Can a $120,000 Philadelphia rowhome become a practical cash-flow rental after repairs? The Cash Flow Property Finds video on 650 E Raymond St highlights a property in Philadelphia's 19120 ZIP code that fits an under-$125K search.
The price is only the starting point. When this article was checked on October 18, 2026, the Bright MLS-derived listing showed the home for sale at $120,000 and described it as a fixer-upper that needs updating and repairs. The listing does not provide a verified lease or rent roll, and public records conflict with the MLS on bedrooms, bathrooms, and finished living area.
YouTube blocked public caption access during this review. No price, rent, expense, or return below is attributed to the video; the figures come from independently checked listing records, Philadelphia assessment data, current asking-rent evidence, and clearly labeled scenarios.
650 E Raymond St at a glance
| Detail | Current public information |
|---|---|
| Address | 650 E Raymond St, Philadelphia, PA 19120 |
| Asking price checked October 18, 2026 | $120,000 |
| MLS bedrooms and bathrooms | 2 bedrooms, 2 full bathrooms |
| MLS interior size | 1,121 square feet |
| Philadelphia OPA record | 3 bedrooms, 1 bathroom, 800 square feet of living area |
| Lot | 1,104 square feet |
| Year built | 1930 |
| Building type | Two-story brick rowhome / townhouse |
| Basement | Full basement; MLS describes a second bathroom and rear access |
| Heating and cooling | Forced-air gas heat; no cooling listed |
| Zoning | RM-1 |
| Current MLS | PAPH2669622 |
| Current listing date | September 11, 2026 |
| 2027 OPA assessment | $146,500 |
| Forward rental-tax screen | Approximately $2,051 annually if the current homestead exemption is removed |
The current Realtor.com listing shows $120,000, 2 bedrooms, 2 bathrooms, 1,121 square feet, a full basement, gas heat, and public water and sewer. It also identifies the house as a fixer-upper and a value-add project. Those are listing claims to verify—not warranties about condition or legal use.
The photos reinforce the repair warning. They show hardwood flooring and a traditional rowhome layout, but also dated finishes, visible wear, and a large open section of ceiling in the kitchen. A photograph cannot establish whether that opening came from a roof, plumbing, electrical, structural, or unfinished-repair issue. The cause, affected materials, permits, and complete repair scope need professional investigation.
The record conflict matters
Bright MLS reports 2 bedrooms, 2 full bathrooms, and 1,121 square feet. Philadelphia's Office of Property Assessment reports 3 bedrooms, 1 bathroom, and only 800 square feet of total living area, while also showing 1,121 square feet as total area. The MLS places the second bathroom in the basement.
This is not a minor paperwork detail. Before valuing either the extra bedroom or basement bathroom, verify:
- the legal bedroom and bathroom count;
- whether the basement space is approved for its present use;
- permits for plumbing, electrical, and construction work;
- the legal occupancy and RM-1 zoning use;
- the appraisal and insurance treatment of the lower-level space; and
- whether the 800- or 1,121-square-foot figure is appropriate for rent and resale comparisons.
Until that work is complete, underwrite the home as a property with an unresolved record discrepancy—not as a guaranteed 2-bedroom, 2-bath rental.
Is the $120,000 asking price current?
The Bright MLS-derived page displayed for-sale status at $120,000 and MLS PAPH2669622 when checked October 18, 2026. It showed a September 11, 2026 listing date and had been refreshed by the portal shortly before the review.
The source video was published October 11, 2026, after the current listing date. Because its public transcript could not be retrieved, this article does not assume what asking price or financial inputs appeared in the video. Confirm current status, offer instructions, access, title, possession, and seller disclosures with the listing agent before paying for inspections or reports.
What rent can the evidence support?
The sale listing does not advertise an existing tenant, executed lease, security deposit, or rent roll. Every rent amount in this article is therefore a prospective scenario, not current income.
Nearby 19120 asking-rent evidence available during this review included:
| Asking-rent evidence | Advertised property details | Advertised rent |
|---|---|---|
| 141 E Wyoming Ave Apt 1 | 2 beds, 1 bath, 922 sq. ft. | $1,300 |
| 110 W Tabor Rd | 2 beds, 1 bath, 1,875 sq. ft. | $1,350 |
| 5829 Reach St Unit 1 | 2 beds, 1 bath, 950 sq. ft. | $1,600 |
| 133 E Walnut Park Dr | 2 beds, 1 bath, 1,682 sq. ft. | $1,600 |
These are advertisements, not executed leases. They vary in size, exact location, property type, finish, utilities, and amenities. The Raymond Street home's current repair condition and unresolved square-footage and bathroom records reduce the usefulness of any simple average.
For a first-pass screen, this article tests $1,300, $1,450, and $1,600 per month. None is a rent opinion. Before relying on a figure, obtain written opinions from at least two local property managers and ask for recently executed leases involving similar rowhomes in comparable condition. Confirm who pays water, licensing costs, concessions, leasing time, appliances, and the effect of any legally recognized basement bathroom.
Why the current tax bill may not follow the buyer
Public tax history shows an approximately $528 bill for 2026, but Philadelphia assessment records also show a $100,000 Homestead Exemption. That exemption is for an owner who owns and lives in the home as a primary residence. A buyer operating the property as a rental should not assume it will continue.
For 2027, the City's assessment data shows a $146,500 market value. Applying Philadelphia's currently published 1.3998% real-estate tax rate without the homestead exemption produces a forward screening amount of approximately $2,051 per year:
| Tax input | Amount |
|---|---|
| 2027 assessed market value | $146,500 |
| Current published tax rate | 1.3998% |
| Approximate annual tax without Homestead Exemption | $2,051 |
The seller's reduced bill is not the right default for a non-owner-occupied rental analysis. Obtain the current tax certificate, confirm when the exemption will be removed, and check the next assessment and bill before closing. Rates, assessments, exemptions, and appeal outcomes can change.
A conservative cash-purchase screen
The following model starts with the $120,000 asking price and an illustrative $152,000 cash basis:
| Cash-basis component | Modeled amount |
|---|---|
| Purchase price | $120,000 |
| Closing-cost allowance | $7,000 |
| Illustrative renovation allowance | $25,000 |
| Illustrative basis before carrying costs and operating reserves | $152,000 |
The $25,000 renovation figure is a placeholder, not a contractor estimate. The open kitchen ceiling, dated finishes, basement, roof, systems, permitting, and record discrepancies could make the actual scope lower or substantially higher. Obtain itemized bids and include contingency and carrying time.
The operating screen assumes the tenant pays utilities. It includes 5% vacancy, 10% routine maintenance, 8% management, a separate 5% capital-replacement reserve, $2,051 in forward-screened tax, and a $1,800 annual insurance placeholder. It excludes financing and income taxes.
| Monthly rent scenario | Scheduled annual rent | Vacancy, maintenance, management and capital allowances | Tax and insurance | Annual amount after modeled expenses | Monthly equivalent before financing | Preliminary yield on $152,000 basis |
|---|---|---|---|---|---|---|
| $1,300 | $15,600 | $4,368 | $3,851 | $7,381 | $615.08 | 4.86% |
| $1,450 | $17,400 | $4,872 | $3,851 | $8,677 | $723.08 | 5.71% |
| $1,600 | $19,200 | $5,376 | $3,851 | $9,973 | $831.08 | 6.56% |
These are screening outputs, not guaranteed net operating income or spendable cash flow. The model omits owner-paid water or other utilities, leasing fees, rental licensing, lead certification, legal and accounting costs, security, pest control, snow removal, extraordinary turnover, renovation overruns, and repairs beyond the placeholder.
The result is sensitive to renovation cost. At the $1,450 rent scenario, the same $8,677 annual amount produces:
| Renovation allowance | Total modeled cash basis | Preliminary yield |
|---|---|---|
| $15,000 | $142,000 | 6.11% |
| $25,000 | $152,000 | 5.71% |
| $40,000 | $167,000 | 5.20% |
That is the core lesson: the asking price is under $125,000, but the deal depends on the verified renovation scope, achievable post-repair rent, tax treatment, and total cash invested.
For another Philadelphia fixer-upper screen, see our 2105 E Elkhart St rental analysis. Then replace every placeholder with verified figures in the Cash Flow Property Finds Deal Analyzer.
Cash or halal financing
An all-cash screen separates property operations from financing and makes the renovation sensitivity easier to see. Count the purchase, closing costs, renovation, permits, carrying costs, and opening reserves in total cash invested.
If financing is needed, the Cash Flow Property Finds approach uses a certified halal / Sharia-compliant provider. Model the provider's actual upfront contribution, acquisition charges, payment schedule, ownership arrangement, reserve requirements, property standards, and qualification rules. Have qualified legal and religious advisers review the provider's certification and contract.
Do not substitute conventional-loan assumptions for a provider's documents. Financing payments reduce the amount available to the investor, and approval, valuation, refinance, and future terms are never guaranteed.
Due diligence before making an offer
- 1Reconfirm the listing. Verify the $120,000 price, active or pending status, MLS PAPH2669622, access, seller disclosures, offer terms, title, and possession.
- 2Resolve the public-record conflict. Match the deed, parcel 421016700, legal use, RM-1 zoning, Certificate of Occupancy history, bedrooms, bathrooms, finished area, and basement layout. Search permits and open violations.
- 3Investigate the kitchen ceiling. Determine why it is open and inspect the roof, plumbing, wiring, framing, moisture, mold risk, insulation, and prior repair work. Confirm required permits and the complete restoration scope.
- 4Inspect the whole building. Use qualified professionals to evaluate the flat roof, masonry, foundation, basement moisture, sewer lateral, water service, electrical panel and wiring, gas service, heating equipment, water heater, windows, pests, and environmental hazards.
- 5Build a written renovation budget. Obtain itemized bids, a permit plan, contingency, timeline, utility costs, and vacancy carrying costs. Do not treat the $25,000 scenario as a quotation.
- 6Prove post-repair rent. Seek executed leases for nearby rowhomes with similar legal size, room count, and condition. Ask managers about concessions, tenant demand, leasing time, utilities, and compliance costs.
- 7Verify taxes and insurance. Confirm the Homestead Exemption removal, assessment, delinquency status, and next bill. Get a landlord-policy quote that covers the actual condition and any renovation vacancy.
- 8Price Philadelphia rental compliance. Confirm legal occupancy, tax and code compliance, the Rental License, Certificate of Rental Suitability, local managing-agent rules, and lead-safe or lead-free certification for this pre-1978 property.
- 9Stress-test the exit. Model lower rent, longer repairs, a larger scope, higher insurance, unpaid utilities, a prolonged vacancy, and one major system replacement. Base the maximum offer on the stressed all-in cost.
Philadelphia's official long-term rental guidance explains current licensing, legal-occupancy, Certificate of Rental Suitability, and lead-safety requirements. Confirm how they apply to this property with the City and qualified local professionals.
Frequently asked questions
Is 650 E Raymond St currently listed for $120,000?
The Bright MLS-derived listing showed the property for sale at $120,000 when checked October 18, 2026. It identified MLS PAPH2669622 and a September 11, 2026 listing date. Price and availability can change, so confirm both directly before relying on them.
Is the property already collecting rent?
No verified lease, rent roll, or existing rent appears in the sale listing. The $1,300, $1,450, and $1,600 amounts are prospective screening scenarios—not current income or promised market rent.
Is it a legal 2-bedroom, 2-bath home?
That needs verification. Bright MLS says 2 bedrooms and 2 full bathrooms, with one bathroom in the basement. Philadelphia OPA says 3 bedrooms, 1 bathroom, and 800 square feet of living area. Check occupancy records, permits, appraisal treatment, and the physical layout before valuing the second bathroom or any basement space.
Does the current $528 tax bill apply to a rental buyer?
Do not assume it does. The public assessment record shows a $100,000 Homestead Exemption, which requires owner occupancy. The forward rental screen uses approximately $2,051 based on the $146,500 assessment and current 1.3998% rate without that exemption. Verify the actual bill and removal timing.
Is the $25,000 renovation allowance enough?
It is only a sensitivity input. The listing says the home needs repairs, and the photos show a large open section of kitchen ceiling. Only an inspection, permit review, and itemized contractor bids can establish the scope.
Can this property be purchased with halal financing?
Potentially, if the buyer and property meet a certified provider's requirements. Use the provider's written contribution, payment, fee, ownership, reserve, and property-condition terms. Certification and contract review should come from qualified advisers.
Source video: Would This Philadelphia Rental Property Cash Flow? | 650 E Raymond St, Cash Flow Property Finds, published October 11, 2026. YouTube blocked public caption access during this review, so this article does not repeat or infer numerical claims from the video. Listing prices, availability, rent advertisements, taxes, regulations, property condition, and financing terms are time-sensitive. Educational analysis only; no rental income, financing approval, appraisal, refinance, or return is guaranteed.
Cover image is illustrative stock photography and does not show 650 E Raymond St. Use the linked listing for property-specific images.
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