Welcome to 1325 N Franklin Street — a true gem in the heart of Ludlow / Olde Kensington, one of Philadelphia’s most desirable and fast-growing neighborhoods! This quadruplex offers an incredible blend of comfort, income potential, and long-term appreciation surrounded by million-dollar new construction and vibrant city life. Step inside to discover four spacious units that all feel like home. The first-floor unit spans the full length of the property and features 3 bedrooms, 2 full baths, and a bright, open layout that feels more like a single-family home. Upstairs, you’ll find two stylish 2-bedroom, 1-bath units and a unique bi-level 2-bedroom, 2-bath unit that faces the front of the building (currently the only unit rented for $1,600/month)—each filled with natural light, high ceilings, and warm character. All units feature granite countertops, central air, and separate utilities, ensuring easy management and modern comfort. The basement provides shared laundry and even has the potential to be converted into another unit or studio space—offering even more upside for the savvy investor. The property recently received new star bolts, ensuring long-term structural security and peace of mind. Here’s where it gets exciting: this property has incredible income potential, with market rents in this zip code reaching approximately $2,850/month for the 3-bedroom and $2,350/month for the 2-bedrooms — a potential $9,900 per month in gross rental income! Two tenants are currently below market, giving the next owner a golden opportunity to maximize cash flow or add value through updates. Whether you’re looking to live in one unit and let the others pay your mortgage, operate as an Airbnb, or even convert into individual condos (with nearby units selling for $300K+ each), the possibilities here are limitless. Located minutes from Temple University, Northern Liberties, Fishtown, and Center City, 1325 N Franklin offers the best of both worlds—urban accessibility and a neighborhood vibe that continues to rise in value. Walk to local favorites like ReAnimator Coffee, Laser Wolf, and Stateside Vodka, or hop on public transportation for an easy city commute to Center City, Northern Liberties or Fishtown. With strong rental demand, long-term appreciation, and multiple exit strategies, 1325 N Franklin St is more than a property—it’s an opportunity to create wealth, stability, and freedom.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
