The Reason Why is Because It Does Need Some Work.
I was out there again yesterday afternoon after showing this to a prospective buyer earlier in the morning. The reason is because after getting back to my office I noticed that the listing agent had reduced the price to $181,100 from the original asking price of $197,900.
When I saw that change I thought, “well it’s about time the list price was reduced” because I knew when it first hit the market in the middle of June it was a little high for the condition it was in.
The smell when you first walk walk in the vacant unit is compelling to say the least… kind of takes your breath away. But as you’ll see in the video I shot, it just needs some paint, carpet & lino and other minor fixes. You’ll see in the video that one bedroom has a sliding door to a nice little back yard patio. The grass is dead of course, but nothing a little watering won’t cure. Click on the picture above to see the video walk through..!
Rents for this Duplex “fixed up” should be at least $1,000 for the 2 bedroom 2 bath side and at least $950 for the 2 bedroom 1 bath side. Click Here for the “pro-forma” cash flow analysis.
By the way, there was a duplex just a couple of doors away at 8326 Summerplace that closed escrow a week or so ago for $182,000 that started out priced at $197,500.
Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260 favinger@rwnetwork.com
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