When investors are looking for properties to flip, location is often among their top considerations. The ability to make updates that include original details is a bonus. The cachet of a well-known previous owner can be the linchpin.
It was realtor Juliet Cordeiro who found the trifecta for clients looking for an investment property.
“The purpose was to buy, renovate and then re-sell the house,” Cordeiro said.
She identified a six-bedroom Lower Merion home that was ready for renovation and previously owned by the man known for developing the first live-virus polio vaccine, Hilary Koprowski.
Her clients, under the investment firm Flip Kings, bought the nearly 8,000-square-foot home and immediately began renovations.
“They totally renovated the home,” Cordeiro said. “But it still has a classic charming quality.”
While the investors installed a new, high-end kitchen with luxury, stainless-steel appliances and refitted each of the six full baths and the powder room, they also kept features like the wood ceilings in the first-floor great rooms.
A first-floor suite could be used as a master bedroom or as an in-law or au pair suite. The en-suite space includes a private entrance with direct outside access.
The home’s location across the street from Lower Merion High School also made it an easy sell, Cordeiro said.
“This is an excellent school district, beautiful neighborhood and great location because of the proximity to Philly for those who commute for work,” she said.
Cordeiro predicts that the Fairhill property will be one in a deluge of flipped homes coming to market in the region.
“This area has many, many old homes,” she said. “There has been a big jump in investors buying and flipping homes in this area.”
The home is currently listed for $1,879,000.