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2010 Gorman St
Philadelphia, PA

2010 Gorman St

$399,000
3 bd • 2 ba • 1,720 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$399,000

Price/Sq.Ft

$232

Year Built

1957

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 2010 Gorman St, Philadelphia, PA 19116 offers several attractive features: 1. Location: Situated in the high-demand Somerton neighborhood, it provides a suburban feel with easy city access. The property is within walking distance to schools and close to major roads, shopping centers, parks, and restaurants, enhancing its appeal. 2. Price: At $399,000 or $231.98/sqft, it's competitively priced compared to the median home value in Philadelphia ($227,100 as of 2021). 3. Size: With 1,720 sqft, it's spacious compared to many Philadelphia homes, offering 3 bedrooms and 2 bathrooms. 4. Features: The property boasts hardwood flooring, recessed lighting, a large kitchen with refinished cabinets, and ample closet space. The fully finished basement adds significant living space. 5. Outdoor Space: It features both a large backyard and a front patio, rare for many Philadelphia homes. 6. Climate Risks: The property has minimal flood (1/10) and fire (1/10) risks, which is excellent for insurance costs and long-term stability. 7. Schools: Proximity to well-rated schools like C.C.A. Baldi Middle School (8/10 rating) adds value for families. 8. Appreciation: The property has shown significant appreciation, increasing from $103,500 in 2000 to the current listing of $399,000, a 285.5% increase over 25 years. 9. Rental Potential: With average 3-bedroom rental rates in the area at $1,789/month, it could generate a good rental income if desired.

The Bad

1. Age: Built in 1957, the property is 67 years old, which may require more maintenance and updates compared to newer constructions. 2. Market Duration: At 12 days on the market, it's slightly above the Philadelphia average of 10 days, suggesting potential pricing or condition issues. 3. Air Quality: The property has a major air quality risk (5/10), with 6 bad air days per year, which could be a health concern for some buyers. 4. Heat Risk: With a major heat risk (6/10) and 7 hot days per year reaching 103°F, cooling costs and comfort could be issues. 5. Wind Risk: The major wind risk (6/10) is listed as critical for insurance, potentially leading to higher premiums. 6. School Quality: While middle school options are good, the nearby Washington George High School has a low rating (3/10), which could be a concern for families with older children. 7. Property Taxes: Philadelphia has relatively high property taxes, which could increase the overall cost of ownership. 8. Wage Tax: Philadelphia's wage tax for residents (about 3.8%) could impact the overall affordability for some buyers. 9. Limited Parking: The listing mentions access to a garage, but it's unclear if it's a one or two-car garage, which could be an issue in a city where parking is often at a premium.

The Ugly

1. Potential Hidden Costs: As a twin/ranch style home, there may be shared wall issues or responsibilities that aren't immediately apparent. This could lead to unexpected repair costs or disputes with neighbors. 2. Structural Concerns: The stone exterior, while attractive, may require specialized maintenance. The retaining wall visible in the images appears to be aging and may need repairs or replacement soon, which could be a significant expense. 3. Basement Moisture: Given the age of the home and the finished basement, there's a risk of hidden moisture issues or mold. The renovation of the basement may have covered up potential problems. 4. Outdated Systems: At 67 years old, major systems like plumbing, electrical, and HVAC may be nearing the end of their lifespan, even with some updates. Replacing these could cost tens of thousands of dollars. 5. Energy Efficiency: Older homes often lack modern energy-efficient features, potentially leading to high utility bills, especially given the heat risk in the area. 6. Asbestos and Lead: Given the age of the home, there's a high likelihood of asbestos-containing materials and lead-based paint, which could be costly to remediate if disturbed during renovations. 7. Foundation Issues: The uneven snow melt pattern visible in the exterior photos could indicate heat loss through the foundation, suggesting potential insulation or structural issues. 8. Market Volatility: While the property has appreciated significantly since 2000, this rate of growth may not be sustainable. There's a risk of market correction, especially given current economic uncertainties. 9. Zoning Restrictions: As a twin home, there may be limitations on future expansions or modifications, potentially limiting long-term value appreciation.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. First-time homebuyers or young families who prioritize space and a suburban feel while maintaining city access. The 3-bedroom layout and finished basement provide ample room for growth. 2. Buyers with a household income of approximately $100,000-$120,000, based on a 28% front-end debt-to-income ratio for a $399,000 home with 20% down payment. 3. Those who value proximity to good schools, particularly for elementary and middle school-aged children. 4. Buyers comfortable with and capable of handling ongoing maintenance and potential renovations in an older home. 5. Individuals or families who appreciate outdoor space, with both a backyard and front patio available. 6. Those who work in the city but prefer a quieter, more suburban residential area. 7. Investors looking for a property with long-term appreciation potential and possible rental income, given the area's average rental rates. 8. Buyers who prioritize low flood and fire risk in their property selection. 9. Those who value the character and solid construction of older homes, particularly the stone exterior aesthetic.

Not For

This property is not ideal for: 1. Buyers seeking a move-in ready, modern home with all updated systems and features. 2. Families with high school-aged children, given the low rating of the nearby high school. 3. Those with respiratory issues or sensitivities, due to the major air quality risk in the area. 4. Buyers on a tight budget who can't afford potential major repairs or system replacements in the near future. 5. Individuals highly sensitive to heat, given the area's major heat risk and potentially high cooling costs. 6. Those seeking a low-maintenance lifestyle, as older homes typically require more upkeep. 7. Buyers looking for maximum energy efficiency without significant upgrades. 8. Investors seeking short-term, high-yield returns, as the property's value may be nearing a plateau after significant appreciation. 9. Those uncomfortable with the potential presence of hazardous materials like asbestos or lead paint, common in homes of this age. 10. Buyers who prioritize new construction or homes with transferable warranties on major systems. 11. Individuals who require or prefer single-level living, as this twin/ranch style may have stairs to the basement or second floor.
Demographics
Area Median Income

$59,390

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Risk Assessment

Climate Risks

heatMAJOR

7 extreme heat days per year

98th percentile: 103°F

windMAJOR

Insurance: Required

airMAJOR

6 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

1. Climate Risks: While flood and fire risks are minimal, the property faces major wind (6/10), heat (6/10), and air quality (5/10) risks. This could lead to higher insurance premiums, increased cooling costs, and potential health concerns. 2. Structural Integrity: The age of the home (67 years) increases the likelihood of hidden structural issues, particularly in the foundation or roof. The stone exterior, while attractive, may require specialized and costly maintenance. 3. System Failures: Major systems (plumbing, electrical, HVAC) may be nearing the end of their lifespan, risking expensive replacements in the near future. Estimated costs: HVAC ($5,000-$10,000), Electrical panel upgrade ($1,500-$3,000), Plumbing overhaul ($5,000-$15,000). 4. Hazardous Materials: High probability of asbestos-containing materials and lead-based paint, which could pose health risks and significant remediation costs if disturbed during renovations. 5. Market Volatility: The property has seen substantial appreciation (285.5% since 2000), but this rate may not be sustainable. There's a risk of market correction, especially in uncertain economic times. 6. Shared Wall Issues: As a twin home, there may be disputes or shared repair costs with neighbors, potentially leading to unexpected expenses or legal issues. 7. Zoning Restrictions: Future expansions or major modifications may be limited due to the property type and local regulations, potentially capping long-term value appreciation. 8. School District Challenges: While elementary and middle schools are well-rated, the low-rated high school (3/10) could impact long-term property values and desirability for families. 9. Energy Efficiency: Older homes often have poor insulation and inefficient systems, leading to higher utility costs. Upgrading to energy-efficient features could cost $10,000-$20,000 or more. 10. Basement Moisture: The finished basement may hide potential moisture or mold issues, which could be costly to remediate if discovered. 11. Property Tax Increases: Philadelphia's property taxes have been subject to reassessments, which could lead to significant increases in annual costs. 12. Insurance Challenges: The critical wind risk rating may lead to higher insurance premiums or difficulty obtaining comprehensive coverage.
Insurance
Annual Cost

$1,436

$120 per month

Financials

Monthly Costs

Price History

Property Taxes

$3,512
2024 Tax Assessment
Assessed Value$250,900
Tax Rate1.40%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$367,667

-7.9% below list price

Median Price

$350,000

Based on 6 recent sales

Price per Sq.Ft

$215

Comparable Properties

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Price: $350,000
Sq.Ft: 1,792
Beds/Baths: 4/2
$/Sq.Ft:
$19515.8%
Sale Date: 10/8/2024
9853 WISTARIA ST, PHILADELPHIA, PA 19115
Price: $435,000
Sq.Ft: 2,058
Beds/Baths: 4/2
$/Sq.Ft:
$2118.9%
Sale Date: 11/11/2024
1009 PIERMONT ST, PHILADELPHIA, PA 19116
Price: $411,000
Sq.Ft: 1,652
Beds/Baths: 4/2
$/Sq.Ft:
$2497.2%
Sale Date: 8/29/2024
2843 COMLY RD, PHILADELPHIA, PA 19154
Price: $325,000
Sq.Ft: 1,584
Beds/Baths: 3/2
$/Sq.Ft:
$20511.6%
Sale Date: 8/24/2024
1016 BARLOW ST, PHILADELPHIA, PA 19116
Price: $335,000
Sq.Ft: 1,492
Beds/Baths: 3/2
$/Sq.Ft:
$2253.2%
Sale Date: 8/24/2024
9706 HOFF ST, PHILADELPHIA, PA 19115
Price: $350,000
Sq.Ft: 1,728
Beds/Baths: 4/3
$/Sq.Ft:
$20312.7%
Sale Date: 11/8/2024

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