Insight Property Advisors Helps Couple Find Their Dream Home
A young professional couple wanted to buy a home with the hopes of customizing it to their liking as well as forcing appreciation and creating equity through a series of renovations. Insight Property Advisors targeted the Passyunk Square area because it is a very desirable neighborhood with high upside for comparably renovated homes.
We found a large home with great bones that required substantial work due to its unusual layout of 6 bedrooms and 1.5 baths, at an asking price of $400,000. We recommended a 4 bedroom/2.5 bath home with a roof deck that would appraise between $650,000-700,000. Insight Property Advisors was able to successfully negotiate the price down to $347,500, which gave our clients a healthy cushion to move forward with their desired renovations.
With a total rehab budget of $170,000, after completion, the home appraised for $699,000, creating an excellent investment and a wonderful customized home for our clients.
If our clients decide to move (or are forced to relocate), this house can remain an asset as a profitable rental property. Their mortgage payment would be approximately $2,500 per month while the potential rental income would be between $2,800-3,000, netting $300+ per month before incurring any additional expenses. With the mortgage reduction that comes from their renter paying down their principal each month, as well as yearly tax benefits and continued appreciation of their home, this property has great future potential.
We’d love to help achieve your goals. Whether you’re a first-time homebuyer or a seasoned investor, we have the resources and expertise to make your next project a success. How can we help you?CONTACT US