I am trying to purchase 2800 sq ft house in old kensington. price is $190K and $170K renovation. is it a good investment?

Asked by Vera Rosen, Philadelphia, PA Sun Dec 15, 2013

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4
Kimberly Win…, Agent, Philadelphia, PA
Sun Dec 15, 2013
This all depends on what you hope your ROI is going to be over a given period of time. Do you plan to live in the home yourself, or do you plan on renting it out? If so, will you be carving it into multiple units? Take a look at the average rents in the area if you plan on going that route, and compare it to the mortgage/insurance/tax payments you'll be on the hook for over time.

If you plan on being an owner-occupant, how much are you paying in rent now vs. the payments for mortgages, utilities, taxes, etc. on the new house once it's been renovated? If the amount is significantly higher, will the amenities in the Kensington house make up for the extra monies paid in your mind?

With that said, I can think of several properties in/near Old Kensington and beyond of similar size - that would require far less in renovations, if you're just aiming to carve it into rentals/make it habitable - for far less than the totals you've cited. Feel free to call/email me if you'd like me to send you a list!

Cheers,

Kim Wingfield

Keller Williams - Center City Realty
Cell: 267-530-5641
Ofc: 215-627-3500
Email: kimberly.wingfield@gmail.com
0 votes
Michelle Bur…, Agent, Philadelphia, PA
Sun Dec 15, 2013
Old Kensington is fast becoming the new IT neighborhood. There are lots of new construction projects popping up and new people moving in. My client, a young professional, is also under contract for a very cool property there. He feels there is a wonderful opportunity to become involved with community building, whereas other areas we researched were already well established without much room for new voices and ideas. Good luck with your new purchase!
0 votes
Michael Solo…, Agent, Huntingdon Valley, PA
Sun Dec 15, 2013
I will be listing a bank owned 3 story in fishtown soon not quite 2800 sq but it is a 4 br 2 bath.call me if you have any interest


Michael Solomon
Realty Mark Associates
2155837777 office
2154212121 cell
0 votes
It is a multi-family property. 4 units with a large 2 car garage in the back.
Flag Sun Dec 15, 2013
Tina Lam, Agent, San Jose, CA
Sun Dec 15, 2013
To qualify an investment as good, you'll have to define what you're investing for.
Web Reference:  http://www.archershomes.com
0 votes
Its a 4 unit property with a large 2 car garage in the back. I am planning to live in one unit and rent the rest. It would be 3 large studio units for rent.
Flag Sun Dec 15, 2013
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