It’s an ugly thing now but it could be nice…!!
This is a Duplex in a Short Sale situation that is just waiting for the right person to snag. It’s located at 2597-2599 Capitales, Rancho Cordova, Ca.
Each unit has a Fireplace, 3 bedrooms, 2 full bathrooms, Central Heat & Air and 1 car garages.
The 2597 side(the left side) which is now vacant, does have an updated/upgraded kitchen, updated bathrooms and the new vinyl type windows including the side yard slider.
It does however, look kind of nasty only because it needs carpet, some paint and new flooring. In the video you’ll see, I’m suggesting a new laminate style flooring in the “high traffic” areas and carpet only in the Living Room and Bedrooms.
The knock on this street over the years, at least for me, is that all of these duplexes are 3 bedrooms and 2 baths but with only 1 car garages each. I mean, who only has one car now…? Since most families have 2 or more cars the problem is that there isn’t enough available parking space. The end result…? is you’ll drive down this street and more than occasionally you’ll see some of the tenants parking vehicles on the front yard grass, if there is any. It just makes this street look awful.
To mitigate that problem, I’m suggesting in the video that you extend the width of the driveway on both sides and you’ll be able to accommodate more vehicles. You’ll see this idea has already been applied to the Duplex to the immediate right of this property.
Best of all…? After you do the suggested repairs, you’ll have a nice property that will give you some decent cash flow.
I have estimates to install new carpet & the laminate at $2,000, the driveway extension at $2,500 and some landscape enhancements at about $1,000. If you wanted to install new roll up garage doors add another $450 each.
The Roof needs to be replaced but that will be part of the deal that I’m proposing to be allowed as part of the short sale.
For what you might expect as far as cash flow…? Click here for the Pro-forma Cash Flow Analysis I think you’ll agree that it’s not bad.
Somebody bring me an offer today. The Bank has already approved the short sale. We’re just waiting for a Buyer… is that you…?
Make it a great day…!
Ed Favinger, Broker CRS, GRI, SFR firstname.lastname@example.org 916-203-1260
- Finance Friday: Buying a Short Sale – The Need for Speed (vaned.typepad.com)
- New Bank of America Cooperative Short Sales (modeanddurham.wordpress.com)
- Must-knows for short-sale buyers (debbyfrank.wordpress.com)