All Forum Posts by: Tommy Choi

As I visit the interior today, I will have a friend who is not a GC with me but have done a rehab himself lend an extra set of eyes. I will also have a registered architect with me as well to assess the as-is condition. 

Thanks @Kristy Pedersen and @Sheryl Sitman, I couldn’t agree more as I do more homework on this.

My initial plan when/if I buy this shell essentially is to first close it off from the elements. I know the roof and windows are completely shot. I will be seeing the interior today (which is great because of the rain) so I can see exactly how much of the outside is coming inside.

I peaked my head through the windows by the door yesterday and I can see the entire place has been gutted out. I’m going to assume the framing is all garbage as well at this point due to possible mold and rot so everything will need to be replaced. Which is all terrifying but the only positive is that at least I have a chance for everything to be level and straight, and more importantly safe in the future.

Conceptually, I would start the rehab with fixing and replacing the roof. Repairing any and all damage to the parapet that I can see is “open”. Windows would be done shortly after, if not concurrently with the roof. To my rough count, there are about 20 windows in this house bringing in some great natural light. It’s wonderful but they all need replacing, along with the framing and sills. This hopefully will be the “closing off the elements” phase so I can move into the new wood framing, stairs, floor joists, etc.

The task at hand now is to see how aggressive the owner is willing to make a deal on a property like this. I am essentially just paying for the bricks and the address and the upcoming costs are adding up quickly.

Thanks for the feedback @Ryan D.

Though I would live just a block from the project itself, I don’t plan to GC this myself. With my day job and overall lack of experience in residential projects, I would defer to a trusty GC to make sure I’m staying on budget and the appropriate schedule.

Does anyone have experience or suggestions phasing renovations for a gut? I know time is money in investing but since this is a personal home, I would have the carrying costs regardless. This project is appearing to cost a lot more than initially planned so if I were to tackle it and wish to “phase” the work, what would you all recommend I start first aside from the demo? Should I dig out the basement first (if it’s not tall enough) since mechanicals will ultimately be housed there? Or should I focus on repairing the roof, subfloors, windows, etc.

In theory, one scenario would be to renovate the first two floors so it’s actually livable, and tackling the future 3rd floor master at a later date.

Any and all advice is appreciated.

Thanks everyone! I appreciate everyone taking the time to respond. This is all very helpful and gives me a good starting point with my budgeting. I hope to keep everyone posted on the progress as I try to acquire the shell first.

Hi fellow BP'ers -

I'm hoping members can share with me some valuable knowledge and experiences through renovating a row home in Philadelphia or other urban cities. I'm currently evaluating purchasing a single-family 3-story row home in Philadelphia that will require a complete gut with new HVAC, plumbing, electrical, etc. The cost of the property itself will be in the ballpark of $350k.

The goal of this acquisition and renovation is that this property is actually for me to live in and someday used as a rental property. I'm in commercial real estate by trade so I lack experience in understanding fully the cost renovate a project of this size. The property is approx. 2,240 SF (the listed lot size is 1,782 SF). It currently has 4 bedrooms and 2 baths.

My plans are to finish the basement to be used as an entertainment/flex space, two bedrooms on the second floor and master on the 3rd, 2 full baths, and 2 half baths. Open living space concept on the ground floor leading into the kitchen and W/D located on the second floor. If the budget allows (and zoning), I'd like to put a roof deck onto the building as well.

Can anyone shed some light on the ballpark renovation cost for a build-out like this (excluding roof deck)? It would be helpful to understand if I need 50k, 100k, or 200k to get it to a comfortable and habitable state.

Thanks!