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Good housing that pays / cover

Good housing that pays /

Chapter 26: Rent Collections
By Fullerton L. Waldo
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History - AmericanSociology

About This Book

The work opens with a portrait of the reformer whose practical ideals inspired a Philadelphia association, then traces the organization's founding, property acquisitions, and methods for preserving and improving modest family housing. It describes on-site inspections, renovations of courts and row houses, construction plans, and the supervisory oversight that coordinates trades and maintenance. The narrative highlights a policy of respectful oversight through rent-collection paired with guidance, fostering cleanliness, thrift, and neighborliness rather than charity. Financial analyses weigh costs and returns, while appendices and illustrations document layouts and before-and-after conditions across the association's growing portfolio.

APPENDIX III
Tables Showing Work and Growth, Income and Valuation of Property of the Octavia Hill Association

Growth of Octavia Hill Association, 1896–1916

Properties Families
Year Total Old New Houses Tenement Total One Family Houses Two Family Houses Tenements
For one Family For two Families
1896 5 5   4   1 10 4   6
1897 14 14   13   1 19 13   6
1898 14 14   13   1 19 13   6
1899 31 31   30   1 36 30   6
1900 34 34   32   2 45 32   13
1901 35 35   32   3 50 32   18
1902 40 40   36   3 56 36 2 18
1903 36 36   33 1 2 48 33 2 13
1904 40 38 2 35 3 2 54 35 6 13
1905 39 37 2 34 3 2 53 34 6 13
1906 46 44 2 39 3 4 67 39 6 22
1907 46 44 2 39 3 4 67 39 6 22
1908 50 48 2 42 3 5 75 42 6 27
1909 65 61 4 54 6 5 93 54 12 27
1910 82 78 4 67 8 7 122 67 16 39
1911 120 116 4 103 10 7 162 103 20 39
1912 124 112 12 101 16 7 172 101 32 39
1913 124 112 12 101 16 7 171 101 32 38
1914 143 131 12 116 20 7 189 116 40 33
1915{ 143 131 {12 {116 {20 7 {189 {116 {40 33
32[1]   {32[1] {16[1] {16[1]   {48 {16 {32  
1916{ 147 143 {6 {121 {18 8 {196 {121 36 36
32[1]   {32[1] {16[1] {16[1]   {48[1] {16[1] 32[1]  

1. Includes houses owned by Philadelphia Model Homes Co.

Character and Growth of Agency Properties

Properties No. Families
Year Total Old New One Family Two Family Tenement Total One Two More than two
1898 17 17   17     17 17    
  29 29   25   3 49 25 2 22
  29 29   25 1 3 49 25 2 22
  37 37   26 3 8 89 26 6 57
  43 43   31 3 9 101 31 6 64
  64 63 1 42 8 14 177 42 16 119
  79 78 1 54 10 15 209 54 20 135
  104 103 1 79 10 15 234 79 20 135
  120 117 3 88 11 21 287 88 22 177
1907 120 117 3 88 11 21 287 88 22 177
  145 142 3 111 13 21 321 111 26 184
  176 173 3 140 15 21 357 140 30 187
  182 178 4 143 16 23 346 143 32 171
  179 175 4 140 16 23 343 140 32 171
  181 177 4 141 14 26 386 141 28 217
  189 185 4 141 13 32 392 141 26 222
1914 210 206 4 168 11 37 435 168 22 251
1915 220 210 4 170 11 39 451 170 22 259
1916 228 214 13 172 18 38 464 172 36 256

Returns on the Four Oldest Properties

Property Years Acquired Net Return 1900 Net Return 1915 Net Return 1916
518 So. 7th St. 1896 4.8% 5.6% 5.4%
529 Lombard St. 1897 4.6% 5.8% 5.6%
Front & League Sts. 1899 4.5% 5.3% 4.6%
514 S. 7th St. 1900 3.1% 5.2% 1.5%

Income from Typical Properties

Location of Properties Date of First Care Income First Year Income Second Year Income 1915 Income 1916
Franklin Court 1906 $1,394.38 $1,534.68 $1,475.09 $1,474.59
502–4–6 Kater St. 1898 437.20 410.50 468.00 468.00
510 South 7th St. 1903 357.35 431.20 454.83 449.70
708 Lombard St. 1909 710.75 720.00 725.50 [2]
304 League St. 1909 241.50 227.00 268.25 274.50
241–3 Queen St. 1910 621.75 724.50 826.05 939.93
414–6 Perth St. 1903 263.75 334.00 336.00 336.00
Webster St. 1899 909.40 968.95 1,055.50 1,024.00
422 Perth St. 1904 165.00 162.00 168.00 168.00
Rodman & Naudain Sts. 1901 1,122.50 1,166.33 1,263.25 1,207.25
521 Randolph St. 1907 280.25 238.25 293.00 288.00
510 Reese St. 1899 222.00 228.35 270.00 250.75
523 Reese St. 1901 446.71 483.95 562.05 535.15

2. Under Alteration in 1916.

The Salaried Workers

Staff Monthly Salary Octavia Hill Association Properties Agency Properties
% of time Amount of Salary % of time Amount of Salary
A $200.00 66.67 $133.34 33.33 $66.66
B 83.33 47.91 39.93 52.09 43.40
C 65.00 50.00 37.50 50.00 32.50
D 70.00 18.97 13.08 81.03 56.91
E 50.00 66.67 33.34 33.33 16.60
F 50.00 43.25 21.62 56.75 28.38
Total $518.33   $273.82   $244.51

Table Showing Per Cent of Original Cost Spent in Repair and Annual Average Net Return in Properties Owned by the Octavia Hill Association

Location Year Purchased Original Cost of Property   Cost of Original Repairs % of Repairs of Original Net Return First Year Net Return 1912 Net Return 1916 Average Annual Net Return No. of Years on Which Revenue Computed
518 S. 7th St. 1896   $7,193.95   $3,333.05 46.33 4.8 3.3 5.4 5.2 17
529 Lombard St. 1897   7,000.00   2,648.90 37.84 4.6 6.0 5.6 5.4 17
Front and League St. 1899   8,500.00   3,171.70 37.31 4.5 3.8 4.6 5.1 17
514 S. 7th St. 1900   3,800.00   317.67 8.35 3.1 6.6 1.6 5.9 16
722–24 Lombard St.} 1904   5,462.95   981.37 17.96} 6.6 5.2 4. 5.4 12
717–19 Nandain St.}     578.68 new houses 3,288.03 }
234–6–8 Monroe St. 1906   12,942.25   1,464.33 11.31 5.6 4.8 4.3 4.4 10
306 League St. 1908   2,655.92   387.78 14.60 3.2 0.9 4.5 2.9 8
516 South 7th St. 1908   5,213.18   458.94 8.80 6.2 4.1 1.6 4. 8
417–21 Perth St. 1909 417 658.84   655.28 99.58} 7.0 6.5 7. 6.7 13
    421 878.57   673.35 76.69}
427–29–31 Montrose St.[3] 1909   9,742.61 (new) 6,218.82 63.83 5.3 4.8 3.8 4.6 6
235–7–9 Queen St. 1910   12,176.80   2,711.16 22.26 4.8 4.9 3.1 3.9 6
304–6–8 Lombard St.[3] 1910   9,075.50   1,983.71 21.85 2.5 3.6 3.0 3.2 6
613 Lombard St. 1910   2,549.40   1,253.58 49.18 4.9 4.2 3.4 3.9 10
523–551 East Rittenhouse St. 1911–12   38,577.881 (new and old)     3.1   4.2 3.9[3] 4
North Front St. 1911   17,599.25   5,350.96 30.40 3.1   2.6 1.7 4
Addison Court 1914   2,350.00   650.00 27.65 8.7 3.6 6.1 5.7 14
723–25 Naudain St.[4] 1914   2,011.15   424.80 21.12 6.4 5.3 5.8 5.3 11
948–50–52 N. 3d St. 1914   15,112.71   6,135.39 40.59 3.8   3.5 3.6 2
3–5–7–9–11 League St. 1916   3,603.25   1,692.48 32.00     6.4 6.4 ½

3. Property under alterations during 1916—figure given for 1915.

4. Property sold in 1916—figure given for 1915.

Rent Collections

Year Value of Property Rents Collected
1896 $10,500.00 $466.70
1897 18,705.00 1,001.17
1898 20,048.90 1,709.91
1899 30,386.13 2,567.43
1900 35,965.27 3,187.08
1901 39,160.27 3,381.36
1902 42,493.85 4,142.85
1903 39,213.18 5,271.45
1904 49,564.21 4,772.40
1905 47,789.95 4,962.36
1906 60,807.20 5,688.09
1907 62,496.53 6,339.89
1908 68,285.41 6,346.70
1909 82,474.35 7,455.12
1910 109,530.19 9,254.92
1911 148,216.13 11,623.13
1912 180,012.95 14,149.92
1913 181,347.78 15,295.08
1914 210,031.83 17,585.60
1915 228,031.83 18,444.74
1916 276,026.63[5] 24,672.50[5]

5. Includes value and collections of the Philadelphia Model Homes Co.

Philadelphia Model Homes Company

The Returns for 1916. (See pages 60–65.)
Total Possible Income from January 1st, 1916 to Dec. 31st, 1916 $6,144.00
  Unlets 124.35
     
Total Net Collections $6,019.65
       
EXPENSES
       
Repairs $265.35  
State and Federal Taxes 120.27  
City Taxes, 1916 779.97  
Water Rents, 1916 382.50  
Insurance, Fire and Liability 75.97  
One-half of one month’s rent to tenants 129.40  
Interest on $43,550 at 4.4% per annum 1,916.20  
Depreciation 500.00  
7½% Commission on Collections 451.40  
   
$4,621.06
     
      $1,398.59
  Cost of Lot $10,332.50  
  Cost of Houses 53,217.50  
   
 
  Total $63,550.00  
  Cash Invested by Octavia Hill Association $20,000.00  
On mortgages at 4.4% per annum $43,550.00  
Net Percentage on $20,000 invested by Octavia Hill Association 6.6%

Reports of the Philadelphia Housing Association may be had from the Secretary, John Ihlder, at 130 South Fifteenth Street. A list of Low-Cost Housing Developments in the United States, carefully annotated by Mr. Nolen, is given in the pamphlet entitled “A Good Home for Every Wage Earner,” by John Nolen, Sc.D., City Planner; published by the American Civic Association, Union Trust Building, Washington, D. C.