8024 Craig St, Philadelphia, PA 19136

The property at 8024 Craig St, Philadelphia, PA 19136 is currently listed at $279,000. While initial search prompts may describe it as a 4-bedroom, 2-bathroom home with 2,000 square feet, recent listing data reveals a crucial detail: this is actually a duplex with one unit currently vacant and the other owner-occupied.

For buyers looking at Philadelphia homes for sale under $300,000, this presents a unique opportunity. Whether you are a first-time buyer looking to offset your mortgage with rental income or an investor seeking a Philadelphia real estate investment, a multi-unit property at this price point in the 19136 zip code is worth a closer look.

This review breaks down the verified facts, the financial estimates, and the critical questions you need to ask before making an offer.

Property Overview Here is the verified data available from current real estate listings for this property.

Feature Details Address 8024 Craig St, Philadelphia, PA 19136 Asking Price $279,000 Property Type Duplex (Multi-Unit) Total Living Area 2,000 sq ft Price per Sq Ft $139.50 Bedrooms 4 (combined total) Bathrooms 2 (combined total) Year Built 1970 Lot Size 0.05 Acres Heating/Cooling Central / Central Air Listing Status Coming Soon (Showings begin Oct 28) Important Note on Layout: The 4 bedrooms and 2 bathrooms are the combined totals for the entire building. It is highly likely that each unit contains 2 bedrooms and 1 bathroom, but buyers must verify the exact floor plan with the listing agent before assuming a specific layout.

Location Analysis The 19136 zip code sits in the lower Northeast section of Philadelphia, encompassing neighborhoods like Holmesburg and Pennypack. This area is known for its classic Northeast Philadelphia rowhomes and twins, primarily built in the mid-20th century.

Transportation and Amenities

Transit: The area is served by bus networks along Frankford and Torresdale Avenues. The Holmesburg Junction Regional Rail station provides access to Center City. It is not directly on the subway line, which is typical for this part of the Northeast.

Walkability: With a Walk Score of 58, the area is "Somewhat Walkable," meaning some errands can be accomplished on foot.

Green Space: Pennypack Park, a massive 1,600+ acre green space, runs through the area and is a major asset for residents.

Shopping and Dining: The Frankford Avenue commercial corridor provides local shopping and dining options. There are roughly 78 restaurants, bars, and coffee shops within the zip code.

For a buyer looking for a stable, residential feel with access to city amenities, 19136 offers a practical middle ground.

Is $279,000 a Good Price? To determine if this is a fair price, we must look at the broader market data for the 19136 zip code.

Median Listing Price: Recent data for the zip code shows a median listing price of around **$250,000**. At $279,000, this property is priced slightly above the median.

Price per Square Foot: The asking price translates to $139.50 per square foot**. However, market data suggests the median price per square foot in 19136 is closer to **$197. This discrepancy is likely because duplexes are often valued differently than single-family homes, and the 2,000 sq ft figure may include shared spaces or be calculated differently.

Comparable Sales: A nearby 3-bed, 2-bath townhouse on Solly Ave is listed at $302,500 (approx. $163/sq ft). A smaller 3-bed, 1-bath home on Loring St is listed at $199,000.

Verdict on Price: The price appears competitive for a multi-unit property that offers income potential. The lower price per square foot compared to single-family homes suggests the value is in the building's utility as an income-producing asset rather than purely its size. Buyers should request recent comparable duplex sales in the immediate area from their agent.

Monthly Mortgage Payment Estimate To help you budget, here is an estimated monthly payment based on a standard 30-year fixed mortgage.

Assumptions

Purchase Price: $279,000

Down Payment (20%): $55,800

Loan Amount: $223,200

Interest Rate: 6.5% (Illustrative rate; actual rates vary)

Loan Term: 30 Years

Expense Category Estimated Monthly Cost Principal & Interest ~$1,411 Property Taxes ~$250 (Estimated) Homeowners Insurance ~$100 (Estimated for a duplex) Total Estimated Payment ~$1,761 Note: This is an estimate. Actual taxes and insurance will vary based on the final assessment and your insurance provider. If you put down less than 20%, Private Mortgage Insurance (PMI) would also apply.

Property Taxes and Ownership Costs Property Taxes: Philadelphia property taxes are based on the assessed value. The property's assessed value from a 2014 record was $149,800, but that is outdated. The current tax bill should be verified with the City of Philadelphia's property records. As a rough estimate, based on the listing price and typical millage rates, annual taxes could be in the range of $3,000 to $4,000.

Other Costs to Budget For

Insurance: A duplex may require a specific landlord or multi-family policy, which can be slightly higher than a standard single-family policy.

Maintenance: As a 1970-built property, expect ongoing maintenance. A rule of thumb is to set aside 1% of the property value annually for repairs (approx. $2,790/year).

Utilities: The listing indicates public water and sewer. You will need to clarify with the agent whether the units are separately metered for gas and electricity.

Investment Potential and Rental Income This is where the property becomes most interesting for investors. The listing explicitly states that one unit is currently vacant, and the second is owner-occupied.

Rental Market Context (19136)

The median rent in the 19136 zip code is approximately $1,600 per month.

However, a recent market report noted a gap between listed rents and actual rented prices in this specific area, with a median rented price closer to $1,400 in a recent month.

Potential Strategy

If the vacant unit rents for a conservative $1,300–$1,400 per month, that income would cover a significant portion of the estimated $1,761 monthly mortgage payment. This is the classic "house hacking" strategy: live in one unit and let the tenant in the other unit pay down your mortgage.

Critical Warning: Do not rely on online "rental estimates" (like those on Zillow or Movoto). You must verify actual rental rates for comparable 2-bedroom units in the immediate vicinity with a local property manager or by checking current active listings.

Pros and Cons

Pros

Income Potential: The duplex configuration allows for rental income to offset the mortgage.

Affordability: At $279,000, it is priced below many single-family homes in better-known Philadelphia neighborhoods.

Desirable Features: Central air conditioning is a major plus for tenant retention.

Location: Close to Pennypack Park and major bus routes.

Cons

Shared Living: You will be living in close proximity to tenants (if you occupy the other unit).

Age and Condition: Built in 1970, the property may need updates to plumbing, electrical, or roofing. A thorough inspection is essential.

Uncertainty: The listing is "Coming Soon," so interior photos and a full assessment of the condition are not yet publicly available.

Taxes: Philadelphia's tax structure can be complex; verify the exact bill.

What Buyers Should Check Before Purchasing

Before making an offer on 8024 Craig St, use this checklist

Verify the Listing Status: Confirm with the agent that the property is actively available and the price is current.

Get a Full Inspection: Hire a licensed inspector to check the roof, HVAC, plumbing, and electrical systems. For a duplex, ensure both units are inspected.

Confirm Zoning and Legality: Verify with the city that the property is legally zoned as a duplex and that any recent renovations were permitted.

Review the Rent Roll: Ask the seller for the current lease agreement for the occupied unit and the rental history for the vacant unit.

Check for Liens: A title search will reveal any outstanding debts or liens on the property.

Calculate Your Numbers: Use the actual tax bill (not the estimate) and a realistic rent figure to determine if the cash flow works for your budget.

Separate Utilities: Confirm if there are separate electric and gas meters for the two units. This is crucial for landlord-tenant relations.

Frequently Asked Questions 1. Is 8024 Craig St, Philadelphia, PA 19136 worth $279,000? It depends on your goal. For an owner-occupant who wants rental income to offset costs, it can be a smart move. For a pure investor, the numbers must work based on actual rents and expenses. It is priced comparably to other multi-unit properties in the area.

2. What is the price per square foot? Based on the listed 2,000 sq ft, the price is $139.50 per square foot. However, for a duplex, this metric is less useful than the income approach (price vs. rent).

3. What is the estimated monthly mortgage payment? With 20% down and a 6.5% interest rate, the principal and interest would be roughly $1,411**. Including estimated taxes and insurance, the total could be around **$1,761.

4. Is this property suitable for rental investment? Yes, potentially. The vacant unit is ready for a tenant. However, you must verify the achievable rent for the area and factor in maintenance costs. The 19136 market is stable but not high-growth, so this is a cash-flow play, not a quick-flip opportunity.

5. What should buyers verify before making an offer? Verify the legal duplex status, the condition of major systems (roof, HVAC), the actual property tax bill, and the current rental market rates for similar 2-bedroom units in Holmesburg.