This week we have a REO (bank-owned foreclosure) in Willow Glen. It is a
small cottage-style home located just a short walk away from downtown
Willow Glen’s Lincoln Avenue. Sure, this home is small, but for a
starter home close to a quaint downtown, it’s a great deal!
MLS # 813620 (Sold for $530K)
2 Bedrooms, 1.5 Bathrooms
70 years old
1130sf living space
Why is it a good deal?
Willow Glen single family detached home for under $500k — what else
do I need to say?! Interesting home with a lot of character and charm
of post-war homes that are well crafted. It has a detached studio room
in the back that has electricity and water so it would make a great
photographers/artists studio. There is a small cellar space convenient
for wine storage or converted into an active wine cellar. Just putting
in $50k in upgrades will easily give $100k in equity. This home sold
for $630k just 18 months ago even in its current condition! Someone
should be jumping on this!
What is the risk?
Inspections inspections inspections! And when you’re done with the
inspections, reports reports reports. Nobody wants to buy a bunch of
bad surprises. Roof and foundation would be the primary concerns. I
know the electrical looks outdated and an upgrade should be in your
budget. The floor plan is a little odd so the buyer may want to have a
plan for making the entire space more functional. The small lot size
and limited living space will always be a restriction for this home
reaching breakout price levels when resold.
Who is the best buyer?
This is good for a young couple or single buyer who want to get a
start on the home-ownership ladder. Since it is a very old home, it may
require maintenance and upgrades beyond what a younger home might need
— so I recommend the buyer be DIY handy or have good friends who like
being “weekend warriors.” This is a very livable home right now, but I
believe the buyer for this home should be someone who is looking for a
Sound interesting — call me.