Urban & Bye, a realty company that mostly focuses on student rentals in University City and West Philly, put this triplex on the market six days ago. Though the listing copy doesn't mention any of the tell-tale fixer-upper phrases, the exterior paint and lack of interior photography fills in the gap.
Though it's a triplex, this building is zoned as a duplex, and has an "owner's suite" on the first floor. While there are certainly drawbacks to being an owner-occupant of rental buildings, there are also definite advantages: it allows you to have a rental property without jumping through the bureaucratic hoops associated with a rental property that you don't live in.
Then again, is this place somewhere you'd want to live? The location is great, but it looks like you'd have at least six months of work in store.
Size: Three units: a bi-level two bedroom on the first floor and part of the second floor, a small efficiency on the remainder of the second floor, and a "junior" (read: tiny) one bedroom on the third floor.
Amenities include: Front porch, back yard, the opportunity to live right below your tenants.
Asking price: $495,000
· 238 S. Melville Street [Trulia]