All Forum Posts by: Marc Possoff

 If you were going to ballpark and complete gut and builder quality finishings( luxury laminate, non tile bath etc), what would it be for a 1600 sq ft 2 story colonial? 

 Estimate on rehab work

350k - 400k for a complete gut on a 1600 sq ft 2 story? Basement just needs to be fixed up to use as storage. No garage. Outdoor space that wouldn’t be part of the project. Finishes builder grade or a bit higher such as luxury laminate, run of the mill kitchen shakers. 

House 1660 sq ft 2 story colonial in West Deptford township. Looking to do a complete gut, new roof etc. West Deptford is located near Philadelphia, near the Walt Whitman bridge  

What’s the market price for a complete gut in NJ. Thanks!

 I’m very familiar with Grays Ferry as my wife grew up there as well as her whole family. 

There has always been talk about Grays Ferry for as long as I can remember as being the up and up for different reasons with no action. 

In the last 3-4 years it started to become actionable. 

 Not bad. Turn key?

Hi would like some input. I’m an amateur and reading through threads, answers are very technical. 

Own a house in the Grays Ferry section. Also own a vacant lot in Grays Ferry. 

House is a 2 bedroom 1 bath, 850 sq ft. Vacant lot is 14x52. 

Was talking to a co worker and he mentioned why don’t you sell the house and develop the vacant lot? 

Good question as we were going to sell the lot for $50k.

So question is  to build a 2 story, approximately 1000 sq ft with basement on a vacant lot turnkey(I give you the money and you give me the key when you’re done, all it need is furniture) with a basement, what would maximum cost be? 

Thanks!

 On the come up? Ok there has always been talk in Grays Ferry that the neighborhood would be ‘on the come up’ for many years but it never happened until I would say it started 3-4 years ago with complete rehabs and new construction. 

If you would have said to me let’s say 5 years ago Grays ferry is ‘on the come up’ I would have said everyone has been saying that for years nothing new, nothing is happening. 

I would say now there is action to support the ‘on the come up’ unlike let’s say 5 years ago to 25 years ago. 

My wife had a lot of family in Grays Ferry and everyone said “oh Penn is going to come in and will make it better” etc etc. This was 25+ years ago. 

Now the University of Penn has a housing program for employees. It happens to extend into the Forgotten Bottom ONLY 19146 area code. Since you have Pennovation and a soon to be built other university facilities at or around Grays Ferry Ave, hopefully Penn will extend the program to Grays Ferry. But that could be tricky because then Penn is supporting south Philly which would be against their grain of supporting West Philly. The Forgotten Bottom yea is south Philly but it almost isn’t but it is if that makes sense. 

That’s not what I’m saying. 

You have a zip code with let’s say 4 different neighborhoods that PHA says the rental is $2,013 a month. 2 of the neighborhoods are Class A, 1 is Class B and 1 is Class C.

https://www.pha.phila.gov/wp-c...

I know some investors who have properties in Class A and Class B neighborhoods and they don’t rent to section 8. 

So it looks like for someone with a voucher they would have to settle for a Class C neighborhood IN what PHA considers top rental even though it’s a Class C neighborhood. PHA didn’t slice up the neighborhoods in Group 5. They didn’t put a Class C neighborhood in Group 2 or 3. 

(Now I will admit that since I’m not familiar I could be reading this wrong).


First question. IF those that own properties in Class A neighborhood which would put them in Group 5 rentals, would the be able to receive Group 5 rental rate?

If the answer is yes, would a Class C neighborhood since it’s in Group 5 be able to receive the same rental rate? If not why?(just don’t include the Class C neighborhood in Group 5 which would make more sense)

 Thanks I’m going to be attending an online seminar to get a better understanding. 

What I’m confused about is if a zip no matter the neighborhood is a Class A which is $2k a month rental, wouldn’t people be able to get vouchers for that amount? PHA says that’s the rental for Class A.