| Writer at Phillymag.com
Philadelphia’s affordable (by big-city standards) housing stock turns out to be an ace in the hole not only for would-be home buyers but for would-be house flippers as well. But according to a study recently released by the financial-advice site WalletHub, that huge advantage comes with an equally large downside: high renovation costs.
The two factors together landed Philadelphia near the bottom of the middle of the pack when WalletHub ranked the 150 largest cities in the US for their potential for happy house-flipping. While the city placed third for market potential, based largely on its whopping 107.3 percent gross return on investment, a first-place figure shared by four other cities at least — its remodeling-cost and quality-of-life rankings were near the bottom: 111th and 126th out of 150, respectively. Thus the city ranked 87th overall as a place where house-flippers can realize their goals. Read More…
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