| New Philly Investment Property! |
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| Written by BPT |
| Friday, 26 February 2010 04:06 |
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We settled on a new investment property yesterday! This time right in the city - just off 2nd street, in an old Irish section of South Philly. It is a small brick home - approximately 1100 square feet - 2 bedroom, 1 bath. It will make a great starter home. We intend to add value by finishing the basement - which will add an additional 200+ square feet. We bought the property from the bank, at a purchase price of $101,000. The quote for Construction is $50,000, which brings us to a total of $156,000, when including 5,000 in closing costs.
The independent bank appraisal came back at $223,000, so there should
be a nice profit. 6-8 weeks for total rehab - the interior
demo work started today! Happy to have our first downtown deal in quite a few years - feels good! Will update with pics soon! |
| Last Updated on Friday, 26 February 2010 14:12 |
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