What should I do with my Wissinoming rental property? [Real NEastate]
I have an investment property in Wissinoming. I pride myself in taking care of my investment property. My last tenant left the place a total mess and I just don’t have the time or the money to rehab the property every time a tenant destroys it. If I sell it in its current condition (poor), how much do you think I can get?
I have a client who was in a similar situation. The property he was renting out was his old house he kept it to make an income with after he moved. The first time he rented it out, it was left filthy dirty with holes in the walls and carpeting soiled. He chose to repair the property and had new tenants for almost a year, but they moved out before their lease was up, and left the property a mess again.
He opted to sell the place “as-is” instead of fixing the place up once again. He did not have the money he would have needed to spend to do it. He sold the property for a low price to another investor who rehabbed the property and sold it for top dollar in that market. My client was just happy to be relieved of the property.
Top dollar in Wissinoming right now would be around $145,000. There are 33 homes currently for sale, 13 pending and 21 that sold in the last four months. The average sold price in the neighborhood is just under $80,000 and the lowest priced home sold recently for $38,500. Out of the 13 currently pending, half are pending under $50,000.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.
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