March 16, 2008
For Those Who Like it Rough (You Know Who You Are)
There is something alluring about a fixer-upper. Not only is it exciting to envision the promise of a major renovation, but there is also the hope that you can buy dirt cheap and reap the rewards of converting a property into a desirable commodity, whether you plan to keep it for yourself, rent it out or turn around and sell. But keep in mind, these properties pose substantial challenges. You need to have a contractor you trust and be prepared for surprises. There are hidden costs that can turn a fixer into a nightmare. I don’t know of a single rehabilitation project that didn’t run into some unanticipated repair. Healthy contingencies are an absolute must. If you are conservative, you should tack on a good 20% of your budget for the unexpected. For those of you up to the challenge, here are some rough properties looking for visionary investors with strong stomachs.
2440 Seaside Street - 1941 single family home in Ocean Beach with three beds, one bath. 984 square feet priced at $507 per square foot. Asking $499,007. Zillow values this property at $582,000 and it’s eppraisal is $724,696. On Redfin 151 days.
4526 Cape May - 1948 single family home in Ocean Beach with two beds and one bath. 960 square feet priced at $573 per square foot. Asking $550,000. Zillow values this property at $618,500 and it’s eppraisal is $796,620. On Redfin 4 days.
3606 1st Avenue #104 - 1985 condominium in Hillcrest with two beds, two baths. 912 square feet priced at $406 per square foot. Asking $370,000. Zillow values it at $379,000 and it’s eppraisal is $329,869. On Redfin 14 days.
3781 Brant Street - 1907 single family home in Hillcrest with two beds, two baths. 1,200 square feet priced at $375 per square foot. Asking $450,000. Zillow values this property at $573,500 and it’s eppraisal is $663,207. On Redfin 139 days.
3654 Boundary Street - 1933 single family home in North Park with two beds and one bath. 800 square feet priced at $406 per square foot. Asking $325,000. Zillow values this property at $380,500 and it’s eppraisal is $394,971. On Redfin 16 days.
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