$130K row in Olney. 3 bed, 1 bath, daylight basement. Closed May 22 — never hit the open market.
The seller came to me directly. Estate-track sale, motivated to move, didn't want the listing circus. I had a buyer in mind before I had a sign in the yard. That's the part most realtors won't tell you about how the best deals in Philly actually move — they don't sit on MLS, they move through relationships.
Here's why I'm writing this one up first. Four months ago, 6119 N 6th St — five blocks from this property, same Olney corridor — sold as-is for $139,000. Investor bought it. Renovated it. Resold it January 2nd for $289,900. Same property. Five months. $150,900 spread.
I'm not gonna lie — when I underwrote 143 W Spencer, my first thought wasn't "great opportunity." My first thought was someone already proved this exact play five blocks away, and the receipts are on the MLS. That's the whole reason I'm doing the Brief format publicly with this one. The math isn't theoretical. It already happened on this corridor in the last 90 days.
The buyer of 143 W Spencer is using a hard money loan to fund both the purchase and the $49,600 rehab — closing this Friday with about $15K + closing costs out of pocket after a $10K seller assist.
I brokered this loan through Clear Property Solutions, my loan brokerage arm. All-in after the $10K seller assist: $169,600 against a $280K ARV. That's $110K of forced appreciation, baked in before she paints a wall.
Hard money fits this deal because the property doesn't qualify for FHA in current condition, and the rehab is too big to fold into a conventional loan without 203k complexity. The play: close fast on hard money, renovate in 60–90 days, season for 6 months, refi into a long-term DSCR or conventional investor loan at the new ARV.
If you're looking at this as your first investment property — the structure is the lesson, not the property.
$210K refi loan at 7.735% (75% LTV against $280K ARV). Of that, ~$185K pays off the hard money. The remaining ~$25K comes back to her in cash — every dollar she put in at closing.
| Line Item |
Monthly |
Annual |
| 5BR HCV Rent (Group 2, 19120) |
$2,553 |
$30,636 |
| − Vacancy (5%) |
−$128 |
−$1,532 |
| − Maintenance reserve |
−$125 |
−$1,500 |
| − Property taxes |
−$185 |
−$2,225 |
| − Insurance |
−$125 |
−$1,500 |
| = Net Operating Income |
$1,990 |
$23,879 |
| − Mortgage P&I ($210K @ 7.735% × 30yr) |
−$1,502 |
−$18,027 |
| = NET CASH FLOW |
$487 |
$5,852 |
Read that table again. Because here's what's actually happening: the property cash-flows $487/mo with zero of her own capital sitting in it. That's a velocity play. The $25K she got back goes straight into deal #2.
Two deals a year — that's the play she's running. Year one, she does this twice. By month 12, she's holding ~$1,000/mo of cumulative cash flow on assets where none of her own capital is sitting still. That's how a portfolio gets built.
5BR HCV holders in 19120 are a real demand pool. Less visible than the 3BR market, but consistently underserved.
