Note: This property has sold.
Attention, Hipsters: drum roll, please. As you know, we’re currently pretty hip to the Philadelphia market: we think it’s got all the markers of a quality turnkey market. Beyond delivering some serious quality, the prices in Philadelphia are amazing (right now – the market there is on the rise, so now is the time to buy in Philly). We love the turnkey supplier in the city of brotherly love: for example, this single family comes with a tenant in place, a one year rent guarantee, a one year scope of work warranty AND a 15 year roof warranty: yowsa!
In case you missed our last post (as we predicted, that property already sold) or the webinar – let’s take a quick look at why, exactly, we are all about Philly. It’s not just the cheese steaks, although those sweeten the deal. The history doesn’t hurt. The liberty bell is kind of cool. Its proximity to Washington D.C. is a total plus. All that aside, Philadelphia is an amazing opportunity for investors. Though market is on the upswing – it’s still priced 16 percent below peak value market. The vacancy rate is below 5% – making renting your investment easy- and Philly’s unemployment rate is significantly below the national average.
Philadelphia is the place to be, when it comes to real estate investment.
Location: Philadelphia,PA. Built In: 1934 (fully renovated)
Purchase price: $65,500 (not a foreclosure, normal sale)
Property info: 3 bedroom, 1 bathroom, 960 square feet
Monthly rent collected: $900
Property taxes: $59
Property management fees: $90
Monthly expenses (conservatively estimated)
Vacancy (7%): $63
Repairs (5%): $45
Total Monthly Expenses- $317
Net Income = Income – Expenses = $583
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 10.53%
Cash-on-cash return =
Depends on your leveraging.
If you are interested in this property or seeing others like it, contact Melissa at email@example.com.
Note: All of these great fundamentals means that the Philly properties are going fast. If you see something you like, get in touch sooner rather than later.