My Review of a Sacramento Bank Owned Four-Plex & a Rancho Cordova Duplex.

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The Four Plex is Bank Owned/REO & the Duplex is a normal “equity” sale.

While the market is still pretty decent,  we are not getting the “multiple” offers as often as we did earlier.    I think one of the reasons is the condition of some of the new inventory coming up for sale.  They are asking top dollar but their condition is not at the quality to match their asking price.   I have two examples below.

The Four Plex located at 801 Carro, Sacramento is in pretty sad shape.    Take a peek at the video below.   I did not go into all the units and probably should have.   These four-plexes are a little different than the usual 4 plexes because most of these are configured as 2 bedroom 1 bath units.  However when I got back to the office I noticed on the MLS listing print out that there must have been some changes made because the listing shows a 3 bedroom 1 bath unit in the mix along with a 1 bedroom 1 bath unit.

I’ll have to verify this and update this blog post later.  The reason is because I have been involved in the sales of these types of four-plexes before and they are all 2 bedroom 1 bath units.

Click Here for the “proforma” cash flow analysis I prepared based upon the asking price of “sales price” + Fix Up costs I estimate at $10,000 per unit.  I think the closing price has to come down some because on any REO deal such as this one, there’s always something you miss or that comes up unexpectedly when you are doing a rehab.

 

The Duplex is located at 2647-2649  Mcgregor Dr, Rancho Cordova.    It’s listed at $209,500 that includes a 2 bedroom 1 bath unit and a 2 bedroom 2 bath unit.   Both have 1 car garages.   Both units are rented under market in my opinion, which my cash flow analysis below reflects.

By the way….I think Rancho Cordova  is the “sleeper” investment area of the Sacramento Region.   The city has made an all out effort to clean up the Folsom Blvd corridor and it shows.    This property by the way, is within a short walk to the Light Rail station and the  Zinfandel Shopping Square which include a Grocery outlet, fast food and some shopping.  Access to Hwy 50 and the Sunrise Corridor is right there as well.

I was a little disappointed when I previewed it.   The lawn hadn’t been taken care of and when I tested the front yard sprinkler system on the vacant unit there was a broken sprinkler head gushing out water.

Anyway, Click Here for the “proforma” cash flow analysis and you can catch a quick video of one side below.

Let me know what you think.

In the mean time….?

Make it a Great Day..!

Ed Favinger, Broker CRS, GRI, SFR, CDPE       favinger@rwnetwork.com   916-203-1260

School….? or Pool….?

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SchoolOrPool

 

Latest Folsom Real Estate Statistics – 2nd Quarter 2014…!!!

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 Some interesting numbers here…

I thought I’d post the information from Trengraphix Inc. for your review.  From what I can see here,  it looks like anything over about $500,000 is taking a little longer to sell.

This information is for Single Family Homes only.

The graph below shows the Average Price Per Sq. Ft.,  which looks like it’s holding steady now north of $200 per sq. ft.

TGChartImage

 

The Graph Below shows the “for sale” and “solds”… You’ll notice the Closed Sales are below that $500, 000 threshold.

TGChartImage (3)

The following graph shows the “Average Days On Market” and the List Price/Sales Price Ratio.  

TGChartImage (2)

 

If you want more information about the market you can always send me a note at favinger@rwnetwork.com.

In the Mean Time…?

Make it a Great Day..!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE         916-203-1260     favinger@rwnetwork.com

You Want Info – Sacramento Duplexes for Sale..? Evaluation & Ca$h Flow Estimates Below..!

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I Have Three Duplexes Profiled Here – They Might Work Out For You…

Yes… They might work out, but the Sellers on two of them at least will have to come down in price in my opinion.   Below you’ll see the Cash Flow estimates and some pictures I took this last Thursday and Friday.

6608 Gold Run Ave, Sacramento, Ca 95842 – 2 bedrooms 1 bath, 1 car garage ea. side, CH&A – Near Hwy 80, Neighborhood Shopping along with a large Park just around the corner.  Listed at$226,000, they will need come down some.  The seller started out at $216,000 got a quick offer that went Pending but then fell out of escrow.  It doesn’t help the tenant on the right side parks his truck on the grass which you can see by clicking on the address above… and that same white truck with flat tires is still in the driveway.

Click Here for the Cash Flow estimates –  Below are pictures I took yesterday, June 27. 

6304 San Benita Way, Citrus Heights, Ca  -  2 bedrooms 1 bath, 1 car garage ea. side, CH&A – This one is located on a Cul-De-Sac street with other Duplexes, some of which are nicely maintained.   This one is not one of them.   They did some updates but on the cheap, in my opinion, from what I can tell.    Listed at $225,000

Click here for the Cash Flow estimates   Below are pictures I took yesterday, June 27th.

And finally the Short Sale Duplex for sale located at 3013-15 Bluestar, Rancho Cordova, Ca – 2 bedrooms 1 bath, 1 car ea side – Also located on a Cul-De-Sac.   Listed at $200,000 – looks like it could use new roof to replace the Shake Roof there now.

Click Here for the Cash Flow estimates  Below are pictures I took yesterday, June 26th

 

Let me know what you think.

In the mean time…?

Make it a Great Day..!

 

Ed Favinger, Broker, CRS, GRI, SFR, CDPE        favinger@rwnetwork.com     916-203-1260

 

Empire Ranch – The Latest Sales Data – Get it Here…!

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Market Still Looks Good.

I have put together some sales information regarding the Empire Ranch Area that I thought I’d share with you.empire ranch

A quick glance shows that the “Pending Sales” and the “Sold and Closed” deals have about the same Cost/Per Sq.Ft and about the same number of “Days On Market”.

Another thing that pops out is the List Price/Sales Price Ratio is right at 100%.

The sales data is from April 1, 2014 to date June 11, 2014.

Single family detached homes are the only type Properties included in this report.

CLICK HERE TO GET THE REPORT IN A PDF FORMAT

We have buyers looking to move into the area, so if you are thinking of selling or know of someone thinking about it… please drop me a note or call me at anytime.

 

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR, CDPE           favinger@rwnetwork.com   916-203-1260