DISCOUNTED Spanish style home in prime Glendale!!! The home only needs minor cosmetic updating so this should be an easy fix and flip.
Amenities range from nearby shopping, great schools, and close freeway access to both the 2 and 134 freeways.
We beat out 2 higher offers of $1.
5M and $1.
525M that were both financed offers.
Property was previously in escrow for $1.
535M, but fell out due to the buyer not able to get loan approval.
It's only 10k below asking, but we have a rather nice spread for the minor work that needs to be done on this one.
Also if you look on the MLS you'll see that it was listed "Coming Soon" for $1,395,000 before coming off market, and coming back on at $1,485,000.
Wanted to let you all know why per the listing agent's info.
Seller put in some work after taking it off the MLS before he re-listed it as "Active" at $1,485,000.
So please find attached the docs and receipts of the work done along with an appraisal report for $1.
5M back in May.
Will more than likely appraise higher now considering 3 months of equity over time in this hot Glendale market.
So your investors are already coming in with some solid equity right off the bat! Seller also has approved permits for an 544.
6 SF ADU which I've included as well.
So with the
additional ADU SF we're looking at 2068 SF after ADU is built along with the property having 4 beds and 3 baths on tax.
There's an unpermitted bathroom by the pool also.
So if permits get pulled for that also we'd be looking at a 4 bed 4 bath 2068 SF pool home on tax.
All comps used below are Spanish-style homes that have NO pool.
We HAVE ourselves a pool ladies and gentlemen.
😎
Comp 1 is if investors only update current property without adding ADU.
Comp 2 is if you add the ADU along with updates.
Comp 3 is if you only add the ADU and do no updates.
SPECS: Property shows on the tax records as a 1,524 SF 3 bed/ 2 bath home on a 6,755 SF lot.
COMPS/EXIT:
1\.
1204 Ethel Street, Glendale 91207 on tax is a 3 bed 3 bath 1781 SF home on a 6766 SF lot.
Upgraded with no pool.
Sold for 119% above asking in 6 days for $1,792,500.
Our listing has better curb appeal along with being on a nicer street with more updated houses on it.
2\.
1235 Cordova Avenue, Glendale 91207 on tax is a 4 bed 2 bath 2460 SF home on a 5685 SF lot.
Upgraded with no pool.
Closing at $1,875,000 (spoke to listing agent) after only 3 days on market.
3\.
1102 N Cedar Street, Glendale 91207 on tax is a 4 bed 2 bath 2294 SF home on a 7485 SF lot.
No upgrades or pool.
Sold for 100% of the asking price in 26 days for $1,750,000.
REHAB: This is a cosmetic fixer so some light remodeling would take this to an exit around $1.
825M with no ADU.
Factor in equity over time by the project's end, and you're looking at closer to $1.
85M.
With the addition of the ADU and some light remodeling, the ARV would be around $1.
925M.
Factor time of equity by project's end, and we're closer to $1.
95M!!!
HIGHLIGHTS:
- Large Margin
- Light cosmetic
- Great Location
- 25k+ of appraised equity
- Approved permits for 544.
6 SF ADU
- Multiple exit strategies
OBJECTIONS:
-Only 10k off asking
David 424-256-021SIXXXXXXxx
For quick response call or text me.
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↘️↘️↘️ https://www.
newwestern.
com/agent/david-azizz/ ↙️↙️↙️
* Trust*,*tools*,*paint brush*,*Great Value*,*Personal Touches*,*Investor Opportunity*,*investor Special*,*Good Bones*,*remodel*,*shine*,*Quaint*,*Hard Money*,*Bank Owned*,*Make It Your Own*,*Flip/Flipper*,*Handyman Special*,*Needs Updating*,*needs Repairs*,*Endless Possibilities*,*Motivated Seller*,*Instant Equity*,*Dated*,*Potential*,*Estate*,*Probably Needs*,*Vision*,*Repaired*,*sweat Equity*,*Personal Touch*,*seller Unable*,*Make Repairs*,*Priced Right*,*no SPDS*,*Damage*,*cosmetic Repairs*,*Sell Quickly*,*no Blind Offers*,*One Owner*,*Same Owner*,*location!*,*Foundation*,*Priced to Sell*,*Cracks*,*Original*,*Rehab*,*Non Repairs*,*Out of State*,*Cash Only*,*Divorce*,*As is*,*Potential*,*investor Special*,*Investor*,*fixer*,*cash*,*TLC*,*sell Quickly*,*dated*,*make it your own*,*priced right*,*gem*,*diamond*,*investor*,*opportunity*,*needs work*,*gutted*,*blank slate*,*make it your own*,*Investor Dream*
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