

Dan Powers - Real Estate Agent

@Ryan S. Glad I could shed some light on the topic. Certainly reach out and you can run some things by me. Happy to help!

Hey @Ryan S. that's great to hear your looking for your first property. I would recommend sticking to the Fairmount/Spring Garden/Francisville areas as opposed to Fishtown/Northern Liberties/Kensington areas. Depending on your financial situation, the level of rehab needed in Fishtown/Northern Liberties is significantly higher in both price and quality opposed to the other areas.

In terms of ARV numbers a classic 2 story 3/1 in fishtown thats fully rehabbed should easily fetch 425k, while in Brewerytown your ARV for the same 3/1 could range from 240-325k depending on the specific location within Brewerytown.

If you have any more question feel free to reach out.

Dan Powers - Real Estate Agent

@Beka Shea Congratulations on your success. I have seen many horror stories from people buying $5000 houses, but I'm glad you were able to pull it off. Pottstown has really been popping off in recent months and shows no signs of slowing down. 

Myself I have moved many properties there lately, and theres always a huge interest when I put one out and it always sells super quick.

@Clark Kirkpatrick Sounds like your right there with her just behind a few years, keep at it!!

Dan Powers - Real Estate Agent

@Jason Appel for reference I recently sold a 5 unit multi in Norristown, and the annual trash cost was $1100, for SFH its so minor that it shouldn't be a factor in whether or not you move on a deal.

Dan Powers - Real Estate Agent