South Philly Flip 26th and Emily St.
This was a project in South Philadelphia that we purchased in Februrary 2009 and sold in May of 2009. The house was in great shape but was in dire need of updating. The front landscape was cleaned up and shutters were hung along with newly installed storm and entry doors. We removed the wallpaper and painted a neutral color throughout the home. We refinished the parquet hardwoods on the first floor and installed new carpet on the second floor. We opened up the kitchen space to the dining area and put in french doors to access the newly built deck off the rear of the property. This really brought light into the home and gave the illusion that the area is bigger than it really is. We converted the forced hot air to a central air unit and put in a new hot water heater. In the basement we painted the existing paneling, sheet rocked the ceiling, and carpeted the floor for a partially finished area. This added significant value and living space to a moderately sized home. Although the profit is not huge we were able to get in and out of the deal quickly and move on to our next project. Its all about the “Velocity of Money.”