Market Analysis -- West 22nd Street, Chester: Good Investment Potential, or "Starter Homes"

By
Real Estate Agent

By Rich Schiffer, Weichert Realtors 

I walked this neighborhood last night, with a client, looking to buy an investment property.  This home, which is currently on the market, (listed with another brokerage) was one of our scheduled stops.  

(These photos were taken while touring Chester, Delaware County, Pennsylvania, on June 21st, 2007)

147 W22nd StNice shaded area with picnic table

 

147 W 22nd StreetCan't see it here, but there is a nice sized side yard, also.

 

 

 

 

 

 

 

 

 

 147 W 22nd

 

 

The front and side yards are both nicely maintained.

 

 

 

 

 

 

 

need new/more kitchen cabinetsThe kitchen could stand to be updated.  Cabinet space is minimal.

 

 

 

 

 

 

 

 

 

100 amp service -- security system also (pic not included)Appears to be a 100 amp service. 

washer & dryer includedWasher and dryer included in basement.

There are three bedrooms --

Small BedroomA small one,

Medium Sized BRa medium-sized one,

Master Bedroomand a moderate-sized Master bedroom.

 The living and dining rooms are modestly sized, typical of this neighborhood.

 

 

 

 

 

 

 

 

 

Initial Analysis:  Over the past 6 months, properties in this neighborhood have sold in an average of 11 Days on Market,at an average of more than 97% of list price.   This one, being a corner, end of row should sell fairly quickly, despite the upgrades needed in the Kitchen.  I think this is a decent investment opportunity, with good cash-flow potential.  It is also a prime opportunity for a fist-time home buyer.  My opinion is that is should sell at about $75-78K. and needs about 5K in kitchen upgrades.  The other one we saw, a middle unit in the same row, had a mirror image floor-plan, but had a much nicer kitchen, a powder room in the finished basement, and lots of finished space, in lieu of the one-car garage the first one had.  At only about 2K more than the end unit was listed at, I think it is a better overall deal.

(Of course, these opinions are in no way to be confused with an official "appraisal" and should be treated as opinion only.  The opinions expressed about the condition of the homes are based on how the homes "showed" only, and should not take the place of a home inspection.)

If you would be interested in discussing any investment opportunities in Chester, or elsewhere in Delaware County, please contact me.

Comments (1)

Rob Robinson- Lehigh Valley PA
Bertrum Settlements (Title & Abstract) - Allentown, PA
Rich, nice presentation.  This house should sell.
Jun 22, 2007 05:31 PM